Riyadh-Mubasher: Investcorp, a global provider and manager of alternative investment products, said it has acquired a minority stake in Bindawood Holding, one of Saudi Arabia’s leading supermarket and hypermarket groups.
“Saudi Arabia is a key market for Investcorp where we are continuously looking for interesting investment opportunities,” said Mohammed Al-Shroogi, Investcorp’s Co-CEO.
“We are very excited about this partnership with Bindawood that offers an exceptional product in a Saudi Arabian grocery retail market that is currently worth around $45 billion and expected to grow at a compounded annual growth rate of 11% over the next four years,” he added.
“Investcorp brings valuable expertise to help us structure our growth across Saudi Arabia and institutionalise the company. We spent a long time evaluating the options available to us and we are looking forward to beginning this new chapter in our history with Investcorp as our partner,” said Abdulrazzaq Bindawood, Chairman of Bindawood.
