Al-Futtaim to Buy Nearly 50% of Saudi’s Cenomi Retail for $667 Million

Al-Futtaim to Buy Nearly 50% of Saudi’s Cenomi Retail for $667 Million

Al-Futtaim, a major business group from the UAE, is planning to buy a 49.95% stake in Saudi Arabia’s Cenomi Retail. The deal is valued at over $667 million (2.5 billion Saudi Riyals), according to a stock market announcement in Saudi Arabia.

Deal Details

The founders of Cenomi Retail have signed an agreement to sell shares to Al-Futtaim at a price of $11.73 (SAR 44) per share.

As part of the deal, both companies are discussing a loan of at least $346.5 million (SAR 1.3 billion) from Al-Futtaim to support Cenomi Retail’s finances. Al-Futtaim will provide this loan once the share deal is complete.

The sellers include individuals from the Alhokair family and two Saudi companies — FAS Holding and FAS Real Estate.

Omar Al-Futtaim, Vice Chairman and CEO of Al-Futtaim, said this deal shows strong investment ties between the UAE and Saudi Arabia.

The deal will only be finalized after getting the needed approvals from authorities.

About the Companies

Cenomi Retail is a large franchise business in Saudi Arabia that runs food and retail stores. Al-Futtaim is a private company based in the UAE with businesses in retail, finance, and real estate.

Cenomi Retail started as Fawaz Alhokair Co. in 1990. It has grown from 42 global brands in 617 stores (as of 2006) to 98 brands in 1,876 stores today.

Al-Futtaim Retail also runs many popular global brands across the region in fashion and retail.

Published: 21st July 2025

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