Thursday 26 April 2018

Fund led by Emaar chief Alabbar acquires JadoPado

DUBAI, May 11, 2017

A technology fund led by Dubai billionaire and Emaar Properties chairman Mohamed Alabbar has acquired UAE e-commerce and online marketplace website JadoPado, said a report.

JadoPado's website was shut down earlier this month, with a message saying that it "has been acquired by a large regional business", without identifying the name of the buyer, reported Reuters.

The e-commerce portal, which was launched in 2011, developed into a wider online marketplace that allows sellers to create their own virtual shops and sell directly to buyers.

"JadoPado has been acquired by the tech-fund launched by Mohamed Alabbar, in the first of several acquisitions and partnerships as part of his digital/tech investments in the region," stated the report citing a company spokesperson.

This transaction comes soon after Amazon's acquisition last month of regional e-commerce website, described by advisor Goldman Sachs as "the biggest-ever technology M&A transaction in the Arab world", the report added.

Tags: Emaar | fund | Alabbar | JadoPado |

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