Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has signed a deal to invest in Tamimi Markets Co., one of the Kingdom’s leading grocery chains. The agreement will see PIF become a shareholder with a 30% ownership of Tamimi Markets through a capital increase and subscription of new shares. The investment aims to help Tamimi Markets transform from a national grocery chain to a major regional player. PIF already has several strategic investments in the consumer goods and retail sector, including Noon.com, Halal Products Development Co., and Americana Restaurants International. The investment aligns with PIF’s strategy to create Saudi national champions in key sectors that contribute to the diversification of the economy.
Saturday, October 28, 2023
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