Riyadh, Saudi Arabia - July 21, 2025: Cenomi Retail, a key player in Saudi Arabia’s retail landscape, is set to welcome a major new stakeholder. The company’s founding shareholders have reached a deal to sell just under 50 percent of the business to Al-Futtaim Group, a leading UAE-based conglomerate with deep regional ties. The agreement, signed over the weekend, values the transaction at over SAR 2.5 billion ($666 million).
The acquisition, which involves a 49.95 percent stake, will see Al-Futtaim purchase shares at SAR 44 each from a consortium of existing shareholders including Fawaz Abdulaziz Alhokair and other members of the Alhokair family, as well as Saudi FAS Holding and FAS Real Estate.
The deal marks a pivotal moment for Cenomi Retail, positioning it to deepen its roots in the Saudi market while also setting the stage for future expansion. As part of the closing conditions, Al-Futtaim is expected to extend a shareholder loan of at least SAR 1.3 billion. That infusion is aimed at bolstering Cenomi’s financial footing and enabling strategic growth initiatives. Negotiations on the terms of that loan are ongoing.
“This transaction marks a transformative milestone for Cenomi Retail and our shareholders,” said Fawaz Abdulaziz Alhokair, speaking as one of the company’s outgoing shareholders. “By deleveraging our balance sheet and establishing a stronger financial foundation, we are reinforcing long-term partnerships with stakeholders and positioning the company to deliver sustainable growth and enhanced shareholder value.”
Founded in Saudi Arabia, Cenomi Retail has steadily grown into one of the Kingdom’s leading partners for global fashion and lifestyle brands. It represents a portfolio of internationally recognized names and operates a widespread retail network across the region.
Al-Futtaim’s entrance as a strategic investor underscores the growing economic interlinkages between the UAE and Saudi Arabia, and highlights the appeal of the Saudi retail sector at a time of broader economic diversification under Vision 2030.
“Our investment in Cenomi Retail reflects our strong confidence in the Kingdom of Saudi Arabia’s economy and its long-term Saudi Vision 2030,” said Omar Al Futtaim, Vice Chairman and CEO of Al-Futtaim. “This investment represents substantial foreign direct investment from the UAE private sector and underscores the robust economic partnership between our countries.”
Al-Futtaim brings a strong pedigree in consumer-facing sectors, with experience managing global retail franchises including Zara, Massimo Dutti, and Bershka across Southeast Asia and the Middle East. The group’s footprint already includes operations in Saudi Arabia, the UAE, and Egypt, and its entry into Cenomi is expected to unlock operational synergies and new market opportunities.
For Cenomi, the partnership offers more than capital. “Having Al-Futtaim as a strategic investor enables us to capitalize on their proven capabilities and further solidify our leadership in the retail sector,” said Salim Fakhouri, CEO of Cenomi Retail. “This positions us for sustainable growth and compelling shareholder returns.”
The two companies plan to collaborate closely post-transaction, with Al-Futtaim working alongside Cenomi’s board and management to enhance efficiency, customer experience, and value creation.
The deal is still subject to regulatory sign-offs, including approval from Saudi Arabia’s General Authority for Competition. Both sides have appointed financial advisors, with Lazard representing Cenomi and J.P. Morgan advising Al-Futtaim.
While the transaction remains pending, the message from both companies is clear: this partnership is not merely a shift in ownership, but a bet on the future of retail in one of the Gulf’s fastest-evolving markets.
