Majid Al Futtaim acquires wadi.com
MAF’s CEO Alain Bejjani has confirmed the acquisition of the Saudi online grocery delivery platform, wadi.com. Without divulging details, Bejjani said the acquisition was completed earlier this year.
Rocket Internet was one of wadi.com’s shareholders, and is still helping the platform through the transition. Al Tayyar Travel Group (now Seera) and MAF were among the platform’s shareholders before MAF acquired it completely.
MAF is the leading conglomerate in the region that owns and operates shopping malls, hotels, and many other businesses across the Middle East, Africa, and Asia. It also owns and manages French hypermarket Carrefour in the region.
The food and grocery delivery scene is heating up in the region. Conglomerates and corporate giants have noticed the potential for startups; and have been investing and acquiring them to strengthen and safeguard their long-term growth. Another example of this trend in the region is the acquisition of Namshi by Emaar.
Read more about wadi.com’s acquisition by Majid Al Futtaim here.