Saudi Arabia’s leading retail brand partner, Cenomi Retail, 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.
Pursuant to the SPA, Al-Futtaim will acquire a 49.95 per cent 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 SAR 44 each, valuing the transaction at more than SAR 2.5bn.
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 SAR 1.3bn, 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 signalling 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. 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 the Kingdom of Saudi Arabia, the United Arab Emirates and Egypt. Their global expertise and operational excellence will further enhance Cenomi Retail’s platform and future growth trajectory.
