RIYADH: Saudi retailer BinDawood Holding Co. has received approval by the General Authority for Competition to acquire a 62 percent stake in e-commerce platform International Applications Trading Co. BinDawood, through its fully-owned unit Future Tech Retail, signed the deal with Amwaj Real Estate Co. and First Commercial Application Co., according to a bourse filing. The move
DAVOS: With Saudi Arabia’s Vision 2030 plan to diversify the Kingdom’s economy away from oil dependence, Investcorp co-CEO Hazem Ben-Gacem has only one way to look up. “Today when you have the right vision, you have the right local infrastructure and local people, as well as the capital to go with that, these are the foundations of hopefully a terrific future,” he told Arab
RIYADH: Saudi Arabia’s stock market closed lower for a second consecutive session on Sunday as investor sentiment was dragged down by weak earnings results. The main index TASI dropped 0.8 percent to reach 12,334, while the parallel market Nomu lost 0.8 percent to 22,329. Kingdom Holding Co. soared 9.9 percent after Saudi Arabia's Public Investment Fund acquired a SR5.7
RIYADH: BinDawood Holding Co., a leading grocery retail operator in the Kingdom, suffered a 46 percent decline in net profit in 2021 citing pandemic restrictions. The group reported a SR240 million ($64 million) profit, compared to SR447 million in the same period of 2020, it said in a filing. Along with the profit drop, revenues dropped 15 percent to SR4.3 billion, down from