Saudi-based Al Saif Stores for Development and Investment Company, known as Alsaif Gallery, has opened its first branch in Abu Dhabi, marking its first expansion outside Saudi Arabia. The company specialises in kitchenware and SDA.
The scheme is established on an area of 2,526 square metres, according to a bourse disclosure. Alsaif Gallery indicated that the project would reflect on its income statements during the first quarter (Q1) of 2023.
The inauguration in the UAE aligns with the Saudi company’s expansion strategy across the GCC.
Earlier this year, Alsaif Gallery rented two branches in Kuwait, which are expected to commence operating during Q1-23 and Q2-23, respectively. The branches were launched in partnership with Jahez International Company for Information System Technology. According to its LinkedIn profile, Jahez is a Saudi Company that facilitates an online food delivery platform to unite stakeholders from restaurants, logistic fleet, and customers’ meal orders into the Jahez mobile application.
The three branches in Kuwait and Abu Dhabi are expected to reflect on Alsaif Gallery’s income statements during the beginning of their operation period.
In a separate bourse filing, Jahez commenced the pilot phase of its operations in Kuwait on 5 January 2023. This step will reflect on the company’s financial results during the first half (H1) of 2023.
In December 2022, Alsaif Gallery inked a SAR 35 million sale deal with Nawah Real Estate Investment Company.
Meanwhile, Jahez concluded the acquisition of Marn Business Information Technology Company’s shares at a total value of SAR 60 million.
In December 2022, the company started the listing and trading of its shares on the Main Market of the Saudi Exchange (Tadawul).
Al Saif Gallery is one of the largest retail companies in the field of household utensils and home appliances in Saudi Arabia. Including showrooms in the Kingdom, the kitchenware company was founded in 2006 in Riyadh, Saudi Arabia in the name of the Al Saif Gallery.
