Al Muhaidib acquires 35% stake in Kuwait’s Abyat

Saudi Arabian conglomerate Al Muhaidib & Sons Group has bought a 35 percent stake in building supplies retailer Abyat, according to a statement from Amwal International Investment Company, which is acting as a financial adviser to the Kuwaiti chain and its shareholders.

The value and timeline of the deal have not yet been disclosed.

Under the terms, Al Muhaidib Group will expand its investments, particularly in the furniture and building materials sector.  

Abyat will extend its foothold not only in Saudi Arabia, but also further into the GCC region. The megastore chain will open its second store in the Saudi capital this week and an additional store in Jeddah, according to an Amwal spokesperson.

Abyat is majority-owned by its founder and chairman Khalid Abul.  

The family-owned Al Muhaidib owns stakes in major Tadawul-listed companies, including Savola Group, Saudi British Bank and Bawan.