Spinneys, the Dubai-listed operator of premium supermarkets, has increased its shareholding in its Saudi Arabian unit as it doubles down on its focus on attracting a younger and more affluent clientele.
The retailer acquired an additional 20 per cent of the issued share capital of Al Ma’kulat Al Fakhirah for Food Products, or Spinneys KSA, from Abdul Mohsen AbdulAziz Al Hokair Holding Group for 18 million Saudi riyals ($4.82 million), Spinneys said on Thursday.
That will bring Spinneys' holding in Spinneys KSA, which was formed in 2022, to 70 per cent once the transaction is finalised and approved by authorities, it added.
Spinneys considers Saudi Arabia one of its most important growth markets, and the move reflects its confidence in the Arab world's biggest economy, chief executive Sunil Kumar said.
"The kingdom’s premium grocery segment continues to develop rapidly, supported by a young, growing and increasingly affluent population," he said.
"The increased shareholding allows us to invest further ... and bring the Spinneys experience to more customers across the country, while continuing to benefit from the local expertise of our partners.”
Spinneys is embarking on an aggressive expansion strategy across the Arabian Gulf as it taps into what it calls structurally attractive and high-growth markets.
In addition to the UAE and Saudi Arabia, the company also has operations in Oman and is expected to open the first of its ten planned stores in Kuwait this year. Over the past year, the company has opened nine new branches across the UAE and two in Saudi Arabia.
The company, which started in 1961 with a grocery in Dubai's Al Nasr Square, now has 93 stores, 81 owned and 12 operated, across its network in the Arabian Gulf.
Spinneys began trading on the Dubai Financial Market in May 2024, following an initial public offering that raised Dh1.37 billion ($375.7 million).
For the first quarter of 2026, net profit attributable to equity owners of the company grew about three per cent to Dh91.4 million, as revenue jumped more than 11 per cent to more than $1 billion, Spinneys had previously reported.
