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Saudi Arabia's PIF to Acquire 30% of Tamimi Markets

PIF said it signed a share subscription agreement to invest in Tamimi Markets.
PIF said it signed a share subscription agreement to invest in Tamimi Markets.
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Saudi Arabia's PIF to Acquire 30% of Tamimi Markets

PIF said it signed a share subscription agreement to invest in Tamimi Markets.
PIF said it signed a share subscription agreement to invest in Tamimi Markets.

Saudi Arabia's Public Investment Fund (PIF) plans to acquire a 30% stake in local supermarket chain Tamimi Markets Company, the kingdom's sovereign wealth fund said on Thursday.

PIF said it signed a share subscription agreement to invest in Tamimi Markets.

It said the transaction, which will involve a capital increase and subscription for new shares, aligns with the fund's strategy to enable the private sector and create Saudi national champions.

"This investment aims to enable Tamimi Markets to realize its full potential, transforming it from one of the leading national grocery chains to a major regional chain," PIF said in a statement.

"It aims to support the company’s ambitious plans through expansion of its operations and commercial opportunities, including acceleration of regional growth and a potential initial public offering," it added.

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Saudi Arabia Set to Unveil World’s Tallest Skyscraper

Jeddah Tower is slated for completion within 42 months
Jeddah Tower is slated for completion within 42 months
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Saudi Arabia Set to Unveil World’s Tallest Skyscraper

Jeddah Tower is slated for completion within 42 months
Jeddah Tower is slated for completion within 42 months

Construction of the Jeddah Tower in western Saudi Arabia is speeding up. Set to be completed in 2028, it will rise over 1,000 meters, becoming the world’s tallest building.
The tower will showcase engineering innovation and technological progress, marking a key addition to the global skyline.
Kingdom Holding Company announced on Monday the resumption of Jeddah Tower construction and concrete pouring, with the presence of the Chairman of the company, Prince Alwaleed bin Talal, its CEO, Eng. Talal Almaiman and representatives from several real estate and architectural firms.
According to the company, Jeddah Tower, which will exceed 1,000 meters in height, will become the tallest building in the world.
It will redefine Jeddah's skyline and position the Kingdom as a hub for architectural excellence and economic opportunities, aligning with the Kingdom’s Vision 2030 goals of diversifying the economy and promoting sustainable urban development.
Prince Alwaleed praised the support the project has received from the government. He explained that most of the loans responsible for construction have been repaid, allowing the company to efficiently manage the project.
He emphasized that this support reflects the government’s commitment to major national projects.
He also confirmed that the tower will be completed in 42 months. Concrete pouring has begun for the 64th floor, and the team plans to finish one floor every four days.
The Jeddah Tower is part of a larger 5.3 million square meter development, with the first phase covering 1.3 million square meters. The total investment will exceed 100 billion riyals, and the tower is expected to house between 75,000 and 100,000 people once finished.
Regarding financing, Prince Alwaleed also highlighted the advanced technology being used in the tower’s construction, including new methods for lifting concrete to heights of up to 1,000 meters.
The tower’s design will make it a unique global landmark, with its final height to be revealed later.