UAE billionaire Mohammed Alabbar takes over the regional e-commerce platform “Gadobado”

May

11

2017

The deal comes shortly after Amazon acquired Amazon.com last month on Souq.com.
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A technical investment fund led by the UAE billionaire and Emaar Properties president Mohammed Alabbar has captured the world’s most popular online store, JadoPado , a Reuters spokesman said Thursday.

The deal comes shortly after the acquisition of US e-commerce giant Amazon last month on the regional e-commerce site “Market.com,” which described the consultant Goldman Sachs as “the largest merger and purchase in the Arab world.”

“A technical investment fund launched by Mohammed Alabbar has acquired Gadobado in the first acquisitions and partnerships as part of his digital / technical investments in the region,” Alabbar’s spokesman said without revealing the financial details of the deal.

Alabbar is the founder and chairman of Emaar Properties, the developer of Burj Khalifa’s tallest tower in the world. Last August, a group of investors led by Alabbar launched the region’s largest technology investment fund, investing $ 1 billion in investments and leading technology entrepreneurship.

The e-commerce portal Gadobado, founded in 2011 and developed into a wider online marketplace that allows sellers to create their own virtual shops and sell them directly to buyers, closed earlier this month with a statement that “it was acquired by A large regional company, “without specifying the name of the buyer.

The new deal comes about a month after Amazon agreed to buy Souq.com at an undisclosed price after Alabbar made a competitive bid of $ 800 million to buy the largest e-commerce company in the Middle East on behalf of Emaar Malls, A subsidiary of Emaar Properties and the operator of the Dubai Mall.

The e-commerce market in the Gulf region is believed to be promising. Kearney said the market will grow to about $ 20 billion by 2020, according to a report released last year.

This explains the growing focus of Alabbar on technical investments and e-commerce over the past year and the acquisition of a stake in regional logistics company Aramex.

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