Saudi wealth fund PIF to acquire 30% stake in Tamimi Markets

Saudi wealth fund PIF to acquire 30% stake in Tamimi Markets

Saudi Arabia’s Public Investment Fund (PIF) said it will acquire a 30 per cent stake in Tamimi Markets Company ( ), one of the kingdom’s biggest grocery chains with more than 100 stores and five distribution centres. PIF said it signed a share subscription agreement to invest in Tamimi Markets, subject to receiving approvals from the relevant authorities and satisfying certain conditions under the agreement. “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,” said Majed AlAssaf, head of consumer goods and retail, MENA Investments Division at PIF. The wealth fund said the investment aligns with its strategy to enable the private sector and create Saudi national champions. The deal is aimed at enabling Tamimi Markets to realise its full potential, transforming it from one of the leading national grocery chains to a major regional chain. “The transactions aim 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,” said in a statement. Tariq AlTamimi, chairman of Tamimi Holding, said, “This partnership will enable us