Mohsin Haider Darwish (MHD) signed an agreement to become a significant shareholder in the unique and innovative global online marketplace, Nabay.com, in a ceremony held in MHD’s head office in Muscat.
The investment from MHD will help accelerate the Omani platform’s user-focused mission to become one of the largest cross-border e-commerce marketplaces in the region, underscoring MHD’s commitment towards expanding its market reach within the GCC region, and beyond.
The signing ceremony was led by Nabay.com founder and chairman, Nabeel Jawad Sultan, and Mohamed Abdallah al-Kharusi, chief investment officer of MHD-ITICS, in the presence of both companies’ executive and senior management.
Sultan said, “As we step into the next stage of our growth, though available globally, we are looking forward to focus our marketing efforts into the Middle East, starting with the UAE. From here we will look towards establishing a strong foothold in Saudi Arabia and eventually the rest of the Middle East.
“We are delighted to be backed by a group as renowned as MHD. Their investment will no doubt provide us with an enhanced strategic and competitive advantage in our endeavours. I am confident that with them beside us, it will only be a matter of time before we realise our full potential as the pre-eminent e-commerce platform in the region.”
Nabay.com, a pioneering initiative by Sultan, is a unique and innovative global online e-commerce marketplace offering. The platform offers three core services from a single platform for consumers and businesses around the world.
Al-Kharusi said, “While e-commerce is still a relatively small part of retail in the Middle East, it is poised for exponential growth in the coming years. As an innovative platform with an already strengthened online presence, Nabay.com is primed to win a significant market share in the Middle East.
“This makes it an ideal partner for the next phase of our journey. Moreover, since its launch in mid-2020, Nabay.com has established itself as a prominent player with a strong, entrepreneurial leadership team whose ideals perfectly align with that of ours at MHD.
“This investment is in line with our strategy and goal to diversify our business, deepen our connections within the market, as well as create the next wave of retail innovation in the region,” al-Kharusi noted.
With this move, and the backing by an ever-evolving tech-savvy customer base, incomparable brand equity, and long-standing relationships with top brands and retailers across the Middle East, al-Kharusi said MHD will work closely with Nabay.com to advance and redefine the online shopping ecosystem in the region.
“We are confident that the Nabay.com team’s expertise, combined with their user experience-focused approach, will provide customers with an unmatched shopping experience and set it on a path for unprecedented growth in the near future,” he added.