Al Jazeera: Middle East’s First Woman-led Transaction Between Saudi Conglomerate And Dubai-Based Retailer
Posted on July 5th 2021, 6:31:09 am
Category: Email Marketing
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The Middle East’s largest online children-goods retailer Mumzworld just announced that it signed a sales and purchases agreement with Tamer Group, making it the first woman-led e-commerce transaction. Tamer Group is a large regional healthcare distributor which also provides logistics services, raking in an annual revenue of $2.5bn. The financial details of the deal between the two companies were not disclosed.
With fierce competition in the e-commerce market in Dubai, this deal will help Mumzworld to earn more resources and networks for future growth in terms of geography and product offerings. This move will also put the firm into direct competition with Amazon and Amazon’s Middle East online marketplace rival Noon.com.
“We are a business that is home-grown. So this acquisition by a strategic giant is the right DNA and the right strategic fit for us,” said co-founder and CEO Mona Ataya.
The Middle East market of mother, baby and children-goods is believed to be worth over $10 billion. The increasing online penetration will further fuel the growth of e-commerce retailers like Mumzworld, especially in the midst of the current global pandemic.
In that context, Mumzworld has raised $50 million of funding up till now, with its major markets being the UAE and Saudi Arabia.
After the agreement, Mumzworld’s founders Ataya and Leena Khalil will still be shareholders and sit on the board.