Skip to content Skip to Search
Skip navigation

Saudi PIF to acquire 30% of supermarket chain Tamimi 

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

A welder at work in Ras Al Kaimah. The northern emirates will benefit from lower electricity tariffs under a new scheme for local manufacturers in the UAE

UAE to direct additional $6bn to local manufacturers

The UAE is to direct an additional AED23 billion ($6.3 billion) to local manufacturers as it strives to develop its homegrown sectors and diversify its economy away from a reliance on hydrocarbons. Abu Dhabi state oil company Adnoc will expand its local manufacturing procurement programme for critical industrial products by AED20 billion to AED90 billion […]

Workers at a Riyadh construction site. The Tonomus competition aims to find innovation in the sector

Saudi Arabia races to find technologies for futuristic cities

Saudi Arabia is urgently seeking new technologies for its construction and real estate sectors as it races to make good on its pledge to build futuristic multi-billion-dollar cities. Tonomus, a subsidiary of crown prince Mohammed bin Salman’s $500 billion signature Neom development, has joined forces with the Public Investment Fund to launch a competition offering […]

Riyadh Air Comac C919

Riyadh Air not buying from China’s Comac ‘for now’

Riyadh Air, Saudi Arabia’s new national carrier, will not consider China’s Comac for its narrowbody order to be announced later this year. However, the airline said it saw a future in Saudi Arabia for Comac, the Commercial Aircraft Corporation of China, as the Chinese alternative to Boeing and Airbus.  “The narrowbody order is in its […]

Organisations have protested US investment bank BlackRock’s participation in the bid to buy a stake in Malaysia Airports Holdings

Malaysian airport deal faces Gaza war backlash

Plans by a consortium, including the UAE’s largest sovereign wealth fund, to buy a stake in Malaysian airports have been hit by protests against the deal from local business organisations in the Asian country. As many as 22 organisations have called upon the Malaysian government to block US investment bank BlackRock’s participation in the bid […]