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Saudi Arabia’s PIF To Acquire 30% Of Supermarket Chain Tamimi Markets

Saudi Arabia’s PIF To Acquire 30% Of Supermarket Chain Tamimi Markets

Saudi Arabia’s Public Investment Fund (PIF), the kingdom’s sovereign wealth fund with more than $620 billion in assets under management, has announced that it will acquire a 30% stake in Tamimi Markets Company, one of the largest and oldest grocery chains in the country.

The deal, which is subject to regulatory approvals and other conditions, will involve a capital increase and other conditions, will involve a capital increase and subscription for new shares by PIF. The investment aims to enable Tamimi Markets to realize its full potential, transforming it from a leading national grocery chain to a major regional chain.

Tamimi Markets, which has been operating for over 40 years, currently owns more than 100 stores and 5 distribution centers across Saudi Arabia, offering a variety of local and international products, including many exclusive brands of consumer and retail products.

The partnership with PIF will support the company’s ambitious plans for the expansion of its operations and commercial opportunities, including acceleration of regional growth and a potential initial public offering (IPO).

Majed Al-Assaf, Head of Consumer Goods and Retail Sector in the Middle East and North Africa Investment Department at PIF, said: “The investment is in line with the Public Investment Fund’s strategy aimed at empowering leading national companies in key sectors, which contributes to diversifying the local economy. Our partnership with Tamimi Markets will contribute to expanding the scope of its operations and commercial activity, and accelerating the company’s regional growth plans”.

Tariq Al-Tamimi, Chairman of the Board of Directors of Tamimi Holding Group, said: “We are pleased to announce our partnership with PIF- which represents a significant vote of confidence in Tamimi Markets. This milestone is a step forward for the company, as we look to implement our ambitious growth plans, invest in expanding our market chain in several regions, and benefit from the expected large growth”.

PIF has made a number of strategic investments in the retail and consumer goods sector in the past, including Noon, the leading e-commerce platform in the Middle East, Halal Products Development Company, and American International Restaurant Company.



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