Saudi PIF to acquire 30% of supermarket chain Tamimi 

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.