KAZYON
6.2.2024 06:01:28 CET | Business Wire | Press release
Kazyon Limited, the UK parent company of Kazyon, today completed the acquisition of 50% of the equity share capital of Dukan for SAR 250m, expanding its operations into Saudi Arabia, the largest grocery retail market in the region at c.USD 40bn of annual turnover.
Founded in 2013 and operating over 100 stores, Dukan is the sole grocery discount retailer in Saudi Arabia. The acquisition was structured via a capital increase, allowing invested capital to be used to accelerate Dukan’s store rollout. With modern trade channel penetration of only c.50%, the Saudi Arabian market presents ample room for growth. The discounter approach to market is to disrupt conventional modern trade operational patterns, while also gaining market share from traditional trade.
Since its founding in 2014 by Hassan Heikal, Kazyon has been committed to providing increased access of affordable products to underserved markets. The company has experienced rapid growth and is now the leading discount grocery retailer across the Arab world and Africa with over 1,000 stores. Kazyon aims to be a top three player in Saudi Arabia and Morocco after becoming the largest grocery retailer in Egypt. Kazyon is expected to have a network of over 5,000 stores in the next five years across Saudi Arabia, Egypt and Morocco. Kazyon will be supported by its proprietary end-to-end logistics capabilities that fully integrate its distribution centres, fleet of transport vehicles and stores.
Alongside Mr Heikal, Kazyon Limited is owned by a leading global sovereign wealth fund, major DFIs, blue-chip emerging markets private equity platforms (including Development Partners International, FIM Capital and Sango Capital) and regional family offices, among others.
The investment in Dukan is in-line with Kazyon’s expansion plans and will provide for a more diversified regional platform. Further, significant synergies are expected to be realised, including across supplier purchase agreements and sharing of best practices, among others.
Hassan Heikal, Chairman and Founder of Kazyon said: “This acquisition marks an important milestone for Kazyon as it accelerates its growth and expands into Saudi Arabia, one of the most attractive grocery retail markets in the region. We are excited by the prospects for the business in the Kingdom. The transaction was funded by introducing to the capital structure of Kazyon a global sovereign wealth fund as we solidify our position as a leading grocery retailer in the region.”
Kazyon was advised by Evercore Partners, EFG-Hermes, White & Case and PWC.
ENDS
About Kazyon
Founded in 2014 by Hassan Heikal, Kazyon is the largest discount retailer in the Arab world and Africa currently operating over 1,000 stores and employing more than 7,000 colleagues. Kazyon has been steadily increasing its store footprint in recent years, supported by its proprietary end-to-end logistics capabilities that fully integrate its distribution centres, fleet of transport vehicles and stores.
Kazyon provides millions of customers access to affordable, high-quality products, delivered through a network of consistent, recognizable neighbourhood stores and currently has one of the largest loyalty schemes in the Arab world and Africa.
Alongside its founder Heikal Hassan, Kazyon is backed by an investor base including Development Partners International, FIM Capital, Sango Capital, South Suez Capital, British International Investment, a global sovereign wealth fund and regional investment offices, among others.
