The city of Riyadh. Saudi Arabia's economy is projected to grow 4 per cent this year. AFP
The city of Riyadh. Saudi Arabia's economy is projected to grow 4 per cent this year. AFP
The city of Riyadh. Saudi Arabia's economy is projected to grow 4 per cent this year. AFP
The city of Riyadh. Saudi Arabia's economy is projected to grow 4 per cent this year. AFP

Dubai’s Al-Futtaim to invest $2.7 billion in Saudi Arabia


Fareed Rahman
  • English
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Dubai conglomerate Al-Futtaim is planning to invest 10 billion Saudi riyals ($2.7 billion) in Saudi Arabia over the next three years as the company looks to expand its operations in the kingdom amid diversification of its economy.

The new investment commitments, announced by the company on the first day of the Future Investment Initiative in Riyadh, builds on more than five billion riyals worth of its existing investments in the country, Al-Futtaim said on Wednesday.

“This comprehensive investment strategy is projected to create over 1,000 new jobs in Saudi Arabia to support local talent development and leadership across key sectors."

Al-Futtaim is investing in diverse sectors in the kingdom including mobility, retail, insurance and financial services, and real estate development.

Earlier this year it announced plans to acquire a 49.95 per cent stake in Saudi retail group Cenomi for 2.5 billion riyals to expand in the Arab world’s largest economy.

As part of the deal, it entered into a share purchase agreement with Cenomi’s founding shareholders Fawaz Abdulaziz Alhokair, Abdul Majeed Abdulaziz Alhokair, Salman Abdulaziz Alhokair, Saudi FAS Holding Company and FAS Real Estate Company as part of the deal, the company said in July.

The latest investment commitment “is a tangible expression of our confidence in the kingdom’s potential and our readiness to actively contribute to its economic diversification and innovation agenda”, Marwan Shehahdeh, group director of corporate development at Al-Futtaim, said on Wednesday.

Al-Futtaim, a privately held business group, is active in 20 countries in the Middle East, North Africa and Asia, with interests in automotive, financial services, real estate, retail, and health sectors. It represents a portfolio of more than 200 brands, including Toyota, Lexus, Ikea and Marks & Spencer.

Saudi Arabia aims to attract more foreign direct investment as it focuses to diversify its economy away from oil as part of its Vision 2030 programme.

It is building mega projects such as Neom, Qiddiya entertainment city, outside Riyadh and the Diriyah Gate in a push to support its real estate sector.

In recent years, the kingdom has also introduced laws, including companies law and civil transactions law, to attract more foreign investment.

It also updated its rules to allow foreigners to buy property in specific zones in Riyadh and Jeddah, with “special requirements” for home ownership in Makkah and Madinah.

Saudi Arabia's economy is projected to grow by 4 per cent this year and next as a result of unwinding of Opec+ production cuts.

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Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)

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Midfield - Angel di Maria (€47m); Adrien Rabiot (youth academy); Marco Verratti (€12m)

Forwards - Neymar (€222m); Edinson Cavani (€63m); Kylian Mbappe (initial: loan; to buy: €180m)

Total cost: €440.4m (€620.4m if Mbappe makes permanent move)

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Abu Dhabi traffic facts

Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road

The highest volume of traffic on the roads is found between 7am and 8am on a Sunday.

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The highest levels of traffic were found on Sunday, November 10.

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You may remember …

Robbie Keane (Atletico de Kolkata) The Irish striker is, along with his former Spurs teammate Dimitar Berbatov, the headline figure in this season’s ISL, having joined defending champions ATK. His grand entrance after arrival from Major League Soccer in the US will be delayed by three games, though, due to a knee injury.

Dimitar Berbatov (Kerala Blasters) Word has it that Rene Meulensteen, the Kerala manager, plans to deploy his Bulgarian star in central midfield. The idea of Berbatov as an all-action, box-to-box midfielder, might jar with Spurs and Manchester United supporters, who more likely recall an always-languid, often-lazy striker.

Wes Brown (Kerala Blasters) Revived his playing career last season to help out at Blackburn Rovers, where he was also a coach. Since then, the 23-cap England centre back, who is now 38, has been reunited with the former Manchester United assistant coach Meulensteen, after signing for Kerala.

Andre Bikey (Jamshedpur) The Cameroonian defender is onto the 17th club of a career has taken him to Spain, Portugal, Russia, the UK, Greece, and now India. He is still only 32, so there is plenty of time to add to that tally, too. Scored goals against Liverpool and Chelsea during his time with Reading in England.

Emiliano Alfaro (Pune City) The Uruguayan striker has played for Liverpool – the Montevideo one, rather than the better-known side in England – and Lazio in Italy. He was prolific for a season at Al Wasl in the Arabian Gulf League in 2012/13. He returned for one season with Fujairah, whom he left to join Pune.

Gulf Under 19s final

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Men

Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
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Who has lived at The Bishops Avenue?
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Jaguar F-Pace SVR

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Updated: October 29, 2025, 2:11 PM