UAE group Fares buys 50% shares of Sharjah's Tawseel

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UAE-based Fares Foundation for General Trading, a specialist in logistics and distribution through land, air and sea, said it has acquired 50 per cent shares of Sharjah-based food delivery service group Tawseel Delivery Services.

As per the agreement, Fares will be increasing the number of its fleet of delivery vehicles, enabling Tawseel to provide faster services to customers and expand to new markets in the UAE and the region, it stated.

On the deal, Tawseel Founder and CEO Mohamed Al Musharakh, said: "I would like to thank the Sharjah Entrepreneurship Centre (Sheraa), which played a vital role in the establishment and success of Tawseel as well as many other start-ups and SMEs in Sharjah."

"Sheraa’s role is fundamental to fostering entrepreneurship among young investors in Sharjah, and to providing them with the knowledge and expertise to run their businesses successfully," he stated.

"Acquisitions are among of the most significant processes that enhance business development, with companies merging their experiences and expertise to deliver quality services and products to their clients. An acquisition is also a means to enhance the competitiveness and sustainability of companies under open market policies," he added.

Al Musharakh said this acquisition was an acknowledgement of Tawseel’s commitment to excelling in delivery and logistics by attracting the expertise of the best in the field.

"We are confident that the move will develop our role and share in markets across the UAE and the region. It is a qualitative move, which we hope to leverage to expand our access to global markets," he noted.

Statistics from the Ministry of Economy, MoE indicate that by 2021, start-ups and SMEs will make up 70 per cent of the UAE’s Gross Domestic Product (GDP).

Sarmad Zadjali, the co-founder of Tawseel, said: "The investors’ great interest in the customer service sector indicates their confidence in Sharjah’s business environment in all sectors that maintain a high growth rate."

"Tawseel has become an inspiring model for those who wish to establish their businesses, enhancing the spirit of entrepreneurship, innovation and creativity among investors," noted Zajdali.

Fares Foundation Vice-Chairman Ahmed Saif bin Saed Al Suwaidi, said: "Acquiring 50 per cent of Tawseel’s shares strengthens our service outreach to clients across B2B and B2C sectors in the UAE."

"Our firm belief in the markets’ stability and competitiveness in Sharjah and the UAE coupled with our expansion efforts has led to this new endeavour with Tawseel, which has an excellent track record of success that has been achieved in just over a year," he added.-TradeArabia News Service

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