Future Retail for Information Technology Co.
Jeddah-based subsidiary of BinDawood Holding, set up in 2022 to invest in technology and retail businesses. It owns stakes in Danube Online developer IATC and influencer agency Ykone.
Industry: Retail technology investment holding | Location: Jeddah, Saudi Arabia | Founded: 2022
About Future Retail for Information Technology Co.
Future Retail for Information Technology Co. is a subsidiary of BinDawood Holding, the Saudi grocery retailer that runs the Danube and BinDawood supermarket chains. BinDawood's website calls it Future Technology Retail (FTR), while its investor presentation uses the longer name. The company is based in Jeddah and exists to look for investment opportunities in technology and retail solutions, either by creating new companies, acquiring existing ones or both.
BinDawood established the subsidiary in January 2022. BinDawood Holding has been listed on the Saudi Exchange under the ticker BDH since October 2020. Ahmad BinDawood is the group's chief executive. The sources read name no executives of the subsidiary itself.
Its main holdings are two companies bought in 2022. International Applications Trading Company (IATC) developed and operates the Danube Online e-commerce platform and the Danube and BinDawood mobile apps. Ykone is an influencer marketing agency, formerly part of France's TF1 group, that works with travel, beauty, fashion and luxury brands and has its own technology offering. The investor presentation lists Ykone in 12 countries across Europe, Asia, the US and the Middle East.
In March 2022 the subsidiary agreed to buy 62% of IATC for an initial SAR 107.5 million, about $28.7 million, with further payments in 2023 and 2026 tied to revenue and profit targets. BinDawood said it would invest up to SAR 160 million more in IATC over two years. In July 2022 the subsidiary took 80.5% of Ykone through a French subsidiary, at an undisclosed price. The 2023 investor presentation records a majority stake in Ykone Asia and Hong Kong that year and an expansion to India in 2024.
The presentation says the digital part of Future Retail contributed 6% of group revenue in 2023. No separate financial statements for the subsidiary were found.
In April 2026 BinDawood said it would buy 51% of Saudi food manufacturer Vaza Food Company for SAR 217.9 million, about $58 million, through the subsidiary. Vaza makes confectionery, bakery and specialty foods. The share purchase agreement is signed, and the deal awaits clearance from the General Authority for Competition.