Emirati conglomerate Al‑Futtaim will acquire a 49.95% stake in Cenomi Retail for SAR 2.52 billion (Dh2.44 billion, $667 million), buying 57.3 million shares at SAR 44 each, Cenomi said in a statement.
As part of the acquisition, Al‑Futtaim and Cenomi are negotiating a shareholder loan of at least SAR 1.3 billion to strengthen Cenomi’s balance sheet, a requirement before the deal is finalised.
Cenomi operates over 800 franchise outlets across eight countries, covering 47 brands in retail, food and café segments. Al‑Futtaim, which has a broad regional presence spanning automotive, real estate and retail, brings substantial operational and financial capacity.
Omar al‑Futtaim, Vice‑Chairman and CEO of Al‑Futtaim, stated the deal “represents substantial foreign direct investment from the UAE private sector and underscores the robust economic partnership between our countries,” adding that the partnership will support Cenomi’s geographical and digital expansion.
The transaction remains subject to regulatory approval from the Saudi General Authority for Competition and completion of the shareholder loan agreement.
