Jadwa Acquires Majority Stake in Saudi Beauty Retailer Makhazen Alenaya

Malaz Madani

Last updated 23-06-2025

3 min

Jadwa Investment group acquired a majority stake in Makhazen Alenaya, a Saudi beauty retailer.

Through this acquisition, Jadwa's GCC Diversified Private Equity Fund marks its fourth investment.

Makhazen Alenaya is known for its 'multi-category specialist' stores offering affordable, premium products.

The partnership aims to fuel Makhazen's expansion and potentially list on Saudi Arabia's stock market.

Jadwa's backing highlights the growing interest in innovative Saudi startups.

Investment management group Jadwa has snapped up a majority stake in Makhazen Alenaya, one of Saudi Arabia's rising stars in the beauty and personal care retail sector. This move was made through Jadwa's GCC Diversified Private Equity Fund, marking the fund's fourth investment thus far, following previous ventures into brands like Gissah Perfumes, Blackspoon Group, and Tikkaway.

Founded back in 2019, Makhazen Alenaya has surged to prominence over the past four years, boasting an impressive 15 shops scattered across the Kingdom. What's intriguing about this retailer, and one reason I reckon this is such a savvy move from Jadwa, is that Makhazen has introduced an entirely new retail format to the Saudi beauty scene: the 'multi-category specialist' store concept. In plain English, that means shoppers can conveniently find everything they need—perfumes, skincare, haircare, you name it—under one stylish roof, at prices that won't break the bank.

Honestly, as someone following the startup space for a while now, this concept sounds spot on for Saudi Arabia's rapidly evolving retail landscape. Makhazen’s blend of premium experience and affordable products is exactly what many young Saudi shoppers are looking for, especially given the Kingdom’s recent economic reforms and the rapid shift towards more contemporary retail experiences.

Jadwa's CEO, Tariq Al-Sudairy, echoed this sentiment, highlighting the firm's confidence in Saudi Arabia's economic prospects and modern retail shift. Head of Private Equity at Jadwa, Elie El-Khoury, also believes Makhazen is uniquely positioned for significant growth, recognising its leadership in introducing value-for-money pricing married with a premium shopping atmosphere.

From the retailer’s perspective, Makhazen CEO Abdullah Almudaihesh expressed enthusiasm about the partnership, stating it marked a major milestone for the growing brand. He emphasised that Jadwa’s expertise would not only fuel expansion but also bolster operational strategies and governance, laying solid groundwork for potential listing on Saudi’s main stock market. And believe it or not, preparing to go public so soon after launching highlights just how far Makhazen has come in such a short time.

This acquisition aligns neatly with Jadwa Investment’s track record. Headquartered in Riyadh, the firm manages an eye-watering SAR 100 billion (around USD 30 billion) in assets across various sectors—from public and private equity to real estate and fixed income. Their strong market position makes them a powerful partner for dynamic brands looking for strategic growth and expansion.

Here at Arageek, we've always advocated for stronger support of promising startups in the MENA region, providing insights and conversations that energise entrepreneurs. Personally, I'm chuffed to bits when I see leading regional funds moving decisively to back ambitious local ventures. Clearly, this acquisition shows the appetite investors have for innovative Saudi startups—and it's something to watch closely in the coming months.

Given the calibre of this latest investment, Jadwa certainly seems intent on solidyfing its role in shaping the future of retail in Saudi Arabia.

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