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Our Business

Our brand

Spinneys is a long-standing brand with a strong heritage in the UAE. Throughout its history, Spinneys has earned a reputation for premium quality, by consistently prioritising high standards in customer service, freshness and food safety.

Who we are

Spinneys has evolved and grown over the decades to become the operator of 80 premium grocery retail stores across three brands in the UAE, Saudi Arabia and Oman: 'Spinneys', 'Waitrose', and 'Al Fair'. Spinneys has established a strong pipeline of new stores set to open across the UAE and The Kingdom of Saudi Arabia in 2025.

Our Purpose

Our entire team is committed to our vision “not to be the biggest, but to be the best retailer”. Our mission is “to nourish and inspire our communities to live better lives, day-by-day”. We do this by offering high quality food solutions that promote heathy and sustainable living.”

Our place in the community

We believe in playing an active and supportive role within the neighborhoods we serve by engaging with the local community through various initiatives. In 2024 The Spinneys Family Run Series expanded to reach eight more communities, while the Spinneys Farm to Table Program is now active in 158 schools across the UAE, impacting over 210,000 educators, students, and parents.

Message from the CEO

“Spinneys is the GCC’s leading fresh-focused food retailer of scale, operating across 93 locations in the UAE, Saudi Arabia and Oman, with recent store openings in Saudi Arabia reflecting our commitment to expanding our footprint in high-growth markets.

We are ideally positioned to capitalise on the robust economic landscape of the UAE and Saudi Arabia, supported by positive economic conditions, the significant whitespace opportunities in both markets and the continued growth of the GCC’s affluent population.

Looking ahead, we are excited to enter our next phase of growth. This includes expanding our newly introduced 'The Kitchen, by Spinneys' grocerant concept and continuing the rollout of Spinneys Swift, our hyperlocal delivery platform. We remain focused on expanding our regional presence, supported by a strong pipeline of new stores set to open in 2026 and beyond, while preparing to enter international markets in Kuwait and the Philippines in 2027.”

Mr. Sunil Kumar Chief Executive Officer

Facts and Figures

AEDbn

Revenue
(+13.1% YoY)
(*Figure from FY 2025)

AEDm

EBITDA
(20% margin)
(*Figure from FY 2025)

AEDm

Profit for the year
(+14.5% YoY)
(*Figure from FY 2025)

AEDm

Dividend
(*Figure from FY 2025)

stores

(*Figure from H1 2026)

%

Online
(*Figure from H1 2026)

%

Fresh sales
(*Figure from H1 2026)

%

Private Label Penetration
(*Figure from H1 2026)

Investment Highlights

One of the leading premium food retailers operating in an attractive region

Spinneys operates in a market where the demand for premium-quality fresh food is increasing as people adopt healthier lifestyles.
• Affluent population growth: The number of high-income residents in key markets like the UAE and major Saudi cities (Riyadh/Jeddah) is increasing rapidly, driving higher spending on premium fresh food.
• Resilient sector: Food retail remains essential, providing stable performance even during economic shifts. The premium segment shows resilience as high-income consumers continue to prioritise quality and healthy living.
• Health and quality focus: Consumers are increasingly prioritising fresh, high-quality and healthier food options, directly aligning with the Spinneys value proposition.

Spinneys is a prominent and trusted brand specialising in the premium fresh food sector across the region.
 • Strong market presence: The company has a dominant market share in the premium fresh food sector and a long-standing history, making it a household name.
• Regional expansion: Spinneys is executing a planned expansion into Saudi Arabia, the GCC’s largest economy and is expanding its footprint in Kuwait through a new joint venture, targeting significant new growth during 2026.
• Premium fresh food focus: The business is built around fresh food, which accounts for 64.5% of revenue, positioning Spinneys to capture high-growth consumer trends.

