{"id":100626,"date":"2025-09-16T00:00:00","date_gmt":"2025-09-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/09\/16\/al-futtaim-completes-cenomi-acquisition\/"},"modified":"2025-09-16T00:00:00","modified_gmt":"2025-09-16T00:00:00","slug":"al-futtaim-completes-cenomi-acquisition","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/09\/16\/al-futtaim-completes-cenomi-acquisition\/","title":{"rendered":"Al Futtaim completes Cenomi acquisition"},"content":{"rendered":"

\n

M&A WATCH-<\/p>\n

Al Futtaim Group\u2019s planned acquisition of a 49.95% stake in Cenomi Retail <\/strong>for SAR 2.5 bn is now complete<\/strong>, sealing the agreement the two giants inked back in July<\/a>, Cenomi said in a disclosure to Tadawul<\/a> yesterday. Besides buying the stake from the founding Alhokair family shareholders, Al Futtaim will extend a SAR 1.35 bn loan facility to shore up Cenomi\u2019s finances and fund its recovery.<\/p>\n

New shareholders step in:<\/strong> As the new agreement takes effect, six notable shareholders and Cenomi\u2019s board members stepped down including Chairman Fawaz Abdulaziz Alhokair and Vice Chairman Abdulmajeed Abdulaziz Alhokair, Cenomi said in a separate disclosure to Tadawul<\/a>. Four new members joined the Cenomi\u2019s board, including Al Futtaim\u2019s Retail President Wassim Arabi and Al Futtaim\u2019s Group Director Russell Rodrigues, pending shareholders\u2019 approval.<\/p>\n

The road is clear for fresh funds:<\/strong> Cenomi secured a SAR 1.6 bn credit facility from Emirates NBD Bank on Sunday<\/a>, which rests on the completion of the transaction with Al Futtaim. The facility will be used to prepay and settle Cenomi\u2019s existing bank debts and includes a 90-day short-term loan, set to be repaid by a three-year term loan with a possible two-year extension at the bank\u2019s discretion.<\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

\n

ENERGY-<\/p>\n

Aramco awa<\/strong>rded UK-based Subsea7 an engineering, procurement, <\/strong>construction, and installation (EPCI) contract for an offshore project<\/strong>, according to a statement<\/a>. While the contract\u2019s value was not disclosed, Subsea7 put it under its \u201cmajor contract\u201d category, indicating a value range between USD 750 mn and USD 1.25 bn.<\/p>\n

The details:<\/strong> The contract covers 106 km of infield and export pipelines, modifications to existing topsides, and associated hook-up activities. The company will start on engineering work and project management right away, while offshore activities are set for 2027-2028.<\/p>\n

About the company:<\/strong> Subsea7<\/a> is a global offshore energy services provider supporting the transition to lower-carbon oil and gas, renewables, and emerging energy like hydrogen. The company has offices in Saudi Arabia and the UAE. Aramco awarded<\/a> Subsea7 a contract for the decommissioning of existing subsea facilities as well as the engineering, procurement, construction, and installation of a new pipeline and subsea equipment at the Abu Safah field last year.<\/p>\n

\n

REAL ESTATE-<\/p>\n

Tatweej Contracting x Almajdiah:<\/strong> Dar Al Majed Real Estate<\/a> (Almajdiah) inked two agreements worth a combined SAR 453.6 mn with Tatweej Contracting to handle the construction and infrastructure works for two of Tatweej\u2019s residential projects, it said in two separate Tadawul disclosures yesterday. The scope of work involves civil, architectural, electrical, and mechanical works for the units, which are being developed in partnership with the National Housing Company (NHC).<\/p>\n

The details:<\/strong>The first contract, valued at SAR 298.1 mn<\/a>, is for the Adeem Alfursan project<\/a> in Riyadh, which includes 540 off-plan villas and townhouses. The second one, valued at SAR 155.5 mn<\/a>, is for Jeddah\u2019s Khayala 1 project<\/a>, which includes 528 residential off-plan units. Both contracts have a three-year tenure.<\/p>\n","protected":false},"excerpt":{"rendered":"

ALSO- Almajdiah to execute construction works for two Tatweej-NHC residential projects<\/p>\n","protected":false},"author":1,"featured_media":100627,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2564],"tags":[4500,54,605,3825,57,10,1887,106],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-100626","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-al-futtaim-2","tag-also-on-our-radar","tag-cenomi-retail","tag-dar-al-majed","tag-debt-watch","tag-enterpriseam-ksa","tag-national-housing-company-nhc","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"09ac67c9-3d6c-469f-81f0-d6b99c675fc4","order":"10","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/409.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Al Futtaim completes acquisition of 49.95% of Cenomi Retail, extends loan facility","related_issue":[100609],"teaser":"ALSO- Almajdiah to execute construction works for two Tatweej-NHC residential projects","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/9\/.8278bb2a-36ed-4b6f-849d-9dbb391afd82.mp3"},"yoast_head":"\nAl Futtaim completes Cenomi acquisition - 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