DUBAI : UAE-based conglomerate Al-Futtaim has completed the acquisition of a 49.95 percent stake in Saudi Arabia’s Cenomi Retail for SAR 2.52 billion (about $672 million), marking one of the largest cross-border retail deals in the region this year.

The transaction also includes a SAR 1.35 billion shareholder loan facility from Al-Futtaim to Cenomi, designed to strengthen the retailer’s financial position and support expansion plans. The loan carries an option to convert into equity, subject to shareholder approval and prevailing market conditions.

Cenomi Retail, a leading operator of international fashion and lifestyle brands across Saudi Arabia, is expected to benefit from Al-Futtaim’s global retail expertise, particularly in digital integration and omnichannel growth.

Executives said the partnership will not only enhance Cenomi’s competitive edge but also align with Saudi Vision 2030, which prioritises economic diversification and consumer market development.

Industry analysts noted that the deal positions Al-Futtaim as a stronger player in Saudi Arabia’s rapidly evolving retail sector, while giving Cenomi access to fresh capital and operational know-how at a critical stage of transformation.