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.


Saudi Aramco shares soar at maximum 10% on market debut

Updated 11 December 2019

Saudi Aramco shares soar at maximum 10% on market debut

  • Company is now world’s largest publicly traded company, bigger than Apple

RIYADH: Saudi Aramco shares opened at 35.2 riyals ($9.39) on Wednesday at the Kingdom’s stock exchange, 10 percent above their IPO price of 32 riyals, in their first day of trading following a record $26.5 billion initial public offering.
Aramco has earlier priced its IPO at 32 riyals ($8.53) per share, the high end of the target range, surpassing the $25 billion raised by Chinese retail giant Alibaba in its 2014 Wall Street debut.
Aramco’s earlier indicative debut price was seen at 35.2 riyals, 10 per cent above IPO price, raising the company’s valuation to $1.88 trillion, Refintiv data showed.
At that price, Aramco is world’s most valuable listed company. That’s more than the top five oil companies – Exxon Mobil, Total, Royal Dutch Shell, Chevron and BP – combined.
“Today Aramco will become the largest listed company in the world and (Tadawul) among the top ten global financial markets,” Sarah Al-Suhaimi, chairwoman of the Saudi Arabian stock exchange, said during a ceremony marking the oil giant’s first day of trading.
“Aramco today is the largest integrated oil and gas company in the world. Before Saudi Arabia was the only shareholder of the company, now there are 5 million shareholders including citizens, residents and investors,” said Yasir Al-Rumayyan, the managing director and chief executive of the Saudi Public Investment Fund.
“Aramco’s IPO will enhance the company’s governance and strengthen its standards.”
Amin Nasser, the president and CEO of Saudi Aramco, meanwhile thanked the new shareholders for their confidence and trust of the oil company.
The sale of 1.5 percent of the firm, or three billion shares, is the bedrock of Crown Prince Mohammed bin Salman’s ambitious strategy to overhaul the oil-reliant economy.
Riyadh’s Tadawul stock exchange earlier said it will hold an opening auction for Aramco shares for an hour from 9:30 a.m. followed by continuous trading, with price changes limited to plus or minus 10 percent.

The company said Friday it could exercise a “greenshoe” option, selling additional shares to bring the total raised up to $29.4 billion.
The market launch puts the oil behemoth’s value at $1.7 trillion, far ahead of other firms in the trillion-dollar club, including Apple and Microsoft.
Two-thirds of the shares were offered to institutional investors. Saudi government bodies accounted for 13.2 percent of the institutional tranche, investing around $2.3 billion, according to lead IPO manager Samba Capital.
The IPO is a crucial part of Prince Mohammed’s plan to wean the economy away from oil by pumping funds into megaprojects and non-energy industries such as tourism and entertainment.
Watch the video marking Aramco’s opening trading: