Home
|
Media Center
|
Careers
Personal
Accounts
Loans
eBanking
NRI Business
Other Services
Corporate
Corporate Banking
International Banking
Syndicated Loans
Trade Finance
Long Term Finance
Working Capital Facilities
SMEs Facility Application – Law (2) – 2021
Investor Relations
Our Strategy
Financials
Financial News
BBK News
Local & Global Market
Shareholder's Queries
Customer Service
Branch Timing
Request for Support
Security Center
FAQ
Tutorials
Contact Us
About Us
About Us
BBK Network
Subsidiaries
Board of Directors
Executive Management
Divisions
Corporate Governance
Awards
BBK awarded for distinguished Corporate Governance practices
Bahrain’s pioneer in commercial and retail banking
BBK wins first place for excellence in Corporate Governance practices
BBK wins Bahrain eContent Award
BBK newsletter
CINET
BBK Press releases
Latest News
Archives
Financial News
Latest News
Archives
Internet Banking
Retail login
Help
|
Alert
What do you want to do?
Select here
Access Retail Internet Banking
Home
Media Center
Financial News
Latest News
04-06-23
Saudi Arabia's Sovereign Wealth Fund Invests in Tamimi Markets Co. to Strengthen Private Sector
(MENAFN) Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), has announced its plans to invest in Tamimi Markets Co., one of the leading grocery chains in the country, as part of its strategy to strengthen the private sector and expand its portfolio. Under the agreement, PIF will acquire a 30 percent ownership stake in Tamimi Markets through a capital increase and subscription of new shares.
The investment aims to support Tamimi Markets in its transformation from a national grocery chain to a prominent regional player in the industry. By partnering with PIF, Tamimi Markets seeks to capitalize on the positive market demand and enhance its operations and product offerings. This strategic move aligns with PIF's objective of creating Saudi national champions in key sectors that contribute to the diversification of the economy.
PIF has been actively investing in the consumer goods and retail sector, with existing strategic investments in companies such as Noon.com, Halal Products Development Co., and Americana Restaurants International. The investment in Tamimi Markets further strengthens PIF's presence in the grocery and food supply chain, aiming to establish a strong Saudi presence in the market and enable the private sector to leverage the growing market demand.
Majed Al-Assaf, the head of consumer goods and retail at PIF's Middle East and North Africa Investments Division, highlighted that the partnership with Tamimi Markets will contribute to the company's regional growth plans and benefit consumers by providing greater choice. The investment is expected to accelerate Tamimi Markets' expansion across the region, positioning it for further success in the coming years.
Tariq Al-Tamimi, the chairman of Tamimi Holding, expressed optimism about the partnership with PIF, emphasizing that the investment will support the company's expansion goals in the region. With PIF's backing, Tamimi Markets aims to leverage its market expertise and capitalize on the growing demand for high-quality grocery products and services.
Overall, PIF's investment in Tamimi Markets represents a significant step towards strengthening the private sector in Saudi Arabia's grocery and retail industry. The collaboration is expected to drive growth, promote regional expansion, and ultimately benefit consumers through increased access to a diverse range of products and services.
MENAFN04062023000045014228ID1106383082
View the Financial News Archive
View complete sitemap
Personal
Accounts
Loans
Mortgage
eBanking
ATM
Internet Banking
SMS Banking
NRI Business
Other Services
Corporate
Corporate Banking
International Banking
Syndicated Loans
Trade Finance
Long Term Finance
Working Capital Facilities
SMEs Facility Application – Law (2) – 2021
Investor Relations
Our Strategy
Financials
LCR Reports
Financial News
BBK News
Local & Global Market
Shareholder's Queries
Customer Service
Branch Timing
Request for Support
Security Center
FAQ
BBK tariffs
Tutorials
Customer Protection
Contact Us
About Us
About Us
BBK Network
Subsidiaries
Board of Directors
Executive Management
Divisions
Corporate Governance
Follow us