Saudi Arabia's sovereign wealth fund, the Public Investment Fund, has signed an agreement to invest in Tamimi Markets Company, one of the kingdom’s leading grocery chains.
Following the agreement, the PIF will own 30 per cent of Tamimi Markets through capital increase and subscription for new shares, after obtaining approvals from the relevant authorities and satisfying certain conditions under the pact.
The investment aims to boost Tamimi Markets to realise its full potential and transform into a major regional chain. It aims to support the company’s plans through expansion of its operations and commercial opportunities, including acceleration of regional growth and a potential initial public offering.
“[The] 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,” said Majed Al Assaf, head of consumer goods and retail for Mena investments division at the PIF.
“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,” he added.
One of the world’s largest sovereign wealth funds, the PIF is at the centre of the Saudi Vision 2030, which aims to diversify the kingdom’s economy from hydrocarbons.
The total volume of the fund's assets under management amounted to more than 2 trillion Saudi riyals and it aims to double that by 2025, PIF governor Yasir Al Rumayyan said last month.
The agreement with Tamimi Markets aligns with the fund's strategy to boost the private sector and create Saudi national champions. Since 2017, the PIF has established 77 companies and has generated more than half a million direct and indirect jobs.
It owns several strategic investments in the consumer goods and retail sector, such as online shopping platform noon.com, Halal Products Development Company and Americana Restaurants International.
“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,” Tariq Al Tamimi, chairman of Tamimi Holding, said.
With more than 100 shops and five distribution centres, Tamimi Markets offers a variety of domestic and international products, including brands exclusive to Tamimi.
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The five pillars of Islam
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4pm: Al Bastakiya Listed US$300,000 (Dirt) 1,900m; Winner: Emblem Storm, Oisin Murphy (jockey), Satish Seemar (trainer).
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WRESTLING HIGHLIGHTS
