BinDawood confidence shows in Tadawul IPO plans

DUBAI: In a vote of confidence in the economy of Saudi Arabia and its capital markets, BinDawood Holding, one of the Kingdom’s leading retailers, is to list its shares on Tadawul in an initial public offering (IPO).

Ahmed BinDawood, CEO of the company that owns the eponymous supermarkets and the Danube chain, said the time is right for the listing despite the economic volatility of the pandemic lockdowns and the recent introduction of 15 percent value-added tax (VAT).