The Saudi retail investment landscape is changing as Al Futtaim secures a $666 million deal for nearly half of Cenomi Retail. The UAE conglomerate will acquire 49.95 percent of Saudi Arabia’s leading retail brand partner, marking a transformative move for the kingdom’s retail sector.
This Saudi retail investment also includes a shareholder loan of SAR1.3 billion from Al Futtaim. The financial support aims to improve Cenomi’s balance sheet and fuel its ambitious expansion plans in Saudi Arabia’s competitive market.
Al Futtaim views the Saudi retail investment as a key part of its regional growth strategy. The group already operates global brands like Zara and Massimo Dutti across the Middle East and Asia. With Cenomi, Al Futtaim plans to enhance digital operations, improve customer offerings, and expand its brand portfolio in Saudi Arabia.
The deal aligns closely with Saudi Vision 2030, which aims to diversify the economy and attract foreign investors. In addition, Al Futtaim’s entry as a strategic partner reflects strong confidence in Saudi Arabia’s retail sector and economic stability.
Cenomi Retail’s leaders believe this partnership will strengthen operations and secure sustainable growth. Fawaz Abdulaziz Alhokair, a key shareholder, said the deal supports scalable global brands and unlocks long-term value.
The agreement still requires regulatory approval, including clearance from Saudi Arabia’s competition authority. Once completed, Al Futtaim will work with Cenomi’s management to improve efficiency, strengthen loyalty programs, and boost shareholder returns.
Omar Al Futtaim, Vice Chairman and CEO, emphasized the investment’s importance. However, he noted it highlights the UAE private sector’s confidence in Saudi Arabia’s economy. He added that Al Futtaim will bring its proven expertise to drive Cenomi’s performance further.
Salim Fakhouri, CEO of Cenomi Retail, called the deal a milestone for the company’s growth journey. He stressed that Al Futtaim’s financial strength and international experience make it an ideal partner for future expansion.
Nevertheless, this Saudi retail investment is expected to create synergies between both firms. It will allow them to capture emerging market trends and deliver strong value to all stakeholders.
