18 Feb, 2024

anb capital advises Tamimi on its acquisition of Al Raya Stores

anb capital is pleased to announce its role as the exclusive financial adviser to Tamimi Markets Company on its successful acquisition of 100% shareholding in Al Raya for Food Stuffs Company, a leading supermarket chain in the Western region of Saudi Arabia.

This acquisition is a significant milestone in Tamimi Markets’ expansion strategy across the Kingdom, strengthening its influence in the Western region and providing it with the opportunity to leverage the synergies between Tamimi Markets and Al Raya to attract and serve a much larger client base.

The acquisition of Al Raya, known for its strong neighborhood presence and exceptional bakery offerings, is a natural progression for Tamimi Markets, given the latter’s commitment to excellence and customer service. The addition of Al Raya brand with 51 supermarkets under Tamimi Markets management will reinforce the Tamimi experience across more than 20 cities, in alignment with its aggressive growth plans for the region.

Khalid Al-Ghamdi, anb capital's CEO, commented, “We are privileged to have been trusted by Tamimi Markets for this landmark transaction. Tamimi has plans that will see its footprint expand across the Kingdom as it emerges as a national champion, and we are proud to continue to play a part in the transformative and inspirational journey of Tamimi Markets.”

Bobby Rajendran, CEO of Tamimi Markets, expressed his enthusiasm for the partnership, stating, “The Al Raya brand is renowned for its neighborhood convenience and fresh positioning, particularly with its outstanding bakery. We are eager to bring value and efficiency to the Al Raya brand while fostering its continuous growth. Tamimi has been a trusted brand in Saudi Arabia for decades now, and we have plans to continue developing our presence in retail. We are keenly aware of the value that we bring to every neighborhood where we open our stores, and we will take pride in bringing the same value to cities across the Western region of the Kingdom.”

The Law Office of Mohanned bin Saud AlRasheed in Association with Baker Botts LLP acted as legal advisor to Tamimi Markets Company for the transaction.

anb capital is a leading Saudi capital market institution that offers its clients brokerage, investment management, investment advisory, investment banking, real estate and private equity services. Its clientele includes institutions, corporates, HNWI and retail investors. anb capital has gained momentum in recent years with the completion of high-profile transactions, the launch of innovative equity and opportunistic investment funds and the expansion of its alternative investments’ offerings.