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Spinneys, the United Arab Emirates (UAE) based retail chain, has announced plans to open its first stores in Saudi Arabia as it seeks to expand its presence in the Gulf Cooperation Council (GCC) region.
Spinneys is an operator of premium grocery retail supermarkets under the Spinneys, Waitrose and Al Fair brands, and presently has stores in Egypt, Qatar, Lebanon, Oman, Pakistan and Afghanistan as well as the UAE.
The new Spinneys stories in Saudi Arabia will be opened by Albwardy Investment, the UAE-based holding company that owns the franchise and is the largest shareholder in Spinneys. The company reportedly plans to open its first store in the first semester of 2024 and three more by the end of the year, with the first openings being in Jeddah and the capital Riyadh and Jeddah.
As many as four Spinneys stores per year could be added in Saudi Arabia over the next five to ten years, according to sources.
The move is part of an initial public offering (IPO) through which Spinneys is expecting to raise about $375 million from the sale of a 25% stake in holding company Spinneys 1961 Holding plc.
Source: Spinneys / Trendtype
