Bosta unveils big Mideast plans with new Riyadh office
RIYADH, March 12, 2022
Leading logistics company Bosta has announced the opening of its first office in Riyadh, signaling the official launch of its business in Saudi Arabia. This comes as part of Bosta’s plan to spread its wings across the Middle East after its recent launch in Egypt.
It is in line with the Saudi Vision 2030 initiatives to support the local economy through various strategic programmes aimed at business owners and entrepreneurs, said the company in a statement.
The new expansion comes in parallel with Bosta’s great success in raising a new investment round (Pre-Series B) through regional and international investors led by Khwarizmi Ventures, along with other current investors in addition to Hassan Allam Holding, it added.
CEO Mohamed Ezzat said the opening of the new office in Saudi Arabia is part of Bosta’s regional expansion strategy and is planning another launch in the region by year-end.
"Our office in Riyadh is Bosta’s first venture in the Arab region, continuing our success that started in Egypt in 2017 that managed to deliver 10 million shipments since our introduction in the market," he added.
Chief Growth Officer Omar Yaghmour said: "Saudi Arabia marks the first step of Bosta's expansion to become a global player, our goal is to scale Bosta to become one of the top players in the region."
As part of its regional growth plans, Bosta has appointed Engineer Imad Fares as the new managing director of its Riyadh branch.
An industry veteran with over 20 years of experience in the Gulf region, Fares had earlier served as the General Manager of FETCHR in Saudi Arabia for four years.
He joined Bosta as the Managing Director for KSA Office where he will lead the company’s growth operations and set a business and expansion strategy.
Abdulaziz Al Turki, Managing Partner at Khwarizmi Ventures, said: "Given our closeness to players in the e-commerce space, we see the challenges and potential in the delivery and logistics sector that Bosta’s tech-first mindset can tackle."
"Being a focal area with a large economy and high e-commerce activity, the Saudi Freight & Logistics market’s attractiveness is gaining the attention of startups and investors. After its immense success since inception in Egypt, we are excited to witness and support Bosta’s accelerated growth as it kicks off its operations in the kingdom, he added.-TradeArabia News Service
