{"id":41646,"date":"2023-06-01T09:04:21","date_gmt":"2023-06-01T06:04:21","guid":{"rendered":"https:\/\/saudishopper.com.sa\/en\/?p=41646"},"modified":"2026-03-28T03:24:54","modified_gmt":"2026-03-28T00:24:54","slug":"pif-enters-into-an-agreement-to-invest-in-tamimi-markets-one-of-saudi-arabias-leading-grocery-chains","status":"publish","type":"post","link":"https:\/\/saudishopper.com.sa\/en\/pif-enters-into-an-agreement-to-invest-in-tamimi-markets-one-of-saudi-arabias-leading-grocery-chains\/","title":{"rendered":"PIF Enters into an Agreement to Invest in Tamimi Markets, One of Saudi Arabia\u2019s Leading Grocery Chains"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2022\/10\/PIF_logo-CMYK-1_ssict_867_867.webp\"><img loading=\"lazy\" decoding=\"async\" width=\"867\" height=\"867\" src=\"https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2022\/10\/PIF_logo-CMYK-1_ssict_867_867.webp\" alt=\"PIF_logo-CMYK-1_ssict_867_867\" class=\"wp-image-37517\" srcset=\"https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2022\/10\/PIF_logo-CMYK-1_ssict_867_867.webp 867w, https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2022\/10\/PIF_logo-CMYK-1_ssict_867_867-300x300.webp 300w, https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2022\/10\/PIF_logo-CMYK-1_ssict_867_867-150x150.webp 150w, https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2022\/10\/PIF_logo-CMYK-1_ssict_867_867-768x768.webp 768w, https:\/\/saudishopper.com.sa\/en\/wp-content\/uploads\/2022\/10\/PIF_logo-CMYK-1_ssict_867_867-440x440.webp 440w\" sizes=\"(max-width: 867px) 100vw, 867px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>PIF&nbsp;<\/strong><strong>will become a shareholder with 30% ownership of Tamimi Markets by way of a capital increase and subscription of new shares&nbsp;<\/strong><\/li>\n\n\n\n<li><strong>Investment is expected to accelerate Tamimi Markets\u2019 ambitions to become a national champion and major regional grocery chain<\/strong><\/li>\n\n\n\n<li><strong>Investment aligns with PIF\u2019s strategy to enable the private sector, further strengthening Saudi presence in a critical sector&nbsp;<\/strong><\/li>\n\n\n\n<li><strong>Since 2017, PIF has established 77 companies and has created more than half a million direct and indirect jobs.<\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>RIYADH, KSA \u20131 June 2023 &#8211;&nbsp;<\/strong>The Public Investment Fund (\u201cPIF\u201d) announced today the signing of a share subscription agreement (the \u201cAgreement\u201d) to invest in&nbsp;Tamimi Markets Company LLC (\u201cTamimi Markets\u201d or \u201cthe Company\u201d), one of Saudi Arabia\u2019s leading grocery store chains,&nbsp;by way of a capital increase and subscription for new shares. The signing of this Agreement aligns with PIF\u2019s strategy to enable the private sector and&nbsp;create Saudi national champions.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pursuant to the Agreement, PIF 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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">PIF owns several strategic investments in the consumer goods and retail sector, such as Noon.com, the leading Middle East online shopping platform, Halal Products Development Company, and Americana Restaurants International PLC. The investment in Tamimi Markets is in line with PIF\u2019s 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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This investment 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\u2019s ambitious plans through expansion of its operations and commercial opportunities, including acceleration of regional growth and a potential initial public offering (IPO).&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Majed AlAssaf, Head of Consumer Goods and Retail, MENA Investments Division at PIF, said:<\/strong>&nbsp;\u201cPIF is investing in the grocery and food supply chain to ensure a strong Saudi presence in the market, enabling the private sector to capitalize on positive market demand. This partnership is expected to contribute to the expansion of Tamimi Markets\u2019 operations and product offering, accelerating its regional growth plans and benefiting consumers through greater choice. Our investment aligns with PIF\u2019s strategy to create Saudi national champions in key sectors that contribute to the diversification of the economy.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Tariq AlTamimi, Chairman of Tamimi Holding, said:&nbsp;<\/strong>\u201cPIF\u2019s partnership is a significant vote of confidence in Tamimi Markets and a step forward for the Company, as we look to implement our ambitious growth plans. This partnership will enable us to accelerate and expand our store network across the region, optimizing the significant growth that is expected in this market over the next few years.\u2019\u2019<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tamimi Markets has a strong track record&nbsp;over a period of more than 40 years in Saudi Arabia, with over 100 stores and five distribution centers, offering a wide variety of local and international products, including many brands exclusive to Tamimi.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>RIYADH, KSA \u20131 June 2023 &#8211;&nbsp;The Public Investment Fund (\u201cPIF\u201d) announced today the signing of a share subscription agreement (the \u201cAgreement\u201d) to invest in&nbsp;Tamimi Markets Company LLC (\u201cTamimi Markets\u201d or \u201cthe Company\u201d), one of Saudi Arabia\u2019s leading grocery store chains,&nbsp;by way of a capital increase and subscription for new shares. The signing of this Agreement [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":37517,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_meta-robots-noindex":"","_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","_pr_autopilot_social_copy":"","_yoast_wpseo_opengraph_title":"","_yoast_wpseo_opengraph_description":"","_yoast_wpseo_opengraph_image":"","_yoast_wpseo_opengraph_image_id":0,"_yoast_wpseo_twitter_title":"","_yoast_wpseo_twitter_description":"","_yoast_wpseo_twitter_image":"","_yoast_wpseo_twitter_image_id":0,"_yoast_wpseo_primary_category":24,"_extra_hide_author_box":"","_extra_featured_post":"","_partner_post_id":0,"footnotes":""},"categories":[24],"tags":[],"class_list":["post-41646","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","et-has-post-format-content","et_post_format-et-post-format-standard"],"yoast_head":"<!-- This site is optimized 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