About Dukan
Founded in 2013, Dukan is the sole grocery discount retailer in Saudi Arabia. Dukan currently operates over 100 stores across three cities located in the Makkah province, employing more than 500 colleagues. Dukan offers a full range of basic groceries and a differentiated assortment of private-label products at discounted prices, currently serving over 50,000 customers daily.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240204511713/en/
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Mary Kay’s Pink Changing Lives® Program Turns Purpose Into Measurable Impact for Women Around the World6.8.2026 14:05:00 CEST | Press release
More than 4 million women have benefited through nonprofit organizations supported by the program since its launch. Mary Kay Inc., a global advocate for women’s empowerment, proudly reaffirms its commitment to enriching women’s lives worldwide through its signature Pink Changing Lives® Program – a multi-faceted global initiative that blends purpose-driven giving with cause-marketing to create meaningful, measurable impact across communities. Since 1996, the program has provided over $230 million in monetary and product donations to nonprofit organizations empowering women, transforming women’s health and safety, and protecting our natural resources. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260806671194/en/ Mary Kay China supports the Hope for Pearl Program, providing financial assistance to girls from economically disadvantaged areas to receive a life-changing education, opening doors to new possibilities and bright fu
Perpetuals Reports 380% Hypothetical Return in Backtest of AI Engine Powering Risk-Free Trading Platform ‘UpsideOnly’6.8.2026 14:00:00 CEST | Press release
Results provide early evidence that BayesShield can identify potentially profitable trading signals by finding repeatable skill in trader activity375-day backtest using Perpetuals’s production code generated a hypothetical 380% non-compounded return, a period in which Bitcoin fell 40.2%The strategy achieved a return-to-drawdown ratio of 4.4, a measure comparing its overall return with the largest decline it experienced during the test Perpetuals.com Ltd (Nasdaq: PDC) today announced backtest results for version two of BayesShield, its patent-pending AI engine developed for UpsideOnly. UpsideOnly is a risk-free paper trading platform where users simulate trades using virtual money across global equity, commodity, foreign exchange and crypto markets. The platform is powered by BayesShield, an AI model that uses machine learning to identify consistently successful traders. It generates automated signals when enough qualified traders independently take the same position at approximately th
Adtran launches Mosaic One Fabric, empowering operators to build custom AI agents and workflows6.8.2026 14:00:00 CEST | Press release
News summary: Operators need the autonomy and tools to create AI agents and workflows that address their own business priorities Adtran’s Mosaic One Fabric enables operators to create, govern and scale AI agents without vendor lock-in Open foundation gives operators more control over their data, agents and token economics while accelerating innovation Adtran today launched Mosaic One Fabric, an expansion of its Mosaic One software platform, enabling operators to create AI agents and workflows around their own operational priorities. Rather than being limited to predefined agents, fixed use cases or vendor-controlled ecosystems, operators can build and scale AI on their own terms using the data, tokens and models that best fit their business, with the token economics visible and under their control. Mosaic One Fabric brings together trusted operational intelligence, vendor-agnostic AI integration and the guardrails needed to run AI safely across the network. By combining Adtran capabili
NetApp Acquires JetStream Software to Advance Cyber Resilience and Data Protection for the AI Era6.8.2026 14:00:00 CEST | Press release
Acquisition strengthens NetApp’s portfolio with recovery and mobility capabilities that help organizations reduce risk and accelerate transformation NetApp® (NASDAQ: NTAP), the Intelligent Data Infrastructure company, today announced it has acquired JetStream Software, a leader in VMware disaster recovery and migration. Enterprise customers continue to rely on VMware for many of their most critical applications. As organizations evaluate cloud adoption, they often seek ways to transition workloads while minimizing cost, complexity, and operational disruption. For many, disaster recovery serves as a practical first step, with production workloads migrating over time as cloud strategies mature. “Data has become the foundation for business growth, AI innovation, and operational continuity,” said George Kurian, Chief Executive Officer at NetApp. “As customers look to unlock greater value from their data while strengthening protection against disruption, bringing JetStream into NetApp expan
Omilia Secures $67 Million in Series B Funding to Accelerate Global Expansion of Its Agentic Self-Learning CX Platform for Large Enterprises6.8.2026 14:00:00 CEST | Press release
ARR surpasses $60 million, growth of more than 10x since the company's Series ANamed a Leader in The Forrester Wave™ Conversational AI Platforms for Customer Service, Q2 2026Investment led by transatlantic software & AI specialist Expedition Growth Capital Omilia, the Self-Learning Agentic CX company trusted by many of the world's largest enterprises, today announced a $67 million Series B funding round led by transatlantic software & AI specialist, Expedition Growth Capital. Omilia builds Agentic CX for the world's largest and most demanding enterprises – organizations often in regulated industries such as banking, insurance and healthcare, where security, scalability and cost predictability are non-negotiable. Its customers include Capital One, Discover, RBC, Taco Bell, DWP and PSEG. The company's voice-first AI platform, honed over more than 200 enterprise deployments, is built entirely on its own proprietary agentic Voice AI technology, and supports the most stringent enterprise se
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom