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Dubai, UAE: Yusuf Bin Ahmed Kanoo Group (“YBA Kanoo”), one of the largest family-owned multinational businesses in the Middle East has announced today that its courier service, KRT have been acquired by Fetchr (“the Company”) in a move to enter a new partnership that will elevate the service levels for its customers with cutting edge technological solutions.
Fetchr, the UAE-headquartered technology start-up, has revolutionized the delivery and logistics industry in the region by tackling the common difficulties of having “no actual address” in emerging markets. Fetchr’s proprietary technology offers an intuitive solution to parcel pickup and drop-off in a region where address systems can be difficult to navigate. It uses a patented technology to schedule pickup and delivery using mobile phone GPS coordinates. The app enables peer-to-peer transactions while also facilitating business needs.
YBA Kanoo Group CEO, Dr Patrick Chenel remarked, “It is time to service KRT’s clients’ needs with a highly-digitalized offering. Fetchr is a very successful technology driven e-commerce facilitator that will provide our partnership with an enhanced service and exceptional experience.”
Commenting on the transaction, Mr Fahad Fawzi Kanoo, said that “YBA Kanoo is a significant investor in the region and we are highly selective in deploying capital through our investments arm, Kanoo Capital. In partnering with an innovative solutions provider such as Fetchr, we are confident that the Company will bring value to the marketplace and a satisfying experience for individuals and businesses”.
On this association, the co-founder of Fetchr, Mr Idriss Al Rifai stated, "I am delighted to have the chance to further solidify the relationship with YBA Kanoo. We are very happy to be associated with such a Group that has deep roots and reach across the region. We have a solid vision that will bring us to work together to solve customers’ needs that have not been supported by traditional logistics companies."
In the accompanying picture, (left) Mr. Fahad Fawzi Kanoo representative Yusuf Bin Ahmed Kanoo Group, and Mr. Idris al-Rifai, co-founder of Fetchr (right)
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About YBA Kanoo:
YBA Kanoo is one of the largest family-owned multinational businesses in the Middle East with an extensive portfolio of complementary business units and strategic partnerships across a range of industry sectors. Established in 1890 as a family trading and shipping business in the Kingdom of Bahrain, the Company has evolved into a diversified conglomerate with a physical presence across the Middle East, North Africa, Europe and Asia.
YBA Kanoo is a key contributor to the region’s economic growth and development supported by over 120 years of experience, ethical conduct, best-in-class partnerships, advanced business systems and cutting-edge technologies. It has established itself as a first choice partner for regional businesses and continues to pursue commercial growth and expansion through the constant delivery of business excellence. YBA Kanoo’s business activities include shipping, travel, machinery, chemicals, logistics, property, energy, technology, retail and capital markets.
For more information, please visit: www.kanoo.com
About Fetchr:
Fetchr was co-founded by Idriss Al Rifai and Joy Ajlouny. Idriss, was previously Director of Operations at MarkaVIP in the UAE. He has deep knowledge of the problems with the delivery infrastructure that faced him at MarkaVIP and designed Fetchr to solve these problems. Joy founded Bonfaire, an e-commerce venture backed Silicon Valley Company that was facing the same delivery problems with the same problems that Idriss was facing. The company is headquartered in Dubai and operational across the UAE, KSA, Bahrain and Egypt.
For more information, please visit: www.fetchr.us
For Media Enquiries Contact:
Hussain Rasool
YBA Kanoo - Group Corporate Communications Manager
Tel: +973 17220835
Email: hussain.rasool@kanoo.com
© Press Release 2017
