Spinneys, the Dubai-listed operator of premium supermarkets, is to open supermarkets in Kuwait through a strategic joint venture with retail franchise conglomerate Alshaya Group, expanding its footprint into a fourth Gulf market.
Spinneys will hold a 51 per cent majority stake in the JV and will lead the operation and management of all stores under the partnership, the two companies said on Friday in a joint statement on the Dubai Financial Market, where Spinneys' shares are traded.
The initial plan is to establish 10 stores in Kuwait, with the first store expected to open in 2026.
"Kuwait is a high potential market and presents strong growth opportunities for us," said Sunil Kumar, chief executive of Spinneys. "Our joint venture with Alshaya Group, a highly experienced regional partner ... provides a solid foundation for a successful entry and long-term scale. While the UAE remains the core of our operations, we are committed to expanding our regional footprint."
Spinneys' expansion into Kuwait marks the supermarket chain's entry into a fourth Gulf market, after the UAE, Oman and Saudi Arabia.
The food retailer's shares rose 3.1 per cent after it announced its plan.
"Kuwait is a dynamic market with a strong appetite for premium offerings and we believe Spinneys’ proven brand and operational excellence will resonate strongly with local consumers," said John Hadden, chief executive of Alshaya Group.
"This joint venture brings together both companies' deep local expertise across the GCC and a shared commitment to delivering high quality and fresh offering to the discerning customer in Kuwait."
Spinneys began trading on the Dubai Financial Market in May 2024, following an initial public offering that raised Dh1.37 billion ($375.7 million).
Between April 2024 and August 2025, Spinneys opened 12 new stores in the UAE and two in Saudi Arabia, the Arab world's two biggest economies.
Spinneys, which started in 1961 when the first grocery opened in Al Nasr Square in Dubai, has grown to comprise 86 stores across the UAE, Oman and Saudi Arabia. Of these stores, 74 are owned and 12 are operated, including the premium grocery retail supermarket brand Waitrose.
