e& completes acquisition of ServiceMarket

Etisalat UAE, branded as etisalat by e&, has completed the acquisition of Service Souk DMCC, or ServiceMarket, acquiring 100 per cent of shareholding of the online marketplace.

"This acquisition is in line with the group’s strategy to empower consumers, strengthen Smiles online marketplace presence and drive diversification of our business," according to the company.

ServiceMarket is a leading online marketplace for household services. It currently offers more than 40 services under several segments across the UAE.

It enjoys a strong market position that will complement etisalat by e&’s existing marketplace services under the brand ‘Smiles’ which already includes online food and grocery delivery, lifestyle offers and the ability to earn and redeem points at more than 10,000 outlets across the UAE.

Etisalat by e&’s commitment has always been to stay aligned with the UAE’s digitalisation ambitions by providing best-in-class innovative solutions and harness advanced technologies, increasing penetration of digital services, this acquisition contributes to the growth of the country’s ambitions of becoming a digital economy.

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 convenient range of services, within the Smiles ecosystem and drive diversification of our business.”

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.”

Etisalat Group has changed its brand identity to e&, effective on February 2022. Its strategy aims to accelerate growth through the creation of a resilient business model represented by Group’s main business pillars.

The telecoms business currently continues to be led by etisalat by e& in the Group’s home market and e& international markets, upholding the Group’s rich telecoms heritage, bolstering the strong telecoms network and maximising value for the Group’s various customer segments.

Ramping up the digital services for individuals to elevate their digital-driven lifestyle, e& life brings next-generation technologies through smart platforms in entertainment, retail and financial technology. e& enterprise focuses on maximising value through its end-to-end solutions in cybersecurity, cloud, Internet of Things (IoT) and Artificial Intelligence (AI), as well as deploying mega projects, in order to enable the digital transformation of governments, large-scale enterprises and corporates. e& capital allows the Group to focus its efforts on driving new investments while maximising shareholder value and strengthening the Group’s global presence.

— muzaffarrizvi@khaleejtimes.com

• Business