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Startups 17 May 2023 335 Views

Service Souk DMCC “ServiceMarket” purchased 100% of the shareholding by the Emirates, Telecommunication Group Company (e&) the stakeholder on 14th February 2023. 

This investment is in sequence with the Group’s technique to authorize customers, maintain Smiles’s online marketplace existence, and cause a change in the company. The value of purchasing of Servicemarket will not exceed AED 81 million, including expenses connected to the company performance portion due over a period of time.

Khaled ElKhouly, Chief Consumer Officer of Etisalat by e& said: “The online household services market has demonstrated strong growth over the past few years with an increasing number of consumers preferring to access a broad range of services at the comfort of their homes, and through digital platforms, they can trust. As a pioneer in the digital transformation journey for all UAE citizens, we have been expanding our portfolio of lifestyle services on the Smiles platform, including the recent addition of food and grocery delivery services. This acquisition is in line with our strategy to continue enriching the lives of our customers with a convenient range of services, within the Smiles ecosystem and drive diversification of our business.”

A top online marketplace Servicemarket providing household services. Presently Servicemarket is operating in UAE and providing 40 services.  Servicemarket wants a powerful position that will complete Etisalat by e&’s existing marketplace services under the brand ‘Smiles’, including online grocery delivery and food.  

Bana Shomali, Chief Executive Officer of ServiceMarket said: “We are excited to join the Etisalat by e& family which will enable ServiceMarket to leverage e&’s digital capabilities and customer base to accelerate our growth and unlock significant synergies. As part of the Smiles ecosystem, we will continue to provide best-in-class services to consumers in the UAE and enrich our portfolio with new services to offer greater convenience every day.”