Bosta, Egypt-based leading logistics company, has opened its first office in Riyadh, marking the official launch of its business in Saudi Arabia. This new office comes as part of the firm’s plan to expand its network across the Middle East.
Launched in 2017, Bosta is an overnight delivery provider for eCommerce companies in Egypt. The company aims to disrupt the logistics industry by bringing technology and experience altogether to provide a one-stop shop for delivery solutions.
The new expansion comes in parallel with Bosta’s great success in raising a new investment round (Pre-Series B) through regional and global investors led by Khwarizmi Ventures, along with other current investors in addition to Hassan Allam Holding, the company stated.
The opening of the new office is also in line with the Saudi Vision 2030 initiatives to support the local economy through various strategic programs aimed at business owners and entrepreneurs.
Commenting on the expansion, Mr. Mohamed Ezzat, CEO of Bosta said that the opening of the new office in Saudi Arabia is part of the company’s regional expansion strategy and is planning another launch in the region by the year-end.
“Our office in Riyadh is Bosta’s first venture in the Arab region, continuing our success that started in Egypt in 2017 that managed to deliver 10 million shipments since our introduction in the market,” Mr. Ezzat added.
Mr. Omar Yaghmour, Chief Growth Officer of Bosta said, “Saudi Arabia marks the first step of Bosta’s expansion to become a global player, our goal is to scale Bosta to become one of the top players in the region.”
As part of its regional growth plans, Bosta has appointed Mr. Imad Fares as the new managing director of its Riyadh branch. An industry veteran with over 20 years of experience in the Gulf region, Mr. Fares had earlier served as the General Manager of FETCHR in Saudi Arabia for four years. He will lead Bosta’s growth operations and set a business and expansion strategy.
Mr. Abdulaziz Al Turki, the Managing Partner at Khwarizmi Ventures, said, “Being a focal area with a large economy and high eCommerce activity, the Saudi Freight and Logistics market’s attractiveness is gaining the attention of startups and investors. After its immense success since its inception in Egypt, we are excited to witness and support Bosta’s accelerated growth as it kicks off its operations in the Kingdom.”