The core offering is a wide, high-quality product selection delivered through flexible shopping options.
• Private label and exclusive quality products: Spinneys has an extensive range of private label products, comprising of 47.3% of the unique and exclusive imported items it offers, which distinguishes the business from its competitors.
• Exceptional service: Spinneys is known for its high standards in customer service, prioritising the in-store customer experience.
• Brick and mortar and online: Spinneys believes in serving the customer where they are. Beyond our 93 conveniently located stores we also operate e-commerce operations through our own platforms, which provide scheduled and express deliveries as well as third party aggregators.

The company’s ability to consistently deliver quality is rooted in its operational experience, robust infrastructure and execution.
• Efficient sourcing: Spinneys maintains stable margins by leveraging its efficient sourcing and supply chain capabilities, which include vertical integration.
• Strong supply chain capabilities: Over the years, Spinneys has developed an efficient supply chain capable of delivering fresh products to the UAE in the shortest time frame and ensuring quality and freshness on delivery.
• Collaboration: Recognition as the leading retailer by suppliers (Advantage Group Survey) highlights strong execution and effective partnership management.
• Flawless execution: Operations is the core of our business, which ensures our customers have the best shopping experience both in store and online.

Spinneys demonstrates consistent growth and financial health, providing a strong basis for investment.
• Robust sales growth: The company has a strong track record of like-for-like sales growth, this is driven by an increase in daily transactions.
• Industry-leading profitability: Spinneys achieves strong adjusted EBITDA which is significantly higher than regional and international food retailers, driven by its premium model and private label success.
• Consistent returns: High margins and effective working capital management translate into resilient and stable cash flows, supporting shareholder returns and future expansion.

Spinneys has multiple avenues for continued expansion and margin improvement.
• Store network expansion: A strong pipeline for new store openings in the UAE, the KSA and Kuwait, further bolstered by our international expansion into the Philippines.
• Private label and fresh penetration: Continuing to increase the sales share of high-margin private label brands and the premium fresh category acts as a significant long-term profit driver.
• E-commerce: Continuous investment in its e-commerce and digital platforms ensures Spinneys captures the fast-growing online grocery segment and limits the company’s dependence on third party aggregators.

The management team is committed to long-term value creation and responsible operations.
• Experienced team: A well-tenured, experienced leadership team with deep industry and regional knowledge guides strategic decisions and execution.
• Ownership mentality: The management structure encourages an ownership mindset, aligning leaders with the long-term success and sustainability of the business.
• Commitment to ESG: The company is dedicated to sustainability, evidenced by initiatives aimed at local sourcing, reducing food waste and supporting local communities.

Subsidiaries

Subsidiary Place Activity Ownership
Spinneys Dubai LLC Dubai Supermarket & General Trading 100%
Spinneys Fresh Food Industries LLC Dubai Meat & Poultry Products Manufacturing 100%
Spinneys Factories For Bakery Products LLC Dubai Bakery Products Manufacturing 100%
Spinneys Shj. LTD. CO. LLC.SP Sharjah Supermarket & General Trading 100%
Spinneys Shopping Center LLC Dubai Shopping Center (Mall) 100%
Fine Fare Food Market LLC Dubai Supermarket & General Trading 100%
Waitrose Shopping Center LLC Dubai Shopping Center (Mall) 100%
Spinneys IP Limited Abu Dhabi Global Market Special purpose vehicle 100%
Al-Ma’kulat Al-Fakhirah for Food Products Kingdom of Saudi Arabia Supermarkets 70%
Al Fair SPC Sultanate of Oman Supermarkets 100%
Centurio Holdings LTD British Virgin Islands Investment Holding Company 100%
Finefair Food Market Services Limited British Virgin Islands Investment Holding Company 100%
Spinneys Sourcing PTY LTD Australia wholesale of foodstuff and consumer products 100%
Spinneys Sourcing Limited United Kingdom export of foodstuffs & non-food products 100%
Spinneys Sourcing Limited United States of Amercia purchase of goods for export and all related activities 100%
Fine Fare Foord Market for Wholesale & Retail Trading WLL Kuwait Supermarket 51%
FINE FARE FOOD CORPORATION Philippines Supermarket 40%
FINE FOOD HOLDING FAR EAST PTE. LTD. Singapore Holding Company 100%