Spinneys eyes store network expansion in Saudi Arabia, UAE: CEO

22/04/2024 Argaam

Spinneys eyes store network expansion in Saudi Arabia, UAE: CEO

Logo of Spinneys 

Spinneys plans to expand its store network in the UAE and make its debut in the Saudi market, CEO Sunil Kumar told Al Khaleej newspaper.

 

Three new stores are projected to open in the UAE this year, he added.

 

The company currently owns and operates 70 stores in the UAE, including 15 Waitrose stores, which it has the franchise to operate, and five Spinneys and Al Fair stores in Oman.

 

Spinneys seeks to establish its presence in Saudi Arabia and will expand its network in the Kingdom in the coming years, primarily focussing on Riyadh and Jeddah.

 

Last week, Spinneys 1961 Holding plc announced its intention to offer 25% of its shares for IPO on the Dubai Financial Market (DFM), equivalent to 900 million shares.

 

The IPO period will begin on Tuesday, April 23, and end on Monday, April 29 for retail investors and on Tuesday, April 30 for professional investors.

 

The company is expected to start trading on DFM on May 9.

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