PIF signs agreement to invest in Tamimi Markets

Logo of the Public Investment Fund (PIF)

The Public Investment Fund (PIF) announced today, June 1, signing a share subscription agreement to invest in Tamimi Markets Co. LLC (Tamimi Markets), one of Saudi Arabia’s leading grocery store chains, by way of a capital increase and subscription for new shares.

In an emailed statement to Argaam, the fund said it will become a shareholder with a 30% stake in the entire share capital of Tamimi Markets, after obtaining approvals from the relevant authorities and satisfying certain conditions under the agreement.

The new investment is in line with PIF’s strategy to develop key sectors in Saudi Arabia. Since 2017, PIF has established 77 companies and has generated more than half a million direct and indirect jobs. It aims to enable Tamimi Markets to realize its full potential, transforming it from one of the leading national grocery chains to a major regional chain.

It aims to support the Company’s ambitious plans through expansion of its operations and commercial opportunities, including acceleration of regional growth and a potential initial public offering (IPO).

The investment aims to further strengthen Saudi presence in a critical sector where Tamimi Markets and other local grocery chains can benefit from positive long-term dynamics. It will also aim to facilitate access to the growing online grocery market and the establishment of international sourcing centers to improve profitability and product offerings, benefitting the private sector by strengthening the consumer goods and retail ecosystem and leading to a greater choice of products for consumers.

Tamimi Markets owns more than 100 stores and distribution centers, which provide a wide variety of international brands as well as local favorites, all at competitive prices.

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