Al-Futtaim to Invest 10 Billion SAR in Saudi Arabia, Plans Job Growth and Expansion
Assalamu alaikum - Dubai’s Al-Futtaim group has announced plans to invest 10 billion Saudi riyals (about $2.7 billion) in Saudi Arabia over the next three years as it expands operations while the kingdom diversifies its economy.
The company said on the opening day of the Future Investment Initiative in Riyadh that this new commitment builds on more than five billion riyals of existing investments in the country. They expect the strategy to create over 1,000 new jobs to support local talent development and leadership across key sectors.
Al-Futtaim will invest across mobility, retail, insurance and financial services, and real estate development. Earlier this year they revealed plans to buy a 49.95% stake in Saudi retail group Cenomi for 2.5 billion riyals to strengthen their presence in the region. That deal involved agreements with Cenomi’s founding shareholders and related companies.
Marwan Shehahdeh, group director of corporate development at Al-Futtaim, said the latest commitment reflects their confidence in the kingdom’s potential and their readiness to help with economic diversification and innovation.
Al-Futtaim is a private business group active in around 20 countries across the Middle East, North Africa and Asia, involved in automotive, financial services, real estate, retail and health. Their brand portfolio includes names like Toyota, Lexus, Ikea and Marks & Spencer.
Saudi Arabia is pushing to attract more foreign direct investment as part of Vision 2030 and is developing large projects such as Neom, Qiddiya and the Diriyah Gate to boost real estate and tourism. The kingdom has updated laws to encourage foreign investment and also changed rules to permit foreigners to buy property in certain zones in Riyadh and Jeddah, with special conditions for ownership in Makkah and Madinah.
Economists expect Saudi Arabia’s economy to grow around 4% this year and next, helped by the easing of Opec+ production cuts.
On a lighter note, Ms Al Ameri, who works at the Environment Agency - Abu Dhabi, says she enjoys the variety of her job and the daily environmental challenges. Regular contact with wildlife is her favourite part of the role. She loves travelling, follows the motto of being a voice not an echo, and is the youngest of three. Her favourite book, Moby Dick by Herman Melville, inspired her interest in exploring the natural world.
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