RIYADH: In a bid to expand its existing portfolio and strengthen the private sector, Saudi Arabia’s sovereign wealth fund has inked a deal to invest in Tamimi Markets Co., one of the leading grocery chains in the Kingdom. According to the agreement, the Public Investment Fund will become a shareholder with 30 percent ownership of Tamimi Markets by way of a capital increase and subscription of new shares. In a press statement, the fund said that this new investment aims to enable Tamimi Markets to transform from a national grocery chain to a major regional player. PIF currently has several strategic investments in the consumer goods and retail sector, which includes Noon.com, a shopping platform, Halal Products Development Co., and Americana Restaurants International. “PIF is investing in the grocery and food supply chain to ensure a strong Saudi presence in the market, enabling the private sector to capitalize on positive market demand,” said Majed Al-Assaf, head of consumer goods and retail, Middle East and North Africa Investments Division at PIF. He added: “This partnership is expected to contribute to the expansion of Tamimi Markets’ operations and product offering, accelerating its regional growth plans and benefiting consumers through greater choice. Our investment aligns with PIF’s strategy to create Saudi national champions in key sectors that contribute to the diversification of the economy.” Tariq Al-Tamimi, chairman of Tamimi Holding said that PIF’s new investment could help the firm to expand further across the region in the next few years. Earlier in January, data released by the Sovereign Wealth Fund Institute revealed that the PIF has maintained the sixth spot in the list of top sovereign wealth funds worldwide, with assets worth $607.42 billion. Currently, the sovereign fund owns 71 companies in 10 different sectors, and until now, it has created more than 500,000 direct and indirect jobs.