Private equity group Global Investment House has acquired a controlling stake in Al Sawani Food and Industrial Supply Company, a Saudi retailer with 550 outlets spread across 12 Middle Eastern countries.
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“Our investment today (28 August) clearly demonstrates our faith in the company’s management and our strong conviction in the company’s future,” Omar El Quqa, Global EVP commented.
“We are very bullish on retailing” Shailesh Dash, SVP at Global Investment said. “Fuelled by regional liquidity, and a burgeoning young population, retail in the GCC and the wider MENA region is poised for sizeable growth.”
Retail spending in Saudi Arabia is forecasted to increase by an estimated 15% by 2008. In the retail sector, Al Hokair accounts for 33%, Sawani’s market share stands at 11%, Al Shaya commands 9% and other small franchises accounts for 34%.
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