Emirates NBD Saudi Arabia is extending a SAR 1.6 bn credit facility to Saudi retail firm Cenomi Retail to prepay and settle its existing bank debts, the company said in a disclosure to Tadawul yesterday. The facility will be offered under the condition of the completion of Al Futtaim Group’s acquisition of Cenomi Retail.

REMEMBER- Al Futtaim Group’s planned acquisition of a 49.95% stake in Cenomi Retail cleared a regulatory checkpoint last month, after receiving the greenlight from the General Authority for Competition. The two retail giants had inked a share purchase agreement for SAR 2.5 bn (USD 667 mn) in July. Al Futtaim had said it will provide a SAR 1.3 bn loan to shore up Cenomi’s finances and fund its recovery.

The details: The facility 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’s discretion. It is backed by a SAR 1.6 bn promissory note from Cenomi and a SAR 1.6 bn corporate guarantee from Al Futtaim Private Company in exchange for a fee from Cenomi.

Earnings snapshot: Cenomi Retail posted a SAR 85.3 mn net loss in 2Q 2025, a reversal from a SAR 84.1 mn net income in 2Q 2024. The loss was attributed to a drop in operating income and a rise in expenses, including FX losses and a tax settlement.

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