UAE-based e-commerce firm Quiqup launches Saudi operations
This move is backed by the strategic support of the Mohammed bin Rashid Innovation Fund (MBRIF), which has played a pivotal role in helping Quiqup expand its operations and double its business in the past two years.
The company's expansion comes after its notable impact on the UAE's e-commerce ecosystem and aligns with its strategy to offer integrated logistics solutions to businesses across the GCC.
Founded in the UAE in 2017, Quiqup provides comprehensive logistics services, focusing on small and medium-sized enterprises (SMEs). The company offers storage, sorting, packaging, and delivery services. With its expansion into Saudi Arabia, commercial clients in the Kingdom can now access Quiqup's reliable and efficient fulfillment services.
Strategic Support
Fatima Yousif Alnaqbi, Acting Assistant Undersecretary for the Support Services Sector at MoF, and the ministry's representative at MBRIF, said: "Supporting the success of high-potential innovators who contribute to economic growth is one of the core objectives of the Mohammed bin Rashid Innovation Fund. Quiqup's journey exemplifies how strategic support, combined with innovation and market expertise, can drive a company's growth and create a meaningful economic impact."
She added: "Over the past few years, we have worked closely with Quiqup through our Guarantee Scheme and have seen the company's outstanding potential in reshaping the e-commerce logistics sector in the UAE. Its expansion into Saudi Arabia is a testament to its ability to apply its expertise and innovative solutions in new markets. We look forward to supporting its continued growth across the region."
Driving Growth
Bassel El Koussa, CEO of Quiqup, said: "Our expansion into Saudi Arabia is a natural next step, driven by our customers' evolving needs. With the increasing demand for seamless cross-border logistics solutions, we are proud to extend our services to neighboring markets. We see the GCC as a connected e-commerce ecosystem where operational efficiencies in one market enhance the overall regional performance."
"By building a robust and integrated platform, we are not only expanding our reach but also contributing to a more efficient and interconnected logistics network. Our strong track record in the UAE serves as a solid foundation for our operations in Saudi Arabia, and we look forward to working with e-commerce businesses in the Kingdom to support their growth and contribute to the local economy," he added.
A key driver behind Quiqup's success has been the Mohammed Bin Rashid Innovation Fund (MBRIF), which supported the company through its Guarantee Scheme loan program. This strategic backing enabled Quiqup to scale operations, double its business in two years, and grow its customer base by 77% year-on-year between 2023 and 2024, multiplying it by 25X since 2021. The company remains on track to achieve profitability by Q4 2025, a statement said. – TradeArabia News Service
Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
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