Rasmala Delivers Robotics-Enabled Logistics Facility in the Netherlands
The successful completion reinforces Rasmala's unique capability among regional asset managers in originating and developing greenfield real estate investments in some of the most desirable European investment destinations.
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Wamda
8 hours ago
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Boxy emerges from stealth after a $1.5 million boost from EQIQ
Iraq-based logistics aggregator Boxy has closed a $1.5 million pre-seed investment provided by EQIQ, as part of EQIQ's venture-building strategy to address key market gaps and scale Iraq's digital infrastructure. Boxy was co-founded in 2024 by Ahmed Baqer and Mehrshad Pezeshk and aims to streamline Iraq's fragmented last-mile delivery sector by integrating couriers into a single, intelligent shipping platform, offering merchants real-time, optimal shipping options. The partnership allows Boxy to leverage EQIQ's extensive network and resources for its growth. Press release: EQIQ, a venture capital fund and venture builder led by founding partners with a track record of investing over $500 million in technology ventures and generating returns exceeding 3.3x, unveils its $1.5 million pre-seed investment in Boxy, Iraq's first AI-powered logistics aggregator. Co-founded in 2024 by CEO Ahmed Baqer and CTO Mehrshad Pezeshk, alongside EQIQ, Boxy aims to seamlessly integrate Iraq's 1,500+ last-mile couriers within a single, intelligent shipping platform. Boxy has demonstrated signs of early product-market fit, achieving high double-digit growth consecutively since its launch in October 2024. This investment reflects EQIQ's venture-building strategy of launching ventures with experienced entrepreneurs at the helm, filling critical market gaps. Logistics is the vital backbone driving the growth of e-commerce, particularly in a cash-dominant market such as Iraq. Boxy's launch marks a foundational step in EQIQ's vision to scale Iraq's digital infrastructure by building a cohesive digital ecosystem encompassing fintech, logistics, and e-commerce. 'Logistics is the backbone of the daily operations of the tech ecosystem,' said Mohamed Al-Hakim, Founding Partner at EQIQ. 'Boxy offers a tech-enabled, AI-powered logistics platform that helps merchants scale their businesses. By pairing our resources and networks with exceptional founders with 25+ years of sector expertise, we've built a venture designed to reshape how parcels move across Iraq and, soon, beyond.' Boxy's leadership team embodies EQIQ's hallmark emphasis on exceptional founders with proven experience. CEO Ahmed Baqer brings over a decade of experience scaling operationally intensive startups such as Careem Iraq and Northladder. CTO Mehrshad Pezeshk has over 15 years of experience building and exiting tech-driven logistics ventures in the Middle East and North America. 'Our partnership with EQIQ is a shared vision for re-engineering Iraq's logistics sector in a way that doesn't require more shipping companies,' said Ahmed Baqer, Boxy's co-founder and CEO. 'Iraq needs a one-stop-shop logistics platform. Boxy helps merchants find the best shipping option per order using real-time data, eliminating the risk of relying on a single carrier.' Boxy addresses the challenge of a fragmented last-mile delivery market by layering an AI-matching engine over an existing network of last-mile delivery players. Its proprietary platform routes each shipment to the optimal courier, using a data-driven approach linking merchant preferences with courier performance. Merchants gain a fully integrated solution solving multiple pain points, rather than juggling numerous dashboards, printing various labels, or navigating tedious courier negotiations. Boxy cuts merchant onboarding time from weeks to hours. Boxy has experienced significant growth, with a 100% increase in merchants last month alone. The company is on track to integrate with leading courier networks in Baghdad and major provincial cities, capitalising on the $1.5 million investment to further develop its in-house proprietary tech and scale operations across Iraq. 'There's a myth that Iraq's last-mile market is unsolvable,' explains CTO and co-founder Mehrshad Pezeshk. 'With smart technology and the right infrastructure, we're proving otherwise. We are working side-by-side with EQIQ to build a robust, seamless foundation for Iraq's logistics market.' Unlike traditional VC investments, EQIQ's greenfield approach positions the firm as Boxy's co-founder. From day one, EQIQ provided Boxy with strategic capital injection and operational and structural support while leveraging its ADGM headquarters.
Jordan Times
16 hours ago
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Italy fines fast-fashion giant Shein for 'green' claims
ROME — Italy's competition watchdog said on Monday it has fined the company responsible for Shein's websites in Europe 1 million euros ($1.15 million) for false and confusing claims about the e-commerce giant's efforts to be environmentally "green". The AGCM watchdog accuses the China-founded fast-fashion colossal of having "adopted a misleading communication strategy regarding the characteristics and environmental impact of its clothing products". The fine was imposed on Infinite Styles Services Co. Ltd, the company responsible for managing Shein's product trading websites in Europe, the authority said in a statement. The AGCM accused it of "misleading and/or deceptive environmental messages and claims... in the promotion and sale of Shein-branded clothing products". These were "in some instances, vague, generic, and/or overly emphatic, and in others, misleading or omissive". In particular, claims about the recyclability of products "were found to be either false or at least confusing", it said. Consumers could easily be led to believe Shein products were made exclusively from sustainable materials and fully recyclable, "a statement which, given the fibres used and current recycling systems, does not reflect reality". The AGCM also took issue with the retailer's claims it would reduce greenhouse gas emissions by 25 per cent by 2030 and reach zero emissions by 2050. These "vague" pledges by a company which has seen phenomenal growth in recent years were "contradicted by an actual increase in Shein's greenhouse gas emissions in 2023 and 2024", it said. In a statement to AFP, Shein said it had "cooperated fully" with the watchdog's investigation and "took immediate action" to address the concerns, saying all environmental claims on the website were now "clear, specific and compliant with regulations". Environmentalists have long warned of the damage wreaked by the fast-fashion sector's wasteful trend of mass producing low-cost clothes that are quickly thrown away. Fast fashion uses up massive amounts of water, produces hazardous chemicals and clogs up landfills in poor countries with textile waste, while also generating greenhouse gases in production, transport and disposal.
Jordan Times
16 hours ago
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ACT posts ‘strong' July performance with over 88,000 containers handled
AMMAN — The Aqaba Container Terminal (ACT), Jordan's key trade gateway to the world and the broader Levant region, said it has recorded positive operational performance in July, handling a total of 88,781 twenty-foot equivalent units (TEUs), including 44,601 import containers. In a statement, carried by the Jordan news agency, Petra, on Monday, the company reported handling 52 vessels and 52,428 truck movements during July, with transit cargo (transshipment) reaching 7,205 TEUs. ACT said the results underscore the port's strategic role as a regional logistics hub, facilitating the smooth flow of goods and efficiently linking global trade routes to regional markets. Compared to June 2005, the terminal saw a 10.74 per cent increase in total container volume in July, while year-on-year, volume rose by 22.88 per cent, reflecting seasonal trade activity and broader shifts in the global shipping landscape. The company reaffirmed its commitment to operational excellence, reliable customer service, and long-term investment in infrastructure, digital transformation, and sustainability. As part of its future vision, ACT said it continues to enhance its capacity to meet rising demand for regional trade and to maintain its role as an efficient, environmentally friendly logistics gateway.
