SHARJAH, The UAE-based, Fares Foundation for General Trading, which specialises in logistics and distribution through land, air and sea, has acquired 50 percent shares of Tawseel Delivery Services, a Sharjah-based food delivery service.
As per the acquisition agreement signed by the two parties, Fares will increase the number of its fleet of delivery vehicles, enabling Tawseel to provide faster services to customers and expand to new markets in the UAE and the region.
Mohamed Al Musharakh, Founder and CEO of Tawseel, commented, "I would like to thank the Sharjah Entrepreneurship Centre (Sheraa), which played a vital role in the establishment and success of Tawseel as well as many other start-ups and SMEs in Sharjah. Sheraa's role is fundamental to fostering entrepreneurship among young investors in Sharjah, and to providing them with the knowledge and expertise to run their businesses successfully.
"Acquisitions are among of the most significant processes that enhance business development, with companies merging their experiences and expertise to deliver quality services and products to their clients. An acquisition is also a means to enhance the competitiveness and sustainability of companies under open market policies.
"This acquisition is an acknowledgement of our Tawseel's commitment to excelling in delivery and logistics by attracting the expertise of the best in the field. We are confident that the move will develop our role and share in markets across the UAE and the region. It is a qualitative move, which we hope to leverage to expand our access to global markets."
Statistics from the Ministry of Economy, MoE indicate that by 2021, start-ups and SMEs will make up 70 percent of the UAE's Gross Domestic Product, GDP.
Sarmad Zadjali, Co-founder of Tawseel, said, "The investors' great interest in the customer service sector indicates their confidence in Sharjah's business environment in all sectors that maintain a high growth rate. Tawseel has become an inspiring model for those who wish to establish their businesses, enhancing the spirit of entrepreneurship, innovation and creativity among investors."
Ahmed Saif bin Saed Al Suwaidi, Vice-Chairman of Fares Foundation, said, "Acquiring 50 percent of Tawseel's shares strengthens our service outreach to clients across B2B and B2C sectors in the UAE. Our firm belief in the markets' stability and competitiveness in Sharjah and the UAE coupled with our expansion efforts has led to this new endeavour with Tawseel, which has an excellent track record of success that has been achieved in just over a year."
Source: Emirates News Agency