Majid Al Futtaim Holding has announced the purchase of the 25 percent minority stake owned by Carrefour Group in Majid Al Futtaim Hypermarkets LLC for 530 million euros.
The two groups also strengthened their exclusive franchise partnership by extending its time horizon and expanding its scope.
Partners since 1995, Majid Al Futtaim operates 50 hypermarkets and 44 supermarkets under the Carrefour brand in several countries in the Middle East, North Africa and Central Asia.
Under the agreement signed yesterday, Majid Al Futtaim will own 100 percent of Majid Al Futtaim Hypermarkets’ shares.
The exclusive franchise partnership with the Carrefour Group is renewed until 2025 and extended to new formats and new countries.
Majid Al Futtaim sees this as a strategic transaction driving long-term growth, with its demonstrated expertise and track record to develop the brand successfully, and will keep and strengthen the strategic partnership with Carrefour in new countries and new formats.
Closing of the transaction is subject to approval by the relevant authorities.
Majid Al Futtaim acquires full ownership of Carrefour franchise
Majid Al Futtaim acquires full ownership of Carrefour franchise
Saudia Cargo partners with exports body to boost Kingdom’s products globally
RIYADH: Saudia Cargo and the Saudi Export Development Authority inked a strategic memorandum of understanding, in a move set to accelerate the international reach of non-oil goods.
The agreement, signed during the “Made in Saudi 2025” exhibition in Riyadh, aims to empower local industries and enhance the global competitiveness of national products.
This deal directly supports the Kingdom’s Vision 2030, which seeks to diversify the economy by growing non-oil exports, building a strong industrial base, and leveraging the nation’s geographic position to become an international logistics hub.
According to a press release, the partnership focuses on a shared commitment to strengthen the “Saudi Made” program, ensuring local products become a preferred choice in international markets.
Key areas of collaboration include supporting exporters, overcoming logistical and regulatory hurdles, facilitating export operations, building capacities, and developing innovative shipping solutions.
“The MoU also includes coordinating external participation in international exhibitions, collaborating on launching joint marketing and promotional campaigns, and opening new horizons for national products to be present in global markets,” the press release said.
This initiative extends Saudia Cargo’s ongoing efforts, including its “BEYOND” campaign launched earlier this year, to promote exports in line with national economic goals.
Saudia Cargo is a leading national carrier, operating a network spanning approximately 100 airport destinations and 250 customer bases across four continents.
With a modern fleet and a strategic alliance with SkyTeam Cargo, the company is well-positioned to support the rapid and secure transport of diverse goods, including e-commerce, pharmaceuticals, and perishables.
Saudi Exports is a government authority dedicated to developing non-oil exports by enhancing the competitiveness of the Kingdom’s exporters and removing barriers to international trade.
The Made in Saudi 2025 exhibition, held from Dec. 15 to 17, served as a platform for forging industrial and commercial partnerships, attracting investments, and exploring new export opportunities.
