Cenomi Retail, Saudi Arabia’s leading retail brand partner, has signed a share purchase agreement (SPA) with Al-Futtaim, one of the region’s most prominent and diversified private business groups.
Under the SPA, Al-Futtaim will acquire a 49.95 percent stake in Cenomi Retail from the selling shareholders, namely, Fawaz Abdulaziz Alhokair, Abdul Majeed Abdulaziz Alhokair, Salman Abdulaziz Alhokair, Saudi FAS Holding Company, and FAS Real Estate Company. The shares are priced at $11.73 (SAR 44) each, valuing the transaction at more than $666 million (SAR 2.5 billion).
As part of the completion conditions of the agreement, Al-Futtaim and Cenomi Retail are currently negotiating a shareholder loan agreement pursuant to which Al-Futtaim will extend a shareholder loan of an amount not less than $346 million (SAR 1.3 billion), upon completion of the transaction, to help strengthen Cenomi Retail’s balance sheet and support its next phase of growth, the entry of which is a completion condition for the private transaction between the selling shareholders and Al-Futtaim.
This landmark deal represents a major milestone for Cenomi Retail, introducing Al-Futtaim as a long-term strategic shareholder and signaling strong confidence in the company’s growth trajectory and market leadership in Saudi Arabia’s dynamic retail sector.
This strategic investment by Al-Futtaim in Cenomi Retail is a key step in the company’s transformation journey. Al-Futtaim brings not only significant capital but also deep retail expertise, operational capabilities, and a strong track record of building successful consumer platforms across the region. The company believes this strategic collaboration will accelerate its ability to seize new opportunities and deliver long-term value to its shareholders.
Al-Futtaim is one of the region’s most established private business groups, with operations spanning automotive, financial services, real estate, retail, and healthcare across the Middle East, Asia, and Africa.
Omar Al Futtaim Vice Chairman & CEO Al Futtaim Group
“Our investment in Cenomi Retail reflects our strong confidence in the Kingdom of Saudi Arabia’s economy and its long-term Saudi Vision 2030. This investment represents substantial foreign direct investment from the UAE private sector and underscores the robust economic partnership between our countries. It strengthens our presence and customer reach in Saudi Arabia, a strategic market with solid fundamentals and a clear national vision. We see significant opportunities to support Cenomi Retail in enhancing operations, accelerating digital transformation, and expanding its brand portfolio. This partnership also paves the way for further collaborations in the dynamic Saudi market.”
Salim Fakhouri, Chief Executive Officer at Cenomi Retail, stated that, “This announcement demonstrates that Cenomi Retail is firmly on the right strategic path towards our next phase of growth, focused on scalable, high-performing global brands that drive long-term value to our shareholders. Having Al-Futtaim as a strategic investor enables us to capitalize on their proven capabilities and further solidify our leadership in the retail sector and position us for sustainable growth and compelling shareholder returns.”
Upon completion of the transaction, Al-Futtaim will work closely with Cenomi Retail’s management and board to drive operational efficiencies, enhance customer offerings, and unlock significant value for all shareholders.
