Al-Futtaim Group has unveiled a SAR10 billion ($2.72 billion) investment plan in Saudi Arabia, reinforcing its partnership with the Kingdom over the next three years. The announcement was made at the opening of the Future Investment Initiative (FII) in Riyadh, highlighting the company’s ongoing commitment to strengthening its ties with both Saudi Arabia’s public and private sectors. This new investment builds on the SAR 5 billion already committed by Al-Futtaim to the Saudi market, aimed at creating over 1,000 new jobs and bolstering local supply chains. A key focus of this initiative is training and developing Saudi talent, in line with the country’s long-term goals of localisation, diversification, and sustainable growth.
Expanding Strategic Partnerships
Marwan Shehahdeh, Group Director of Corporate Development at Al-Futtaim, stressed that the company’s commitment to Saudi Arabia goes beyond capital investment. “Saudi Arabia’s Vision 2030 demands an approach that goes beyond mere investment. It requires partners who bring operational expertise and a genuine commitment to building from within,” he stated. The SAR 10 billion pledge is a demonstration of Al-Futtaim’s confidence in the Kingdom’s future potential, aligning with its goal to actively contribute to Saudi Arabia’s economic diversification and innovation agenda.
Key Sectors Targeted for Growth
Al-Futtaim’s investments will focus on several key sectors central to Saudi Arabia’s Vision 2030. These include:
Mobility and E-Mobility
Al-Futtaim is set to expand its automotive operations, particularly through its electric vehicle partnerships, including its collaboration with BYD. The move supports sustainable transport in Saudi Arabia, which is a critical component of the country’s broader environmental and economic goals.
Retail and Consumer Experiences
In the retail sector, Al-Futtaim has acquired a 49.95% stake in Cenomi Retail, marking a strategic move to enhance omnichannel and AI-driven retail experiences. This partnership will also introduce leading international brands to Saudi consumers, further contributing to the country’s growing retail landscape.
Insurance and Financial Services
Through its subsidiary, Orient Insurance, Al-Futtaim plans to broaden its portfolio in the financial services sector. This expansion aims to promote economic inclusion while offering customer-centric insurance products to the Saudi market.
Real Estate Development
Al-Futtaim is also eyeing new real estate projects that support Saudi Arabia’s urban development goals. The company’s focus will be on creating modern, community-centred mixed-use developments that align with the Kingdom’s vision for smart cities and sustainable living spaces.
Long-Term Commitment to Saudi Arabia’s Vision 2030
Al-Futtaim’s SAR 10 billion investment reflects a deep commitment to Saudi Arabia’s long-term growth strategy. With a focus on localisation and fostering homegrown talent, the company is positioning itself as a key partner in the Kingdom’s drive to diversify its economy and reduce reliance on oil revenues. By investing in multiple sectors, Al-Futtaim aims to contribute significantly to the realisation of Saudi Arabia’s Vision 2030.
For more insights into economic collaboration between Saudi Arabia and its partners, check out the recent Pakistan-Saudi Arabia economic cooperation framework announcement.
