Press Release | December 17, 2025
Riyadh, Saudi Arabia: FIM Partners, a leading emerging and frontier markets investment firm managing over USD 4.5 billion in assets with offices in Riyadh, Dubai, London, and Muscat, has announced the acquisition of a significant stake in Ala Kaifak, the Kingdom’s top non-food discount retailer.
Founded in 1998, Ala Kaifak serves more than 5 million customers annually across 33 stores nationwide, offering affordable cleaning products, personal care items, homeware, and kitchenware. The retailer continues to deliver double-digit year-over-year growth, driven by rising footfall and strong operational execution. Adel Al Haqbani and Issam Al Haqbani will continue providing strategic leadership as Executive Board Members, guiding the company through its current growth phase.
This marks FIM Partners’ second investment in Saudi discount retail. In 2024, portfolio company Kazyon acquired a controlling stake in Dukan. FIM Partners typically takes significant minority or majority positions, targeting investments of USD 75 to 125 million. This transaction aligns with the firm’s strategy to back high-growth, profitable businesses, with a view toward a potential IPO on Tadawul in the coming years.
Discount retail in Saudi Arabia remains underpenetrated at around 1% of total retail, compared to above 5% in mature markets such as the UK and US, indicating significant potential for growth as formats formalize and consumers shift toward value-oriented shopping.
Ala Kaifak plans to expand its large-format store network, focusing on the Western and Eastern Provinces and select tier 2 and tier 3 cities, where discount retail is still emerging and value-conscious consumers have limited organised options. These locations also benefit from lower rental costs, enhancing the retailer’s everyday value proposition. In parallel, the company will launch a loyalty programme, integrate buy now pay later (BNPL) solutions, and scale e-commerce channels in key regions to complement its physical stores.
Adel Al Haqbani, Chairman of Ala Kaifak, said:
“We’re proud of what Ala Kaifak has built for Saudi families. Partnering with FIM Partners positions us to scale faster, broaden our assortment, and keep delivering outstanding value to millions of customers across the Kingdom.”
Suveer Arenja, Director of Private Investments, FIM Partners, added:
“Ala Kaifak combines a trusted brand with disciplined retail execution in a market where value matters more than ever. With discount retail still early in Saudi Arabia, we see a long runway for growth and are excited to partner with the Haqbani family in the next chapter.”
About Ala Kaifak
Founded in 1998, Ala Kaifak is Saudi Arabia’s leading non-food discount retailer, operating 33 stores nationwide and serving over 5 million customers annually with a broad range of everyday essentials in cleaning, personal care, homeware, and kitchenware.
About FIM Partners
FIM Partners is an investment firm focused on public and private markets across the Middle East, North Africa, and South Asia, managing over USD 4.5 billion from offices in Riyadh, Dubai, London, and Muscat. FIM Partners KSA is licensed by the Capital Market Authority (CMA), FIM UAE is regulated by the DFSA, and FIM UK by the FCA.
