Spinneys 1961 Holding PLC Expands Operations into Saudi Arabia

Spinneys 1961 Holding PLC, a renowned UAE-based grocery store operator, is set to expand its operations into Saudi Arabia, tapping into the country's growing retail market. The company's CEO, Sunil Kumar, revealed plans to venture into Jeddah following its successful entry into Riyadh. With over 70 stores in the UAE, including popular franchises like Waitrose, Spinneys is poised for further growth.

Kumar emphasized the company's strong financial performance, citing retail revenues of 2.9 billion dirhams in 2023. Spinneys' reputation and strategic positioning in the GCC region have bolstered its cash flow and profitability. The firm's upcoming IPO on the Dubai Financial Market, with Al Seer Group selling 25% of its shares, signals a new phase of expansion and investment opportunities.

The IPO subscription period commences on April 23, with the listing scheduled for May 9. Retail investors in the UAE will have access to an initial tranche of 5% of shares, while professional stakeholders can acquire the remaining 95%. Spinneys' founder and chairman, Ali Saeed Juma Al-Bwardy, expressed optimism about the brand's growth prospects and the IPO's potential to attract a broader investor base.