February 11, 2020 raises US$35 million to expand across GCC

UAE’s has secured new funding of US$35 million to expand across GCC. Led by Saudi Arabia’s Sanabil Investments, a subsidiary of the Public Investment Fund (PIF); Gulf Investment Corporation (GIC), a sovereign financial institution owned equally by the six GCC states; and a large private Saudi Arabian family group, the new investors joined forces with earlier regional investors iMENA Group and CEO and Founder of Saygin Yalcin to bring the total funding amount raised for since inception to approximately US$50 million.


The new capital will be used to accelerate growth throughout the GCC and is now expanding into Saudi Arabia with plans to employ more than 300 Saudi nationals and open 100 branches throughout the Kingdom.

Watch iMENA Group's Managing Director Khaldoon Tabaza commenting on the deal in an interview with Lara Habib - Alarabiya was launched in the UAE in 2013 and quickly disrupted the traditional methods of selling privately owned vehicles in the country. With world-class technology powering the platform and software which enables fast decisions for consumers online, the marketplace can sell most cars within 15 minutes, with guaranteed accuracy and 100% of vehicles being sold to dealers without the buyer physically seeing the car. As the Middle East’s first car buying service, the marketplace offers free and instant online car valuation,free car inspection, a guarantee to purchase any car within 30 minutes,immediate payment to the seller and all paperwork management. Within one 30-minute appointment, individuals selling their car have access to more than 10,000 dealers who compete to be the highest bidder, ensuring a fair price is secured.


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