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Dubai-listed Spinneys has announced the opening of its first Saudi store, with three more due to open in the kingdom this year, with 12 stores expected in the kingdom by 2028.
Spinneys, which completed its IPO on Dubai Financial Market (DFM) last month, said structural tailwinds support the sector’s growth in Riyadh.
The Al Strada Yard store, Al Nuzha, includes local production facilities which will serve other Spinneys stores scheduled to open in Riyadh this year, the company said.
CEO Sunil Kumar said the company will have four stores in the Saudi capital and Jeddah in 2024, with 12 stores expected in the kingdom by 2028.
“Growth in whitespace in the Saudi market is supported by structural tailwinds including a projected 6.4% CAGR in the Kingdom’s affluent population between 2022 and 2028,” the company said.
(Writing by Imogen Lillywhite; editing by Daniel Luiz)
