Dubai-based Al Futtaim has completed a deal to acquire 49.95% of Saudi-listed Cenomi Retail for SAR 2.52 billion (SAR 44 per share).
The transaction includes a SAR 1.35 billion shareholder loan from Al Futtaim to Cenomi Retail, with an option for Al Futtaim to convert that loan into equity, subject to shareholder approval and regulatory requirements.
Cenomi Retail confirmed that all regulatory approvals and conditions precedent have been fulfilled. Al Futtaim now holds its stake under Tadawul’s disclosure rules.
Cenomi operates over 800 stores in Saudi Arabia and eight other countries under multiple international brand franchises. Its portfolio includes womenswear, accessories, cosmetics and children’s brands. The company seeks to expand its distribution network and enhance its omnichannel capabilities with this partnership.
The deal aligns with Saudi Arabia’s Vision 2030 agenda, which emphasises economic diversification, private sector growth, and attracting foreign investment.
Analysts see the acquisition strengthening Cenomi’s balance sheet while giving Al Futtaim a major presence in one of the region’s fastest-growing consumer markets. The conversion option in the shareholder loan gives Al Futtaim flexibility to increase its equity if conditions allow.
