Spinneys, a supermarket chain franchisee, is set to expand into the Kuwaiti market through a strategic alliance with Gulf retail powerhouse Alshaya Group, aiming to launch 10 stores in the region, as announced by both companies on Friday.
Spinneys, headquartered in the United Arab Emirates, will hold a 51% share in the joint venture, taking charge of the operation and management of all stores in Kuwait under this partnership, according to a joint statement.
The inaugural store is scheduled to open next year, marking Spinneys’ entry into its fourth Gulf Cooperation Council market alongside the UAE, Saudi Arabia, and Oman.
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“Kuwait offers a promising market with significant growth potential for us,” stated Spinneys CEO Sunil Kumar in the announcement.
Spinneys, which went public on the Dubai stock exchange last year after raising approximately $375 million, operates 86 high-end grocery stores under the Spinneys, Waitrose, and Al Fair brands.
