Skip to content Skip to Search
Skip navigation

Saudi PIF to acquire 30% of supermarket chain Tamimi 

By Pramod Kumar
Saudi PIF to acquire Tamimi stake Tamimi Markets
The PIF investment aims to create a Saudi national champion

Saudi Arabia’s Public Investment Fund (PIF) has signed a share subscription agreement to acquire a 30 percent stake in the local store chain Tamimi Markets Company.

The transaction will involve a capital increase and subscription for new shares, said the kingdom’s sovereign wealth fund in a statement.

The investment is aimed at transforming Tamimi Markets from one of the leading national grocery chains to a major regional chain, said the PIF, which has over $620 billion in assets under management.

Majed AlAssaf, head of consumer goods and retail, Mena investments division at the PIF, said: “PIF is investing in the grocery and food supply chain to ensure a strong Saudi presence in the market, enabling the private sector to capitalise on positive market demand.”

Tariq Al Tamimi, chairman of Tamimi Holding, added: “This partnership will enable us to accelerate and expand our store network across the region, optimising the significant growth expected in this market over the next few years.”

Financial details of the transaction were not given. The agreement is pending approval from relevant authorities and meeting certain conditions.

The PIF owns several consumer goods and retail investments, such as Noon.com, the Middle East online shopping platform; Halal Products Development Company and Americana Restaurants International. 

Since 2017, the PIF has established 77 companies, generating more than half a million direct and indirect jobs.

Latest articles

Saudi esports Savvy Games Video length: 05:07

Saudi Arabia plays the long game in a high-stakes market

Saudi Arabia has so far channeled $38 billion into the esports sector through its Public Investment Fund subsidiary Savvy Games Group. This includes high-profile acquisitions such as the $4.9 billion purchase of the Monopoly Go developer Scopely and the $1.5 billion buyout of ESL FaceIt Group, one of the world’s largest esports companies. Critics have […]

Mashreq Bank sells Neopay

Mashreq sells majority stake in NeoBank in $385m deal

Mashreq Bank has sold a 65 percent stake in its subsidiary IDFAA Payments, more commonly known as NeoPay, in a deal worth $385 million. The Dubai-listed lender sold the stake to Bahrain-headquartered alternative asset manager Arcapita Group Holdings Limited and Turkish fintech company Dgpays SARL, according to a bourse filing. It said Mashreq would retain […]

The global titans in the cloud computing market are jostling to get a foothold in Saudi Arabia

Global cloud platforms offer Saudis data protection promises

Saudi Arabia’s cloud computing market is heating up as global players find a footing in the country with promises to secure government information.  Saudi Arabia has set aside $18 billion to become a regional leader in cloud computing, the Saudi Data and AI Authority said this week, allowing foreign companies to open data centres.  Saudi […]

The company will develop a 1GW solar power plant and 100MW battery storage project

Egypt’s first hybrid solar project to break ground next year

Norway’s renewable energy producer Scatec will begin work on Egypt’s first hybrid solar power and battery storage project in the first half of 2025. The company has signed a US dollar-denominated 25-year power purchase agreement with the state-run Egyptian Electricity Transmission Company for a 1GW solar power plant and 100MW battery storage project. Financial details […]