BinDawood Expects Positive Uplift in Operations Due to Easing Precautionary Measures

BinDawood Holding announced on Sunday an expected positive uplift in the Company’s operations following the Saudi Government’s announcement of the easing of social distancing measures following a sharp drop in daily Covid-19 infections and to allow full capacity attendance at the Holy Mosques in Makkah and Madinah for those who are fully vaccinated, effective from Sunday, October 17, 2021.

While difficult to estimate the size of the impact at present, the ease of social distancing restrictions and the expected return of Umrah pilgrims to Makkah and Madinah is expected to significantly positively impact the Company’s financial results next quarter.

The Company owns and operates 8 stores in the Makkah and Madinah area of Saudi Arabia catering to pilgrims performing Hajj and Umrah.