Al-Futtaim Acquires 49.95% Stake in Cenomi Retail

Cenomi Retail, Saudi Arabia’s leading retail brand partner, has announced that its founding shareholders have signed a share purchase agreement (SPA) with Al-Futtaim, one of the region’s most prominent and diversified private business groups for more than $670 million with each share valued at $11.73.

The transaction is subject to customary regulatory approvals, including clearance from the General Authority for Competition in Saudi Arabia, and other contractual conditions. Further updates will be provided as the transaction progresses.

Pursuant to the SPA, Al-Futtaim will acquire a 49.95% 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.

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 $350 million, upon completion of the transaction.

This will 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 signalling strong confidence in the company’s growth trajectory and market leadership in Saudi Arabia’s dynamic retail sector.

This investment by Al-Futtaim is a key step in the company’s transformation journey as it not only significant capital but also deep retail expertise, operational capabilities, and a strong track record of building successful consumer platforms across the region.

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.

The group brings a proven track record in retail, including exclusive operations of leading Inditex brands like Zara, Massimo Dutti, and Bershka across key markets such as Malaysia, Thailand, and Singapore, as well as other retail operations across Saudi Arabia, the UAE and Egypt.

Al-Futtaim Is Ideal Investor

Fawaz Abdulaziz Alhokair, in his capacity as one of the selling shareholders of Cenomi Retail in the private transaction said that the deal marks a transformative milestone for Cenomi Retail and its shareholders.

“The entry of Al-Futtaim as a strategic investor in the company will provide it with the investor’s deep sector expertise, operational scale, and a shared long-term vision. Al-Futtaim’s global retail footprint, financial strength, and presence in the Kingdom make them an ideal strategic investor. This strategic investment unlocks significant value for all stakeholders and aligns with Saudi Arabia’s Vision 2030 to diversify the economy and attract foreign investment,” he added.

Al-Futtaim’s Vice Chairman and CEO Omar Al Futtaim said that the investment reflects their strong confidence in 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 the two 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,” he added.

Cenomi Retail CEO Salim Fakhouri said that the transaction demonstrates that Cenomi Retail is firmly on the right strategic path towards its next phase of growth, focused on scalable, high-performing global brands that drive long-term value to its shareholders.