Egyptian q-commerce leader Rabbit expands into Saudi Arabia, targets 20mn deliveries by 2026
Rabbit, an Egypt-based hyperlocal e-commerce company, announced its market entry to Saudi Arabia.
The company said it aims to achieve a target of delivering 20 million items in major Saudi cities by 2026.
The company, which has established its regional headquarters in Riyadh, said its operations are up and running through a network of 'dark stores' – fulfillment centers – across key neighborhoods in the city.
Ahmad Yousry, Co-Founder and CEO of Rabbit, said the company is delighted to bring its bleeding-edge tech and experience to transform the grocery shopping experience for Saudi households.
'We're building Rabbit Saudi, for Saudis, by Saudi hands,' he said.
Rabbit said it stocks up top household staples, and doubles down on local customer favourites.
'Typically, over 60 per cent of suppliers are local, and the company's strategy will see KSA heroes empowered in the countrywide roll-out,' it said.
Rabbit said it is also delighted to have recently added blue-chip investors such as Lorax Capital Partners, Global Ventures, Raed Ventures and Beltone Venture Capital to their existing investors, namely Global Founders Capital, Goodwater Capital, Hub71, Simple Capital and Foundation Ventures.
The company said it has built a loyal customer base by combining AI-powered recommendations with the convenience of rapid delivery.
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The National
25 minutes ago
- The National
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As power cuts in Egypt look more likely amid the recent escalation between Iran, Israel and the US, there are growing fears in Cairo that a prolonged war might cause much deeper damage to its already vulnerable economy, particularly because of its heavy reliance on imports and investment. 'Interbank data shows that large amounts of hot cash were withdrawn from Egyptian markets in the days following Israel's attack on Iran,' Mr Ragab told The National. 'Though these numbers have started to rebound slightly, a prolonged war could very well result in the exit of larger amounts of cash invested in Egypt's short debt markets which would cause a similarly disastrous inflationary wave as the one that took place in the wake of Russia's invasion of Ukraine.' As the region braces for the next phase of the Israel-Iran war, Egypt faces mounting challenges in safeguarding its energy security and economic stability. 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OKX Targets US IPO After $505 Million DOJ Accord
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