Fatima Al-Kashef

AFG International “Synomy Retail”, a Saudi-based company listed on the Saudi Stock Exchange, has appointed Samir Jain as its new CEO, effective from the beginning of July, succeeding Salim Fakhoury, who resigned for personal reasons, according to a company disclosure to the stock exchange and a statement issued by the company on Monday.

Quick background about the company

(According to its official website and market data)

Sinomy Retail operates in the retail franchise sector in Saudi Arabia. The company was founded approximately 36 years ago, and its shares began trading on the stock exchange in 2006.

It is a subsidiary of the UAE’s Al Futtaim Group, which owns a 49.95% stake through an acquisition deal last year, while the remaining percentage is traded as free-floating shares on the market.

The company operates more than 700 stores and represents about 41 brands in the clothing, footwear, accessories and cosmetics sectors, in addition to a number of department stores, restaurants and cafes.

It operates in Saudi Arabia and several other countries, including: Egypt, Jordan, Azerbaijan, and Uzbekistan.

About the new CEO

(Statement + his personal LinkedIn account)

- He has more than two decades of leadership experience in the retail, consumer goods, strategy and corporate transformation sectors.

- Since August 2024, he has held the position of Chief Executive Officer of the New Business Sector at Landmark Retail and Hospitality Group in the UAE, after several years in other positions within the group.

- He worked for Kearney Consulting between November 2006 and August 2014, providing consulting services in the areas of strategic planning, growth, restructuring, mergers and acquisitions, and strategic procurement for clients in the Middle East.

- He served as Assistant Director of Corporate Finance at Ernst & Young between July 2005 and October 2006, where he worked on due diligence projects, financial evaluations, expansion strategies and feasibility studies.

- He began his career at McKinsey & Company, where he worked as a consulting analyst between May 2000 and June 2005, participating in consulting projects in the manufacturing and supply sectors and contributing to the preparation of a study on the future of the automotive components industry in India.

- He obtained a Bachelor of Commerce degree from Delhi University, and a Master of Business Administration degree specializing in Finance and Strategy from the International Institute of Management (IMI).

(Prepared by: Fatima Al-Kashef, Edited by: Shaimaa Hefzy, Contact: zawya.arabic@lseg.com )

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