Al Futtaim Group plans to invest SAR 10 bn (c. USD 2.7 bn) in Saudi Arabia over the next three years, according to a press release. The investment plan will focus on localization and developing local supply chains in the Kingdom, with the group looking to tap into the Kingdom’s Vision 2030 ambitions.

The plan: Al Futtaim is looking to focus further on sectors where it is already active in the country, including in retail, following its acquisition of a 49.95% stake in Saudi’s Cenomi Retail for SAR 2.5 bn earlier this year, and in ins. and financial services, after its subsidiary Orient Ins expanded into the Kingdom last year. The group is also eyeing the Kingdom’s real estate and automotive and e-mobility sectors.

The pledge builds on more than SAR 5 bn (USD 1.3 bn) in investments it has poured into the Kingdom so far, and reflects “confidence in the Kingdom’s potential and our readiness to actively contribute to its economic diversification and innovation agenda,” Al Futtaim’s Group Director Marwan Shehahdeh said.

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