Al Seer Group LLC, based in the UAE, has announced plans to offer 900,000,000 shares, equivalent to a 25% stake, of Dubai's renowned supermarket chain, Spinneys Holding, in an upcoming Initial Public Offering (IPO). The IPO is scheduled to open for subscription on April 23, with listing on the Dubai Financial Market (DFM) set for May 9, as per the company's statement.The offer price range, denominated in UAE dirhams, will be disclosed before the commencement of the offer period. Emirates NBD Bank has been appointed as the lead receiving bank for the IPO, while Rothschild & Co Middle East Limited will serve as the independent financial adviser.Retail investors will be allotted 5% of the shares, totaling 45 million, in the initial tranche. Each retail subscriber will be guaranteed a minimum allocation of 2,000 shares. The remaining 855 million shares will be allocated for professional investors and institutions in the second tranche.Spinneys Holding operates 75 high-end grocery retail supermarkets under the brands 'Spinneys,' 'Waitrose,' and 'Al Fair' across the UAE and Oman. Moreover, with plans to open its first store in Saudi Arabia in the first half of 2024, the company aims to expand its footprint in the region.This IPO marks the second listing on the DFM this year, following the successful $429 million IPO of Parkin last month. Parkin, responsible for overseeing public parking operations in the emirate, witnessed a record-breaking debut, being oversubscribed 165 times and attracting $71 billion in demand.

Spinneys, one of the UAE’s leading fresh food retailers, has announced the winners of the fourth edition of the Spinneys Local Business Incubator. The Incubator program was launched in 2020 and directly supports the UAE's vision of becoming an attractive incubator for entrepreneurs as part of its “We the UAE 2031” strategy. The Spinneys Local Business Incubator has played a vital role in fostering entrepreneurial success in the UAE. In its previous three editions, 30 brands have successfully launched in Spinneys stores. A number of these have since expanded to international markets, bolstering the credentials of the UAE's entrepreneurial landscape. Following participation in the program, Naksha Collections launched gourmet meal kits in top-tier UK retailers including Selfridges, Harrods and Whole Foods Market, while BRW Society, a local tea brand, successfully entered the Saudi market, securing space in Panda and Carrefour outlets and forming key partnerships with renowned regional hotel chains.Sunil Kumar, Chief Executive Officer at Spinneys, commented: “Spinneys continues to foster an environment where homegrown businesses can thrive and expand at home and beyond borders. This year, once again, our Incubator Program attracted significant interest, drawing in a remarkable 73 entries, showcasing the creativity that is shaping the future landscape of the UAE's consumer sector. Our winners demonstrated innovation across a range of product types, from personal care to desserts, fragrances, homeware and hot sauces – and now they will bring their unique products to our stores.”The winners of the Fourth Edition of the Spinneys Local Business Incubator are:<img src='https://erp.adgully.me/artical_image\14eb5bd9a4d93176a6228dc25329a53f.png' class='content_image'>Kumar continued: “The historic success of the Incubator program reflects the resilience and ingenuity of UAE entrepreneurship. These pioneering brands, committed to quality, innovation and community align seamlessly with Spinneys' own philosophy. Each winning brand brings a unique perspective that resonates with today's consumers, promising an exciting addition to our increasingly diverse product range. From strategic mentorship to market presence, Spinneys pledges unwavering support to its incubator winners, enabling high-potential businesses to flourish. We look forward to continuing to support these ventures and wish them every future success.”Backed by government support and visionary leadership, the UAE’s startup ecosystem offers an increasingly attractive environment for entrepreneurs. In support of the startup community, Spinneys takes an active role in fostering entrepreneurial success. The Company will be showcasing the products of the Incubator winners on shelves across 69 Spinneys and Waitrose stores in the UAE, offering a direct pathway to wider consumer reach. Spinneys also pledges ongoing guidance, market presence, and strategic mentorship to empower the winning brands.With a commitment to fostering their growth, Spinneys assists with providing entrepreneurs with the resources and backing necessary to flourish in a competitive market. For example, winners will have all fees related to shelf placement in Spinneys and Waitrose stores in the UAE waived. These are typically borne by entrepreneurs seeking shelf space for their products. Additionally, they benefit from preferential payment terms, helping to support reliable cash flow crucial for growth and expansion. Winners will benefit from tailored coaching sessions, access to Spinneys' marketplaces, and opportunities for featured placements, all aimed at maximizing their commercial potential. 

