Major Saudi retailers expect better days as pandemic rules removed
DUBAI: Saudi retail giants BinDawood and Arabian Centers are expecting better days ahead following the government’s easing of pandemic-related restrictions, including allowing establishments to operate at full capacity, Arab News reported.
The government announced last week it will lift social distancing measures in public places, allow double-vaccinated residents to now wear masks, and reopen holy sites for full capacity attendance.
These rules will allow retail establishments to double down on efforts to recover from the months-long limited mobility for people, which affected their businesses.
BinDawood Holding will particularly benefit from the new policy because of its presence in Makkah and Madinah.
“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,” it said in a bourse filing.
BinDawood has a total of eight stores in the two holy cities.
Mall operator Arabian Centers also welcomed the new policy, announcing the return to operate with full capacity in all of its sites.
It said the lifting of social distancing measures will “contribute in increasing the number of visitors to the Company’s commercial centers, which will positively affect their occupancy rates.”
BITCOIN flips at 5.5% to $53,436
Bitcoin jumped on Friday, which caused the immense loss of $3,112.06 from...
Decentraland price prediction for today: Mana future forecast
The Decentraland price prediction: There are a lot of questions around the...
Algeria to reform industry sector for economic recovery: president
ALGIERS - Algerian President Abdelmadjid Tebboune said on Saturday that Algeria will...
Need stressed to develop hybrid basmati
LAHORE: Rice Research and Development Board chairman Shahzad Ali Malik has stressed...
Hascol offers settlement of Rs54.5 billion loan default
KARACHI: Hascol and its sponsors Vitol Dubai have proposed to settle the...