MENA Consumer & Retail: Feedback from investor meetings in Saudi: cautious optimism on Rasan, constructive stance on food, little appetite for pharma

Research evidence excerpt

MENA Consumer & Retail: Feedback from investor meetings in Saudi: cautious optimism on Rasan, constructive stance on food, little appetite for pharma

J P M O R G A N CEEMEA Equity Research

02 July 2026

MENA Consumer & Retail

Feedback from investor meetings in Saudi: cautious

optimism on Rasan, constructive stance on food, little

appetite for pharma

Following our investor meetings in Saudi earlier this week, we summarize the key CEEMEA Consumer

ACdebate points across our MENA Consumer and Retail coverage. Rasan, recently Elena Jouronova, CFA

initiated with OW (full note here) dominated discussions, and our conversations (971) 4561-2010

also spanned food inflation and pass-through dynamics, consumer sentiment, elena.jouronova@jpmorgan.com

competitive dynamics and M&A in food delivery, Wasfaty dispensing guidelines, Nishchay Mehta

and the optionality of a fuel margin increase for Aldrees (N). Overall, we found (971) 4561-2001

local investors positive on Rasan but to a lesser extent vs. international investors nishchay.mehta@jpmchase.com

J.P. Morgan Securities plc

due to lower conviction on success of the loan aggregation vertical and the

penetration of comprehensive motor insurance. Investors were receptive to our

cautious stance on pharma retail and constructive view on food retail where we

believe inflation pass-through could benefit top line; however food producers are

seen as a better play on the inflation theme given persistent pressure on market

shares if food retail from the online channel. On Aldrees, sentiment remains that

the upside is largely tied to a fuel margin increase with no near-term earnings

catalysts in sight. The focus in food delivery is increasingly shifting towards

market structure and the potential for competitive dynamics to evolve post any