Spinneys CEO: Saudi market is promising, we plan to open our first branch in Riyadh soon

Sunil Kumar, CEO of the Spinneys supermarket chain, revealed the group’s plans to open its first branch in the Saudi city of Riyadh soon, after preparing the site.

According to Al Arabiya, Kumar added that the company expects to open 4 branches in the Kingdom every year for the next 5 to 10 years.

He explained that the Saudi market is promising and important to us because of the strength of the economy and population.

He pointed out that Spinneys began planning to enter the Saudi market in 2018.

The CEO of Spinneys Stores said that opening our first branches in Saudi Arabia did not require a large investment, and there is no competitor that offers high-quality and fresh products in Saudi Arabia.

Kumar stated that Spence’s market share in the UAE as a whole is 12%, and our market share in the Emirate of Dubai is currently 27%, and we aim to obtain a significant market share in Saudi Arabia.

Today, the individual subscription period for Spence shares began, which is expected to end on April 29, 2024 on the Dubai Financial Market, and on April 30 for professional investors. According to Bloomberg, the subscription has been fully covered.

The company had set the price range for offering its shares on the Dubai Financial Market between 1.42 and 1.53 dirhams per share.

The company will offer 25% of its shares on the Dubai Financial Market, representing 900 million shares with a nominal value of 0.01 dirhams per share. The shares that will be offered are owned by Al-Seer Group, as the company’s capital has been set at 36 million dirhams distributed over 3.6 billion shares.