Tag Archives: souq

Emaar acquires Namshi

Emaar Malls acquired 51% of Namshi for 151m USD

Global Fashion Group, owned by Rocket Internet, has announced a strategic partnership with Emaar Malls, which have some of the biggest shopping malls like Dubai Mall in the region and owned by property developer Emaar Properties.

Emaar Malls will acquire a 51% stake in Namshi, the leading online fashion retailer in the Middle East, for 151 million USD including investment in the company for its future growth, with GFG retaining the remaining as 49% co-owner. This partnership will accelerate Namshi’s development in the region while on the other hand give big possibilities to Emaar Malls to grow in ecommerce sector. It has been expected that partnership like this happen, taking into consideration that Emaar was interested to buy Souq.com, the biggest e-commerce site in the region, which was acquired by Amazon for 650m USD earlier this year.

Namshi acquired by Emaar

“The acquisition of a majority stake in Namshi underlines our digital-driven strategy to leverage the growing e-commerce market in the Middle East and North Africa region,” said Mohamed Alabbar, chairman of Emaar Malls. “Namshi offers a perfect fit for Emaar Malls in accelerating its focus on multi-channel retailing, and creating long-term value for its stakeholders.”

“We are very excited to welcome Emaar Malls as our majority shareholder,” said Hosam Arab, MD of Namshi. “We are confident that this partnership will unlock further opportunities and help accelerate the development of Namshi for the benefit of our customers. We would like to congratulate and thank our team for their tireless efforts in making Namshi the Middle East’s premier fashion ecommerce destination and we look forward to continuing this journey together with Emaar Malls and GFG.”

SEEMEA’s five unicorns for a billion of dollars

Until recently, the word “unicorn” has been referred only to a rare mythical animal. Now this word also determines startups, which are valued at over one billion dollars. On the market there are quite a few of them and they develop their ideas in various areas of life – from music streaming to virtual reality solutions for medical applications. 60% of start-ups known as unicorns come from the US. This is because the US market is very large, extremely open to projects even at an early stage of development, it is relatively easy to get financing there, and besides, it is responsible for 50-70% of global consumption. However, you can also find some interesting startup unicorns in Eastern Europe, the Middle East and Africa. Here are some of them:

Flipkart – the first wort a billion e-commerce website in India. It is often referred to as the Indian Amazon. It was founded by Sachin Bansal and Binny Bansal. The company has been operating since 2007 and in the beginning it dealt only with book sales. Currently on Flipkart you can buy almost anything. The website is worth $ 15 billion, it has has 46 million registered users, it offers over 30 million products and records 10 million daily visits.

Yandex – search engine designed for the Russian-speaking Internet users. The importance and strength of this service is best evidenced by the fact, that in Russia and Ukraine market share of the search engine market world leader – Google – barely exceeds 20%. In the Russian-speaking network, so-called Rusnet, there supremely rules Yandex. The company is valued at $ 4.9 billion. It is worth remembering that Yandex is a part of the Russian empire Internet company Mail.ru Group (formerly Digital Sky Technologies).

12% of unicorns come from Europe. It must be remembered that many companies at some point move to the United States. The rest of the world is lagging behind. But a unicorn can be born anywhere in the world, as evidenced by the first which was established in Nigeria. Nigerian unicorn is a startup called Interswitch, which offers digital financial services, and supports the African market. It uses a switching infrastructure to connect different banks in Nigeria and provides technology for ATM cards. The company has over 11000 ATMs on its network. In 2014 Interswitch acquired a majority shareholding in Paynet Group, an East-African payments provider. In 2015 Interswitch launched a $10m investment fund for African start-ups in the payments sector.

Jumia – it is an online market place from Nigeria where people can buy a wide selection of products and get them delivered at their homes or workplaces. The startup is funded by telecommunications company, MTN and Millicom which develops and operates cellular networks in Africa. It operates in 15 African countries. Last year, its parent company Africa Internet Group was purchased in 8% stake by AXA at a valuation of more than $1 billion, making AIG a unicorn.

Souq.com is the biggest online shopping destination in the Middle East. It gets 1.5 million visits a day and has about 70,000 merchants on its platform. Some of the biggest verticals include:  electronics, health and beauty and home and baby, and brands from Dell to Pampers and Aldo, and from Boss to Nespresso are on the site. Souq is called the Middle East’s first unicorn, after a $275 million funding round from Tiger Global Management, Standard Chartered Private Equity and the International Finance Corp.

Vaccancies

New job openings in SEEMEA region

If you are looking to find a job or to switch from your existing one to a new one, we have hand-picked some interesting openings in SEEMEA region. If you are a startup/company from SEEMEA and you have some open positions, feel free to let us know!

PrestaShop – French e-commerce platform for companies that want to offer e-shop on their sites has several open positions.

Help Desk / Technical Support, PHP Developer, Marketing Specialist – English Speaker, Business Development Specialist, Marketing Intern, Account Manager etc…

http://www.prestashop.com/en/careers
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Peak Games – Turkish game studio has open several positions

Jr. Software Engineer (Unity), Office Assistant, Software Engineer Intern, Software Engineer (Android), Software Engineer (iOS), Software Engineer (Unity), UI Designer

Info: http://www.peakgames.net/jobs.html
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Nordeus – developer of the leading online sports game TopEleven and recently launched Sportster has also several open positions in engineering, business, community, marketing, creative – www.nordeus.com
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Souq.com – Souq.com is the largest and fastest growing ecommerce site in the Middle East and North Africa.

Content Officer, Data Analyst, PHP Developer, Senior Product Manager, Software Architect/Engineer

Info: http://jobs.souq.com/
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