UAE telecom giant Etisalat Group has signed an agreement with elGrocer in which it acquired 100% of elGrocer DMCC.
The acquisition is a result of Etisalat’s digital ambitions and their goal of unlocking synergies that drive a diversified and integrated product portfolio, a statement said.
Khaled ElKhouly, chief consumer officer of Etisalat UAE, said: “Online shopping has redefined retail in the last decade with an increasing number of consumers moving to online transactions. We have been continuously working on new, innovative digital services and this acquisition is in line with our strategy to empower consumers, enhance engagement through our digital marketplace platform and drive diversification of our business.”
Nader Amiri founded elGrocer in 2015. The online marketplace brings together grocery retailers and specialty stores in the UAE on a single platform that has amassed more than 500 outlets and 120,000 listed products.
“We are excited to join forces with the Etisalat team, giving us the opportunity to tap into their digital capabilities, advanced network and services to accelerate our strategic expansion plans. Combining our strengths backed by Etisalat’s strong base will give us full strength to capture the market opportunities ahead,” said Raed Hafez, CEO of elGrocer.
E-commerce made up 8% of the retail market during in 2020, according to the Dubai Chamber of Commerce and Industry.
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