UAE's Fares Foundation Buys Out 50% of Sharjah's Food Delivery Startup Tawsseel

UAE-based Fares Foundation for General Trading has acquired 50 percent of the shares in Sharjah's fast-growing food delivery startup Tawseel Delivery Services, giving the startup enough fleet and manpower to push its operations not only across the emirates but also beyond. 

“Acquiring 50 percent of Tawseel’s shares strengthens our service outreach to clients  across business to business and business to consumer secrors in the UAE,” says Ahmed Saif bin Saed Al Suwaidi, vice-chairman of Fares Foundation.

Tawseel's founder Mohamed Al-Musharakh says that an increase in the demand of services offered by the logistics sector is driving the industry to boost corporate competitiveness through acquisitions.

“Acquisitions are among of the most significant processes that enhance business development, with companies merging their experiences and expertise to deliver quality services and products to their clients," Al-Musharakh says; adding that an acquisition is also a way to enhance the rivalry and sustainability of companies in open markets.

“This acquisition is an acknowledgment of our Tawseel’s commitment to excelling in delivery and logistics by attracting the expertise of the best in the field. We are confident that the move will develop our role and share in markets across UAE and the region. It is a qualitative move, which we hope to leverage to expand our access to global markets,” he added. 

Moreover, Tawseel's co-founder Sarmad Zadjali, believes that Fares Foundation's interest in customer service sector indicates their confidence in Sharjah's business environment in all sectors the maintain a high growth rate. "Tawseel has become an inspiring model for those who wish to establish their businesses, enhancing the spirit of entrepreneurship, innovation and creativity among investors," adds Zajdali.

Tawseel has been established in 2017 with the support of the Sharjah Entrepreneurship Centre, and has helped restaurants decrease their cost of delivery by more than 60 percent.

Main Image: Tawseel and Fares Foundation celebrate the deal. Courtesy of Tawseel.