Image: Getty Images/ For illustrative purposes
Al-Futtaim, one of the Middle East’s largest conglomerates, announced a strategic investment of SAR10bn (approximately $2.72bn) over the next three years in Saudi Arabia.
The commitment builds on Al-Futtaim’s existing investments exceeding SAR5bn in the kingdom and was unveiled on the first day of the Future Investment Initiative (FII) in Riyadh.
The investment is expected to create more than 1,000 new jobs and support local talent development, knowledge transfer, and the growth of robust supply chains.
Al-Futtaim shows support for kingdom’s 2030 goals
“Saudi Arabia’s Vision 2030 demands an approach that goes beyond mere deployment of capital. It requires partners who bring operational expertise, regional experience, and a genuine commitment to building from within,” said Marwan Shehahdeh, group director, Corporate Development at Al-Futtaim. “Our SAR10bn pledge is a tangible expression of our confidence in the kingdom’s potential and our readiness to actively contribute to its economic diversification and innovation agenda.”
Al-Futtaim’s investments are strategically targeted at sectors aligned with Vision 2030 objectives:
- Mobility transformation: The group is accelerating e-mobility in Saudi Arabia, introducing advanced electric vehicle technologies through partnerships with global brands such as BYD and expanding commercial vehicle offerings to support sustainable transport solutions.
- Retail experiences: A significant stake acquisition of 49.95 per cent in Cenomi Retail will allow Al-Futtaim to enhance omnichannel, AI-enabled, customer-centric retail offerings, bringing leading global brands and lifestyle experiences to the Saudi market.
- Insurance and financial services: Through Orient Insurance, the company is strengthening the kingdom’s financial sector, promoting economic inclusion and resilience with customer-focused insurance and financing solutions.
- Real estate development: Al-Futtaim plans to develop modern, integrated urban spaces to support Saudi Arabia’s urban transformation and enhance community connectivity and quality of life.
“Throughout FII9, we will highlight our integrated approach to contributing to the kingdom’s transformative agenda,” Shehahdeh added. “Our strategic investments are a commitment to fostering a dynamic ecosystem where innovation flourishes, local talent excels, and Vision 2030 is realised through collaborative effort.”
The move positions Al-Futtaim as a key driver of localisation, talent development, and diversified growth in Saudi Arabia, underscoring the company’s long-term commitment to the kingdom’s economic and social transformation.
