AS&H Clifford Chance advises on landmark sale of stake in Cenomi Retail to Al-Futtaim and related financings
18 September 2025
We are delighted to have advised on the landmark sale of a 49.95% stake in Cenomi Retail to Al-Futtaim, as well as on the related SAR2.95 billion financings of the Company (comprising a shareholder loan facility of SAR1.35 billion and a credit facility from Emirates NBD of SAR1.6 billion). In addition to the transactional elements, our work involved navigating complex, Saudi and cross-border, regulatory issues, as well as bespoke trade execution arrangements.
The transaction is one of the largest foreign strategic investments in a Saudi listed retail company, reinforcing the Kingdom’s position as a premier global investment destination.
Al-Futtaim becoming a strategic investor is a significant milestone for Cenomi Retail that will enhance its financial strength, market position and distribution network, whilst accelerating digital transformation.
The AS&H Clifford Chance team advising on the transaction was led by Partner and Head of Capital Markets Mansoor Al-Hagbani, Partner Sahel Mughal, Counsels Ahmad AlSadhan and Selman Ansari, Senior Associate Ibrahim Al-Mansour, and Associates Leen Kayali, Elsir Tawfik, Rana Alkhowaiter, Hamza Anwar and Adilah Azil.