Retail Spinneys opens first Saudi supermarket in Riyadh By Gavin Gibbon June 24, 2024, 10:41 AM Spinneys Spinneys plans to open another 12 stores in Saudi Arabia by 2028 Spinneys has opened its first supermarket in Saudi Arabia and is planning a further 12 stores in the country by 2028. The UAE supermarket operator listed on the Dubai Financial Market last month and raised AED1.38 billion ($375.7 million) from its initial public offering, which was oversubscribed almost 64 times. The first Spinneys in Saudi Arabia is a 43,520-sq-ft store in the An Nuzha district of Riyadh. Another three stores in the capital and Jeddah are expected to open before the end of this year. Frank Kane: Spinneys IPO – like selling one-dirham steaks Hope for more private UAE listings follows Spinneys IPO Spinneys bets big on sales growth for own-label goods Management consultancy Kearney has predicted that Saudi Arabia’s “whitespace opportunity” – the potential growth where shopper needs are not currently being met – will increase to 86 million sq ft by 2033, equivalent to nearly 1,200 Spinneys stores. This will be fuelled by a projected 6.4 percent increase in the kingdom’s affluent population between 2022 and 2028, according to Kearney. Spinneys reported a 13 percent year-on-year rise in profits for the first quarter of the year, to AED75 million. Revenue grew over the period by 11 percent to AED815 million, the company said.