Riyadh, Saudi Arabia: Following a landmark partnership deal between Spinneys Dubai and The Al-Hokair Group to establish the Spinneys brand in Saudi Arabia, a second Spinneys store is set to open in the country’s prime business and lifestyle destination, the King Abdullah Financial District (KAFD), Riyadh.The second Spinneys store in Riyadh will span 1087 sqm and is slated for an opening in Q4 2024. In addition to the high quality of services and products that Spinneys’ customers have come to expect, the KAFD location will feature a complete deli offering for both cold and hot items, along with an in-store bakery that will serve freshly baked pastries and a patisserie menu.Set in the heart of the Saudi capital Riyadh, KAFD features 1.6 million square meters of state-of-the-art office space, world-class facilities and iconic luxury residences, designed to transform the way urban communities live, work, and play. A 22-kilometer drive from King Khalid Airport, KAFD is a key driver of Riyadh’s economic ambitions and is the largest LEED certified mixed-use financial district in the world. It is owned and managed by the King Abdullah Financial District Development and Management Company (KAFD DMC).The Al-Hokair Group, founded in Saudi Arabia in 1975, is primarily involved in entertainment centers, hospitality, and retail. Sami Alhokair, CEO of Abdulmohsen Al Hokair Holding Group commented on the partnership with Spinneys, stating, "Thanks to Spinneys' brand power and differentiated offerings, its growth potential in Saudi Arabia is immense. With preparations underway for a second store, we are committed to working with an established name like Spinneys to continue diversifying the sectors within which we operate."Spinneys Dubai CEO Sunil Kumar shared his enthusiasm for the expansion: “Our second Spinneys store in Riyadh is a sign of our commitment to the Kingdom, with plans to open stores in more cities in the coming years. We have ambitions to expand our geographical footprint within the Middle East, and this is one of the first few steps towards that goal”.Commenting on this latest addition to the KAFD retail scene, Gautam Sashittal, CEO of King Abdullah Financial District Development and Management Company (KAFD DMC), said: “Consumer preferences and food purchasing habits have changed with time, and the demand for healthy living has really driven our partnership with Spinneys. We see this with rising consumer spending in the Kingdom, having reached approximately 390 billion SAR in the first quarter of 2023. Our aim with signing on exemplary brands like Spinneys only serves to amplify the world-class experience we hope to offer the district’s residents and visitors.”KAFD has adopted the ‘10-minute city’ concept, which aims to create a walkable urban environment in which all necessary amenities are within 10 minutes of home and work. Today, KAFD’s many mixed-use buildings, combining office and residential, as well as shops, restaurants and entertainment options, are all located within a 10-minute walk of each other.Within this vibrant and holistic environment, the new Spinneys store will offer office-going professionals the option to shop from its deli for their on-the-go meals. The district’s residents will also be able to take advantage of the comprehensive grocery offering with high-quality products sourced from across the world.Currently, within the UAE and Oman, Spinneys is known for its superior offering of fresh produce, made possible by the company’s sourcing strategy, with owned purchasing offices worldwide and direct relationships with farmers and growers. More recently, the group has applied this buying strategy to its broader grocery offering, giving customers an abundance of exclusive products within the food-to-go, frozen, and grocery categories.Spinneys has also successfully partnered with local farmers through initiatives like the Spinneys Farmers’ Club, with the broader goal of assisting with the UAE’s national food security strategy. Similar initiatives can be expected in Saudi Arabia as the group establishes itself within the market.The partnership between The Al-Hokair Group and Spinneys was launched on 2nd March 2022 with the signing of a multi-year agreement. Scoping plans are now underway, and the locations of further stores are expected to be announced in the coming months.