Al Futtaim, a major UAE group, boosted its reach with a strong Cenomi Retail investment in Saudi Arabia. The company acquired a 49.95% stake in Cenomi Retail, investing more than Dh2.44 billion. This deal marks a major step in the group’s regional growth strategy.
Moreover, the shares came from the Alhokair family and related entities. Each share traded at SAR 44, equal to around Dh43. In addition to this deal, Al Futtaim agreed to offer a shareholder loan of over SAR 1.3 billion. This financial support enhances the value of the Cenomi Retail investment and sets the stage for future expansion.
Meanwhile, the retail sector in the Gulf region keeps expanding quickly. Forecasts suggest it may soon hit $390 billion in total value. Saudi Arabia and the UAE already command more than 75% of the regional sales. Therefore, Al Futtaim’s strategic stake in Cenomi Retail places the group at the center of this growth momentum.
Furthermore, Omar Al Futtaim, the group’s CEO, emphasized the strategic timing. He noted that Saudi Arabia offers clear potential, thanks to its ambitious economic reforms. As a result, Al Futtaim decided to commit long-term resources through the Cenomi Retail investment.
Cenomi Retail operates 808 stores across 165 malls in eight countries. Its portfolio includes 47 global brands spanning fashion, beauty, kidswear, and food services. Additionally, the company oversees more than 330,000 square meters of retail space. These assets provide a solid foundation for Al Futtaim’s partnership with Cenomi Retail to expand further.
Salim Fakhouri, CEO of Cenomi Retail, views the partnership as a game-changer. He believes it will support digital upgrades, brand scaling, and improved performance. More importantly, he stated that the Cenomi Retail investment will drive long-term shareholder value.
At the same time, Al Futtaim brings deep market experience. The group operates in 18 countries and employs over 33,000 people. Its presence spans across real estate, retail, finance, automotive, and health sectors. This makes it a solid partner in unlocking value from the Cenomi Retail investment.
In conclusion, this partnership strengthens economic ties between Saudi Arabia and the UAE. It also confirms strong business confidence in the region’s retail future. Without a doubt, the Cenomi Retail investment signals long-term ambition and opportunity for both parties.
