(MENAFN) Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), has announced its plans to invest in Tamimi Markets Co., one of the leading grocery chains in the country, as part of its strategy to strengthen the private sector and expand its portfolio. Under the agreement, PIF will acquire a 30 percent ownership stake in Tamimi Markets through a capital increase and subscription of new shares.
The investment aims to support Tamimi Markets in its transformation from a national grocery chain to a prominent regional player in the industry. By partnering with PIF, Tamimi Markets seeks to capitalize on the positive market demand and enhance its operations and product offerings. This strategic move aligns with PIF's objective of creating Saudi national champions in key sectors that contribute to the diversification of the economy.
PIF has been actively investing in the consumer goods and retail sector, with existing strategic investments in companies such as Noon.com, Halal Products Development Co., and Americana Restaurants International. The investment in Tamimi Markets further strengthens PIF's presence in the grocery and food supply chain, aiming to establish a strong Saudi presence in the market and enable the private sector to leverage the growing market demand.
Majed Al-Assaf, the head of consumer goods and retail at PIF's Middle East and North Africa Investments Division, highlighted that the partnership with Tamimi Markets will contribute to the company's regional growth plans and benefit consumers by providing greater choice. The investment is expected to accelerate Tamimi Markets' expansion across the region, positioning it for further success in the coming years.
Tariq Al-Tamimi, the chairman of Tamimi Holding, expressed optimism about the partnership with PIF, emphasizing that the investment will support the company's expansion goals in the region. With PIF's backing, Tamimi Markets aims to leverage its market expertise and capitalize on the growing demand for high-quality grocery products and services.
Overall, PIF's investment in Tamimi Markets represents a significant step towards strengthening the private sector in Saudi Arabia's grocery and retail industry. The collaboration is expected to drive growth, promote regional expansion, and ultimately benefit consumers through increased access to a diverse range of products and services.
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