Tamimi Markets opens new store in Riyadh

Updated 30 September 2014

Tamimi Markets opens new store in Riyadh

Saudis comprise over 50 percent of the work force in Tamimi Markets across the Kingdom, says Mohsen S. Husain, CEO of Tamimi Markets.
He made this remark to Arab News during the opening ceremony of the company’s 22nd branch Kingdomwide and 13th in Riyadh, located on Qurtoba district on Khaled bin Alwaleed Street, Dammam Road. The new branch occupies an area of 4,000 square meters with all facilities.
Referring to the Saudi manpower, he said some of them are holding top jobs in the company as cashiers and other responsible positions. “I think ultimately it is our work culture that helps them succeed," he said, adding: "We give them great benefits, good pay and treat them the right way. We also give training to Saudis and all other recruits."
Speaking at the launch of its new branch opening, he said, it is at a strategic location in Riyadh, where many shopping complexes and villas are coming up. Tamimi Markets, according to him, is one of the fastest growing supermarket chains in Saudi Arabia named by Saudi shoppers as one of the Top 100 Saudi Brands in 2013.
“Our customers are talking about the Tamimi brand and quality. We thank our customers for their support, as it reflects their appreciation of our quality, great variety and competitive prices at our beautiful stores," Husain said.
He added: "We target all segments of our society. This store is for everyone, and we invite them to come here where promotion is being offered with products across the world, from the United States, the UK, Europe and Asia."
He said: “A combination of quality products at low prices along with promotional offers, we think, is being appreciated by our valued customers.”
The CEO observed that another factor behind their success was that they represent the only supermarket here serving the customers.
Husain added: "Our vision is to be the best supermarket in the Kingdom, with a focus on customer service, quality, freshness, variety and everyday low prices.
Tamimi Markets is the supermarket of choice for many Saudis and expatriates. We also import foods, produce and household products from Asia, Australia, Brazil, Canada, Chile, China, Egypt, Ethiopia, Holland, Lebanon, Mexico, New Zealand, Philippines and South Africa."
Tamimi Markets is a Saudi company based in Alkhobar and is a subsidiary of the worldwide Tamimi Group headquartered in Dammam. It currently operates more than 20 supermarkets in Riyadh, Al-Hassa, Alkhobar, Aqrabiah, Dammam, Doha, Jeddah and Jubail, with future plans to more than double their stores in Saudi Arabia by 2020.


$8bn blow to Erdogan as investors flee Turkey

Updated 09 July 2020

$8bn blow to Erdogan as investors flee Turkey

  • Overseas holdings in Istanbul stock exchange are at lowest in 16 years

ANKARA: Foreign capital is flooding out of Turkey in a massive vote of no confidence in President Recep Tayyip Erdogan’s economic competence.
Overseas investors have withdrawn nearly $8 billion from Turkish stocks since January, according to Central Bank statistics, reducing foreign investment in the Istanbul stock exchange from $32.3 billion to $24.4 billion.
As recently as 2013, the figure was $82 billion, and foreign investors now own less than 50 percent of stocks for the first time in 16 years.
“Foreign investment has left Turkey for several reasons, both internal and external,” Win Thin, global head of currency strategy at Brown Brothers Harriman, told Arab News.
“Externally, investors fled riskier assets like emerging markets during the height of the coronavirus pandemic. Some of those flows are returning, but investors are being much more discerning and Turkey does not seem so attractive.”
In terms of internal factors, Thin said that Turkish policymakers had made it hard for foreign investors to transact in Turkey. “This includes real money clients, not just speculative.
“By implementing ad hoc measures to try and limit speculative activity, Turkey has made it hard for real money as well. Besides these problems, Turkey’s fundamentals remain poor compared to much of the emerging markets.”
Erdogan allies claim international players are manipulating the Istanbul stock exchange through automated trading, and have demanded action to make it difficult for them to trade in Turkish assets.
Goldman Sachs, JPMorgan, Merrill Lynch, Barclays and Credit Suisse were banned this month from short-selling stocks for up to three months, and this year local lenders were briefly banned by the banking regulator from trading in Turkish lira with Citigroup, BNP Paribas and UBS
JPMorgan was investigated by Turkish authorities last year after the bank published a report that advised its clients to short sell the Turkish lira.
MSCI, the provider of research-based indexes and analytics, warned last month that it may relegate Turkey from emerging market status to frontier-market status because of bans on short selling and stock lending.
With the market becoming less transparent, overseas fund managers, especially with short-term portfolios, are unenthusiastic about the Turkish market and are becoming more concerned about any forthcoming introduction of other liquidity restrictions.
The exodus of foreign capital is likely to undermine Turkey’s drive for economic growth, especially during the coronavirus pandemic when employment and investment levels have gone down, with the Turkish lira facing serious volatility.