By Dhanusha Gokulan
Copyright gulfnews
Dubai: Dubai-based Al-Futtaim has completed its landmark SAR 2.52 billion (£550 million) acquisition of a 49.95 per cent stake in Saudi Arabia’s leading retailer Cenomi Retail, finalising one of the largest foreign investments in a Saudi-listed retail company.The completed transaction sees Al-Futtaim having paid SAR 44 per share for its stake in Cenomi Retail, which partners with major international brands across the Kingdom. The investment represents a significant vote of confidence in Saudi Arabia’s retail sector and aligns with the country’s Vision 2030 economic diversification goals.As part of the strategic partnership, Al-Futtaim has also agreed to provide a SAR 1.35 billion shareholder loan facility to strengthen Cenomi Retail’s balance sheet and support future expansion plans. The loan includes a conversion option that would allow Al-Futtaim to convert outstanding amounts into additional equity, subject to shareholder approval and market conditions..Dubai’s Al-Futtaim strikes SR2.5 billion deal with Saudi Arabia’s Cenomi Retail.The partnership brings together Cenomi Retail’s strong local presence with Al-Futtaim’s global retail expertise, particularly in digital transformation and omnichannel capabilities. Al-Futtaim operates major retail brands across the Middle East, including Carrefour hypermarkets and various automotive dealerships.”This strategic partnership underscores the strength of our business model and positions the company to deliver enhanced value and sustainable growth,” said Salim Fakhouri, Cenomi Retail’s Chief Executive Officer.Wassim Arabi, President of Retail at Al-Futtaim, described Saudi Arabia as “one of the region’s most dynamic consumer markets” and said the partnership would help unlock new growth opportunities whilst accelerating digital transformation..Saudi Arabia mall operator Cenomi scores with 124m visitors – and on its SR2b land sale program.The deal highlights Saudi Arabia’s growing appeal as an investment destination, particularly in the retail s,ector which has benefited from rising consumer spending and government reforms. The Kingdom’s retail market has been expanding rapidly, driven by a young population and increasing urbanisation.Both companies said the partnership would focus on innovation, operational efficiency, and enhanced customer engagement whilst expanding distribution reach across Saudi Arabia. The collaboration is also expected to create new career development opportunities for employees.The transaction completion follows the signing of a Share Purchase Agreement announced in July 2025, and represents Al-Futtaim’s long-term commitment to the Saudi market as the Kingdom continues its economic transformation under Vision 2030.The deal strengthens Cenomi Retail’s competitive positioning in Saudi Arabia’s evolving retail landscape whilst providing Al-Futtaim with a significant foothold in one of the Middle East’s largest consumer markets.
