Search by Popular Categories


  • Consumer

  • Commercial

  • Construction

  • Industrial

  • Oil & Gas

  • DIAMOND SPONSOR

COMMERCIAL NEWS

PIF to buy 30pc stake in Tamimi Markets grocery chain

Jun 1, 2023 4:01 PM

Saudi Arabia s Public Investment Fund (PIF) has signed a share subscription agreement to invest in Tamimi Markets Company one of Saudi Arabia s leading grocery store chains by way of a capital increase...

Saudi Arabia’s Public Investment Fund (PIF) has signed a share subscription agreement to invest in Tamimi Markets Company, one of Saudi Arabia’s leading grocery store chains, by way of a capital increase and subscription to new shares. The signing of this Agreement aligns with PIF’s strategy to enable the private sector and create Saudi national champions.  
 
Pursuant to the Agreement, PIF will become a shareholder with a 30% stake in the entire share capital of Tamimi Markets, after obtaining approvals from the relevant authorities and satisfying certain conditions under the agreement.
 
PIF holds several strategic investments in the consumer goods and retail sector, such as Noon.com, the leading Middle East online shopping platform, Halal Products Development Company, and Americana Restaurants International PLC. The investment in Tamimi Markets is in line with PIF’s strategy to develop key sectors in Saudi Arabia. Since 2017, PIF has established 77 companies and has generated more than half a million direct and indirect jobs.
 
Full potential
This investment aims to enable Tamimi Markets to realise its full potential, transforming it from one of the leading national grocery chains to a major regional chain. It aims to support the Company’s ambitious plans through expansion of its operations and commercial opportunities, including acceleration of regional growth and a potential initial public offering (IPO). 
 
The investment aims to further strengthen Saudi presence in a critical sector where Tamimi Markets and other local grocery chains can benefit from positive long-term dynamics. It will also aim to facilitate access to the growing online grocery market and the establishment of international sourcing centers to improve profitability and product offerings, benefitting the private sector by strengthening the consumer goods and retail ecosystem and leading to a greater choice of products for consumers.  
Majed AlAssaf, Head of Consumer Goods and Retail, Mena Investments Division at PIF, said: “PIF is investing in the grocery and food supply chain to ensure a strong Saudi presence in the market, enabling the private sector to capitalise on positive market demand. 
 
“This partnership is expected to contribute to the expansion of Tamimi Markets’ operations and product offering, accelerating its regional growth plans and benefiting consumers through greater choice. Our investment aligns with PIF’s strategy to create Saudi national champions in key sectors that contribute to the diversification of the economy.”
 
Step forward
Tariq AlTamimi, Chairman of Tamimi Holding, said: “PIF’s partnership is a significant vote of confidence in Tamimi Markets and a step forward for the company, as we look to implement our ambitious growth plans. This partnership will enable us to accelerate and expand our store network across the region, optimising the significant growth that is expected in this market over the next few years.’’
Tamimi Markets has a strong track record over a period of more than 40 years in Saudi Arabia, with over 100 stores and five distribution centers, offering a wide variety of local and international products, including many brands exclusive to Tamimi.-- TradeArabia News Service
 

Premium Partners - commercial

COMMERCIAL NEWS

FDI inflow to Saudi Arabia jumps 16% to $3.47bn in Q4 2023 Mar 28, 2024 18:50 PM

The net flow of Foreign Direct Investment (FDI) into Saudi Arabia...

Private equity activity surges in KSA, hits $4bn in 2023 Mar 27, 2024 09:36 AM

Saudi Arabia has witnessed a remarkable surge in private equity...

PwC Middle East, Microsoft launch AI Centre of Excellence Mar 21, 2024 16:31 PM

PwC Middle East in Saudi Arabia and Microsoft have announced the...

Franklin Templeton launches in KSA with Riyadh office Mar 20, 2024 16:35 PM

Franklin Templeton has announced that it has officially launched...

Emircom launches state-of-the-art security centre in Riyadh Mar 19, 2024 17:38 PM

Emircom a leader in cutting-edge IT solutions and services has opened...

Top 10 Saudi banks’ performance stays robust: report Mar 18, 2024 12:10 PM

The performance of the top 10 banks in Saudi Arabia is largely robust...