Saudi Food Retail And Services Initiation: Al Othaim, Bindawood, Alamar And Jahez

We initiate coverage of four stocks within the “downstream” food supply chain in Saudi Arabia: Al Othaim and BinDawood from the retail segment, Alamar Foods – quick service restaurants (QSR), and Jahez – online delivery. We believe that structural demographic trends in the Kingdom, such as a young, tech-savvy, and growing population, changing lifestyles, and rising female labor participation, will drive demand for convenient, quick, and online shopping.