{"id":23186,"date":"2023-06-05T13:41:40","date_gmt":"2023-06-05T13:41:40","guid":{"rendered":"https:\/\/www.meretailnews.com\/?p=23186"},"modified":"2023-06-05T13:41:40","modified_gmt":"2023-06-05T13:41:40","slug":"pif-and-tamimi-markets","status":"publish","type":"post","link":"https:\/\/www.meretailnews.com\/2023\/06\/05\/pif-and-tamimi-markets\/","title":{"rendered":"Saudi&#8217;s PIF to acquire 30 per cent of supermarket chain Tamimi Markets"},"content":{"rendered":"<p><!-- VideographyWP Plugin Message: Automatic video embedding prevented by plugin options. --><br \/>\n<span data-preserver-spaces=\"true\"><a href=\"https:\/\/www.meretailnews.com\/2022\/10\/26\/pif-launches-halal-products-development-company\/\">Saudi Arabia&#8217;s Public Investment Fund<\/a> (PIF) is planning to acquire a 30 per cent stake in local supermarket chain Tamimi Markets Company, the kingdom&#8217;s sovereign wealth fund said on Thursday.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The transaction, which will involve a capital increase and subscription for new shares, aligns with the fund&#8217;s strategy to enable the private sector and create Saudi national champions, said PIF.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">&#8220;This investment aims to enable Tamimi Markets to fulfil its full potential, transforming it from one of the leading national grocery chains to a major regional chain,&#8221; PIF said in an emailed statement.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">&#8220;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.&#8221;<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">PIF, which has more than $620 billion in assets under management, signed a share subscription agreement to invest in <a href=\"https:\/\/www.tamimimarkets.com\/\" target=\"_blank\" rel=\"noopener\">Tamimi Markets<\/a>.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Head of consumer goods and retail, Mena investments division at PIF, Majed AlAssaf, said: \u201cPIF is investing in the grocery and food supply chain to ensure a strong Saudi presence in the market, enabling the private sector to capitalise on positive market demand.&#8221;<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The agreement can further expand Saudi presence in the key sector where Tamimi Markets and other local grocery chains can benefit from a positive long-term trajectory.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Chairman of Tamimi Holding, Tariq AlTamimi, said: \u201cThis partnership will enable us to accelerate and expand our store network across the region, optimising the significant growth that is expected in this market over the next few years.\u2019\u2019<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Saudi Arabia&#8217;s Public Investment Fund plans to acquire a 30 per cent stake in supermarket chain Tamimi Markets Company  to help the copany reach its full potential<\/p>\n","protected":false},"author":40,"featured_media":23187,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1323,1],"tags":[4350,2683,4867],"_links":{"self":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/23186"}],"collection":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/comments?post=23186"}],"version-history":[{"count":2,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/23186\/revisions"}],"predecessor-version":[{"id":23189,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/23186\/revisions\/23189"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/media\/23187"}],"wp:attachment":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/media?parent=23186"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/categories?post=23186"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/tags?post=23186"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}