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Saudi firm BinDawood eyes expansion by way of acquisition

By TRENDS Desk
February 13, 2022 8:54 pm
  • Future Tech Retail, which is fully owned by BinDawood Holding, signed the deal with Amwaj Real Estate Co. and First Commercial Application Co
  • The potential acquisition comes in a bid to strengthen BinDawood’s position in the e-commerce sector and enhance its omnichannel presence

Future Tech Retail, a firm owned by Saudi retailer BinDawood Holding, will acquire a sixty-two percent stake in International Applications Trading Co., an e-commerce platform operator, for an unknown sum.

Future Tech Retail, which is fully owned by BinDawood Holding, signed the deal with Amwaj Real Estate Co. and First Commercial Application Co., a bourse filing showed on Sunday.

The potential acquisition comes in a bid to strengthen BinDawood’s position in the e-commerce sector and enhance its omnichannel presence.

This is in line with the company’s long-term objectives as one of the leading grocery retail operators of hypermarkets and supermarkets in the Kingdom and is expected to have a positive impact on its financials.

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