Dubai, UAE, November 18, 2015–IFC,
a member of the World Bank Group, and the IFC Asset Management Company
are investing $27 million in Souq, the largest e-commerce platform in the
Middle East and North Africa. The investment will support the company’s
growth, boost e-commerce in the region, and help create jobs and drive
The investment will help Souq diversify
its offerings and enhance its logistics and payment infrastructure, helping
the company reach more customers and support local suppliers. The expansion
is expected to generate over 1,700 direct high-skilled jobs in logistics,
IT services, and marketing over the next five years.
Ronaldo Mouchawar, CEO of Souq said:
“This investment will help take Souq to the next level. Our aim is to
continue to drive innovation across the region, expand into new markets
and improve our supply chain so we can offer better and more affordable
quality products to our customers.”
MENA is one of the fastest growing e-commerce
markets in the world, with a young population and increasing internet and
smart phone penetration. The consumer internet market, which has a population
of 404 million, currently has a GDP of $3 trillion and 110 million internet
users, comparing well with other large markets.
“Souq is a prime example of the massive
potential the region holds for tech companies and e-commerce. We hope that
with this investment, we continue to demonstrate the viability of this
growing area in the region,” Mouayed Makhlouf, IFC Director for the Middle
East and North Africa.
The investment is part of IFC’s broader
strategy to promote entrepreneurship and innovation in MENA, with an emphasis
on the burgeoning ICT sector, and create more jobs, especially for women
and young people. In February, IFC invested $10 million in a venture fund
created by Wamda Capital to provide funding to tech entrepreneurs in MENA.
IFC, a member of the World Bank Group,
is the largest global development institution focused on the private sector
in emerging markets. Working with more than 2,000 businesses worldwide,
we use our capital, expertise, and influence to create opportunity where
it’s needed most. In FY15, our long-term investments in developing countries
rose to nearly $18 billion, helping the private sector play an essential
role in the global effort to end extreme poverty and boost shared prosperity.
For more information, visit www.ifc.org
About IFC Asset Management Company
IFC Asset Management Company LLC (AMC),
a wholly-owned subsidiary of IFC, invests third-party capital, enabling
investors to benefit from IFC’s expertise in achieving strong equity returns,
as well as positive development impact in the countries in which it invests.
AMC has raised $8.7 billion of capital across 11 investment funds.
For more information, visit www.ifcamc.org