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.
UAE currency: the story behind the money in your pockets
if you go
The flights
Direct flights from the UAE to the Nepalese capital, Kathmandu, are available with Air Arabia, (www.airarabia.com) Fly Dubai (www.flydubai.com) or Etihad (www.etihad.com) from Dh1,200 return including taxes. The trek described here started from Jomson, but there are many other start and end point variations depending on how you tailor your trek. To get to Jomson from Kathmandu you must first fly to the lake-side resort town of Pokhara with either Buddha Air (www.buddhaair.com) or Yeti Airlines (www.yetiairlines.com). Both charge around US$240 (Dh880) return. From Pokhara there are early morning flights to Jomson with Yeti Airlines or Simrik Airlines (www.simrikairlines.com) for around US$220 (Dh800) return.
The trek
Restricted area permits (US$500 per person) are required for trekking in the Upper Mustang area. The challenging Meso Kanto pass between Tilcho Lake and Jomson should not be attempted by those without a lot of mountain experience and a good support team. An excellent trekking company with good knowledge of Upper Mustang, the Annaurpuna Circuit and Tilcho Lake area and who can help organise a version of the trek described here is the Nepal-UK run Snow Cat Travel (www.snowcattravel.com). Prices vary widely depending on accommodation types and the level of assistance required.
UAE cricketers abroad
Sid Jhurani is not the first cricketer from the UAE to go to the UK to try his luck.
Rameez Shahzad Played alongside Ben Stokes and Liam Plunkett in Durham while he was studying there. He also played club cricket as an overseas professional, but his time in the UK stunted his UAE career. The batsman went a decade without playing for the national team.
Yodhin Punja The seam bowler was named in the UAE’s extended World Cup squad in 2015 despite being just 15 at the time. He made his senior UAE debut aged 16, and subsequently took up a scholarship at Claremont High School in the south of England.
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
