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.


Investment and energy experts welcome ‘sensible’ Saudi Aramco IPO valuation

Updated 18 November 2019

Investment and energy experts welcome ‘sensible’ Saudi Aramco IPO valuation

  • Price regarded as a sensible compromise and that it will sell the IPO
  • Experts said the Aramco valuation was justified by the financial metrics

DUBAI: Investment professionals and energy experts delivered a mainly enthusiastic response to the pricing of shares in Saudi Aramco and the overall valuation of the biggest oil company in the world at between $1.6 trillion and $1.7 trillion.

Al Mal Capital, a Dubai-based investment bank, said that it was positive on the Aramco initial public offering (IPO) on that kind of valuation, which it said was justified by the financial metrics.

“We believe Aramco’s IPO is a central pillar of Saudi Arabia’s Vision 2030. In our view, the broader privatization of state assets will likely accelerate the flow of foreign capital into the Kingdom, improve liquidity and transparency as well as continue to help diversify its economy away from its dependency on oil. While many investors were skeptical about the ability of Saudi Arabia to roll out its ambitious agenda, they seem to be right on track.”

Tarek Fadhallah, chief executive officer of Nomura Asset Management in the Middle East, said via Twitter: “My first impression is that the price is a sensible compromise and that it will sell the IPO. Aramco should easily raise the $8.5bn from retail investors but the 29 global coordinators, managers and financial advisers will need to find the other $17 billion. A few billion from China would help.”

Robin Mills, chief executive of the Qamar Energy consultancy, said; “I think it’s a reasonable compromise. The price is well above most independent valuations but well below the aspirational price. It implies dividend yields a bit lower than the super-majors (the independent oil companies), but a similar price earnings ratio (the measure of the share price rated according to profits). Retail and local investors should be sufficient. We’ll have to see about the foreign investors.”

Ellen Wald, energy markets consultant and author of the book Saudi, Inc., said American investor would still be undecided on the IPO. 

“Remember, investors don’t put money in because they think the value is accurate. Smart investors put money in because they think the value will rise. It all depends on whether they see signs the price will rise during their time frame.”

American oil finance expert David Hodson, managing director of BluePearl Management, said: “This valuation seems to be more reasonable based on the fundamentals. Potential investors in Western markets will base their decision on cold hard facts like dividends and growth prospects. From what we now know, Aramco is offering them a compelling investment proposition to consider.”