Saudi retail giant BinDawood reports 200% growth in online sales amid coronavirus pandemic

App installations of BinDawood Holding’s two e-commerce platforms – Danube and BinDawood Online – topped 400 percent. (Supplied)
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Updated 27 March 2020

Saudi retail giant BinDawood reports 200% growth in online sales amid coronavirus pandemic

DUBAI: Saudi Arabian retailer BinDawood Holding has seen a 200 percent increase in its online sales since the escalation of the coronavirus crisis.

BinDawood Holding’s two e-commerce platforms – Danube and BinDawood Online – have recorded a “significant upturn in organic growth the last few weeks”, according to Majed M. Al-Tahan, the co-founder and managing director of Danube Online.

“Our average sales on a 10-day basis has shot up 200 percent, with our average order value up 50 percent and our app installations topping 400 percent,” Al-Tahan said. “The demand has been so great that we are adding jobs [such as packers and drivers]. It has been an incredibly busy period.”

Ahmad AR. BinDawood, chief executive of Danube & BinDawood, BinDawood Holding, said all its stores remain open in the Kingdom, with additional stringent sanitization measures to protect its customers and staff.

“All our 72 stores remain open and we continue to provide effective customer service as we play an important role in serving the communities across the kingdom,” BinDawood said.

“This week, as planned, the newest Danube store opened in Al Andalus in Riyadh, with the support of the government, to cope with the demand that is happening,” he added.


Oil surges on hopes of new deal on output cuts

Updated 02 June 2020

Oil surges on hopes of new deal on output cuts

  • Brent price has doubled in five weeks
  • OPEC talks may be brought forward

DUBAI: Oil prices surged toward $40 a barrel on Monday as hopes rose for an early agreement to extend the big production cuts agreed by Saudi Arabia and Russia under the OPEC+ alliance.

Brent, the global benchmark, jumped by more 9 percent to nearly $39, continuing the surge that has doubled the price in five weeks — the best performance in its history. It recovered after record supply cuts agreed between the 23 countries of the OPEC+ partnership, and enforced cuts in US shale oil.

DME Oman crude, the regional benchmark in which a lot of Saudi Aramco exports are priced, rose above $40 a barrel for the first time since early March.

Market sentiment was buoyed by the possibility that the Organization of Petroleum Exporting Countries would agree with non-OPEC members to extend the cuts for a longer period than was agreed in April.

Oil analysts expect OPEC to fast track a “virtual” meeting to formally agree to maintaining cuts at the record 9.7 million barrels a day level. The meeting was scheduled for June 9, but bringing it forward would allow producers more time to set pricing levels.

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An official with one OPEC delegation told Arab News there was consensus among the 23 OPEC+ members for the new date, which could be as early as June 4. The meeting will also consider how long the current level of cuts would be maintained. Some OPEC members want it to run to the end of the year, other producers would prefer a two-month extension.

Omar Najia, global head of derivatives with trader BB Energy, told a forum run by Gulf Intelligence consultancy: “I’d be amazed if OPEC did not extend the higher level of cuts. As long as Saudi Arabia and Russia continue saying nice things to each other I’d expect the rally to continue.”

A Moscow source close to the oil industry said energy officials there had come to the conclusion that “the deal is working” and it was important to keep prices at an “acceptable” level.

Sentiment was also affected by a comparatively high level of compliance with the new cuts, running at about 75 percent among OPEC+ members, with only Iraq and Nigeria noticeable under-compliers.

Robin Mills, chief executive of Qamar Energy, said: “That’s where I’d expect it to be after two months in such a fluid situation. It will be even better in June.”