Al-Futtaim to acquire 49.99% stake in Cenomi Retail for SAR2.5bn.

Al-Futtaim, a global group in automotive, real estate, and retail, agreed to acquire 49.99% stake in Cenomi Retail, a company that offers a wide range of fashion and lifestyle products, for SAR2.5bn. “Our investment in Cenomi Retail reflects our strong confidence in the Kingdom of Saudi Arabia’s economy and its long-term Saudi Vision 2030. This investment represents substantial foreign direct investment from the UAE private sector and underscores the robust economic partnership between our countries. It strengthens our presence and customer reach in Saudi Arabia, a strategic market with solid fundamentals and a clear national vision. We see significant opportunities to support Cenomi Retail in enhancing operations, accelerating digital transformation, and expanding its brand portfolio. This partnership also paves the way for further collaborations in the dynamic Saudi market,” Omar Al Futtaim, Al-Futtaim Vice Chairman and CEO.