RIYADH: Saudi lifestyle retailer Jamjoom Fashion Trading Co. plans to sell a 30 percent stake in an initial public offering on the Kingdom’s Nomu parallel market, according to a statement on the Saudi Exchange. 

The company will offer 2.38 million shares, with the price range to be announced on Sept. 1. The subscription period for qualified investors will run from Sept. 1 to 4, and the final offer price will be set on Sept. 9. The shares will be listed on Nomu after regulatory approvals are completed. 

The planned listing follows steady earnings growth, with the retailer reporting SR540.4 million in revenue for the nine months to June 2025, up 14.3 percent, and net profit rising 17.1 percent to SR94.3 million. 

The listing comes as Saudi Arabia continues to develop its financial markets under the Vision 2030 transformation plan, which aims to diversify the economy and attract greater foreign investment. 

“The launch of the IPO is a crucial step in our journey so far,” said Founder and Chairman Kamal Osman Jamjoom. 

“It gives investors an opportunity to participate in a customer-focused industry that is unlike any other in our region, and one that has the potential to grow thanks to supportive government policies, macroeconomic conditions, and demographic trends,” he added. 

He also said the listing would enhance Jamjoom Fashion’s profile, governance, and transparency, supporting its next phase of growth by accelerating brand creation and expanding into new markets. 

Jamjoom Fashion, fully owned by Kamal Osman Jamjoom Trading Co., operates 218 stores across six Gulf markets, anchored by its flagship Nayomi lingerie and beauty brand, which generates about 84 percent of revenue, and its menswear brand Mihyar, contributing around 16 percent. 

Vice Chairman and CEO Stephen Holbrook said the IPO will serve as a “catalyst” for the company’s next growth chapter, enabling brand portfolio expansion, digital-first innovation, and a larger store footprint. 

The offering is being advised by EFG Hermes KSA, with Al-Rajhi Capital, SNB Capital, and Riyad Capital acting as receiving agents. The shares will be available only to qualified investors as defined by the Capital Market Authority. 

According to the company’s intention-to-float filing, Jamjoom Fashion plans to expand its e-commerce platforms, scale its loyalty programs, and introduce new brands to cater to changing consumer preferences in the region. 

It also aims to deepen its footprint in the Gulf Cooperation Council, where strong macroeconomic fundamentals and supportive government policies are driving growth in retail and lifestyle sectors. 

RIYADH: Saudi Arabia granted 34 licenses for regional headquarters in the second quarter of the year as part of its ongoing push to position itself as the Middle East’s leading business hub.

The figure was disclosed in the Ministry of Investment’s Economic and Investment Monitor for the second quarter of 2025. 

The report said more than 125,000 services were delivered through investor outreach centers, 59,000 online services via the ministry’s website, and 34,000 in-person services through comprehensive service centers during the same period.

Nearly 600 international companies, including Northern Trust, IHG Hotels & Resorts, and Deloitte, have established bases in Saudi Arabia since 2021, the Saudi Press Agency reported in March.
 
The surge is driven by the government-backed Riyadh Regional Headquarters Program, which offers a 30-year corporate tax exemption, withholding tax relief, and regulatory support, reflecting efforts to position the Kingdom as a regional business hub and attract multinational corporations to the capital, in line with Vision 2030 plans to diversify the economy beyond oil.

“MISA seeks to promote local investment and attract foreign investment. It also organizes and participates in a variety of events. In Q2 2025, MISA took part and organized seven local and international events in different fields,” the ministry said.

These included high-level forums and roundtable meetings with countries including the US, Kuwait, and Azerbaijan, as well as participation in the VivaTech conference in Paris and the St. Petersburg International Economic Forum in Russia.

The platforms showcased the Kingdom’s investment opportunities and reinforced its commitment to global economic partnerships.

The ministry’s continued push to attract foreign direct investment comes as global FDI inflows declined by 4.3 percent year on year in the first quarter of the year, according to the Organization for Economic Co-operation and Development.

Despite this, inflows to G20 countries increased by 33.5 percent, driven by key developing economies such as China and India.

The Ministry of Investment has also been instrumental in introducing new legislation to bolster investor confidence. Key regulatory developments include the establishment of the Saudi Investment Promotion Authority and updates to laws concerning civil aviation, food security, and real estate.

These legal reforms aim to create a safer and more competitive investment environment in the Kingdom.

Saudi Arabia ranked third among emerging markets in the 2025 FDI Confidence Index and maintained a top global position in several international indicators related to investment climate, entrepreneurship, and digital infrastructure.

According to the ministry, such strides contribute to the Kingdom’s long-term investment targets, including attracting SR388 billion in FDI by 2030, raising the private sector’s contribution to gross domestic product to 65 percent, and achieving a 7 percent unemployment rate.