Al-Futtaim Completes $672M Acquisition of 49.95% Stake in Cenomi Retail

Dubai, UAE - September 16, 2025 - Dubai-based Al-Futtaim has officially completed its landmark acquisition of a 49.95% stake in Cenomi Retail, one of Saudi Arabia’s leading retail groups, in a transaction valued at USD 672 million (SAR 2.52 billion / £550 million). This marks one of the largest foreign investments ever made in a Saudi-listed retail company and signals strong international confidence in the Kingdom’s rapidly growing retail sector.

The deal was finalized with Al-Futtaim paying USD 11.73 (SAR 44) per share, cementing a strategic partnership that combines Cenomi Retail’s extensive local presence with Al-Futtaim’s global retail expertise and digital transformation capabilities. Cenomi Retail currently partners with several major international brands across Saudi Arabia, positioning it at the forefront of the Kingdom’s retail evolution.

Strategic Loan to Strengthen Expansion Plans

As part of the partnership, Al-Futtaim has agreed to provide a SAR 1.35 billion shareholder loan facility to support Cenomi Retail’s balance sheet and future expansion plans. The facility includes a conversion option, allowing Al-Futtaim to convert outstanding amounts into additional equity, subject to shareholder approval and prevailing market conditions.

Salim Fakhouri, Chief Executive Officer of Cenomi Retail, commented on the milestone:

“This strategic partnership underscores the strength of our business model and positions the company to deliver enhanced value and sustainable growth.”

Wassim Arabi, President of Retail at Al-Futtaim, emphasized Saudi Arabia’s retail potential:

“Saudi Arabia is one of the region’s most dynamic consumer markets. This partnership will unlock new growth opportunities while accelerating digital transformation and enhancing the overall customer experience.”

Boosting Saudi Retail and Vision 2030 Goals

The acquisition aligns closely with Saudi Arabia’s Vision 2030, a comprehensive national strategy aimed at economic diversification and reducing dependency on oil revenues. The Kingdom’s retail sector has seen rapid expansion in recent years, driven by a young, tech-savvy population, urbanization, and increased consumer spending.

The partnership will focus on innovation, operational efficiency, and enhanced customer engagement, while expanding Cenomi’s distribution network across the Kingdom. Additionally, the collaboration is expected to create new career opportunities and support the development of local talent in the retail sector.

A Landmark Deal for Regional Retail

This acquisition follows the Share Purchase Agreement signed in July 2025 and marks a pivotal step for both companies.

For Cenomi Retail, the deal bolsters its financial strength and competitive positioning in an evolving retail landscape, enabling it to expand its footprint and embrace omnichannel retail strategies. For Al-Futtaim, it provides a substantial foothold in one of the Middle East’s largest consumer markets, reinforcing its commitment to long-term investment in Saudi Arabia.

With this partnership, both companies are set to play a key role in shaping the future of retail in the Kingdom, aligning with its broader ambitions of becoming a global hub for commerce, innovation, and lifestyle experiences.