Spinneys expands into Kuwait through joint venture with Alshaya Group
The move marks Spinneys’ entry into its fourth GCC market as it accelerates regional expansion with new store openings.
KUWAIT – UAE-based fresh food retailer Spinneys is expanding its regional footprint by forming a strategic joint venture with Kuwait-headquartered retail franchise operator Alshaya Group.
The agreement marks Spinneys’ entry into its fourth Gulf Cooperation Council (GCC) market and represents a major step in its ongoing Middle East growth strategy.
Under the terms of the partnership, Spinneys will hold a 51 percent controlling stake, while Alshaya Group will leverage its strong local expertise to support the venture.
Spinneys will manage the day-to-day operations, with plans to establish ten premium fresh food stores across Kuwait. The first outlet is scheduled to open in 2026.
Spinneys chief executive officer Sunil Kumar described the expansion as a milestone in the retailer’s strategy. “Kuwait is a high potential market and presents strong growth opportunities for us. While the UAE remains our core base, we are committed to broadening our reach across the region in line with our brand values,” he said.
The company has been accelerating its growth across the GCC. Between April 2024 and August 2025, Spinneys expanded its gross selling area with the addition of 12 stores in the UAE and two more in Saudi Arabia.
The retailer also completed a highly oversubscribed Initial Public Offering (IPO) on the Dubai Financial Market in May 2024, marking the first non-government-related IPO on the exchange that year.
Proceeds from the listing are being channeled into its regional expansion, with Saudi Arabia and now Kuwait as key focus areas.
Financial performance has also reflected the company’s growth momentum. In the first quarter of 2024, Spinneys reported Dh815 million (US$221.89 million) in sales, representing a 10.9 percent year-on-year increase. Revenue for the first half of 2025 rose by 13.7 percent to Dh1.8 billion.
Alshaya Group chief executive officer John Hadden welcomed the collaboration, highlighting Kuwait’s appetite for premium retail offerings.
“Spinneys’ brand and operational excellence will resonate strongly with Kuwaiti consumers. This joint venture combines our deep regional expertise with Spinneys’ commitment to quality fresh food,” he noted.
Alshaya Group operates a wide portfolio of international retail brands across the GCC, including fashion, beauty, homeware, and quick-service restaurants such as Starbucks, Shake Shack, and Chipotle.
Sign up HERE to receive our email newsletters with the latest news and insights from Africa and around the world, and follow us on our WhatsApp channel for updates
