Saudi retailer BinDawood to establish unit that will ‘capitalize on investments’

RIYADH: BinDawood Holding Co., a leading grocery retail operator of hypermarkets and supermarkets in the Kingdom, announced the approval of its board to establish a fully owned subsidiary, with SR5 million ($1.3 million) capital.

Headquartered in Jeddah, the subsidiary will be specialized in providing solutions and technical projects that will help “in capitalizing investment opportunities,” BinDawood Holding said in a stock exchange statement.

These opportunities could include “establishing new companies and acquiring existing entities,” as part of the retailer’s long-term goals.

This will take effect after getting all necessary approvals and licenses from regulatory bodies, it added.