BinDawood Holding, one of Saudi Arabia's biggest grocery retailers, is buying a majority share in its e-commerce partner International Applications Trading Company as it seeks to capitalise on the higher demand for online shopping.
BinDawood signed an agreement to acquire 62 per cent of IATC through its subsidiary Future Technology Retail, it said in a statement on Sunday to the Tadawul stock exchange, where its shares are traded.
As part of the transaction, Future Technology Retail will make an immediate payment of 107.5 million Saudi Riyals ($29m) to IATC, with additional payments in 2023 and 2026, subject to the achievement of certain revenue milestones.
“The acquisition of a majority stake in IATC is a major step towards enhancing our e-commerce offering and strengthening our omnichannel presence – enabling BinDawood Holding to control the future growth of its business in an increasingly digitally connected world,” Ahmad BinDawood, chief executive of BinDawood said.
“Expanding digital transformation and technical solutions is in line with Vision 2030. Saudi Arabia is among the largest and the fastest-growing e-commerce markets in the region, with e-grocery shopping still in a nascent phase. I am confident that this strategic acquisition will put BinDawood Holding in a prime position to capitalise on the growth of the sector.”
The total grocery retail market in Saudi Arabia is forecast to grow 2.8 per cent annually between 2020 and 2027 to reach 177.5 billion riyals, while total grocery e-commerce penetration is expected to grow to 3.5 per cent by 2027 from 0.8 per cent, BinDawood said, quoting data from Euromonitor and KPMG analysis.
The kingdom's e-commerce market, which grew about 60 per cent in 2019-2020 amid a digital surge that accelerated during the pandemic, is poised to hit $13.3bn by 2025, according to Boston Consulting Group and Meta Platforms.
BinDawood aims to capture 30 per cent of Saudi Arabia’s e-grocery market by 2028 as online sales continue to increase after the pandemic, it said.
As part of the transaction agreement, the founder and the management team of IATC will remain with the company and BinDawood will invest a further 160m riyals in IATC over a two-year period to “support the development of the platforms and the roll-out of a network of state-of-the-art dark stores and fulfilment centres to optimise operations, fully integrate the customer experience and provide shorter lead delivery times,” the company said.
The transaction, subject to customary closing conditions and completion of regulatory approval, is expected to close in the second half of 2022.
The volume of merger and acquisition deals in the Middle East and North Africa surged 66 per cent last year as the region's economies charted a strong recovery from the pandemic.
Last year, 661 transactions worth $99bn were completed, compared with 397 deals worth $85.2bn in 2020, according to Ernst & Young.
The UAE registered the highest deal activity in terms of volume with 303 transactions, while Saudi Arabia attracted the most M&A capital, worth $47.4bn, according to the consultancy. Egypt, the Arab world's third-largest economy, also reported robust activity in 2021 with 118 deals worth $7.7bn.
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
Museum of the Future in numbers
- 78 metres is the height of the museum
- 30,000 square metres is its total area
- 17,000 square metres is the length of the stainless steel facade
- 14 kilometres is the length of LED lights used on the facade
- 1,024 individual pieces make up the exterior
- 7 floors in all, with one for administrative offices
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- 100 species of trees and plants dot the gardens
- Dh145 is the price of a ticket
Stage 3 results
1 Adam Yates (GBR) Mitchelton-Scott 4:42:33
2 Tadej Pocagar (SLO) UAE Team Emirates 0:01:03
3 Alexey Lutsenko (KAZ) Astana 0:01:30
4 David Gaudu (FRA) Groupama-FDJ
5 Rafal Majka (POL) Bora-Hansgrohe
6 Diego Ulissi (ITA) UAE Team Emirates 0:01:56
General Classification after Stage 3:
1 Adam Yates (GBR) Mitchelton-Scott 12:30:02
2 Tadej Pocagar (SLO) UAE Team Emirates 0:01:07
3 Alexey Lutsenko (KAZ) Astana 0:01:35
4 David Gaudu (FRA) Groupama-FDJ 0:01:40
5 Rafal Majka (POL) Bora-Hansgrohe
6 Wilco Kelderman (NED) Team Sunweb) 0:02:06
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
UAE currency: the story behind the money in your pockets
Benefits of first-time home buyers' scheme
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The low down on MPS
What is myofascial pain syndrome?
Myofascial pain syndrome refers to pain and inflammation in the body’s soft tissue. MPS is a chronic condition that affects the fascia (connective tissue that covers the muscles, which develops knots, also known as trigger points).
What are trigger points?
Trigger points are irritable knots in the soft tissue that covers muscle tissue. Through injury or overuse, muscle fibres contract as a reactive and protective measure, creating tension in the form of hard and, palpable nodules. Overuse and sustained posture are the main culprits in developing trigger points.
What is myofascial or trigger-point release?
Releasing these nodules requires a hands-on technique that involves applying gentle sustained pressure to release muscular shortness and tightness. This eliminates restrictions in connective tissue in orderto restore motion and alleviate pain. Therapy balls have proven effective at causing enough commotion in the tissue, prompting the release of these hard knots.
Red flags
- Promises of high, fixed or 'guaranteed' returns.
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- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
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Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Killing of Qassem Suleimani
The lowdown
Bohemian Rhapsody
Director: Bryan Singer
Starring: Rami Malek, Lucy Boynton, Gwilym Lee
Rating: 3/5
The Beach Bum
Director: Harmony Korine
Stars: Matthew McConaughey, Isla Fisher, Snoop Dogg
Two stars
Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
Ultra processed foods
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- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,
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SPECS
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How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
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Transmission: Eight-speed automatic
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Six large-scale objects on show
- Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
- The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
- A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
- Frank Lloyd Wright’s 1930s Kaufmann Office
- A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
- Torrijos Palace dome
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
UAE currency: the story behind the money in your pockets
The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
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Torque: 370Nm
Price: Dh136,814
The biog
Age: 32
Qualifications: Diploma in engineering from TSI Technical Institute, bachelor’s degree in accounting from Dubai’s Al Ghurair University, master’s degree in human resources from Abu Dhabi University, currently third years PHD in strategy of human resources.
Favourite mountain range: The Himalayas
Favourite experience: Two months trekking in Alaska
