Annual Report 2023


At a Glance

  • 87

    Stores across several major Saudi Arabian cities and in Bahrain

  • 5.6 bn

    Revenue in 2023 (SAR)

  • No. 1

    Operator in Makkah and Madinah

  • 140 bn

    Size of grocery retail market in KSA (2022/SAR)

  • 2

    Unique online grocery platforms – Danube online and the BinDawood app

  • 140,000

    Stock keeping units

Chairman’s Statement

Dr. Abdulrazzag BinDawood

2023 was a year of real progress for BinDawood Holding and its operating companies. As normality returned to our core market after three turbulent years, we delivered a strong financial performance which proved the inherent resilience of the business and reflected the impact of a number of key strategic initiatives previously put in place.

CEO’s Operating Review

Ahmad A. R. BinDawood

2023 turned out to be a watershed year for our Company. Not only did it mark a clear exit from three extremely challenging years related to the pandemic, but it was also characterised by very discernible signs of change within Saudi Arabia itself.

Our landscape is moving rapidly on two fronts: both as a business enterprise, in terms of the daily decisions we make for our own sake and over which we have complete control and those on a macro socio- economic level over which we exert little or no control.

Ahmad A. R. BinDawood
Ahmad A. R. BinDawood

Key Reasons to Invest

2023 marked the first full year of normalcy after three years of unprecedented disruption the world over, caused by the pandemic. However, it was not ‘business as usual’ because the pandemic years of 2020 to 2022 had reshaped our lives as well as the commercial landscape in which we operate. Disruption on this scale has arguably never been seen before.

Apart from the change in the business environment, we are witnessing a profound change in the socio-economic dynamics in the Kingdom of Saudi Arabia as a result of sweeping liberating reforms that seek to transform the manner and the speed at which business is done in the country Consequently, despite the undeniable challenges of the recent past, we see a plethora of fresh opportunities emerging - some borne by technology, other through social evolution and yet more by rapidly unfolding economic growth in our home markets.

This has meant that as a management team we could not take anything for granted. It became incumbent upon us to rethink what our customers want, where they want it and how they wish to engage with us. This rapidly changing mix of ‘key drivers’ represents both a threat and an opportunity. As a business, we feel we are exceptionally well placed to leverage these opportunities.

Strategy & Business Model

BinDawood Holding has a well-defined growth strategy, the key pillars of which include improving the performance of the existing stores, achieving full potential for recently opened stores, focusing on providing a unique shopping experience across both the Danube and BinDawood brands, continuous store expansion, strategic acquisitions and strengthening of the online platforms.


Our Brands and Acquisitions

BinDawood Supermarkets

BinDawood is one of Saudi Arabia’s most popular grocery superstore retail brands, with 25 easy-to-access hypermarkets and supermarkets across the country. An iconic brand in the Kingdom, the customer experience at BinDawood stores is focused on excellent value for money and outstanding customer service.

Danube Supermarkets

The Danube brand is one of the most esteemed high-end grocery retail brands in Saudi Arabia, synonymous with the highest quality product offering and fresh produce, including the widest range of organic and speciality products in the Kingdom.


In 2022, through its wholly owned subsidiary Future Retail for Information Technology Company (‘FRIT’) – a technology and retail solutions investment vehicle – BinDawood Holding acquired an effective 85.3% stake in Ykone S.A.S (‘Ykone’), a profitable international influencer marketing agency with a proprietary technology offering, focused on retail, travel, beauty, fashion and luxury brands, with a presence in Europe, Asia, the US and the Middle East.

International Applications Trading Company

Following the successful acquisition in 2022 of International Applications Company Ltd (‘IAC’), the developer and operator of BinDawood Holding’s Danube and BinDawood e-commerce channels, the Company is focused on increasing its online sales as a percentage of total revenue.


Download the key elements of the Annual Report 2023 here:

Annual Report 2023
Governance Report
Financial Statements