Neo-Concept International Group Holdings Limited announced the formalization of a Joint Venture Agreement with Liwa Trading Enterprises LLC. This joint venture aims to distribute and sell apparel products across the UAE and the Middle East and North African regions. Effective July 8, 2024, the JVA solidifies the terms and conditions outlined in the Memorandum of Understanding dated May 21, 2024, previously announced.

The agreement further delineates the operational and financial frameworks necessary for the establishment of the joint venture company. Under the JVA, NCI and Liwa will leverage their combined strengths to enhance the market presence of apparel products and services in the MENA region, including countries such as UAE, Saudi Arabia, Kuwait, Bahrain, Qatar, Oman, and other Northern African nations. The joint venture will focus on retail, wholesale, distribution, and e-commerce operations, integrating NCI's design and supply chain expertise with Liwa's comprehensive knowledge of the regional market and robust distribution network.

The joint venture is expected to commence operations in the UAE by the fourth quarter of 2024. Further updates on the joint venture's progress will be provided as they become available.