Tuesday, February 14, 2012

Souq.com, A Jabbar Internet Group Company acquires majority stakes in Run2Sport.com

Souq.com, A Jabbar Internet Group Company acquires majority stakes in Run2Sport.comeCommerce pioneer's investment in online sports start-up gives boost to internet business in the region
February 8, 2012, Dubai (UAE): Souq.com has recently invested $2.5 million in start-up Run2Sport (www.run2sport.com). The investment is a further endorsement of Souq.com's position as the region's leading eCommerce destination and of its pioneering role in the development of the online retail sector in the region.

Run2Sport is the first online platform for sports apparel in the Middle East. This new and unique website aims to cater to the demands of all sports lovers across the region by providing them with a wide variety of premium sports brands at competitive prices.
Speaking about the landmark investment, Ronaldo Mouchawar, CEO of Souq.com stated, "We are very excited to invest in Run2Sport; it's led by a young team that is offering a great service and product selection. Run2sport can benefit from the customer base, technology and logistics infrastructure that Souq.com has in the region. Allowing it to expand and quickly become a regional player. Online shopping in the region is growing fast, and sports and sports apparel products is a category that has great potential."
Run2Sport founder, Ali Al Asmar stated, "We could not have asked for a better partner to grow with. Souq.com is the pioneer of eCommerce in the region and we are delighted to go into partnership with them. Not only because of the opportunities it brings a young internet company like ours, but it will also help us raise the bar when it comes to the online shopping experience in the Middle East."

 Run2Sport was incubated by Oasis500 in Amman, Jordan. Oasis500 is one the region's premier education and counselor driven seed investment programme. With Souq.com's backing Run2Sport will have the marketing, technological and logistics support required to take it regional and obtain a critical mass in revenues within a shorter span of time than it would have taken if it were to grow organically.
Run2Sport was established by a group of sports and IT specialists to be the first online sports shop in the Middle East region. It provides a variety of high quality sports products and services at very competitive prices. The site not only offers an exceptional shopping experience through its state of the art and user-friendly interface, but also provides a simple one step checkout which caters to both novice and savvy Internet users.
Similar to Souq.com, Run2Sport supports several payment methods including Cash on Delivery as well as 24/7 customer service support and a professional delivery logistics system. With this investment Souq.com intends to make Run2Sport the go-to shopping destination for sports enthusiasts in the region.
Souq.com is part of the Jabbar Internet Group and is a pioneer in the consumer e-commerce sector in the Arab World. Established in late 2009, just after the acquisition of Maktoob.com by Yahoo, Jabbar already boasts an impressive portfolio of online brands, all leaders in their respective niches, and all-together generating the largest online consumer e-commerce volumes in the region. Jabbar currently employs over 300 people in various offices in UAE, Jordan, Saudi, Egypt and Kuwait.

About Souq.com
Souq.com is the largest online shopping mall in the Arab world, providing buyers and sellers with a convenient, competitive and safe shopping experience, across the widest selection of brands and products in the region.
From humble beginnings in 2005, Souq.com now attracts over 2 million unique visitors per month - a figure which is growing in double digits monthly - from countries across the Middle East and North Africa. Headquartered in Dubai, Souq.com has offices in Kuwait, Jordan, Kingdom of Saudi Arabia and Egypt.
Customers benefit from easy access to great deals every day on Souq.com, which offers a range of payment options to suit customers' preferences, with door to door delivery on purchased items. Souq.com is responsible for and manages the entire purchase process, tracking the shipped merchandise and verifying its delivery and only when the customer approves the item is the seller paid, making Souq.com the Arab world's most trusted online shopping destination.
For businesses, Souq.com is the regions e-commerce partner of choice, with branded online retail stores and easy payment methods for buyers.Souq.com supports businesses' needs, including marketing; cash flow and product distribution; consultancy and advice on e-commerce; and mentorship for entrepreneurs.

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