RIYADH: British DIY retailer B&Q is coming to Saudi Arabia amid rising home ownership across the Kingdom.
The move follows a franchise deal between owner Kingfisher and the Dubai-based Al-Futtaim Group.
B&Q is expected to launch two 50,000-square-foot stores by fall to introduce the DIY franchise to Saudi customers, the company said in a statement.
The news helped to drive up the stock of Kingfisher by 4 percent in early London trading on Tuesday.
“This franchise agreement is a great opportunity to expand our business in the attractive Middle Eastern home improvement market with B&Q, one of our most established retail banners,” said Kingfisher CEO Thierry Garnier.
Home improvement has fared better than most of the retail sector amid the pandemic. Millions of people around the world have used increased time at home to renovate their properties, spurring sales across the DIY retail sector.
The expansion into Saudi Arabia represents a significant move for B&Q and comes amid the development of a local mortgage market in the Kingdom.
The first B&Q stores in Saudi Arabia will stock a full range of home improvement products. Brands on offer will include Kingfisher’s portfolio, including Erbauer, Magnusson and GoodHome, alongside locally and internationally sourced products
The Al-Futtaim Group operates more than 200 brands across the Middle East, Asia and Africa. It has operated the retail franchises in the Middle East for Marks & Spencer since 1998 and for IKEA since 1991.
British DIY retail giant B&Q to open in Kingdom
https://arab.news/9bgjz
British DIY retail giant B&Q to open in Kingdom
- Housing boom in Kingdom attracts UK DIY chain
- Home improvement is a rare retail bright spot
The Family Office to host global investment summit in Saudi Arabia
RIYADH: The Family Office, one of the Gulf’s leading wealth management firms, will host its exclusive investment summit, “Investing Is a Sea,” from Jan. 29 to 31 on Shura Island along Saudi Arabia’s Red Sea coast.
The event comes as part of the Kingdom’s broader Vision 2030 initiative, reflecting efforts to position Saudi Arabia as a global hub for investment dialogue and strategic economic development.
The summit is designed to offer participants an immersive environment for exploring global investment trends and assessing emerging opportunities and challenges in a rapidly changing financial landscape.
Discussions will cover key themes including shifts in the global economy, the role of private markets in portfolio management, long-term investment strategies, and the transformative impact of artificial intelligence and advanced technologies on investment decision-making and risk management, according to a press release issued on Sunday.
Abdulmohsin Al-Omran, founder and CEO of The Family Office, will deliver the opening remarks, with keynote addresses from Saudi Energy Minister Prince Abdulaziz bin Salman and Prince Turki Al-Faisal, chairman of the King Faisal Center for Research and Islamic Studies.
The press release said the event reflects the firm’s commitment to institutional discipline, selective investment strategies, and long-term planning that anticipates economic cycles.
The summit will bring together prominent international and regional figures, including former UK Treasury Commercial Secretary Lord Jim O’Neill, Mohamed El-Erian, chairman of Gramercy Fund Management, Abdulrahman Al-Rashed, chairman of the editorial board at Al Arabiya, Lebanese Minister of Economy and Trade Dr. Amer Bisat, economist Nouriel Roubini of NYU Stern School of Business, Naim Yazbeck, president of Microsoft Middle East and Africa, John Pagano, CEO of Red Sea Global, Dr. Anne-Marie Imafidon, MBE, co-founder of Stemettes, SRMG CEO Jomana R. Alrashed and other leaders in finance, technology, and investment.
With offices in Bahrain, Dubai, Riyadh, and Kuwait, and through its Zurich-based sister company Petiole Asset Management AG with a presence in New York and Hong Kong, The Family Office has established a reputation for combining institutional rigor with innovative, long-term investment strategies.
The “Investing Is a Sea” summit underscores Saudi Arabia’s growing role as a global center for financial dialogue and strategic investment, reinforcing the Kingdom’s Vision 2030 objective of fostering economic diversification and sustainable development.
