RIYADH: Saudi Arabia’s Public Investment Fund on Monday announced a strategic partnership with Central Group, a leading conglomerate in retail, real estate, and hospitality. Under this partnership, PIF will acquire a 40 percent stake in both the operating and property companies of Selfridges Group, while Central Group will retain the remaining 60 percent. The agreement involves new investments from both parties aimed at enhancing Selfridges Group’s market position and supporting future growth, according to a PIF statement. Turqi Al-Nowaiser, deputy governor and head of the International Investments Division at PIF, commented on the collaboration: “We are excited to partner with Central Group in Selfridges Group, one of Europe’s most iconic luxury department stores. This transaction will enable Selfridges Group to strengthen its status as a premier retail destination.” This partnership follows PIF’s binding agreement to fully acquire Signa Group’s interest in Selfridges Group and is subject to the usual regulatory approvals. The alliance aligns with PIF’s strategy of investing in key sectors globally and is built on a shared vision to unlock additional value within Selfridges Group. By leveraging PIF’s investment expertise and Central Group’s industry leadership, the partnership aims to accelerate Selfridges Group"s growth, solidifying its role as a major player in the European luxury retail market. Selfridges Group operates 18 premier luxury department stores across three countries, including Selfridges in the UK, De Bijenkorf in the Netherlands, and Brown Thomas and Arnotts in Ireland. Its flagship locations on London’s Oxford Street and Manchester’s Exchange Square are celebrated as cultural and retail landmarks.