Prime Highlights-
- Spinneys raises its stake in Spinneys KSA to 70 percent with an 18 million riyal share purchase.
- CEO Sunil Kumar cites Saudi Arabia’s young, affluent population as key to the kingdom’s premium grocery growth.
Key Facts-
- Spinneys operates 93 stores across the Gulf and plans its first Kuwait location this year.
- Q1 2026 revenue rose more than 11 percent to over 1 billion dollars, with net profit up about 3 percent.
Background-
Spinneys, the Dubai-listed operator of premium supermarkets, has increased its shareholding in its Saudi Arabian unit as part of its push to attract a younger and more affluent clientele across the Middle East.
The retailer acquired an additional 20 percent stake in Spinneys KSA from Abdul Mohsen AbdulAziz Al Hokair Holding Group for 18 million Saudi riyals, or about 4.82 million dollars. The transaction will raise Spinneys’ holding in the unit, formed in 2022, to 70 percent once finalized and approved by authorities.
Chief executive Sunil Kumar said Spinneys considers Saudi Arabia among its most important growth markets, describing the kingdom’s premium grocery segment as developing rapidly on the back of a young, growing and increasingly affluent population.
He said the increased shareholding allows the company to invest further and expand its offering to more customers across the country while continuing to draw on the local expertise of its partners.
Spinneys is pursuing an aggressive expansion strategy across the Arabian Gulf, targeting what it calls structurally attractive, high-growth markets. Alongside the UAE and Saudi Arabia, the company operates in Oman and expects to open its first Kuwait store this year as part of ten planned locations.
Over the past year, Spinneys opened nine new branches in the UAE and two in Saudi Arabia, bringing its network to 93 stores, 81 owned and 12 operated, across the Gulf region.
Spinneys began trading on the Dubai Financial Market in May 2024 after an initial public offering that raised 1.37 billion dirhams. During the first quarter of 2026, net profit at the company rose nearly 3 percent to 91.4 million dirhams, while revenue advanced over 11 percent to surpass 1 billion dollars.
