Saudi Arabia’s General Authority for Competition (GAC) has officially approved Al-Futtaim Retail’s acquisition of nearly half of Cenomi Retail (Fawaz Abdulaziz Alhokair Co.). The move is set to reshape the retail landscape in the Kingdom and beyond.
The approval follows a formal notification from Cenomi Retail’s major shareholders, Fawaz Alhokair, Abdul Majeed Alhokair, Salman Alhokair, along with Saudi FAS Holding Co. and FAS Real Estate Co., confirming they signed a Share Purchase Agreement (SPA) with Al-Futtaim Retail on July 18, 2025.
Deal Highlights
Under the SPA terms, the selling shareholders will transfer 57.33 million shares, equal to 49.95% of Cenomi Retail’s total capital. The transaction is valued at $672 million, priced at $11.73 per share.
- Stake Size: 49.95% of Cenomi Retail
- Number of Shares: ~57.33 million
- Deal Value: $672 million
- Price per Share: $11.73
- Acquisition Type: Private share purchase
The acquisition will be carried out through a private transaction mechanism in accordance with the SPA’s agreed structure.
Why It Matters
The deal comes at a time when Saudi Arabia’s retail industry is undergoing massive transformation, fueled by Vision 2030’s diversification push and the country’s growing appetite for international brands. By partnering with a global player like Al-Futtaim, Cenomi Retail gains access to wider operational expertise, supply chain efficiencies, and brand partnerships.
About Al-Futtaim Retail
Headquartered in the United Arab Emirates, Al-Futtaim Retail has a track record of over 50 years in the industry. The group operates 300+ stores in 10+ countries, spanning diverse sectors:
- Fashion: Global and regional clothing brands
- Furniture: Home and lifestyle solutions
- Electronics: Cutting-edge tech products
- Homeware: Everyday essentials and décor
This wide portfolio makes Al-Futtaim a powerhouse capable of elevating Cenomi’s brand offerings and retail experience in Saudi Arabia.
Strategic Synergies Ahead
With GAC’s green light, both companies can now focus on unlocking mutual benefits:
- Brand Expansion: Introducing new global names to the Saudi market
- Digital Transformation: Enhancing e-commerce capabilities and omnichannel strategies
- Operational Efficiency: Leveraging shared logistics and distribution networks
- Customer Experience: Offering more personalized, data-driven retail journeys
This acquisition is more than just a share transfer, it’s a strategic alignment between two retail giants that could accelerate Saudi Arabia’s emergence as a regional shopping hub.