On Monday, Saudi Arabia’s Public Investment Fund (PIF) announced it will acquire a minority stake in the global retail chain, Selfridges. KSA’s PIF will be buying out Signa Group’s previous stake in the retail group.
In an official statement, the sovereign fund elaborated on the merger, stating it would hold a 40% stake in both the properties and the operating businesses of Selfridges, while the Thai retail conglomerate will possess the remaining 60% stake. Turqi Al-Nowaiser, deputy governor and head of the International Investments Division at PIF, said, “We are pleased to be partnering with Central Group in Selfridges Group, one of Europe’s most iconic luxury department stores. The transaction allows Selfridges Group to build on its position as a premier retail destination.”
#PIF is announcing that it will form a strategic partnership with Central Group, a leading retail, real estate and hospitality conglomerate, following PIF’s acquisition of a 40% interest in Selfridges Group.
— Public Investment Fund (@PIF_en) October 7, 2024
The new deal includes investments from PIF and the Center to bolster Selfridges Group’s foothold in the Kingdom. PIF already owned a 10% stake in Selfridges properties after a Signa unit sold part of its 50% stake to the Kingdom’s sovereign wealth fund. The fund did not reveal the deal’s value. The fund plays a key role in Crown Prince and Prime Minister Mohammad bin Salman’s strategy to diversify the economy beyond oil dependence by developing new industries and investing in infrastructure projects.
PIF is raking steadfast growth in the retail sector, having acquired a significant stake in Noon.com, a leading e-commerce platform in the Middle East. Additionally, they also possess a 30% stake in Tamimi Markets Company (Tamimi Markets), a leading grocery chain in the Kingdom with over 100 stores and five official distribution centers.
