Jeddah, Saudi Arabia:
Franchise House Company (FHC) announced today the signing of a long-term musharaka (investment) agreement with King Abdulaziz University Research Endowment Fund (KAU Endowment) to develop Grease Monkey quick lube centers in the Kingdom of Saudi Arabia.
The signing ceremony were attended by Dr. Essam Kawthar, Chairman of the endowment, and several executives of both FHC and King Abdulaziz University.
This is a major milestone for FHC in paving the way for Grease Monkey to enter the Saudi Arabian market. Earlier this year, FHC was appointed as the Master Franchisee of Grease Monkey in Saudi Arabia.
The company is also working on multiple strategic initiatives with the KAU Endowment including social and promotional events targeting the students and employees of King Abdulaziz University.