Saudi Arabia’s ‘BinDawood’ is exploring opportunities in Lithuania and would like to invest in the dairy industry

The Saudi Arabian retail conglomerate “BinDawood Holding” is considering investing in the dairy industry in Lithuania.

Ahmad BinDawood, head of “BinDawood Holding”, is due to meet Prime Minister Mindaugas Sinkevičius and Minister of Agriculture Kęstutis Mažeika in Vilnius on Thursday, according to his spokesperson, Justas Jaskonis, as reported by BNS.

Alfonsas Navickas, a former politician and business consultant who is acting as an intermediary for A. BinDawood in his talks with the country’s authorities, told BNS that “BinDawood Holding” is considering building a dairy processing plant in Lithuania and exporting its products to Saudi Arabia, where they would be sold in the chain’s shops. 

“He (A. BinDawood – BNS) is a representative of the royal family of Saudi Arabia (...). The King of Saudi Arabia has tasked him with ensuring that Saudi Arabia is supplied with high-quality dairy products. He says – ‘Then we need to look to the European Union.’ We found the right channels and contacts, and he came here with his family; he has been here twice and met with Prime Minister Inga Ruginienė. He really liked the country and wants to invest in the dairy industry here, build a factory, produce dairy products and export them to Saudi Arabia,” A. Navickas told BNS.

“Semi-finished products would be manufactured here, then sent to Saudi Arabia, where they would be processed (...) into whatever they want, right up to the final product. That would be the process,” he added.

Meanwhile, J. Jaskonis stated that, to his knowledge, “BinDawood Holding” would purchase raw milk and export its by-products to Saudi Arabia.

“They would invest in the dairy industry to purchase raw milk and export dairy by-products to the Saudi Arabian region,” J. Jaskonis told BNS.

According to A. Navickas, “BinDawood” could invest at least €200 million in Lithuania: “Initially, he is planning around 200 million (euros – BNS), and goes on to say – as much as is needed.”

According to the company’s intermediary, the head of “BinDawood Holding” is hoping for state guarantees for his investments, but does not expect subsidies: “They want a guarantee. (...) If there are huge investments, so that it becomes some sort of state project, a state guarantee for this money going into that project. (...) So that he can invest without subsequently becoming persona non grata (an undesirable person – BNS).“

As J. Jaskonis told BNS, he will be visiting Lithuania alongside A. BinDawood, the founder and director of “Endoca Group”, a Netherlands-based manufacturer of CBD (cannabidiol) extracts from hemp , “Endoca Group”, based in the Netherlands, will be visiting Lithuania.

A. Navickas explained that he knows H. Vincenty, and that the latter knows A. BinDawood: “Henry Vincenty is a Lithuanian who lives in Denmark, but we are friends with him. And Vincent is friends with Ahmed BinDawood.“

“BinDawood Holding” generated 6.3 billion Saudi riyals (1.46 billion euros at today’s exchange rate) in revenue last year – 11.8 per cent more than the year before last, and made a net profit of 270 million riyals (62.4 million euros), according to the company’s financial report.

The report states that, at the end of 2025, the company had 103 shops and employed more than 13,000 staff across the group. Its main activities are the retail sale of everyday consumer goods, fresh food and non-food items.

“BinDawood Holding” owns the brands “BinDawood”, “Danube”, “BinDawood Dash”, “Danube Dash”, “IACo” and “Ykone”, according to the company’s website.

It has been listed on the Tadawul stock exchange in Saudi Arabia since 2020.

A. Navickas headed the company “Geležinkelių apsaugos želdiniai”, was president of the “Integro” association , a consultant to various companies, and a member of the Seimas from 1992 to 1996, elected on the ticket of the Lithuanian Democratic Labour Party (later the the Social Democratic Party). In 2020, he stood as a candidate for the Seimas with the Lithuanian Social Democratic Party, according to his questionnaire submitted to the Central Electoral Commission.