Spinneys, the UAE-based premium grocery chain, has signed a deal with Alshaya Group to expand into Kuwait.
Spinneys will control 51% of the joint venture with Alshaya, which is one of the Middle East’s largest brand franchise operators. It plans to open 10 stores starting in 2026. Over the past 16 months Spinneys opened 12 new stores across the UAE and Saudi Arabia.
The deal was a boon for Spinneys’ investors. Shares rose more than 3% after it was announced, pushing the stock back above its May 2024 IPO price and to the highest levels since its listing. Regional grocery chains have struggled in the past year amid rising competition from online-only outlets, known as dark stores.