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.
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Honeymoonish
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A new relationship with the old country
Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates
The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:
ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.
ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.
ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.
ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.
IN WITNESS WHEREOF the undersigned have signed this Treaty.
DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.
Signed
Geoffrey Arthur Sheikh Zayed
