RIYADH: UAE-based conglomerate Al-Futtaim has committed SR10 billion ($2.6 billion) in new investments over the next three years in Saudi Arabia, reinforcing its long-term partnership with the Kingdom.
The announcement, made at the Future Investment Initiative conference in Riyadh, highlights the group’s focus on localization, talent development, and diversified economic growth, the company said in a press release.
The new commitment builds on Al-Futtaim’s existing SR5 billion investments in Saudi Arabia and is projected to create more than 1,000 jobs.
The conglomerate’s commitment is part of the broader wave of strategic investments being unveiled at the FII, a platform that has facilitated more than $250 billion in deals since its inception less than a decade ago.
Marwan Shehahdeh, group director, corporate development at Al-Futtaim, said: “Saudi Arabia’s Vision 2030 demands an approach that goes beyond mere deployment of capital. It requires partners who bring operational expertise, regional experience, and a genuine commitment to building from within.”
He added: “Our SR10 billion pledge is a tangible expression of our confidence in the Kingdom’s potential and our readiness to actively contribute to its economic diversification and innovation agenda.”
In September, Al-Futtaim acquired a 49.95 percent stake in Saudi Arabia’s Cenomi Retail in a $689 million deal.
The partnership aims to develop omnichannel, AI-driven, and customer-centric retail experiences, expanding access to international brands and elevating the consumer landscape in Saudi Arabia.
Through its insurance arm, Orient Insurance, the group is supporting financial sector resilience and economic inclusion by offering customer-focused insurance and financing solutions.
Al-Futtaim is also expanding its real estate portfolio to contribute to Saudi Arabia’s urban transformation, creating integrated developments that foster community connectivity and enhance quality of life.
“Our strategic investments are a commitment to fostering a dynamic ecosystem where innovation flourishes, local talent excels, and Saudi Arabia’s Vision 2030 is realized through collaborative effort,” Shehahdeh added.
