Al-Futtaim Completes SAR 2.52 Billion Deal for Stake in Saudi Retail Giant Cenomi

Dubai: UAE-based conglomerate Al-Futtaim has officially completed its landmark SAR 2.52 billion (£550 million) acquisition of a 49.95% stake in Saudi retail powerhouse Cenomi Retail, finalising one of the largest foreign investments ever made in a Saudi-listed retail company. The deal, priced at SAR 44 per share, solidifies a strategic partnership that blends Cenomi's strong domestic market presence with Al-Futtaim's international retail and digital capabilities.

This investment marks a significant vote of confidence in Saudi Arabia’s rapidly evolving retail sector, aligning closely with the Kingdom's Vision 2030 strategy aimed at economic diversification and boosting foreign direct investment. In a further sign of commitment, Al-Futtaim has extended a SAR 1.35 billion shareholder loan facility to Cenomi Retail. The facility includes a conversion option, potentially allowing Al-Futtaim to increase its equity stake, subject to shareholder approval and market conditions.

The partnership is expected to unlock new avenues for growth and digital transformation. Al-Futtaim, which operates prominent brands like Carrefour and multiple automotive dealerships across the region, brings significant expertise in omnichannel retail, supply chain efficiency, and customer engagement. Combined with Cenomi’s extensive portfolio of international brand partnerships and retail outlets across the Kingdom, the collaboration positions both companies for long-term success in one of the Middle East’s most dynamic consumer markets.

“This strategic partnership underscores the strength of our business model and positions the company to deliver enhanced value and sustainable growth,” said Salim Fakhouri, CEO of Cenomi Retail. Wassim Arabi, President of Retail at Al-Futtaim, described Saudi Arabia as “one of the region’s most dynamic consumer markets” and noted that the partnership will accelerate digital transformation and unlock new growth opportunities.

The transaction comes amid a strong wave of retail sector reform in Saudi Arabia, supported by rising consumer spending, a tech-savvy young population, and increasing urbanisation. As the sector undergoes modernisation, partnerships like this are seen as essential to building world-class retail ecosystems that can compete on a global scale.

Both Al-Futtaim and Cenomi confirmed that the partnership will prioritise innovation, operational efficiency, and expanded distribution reach across Saudi Arabia, while also creating career development opportunities for employees across both organisations.

The deal follows the Share Purchase Agreement signed in July 2025, marking the completion of a carefully negotiated entry by Al-Futtaim into Saudi Arabia’s high-growth retail landscape. It further strengthens Cenomi Retail’s competitive edge while giving Al-Futtaim a strategic foothold in one of the largest and most promising consumer markets in the Middle East.