Family Offices should actively lend support to startups and entrepreneurs as this will encourage more startups, boost the ecosystem to produce new innovations, Ayman Tamer, chairman of Tamer Group, told Khaleej Times in an exclusive interview.
Last week, the group signed a sales and purchase agreement with Dubai-based Mumzworld — which has been trading since 2011 and become the largest mother, baby & child (MBC) e-commerce platform in the Middle East — for a proposed acquisition of a majority stake.
Tamer said: “I see more family businesses will move into extending support to innovation. The startups need to add to the equity story to attract family businesses.”
Tamer Group is one of the largest regional healthcare distributors with its consumer and nutrition divisions and logistics services. Tamer’s annual turnover is 9.2 billion Saudi riyals with a CAGR (Compound Annual Growth Rate) of 11 per cent.
“The Mumzworld’s acquisition will open the door for accelerating the Tamer Group’s digitisation and complement the new business model that the group is tapping,” added Tamer.
The transaction will give Mumzworld access to a large, committed pool of capital that will allow the business to supercharge its growth. Tamer will also help further institutionalise the business, and use Tamer’s portfolio companies to spur organic growth of Mumzworld.
“We believe that e-commerce is the future for the GCC. As a major player in the FMCG space, e-commerce is no longer an option, but a necessity. The world has shifted to a customer-centric model with consumer behaviours, trends and data becoming the new gold. Players in the space need to understand their customers and adapt to their changing needs. Mumzworld will be a stepping stone towards ‘Tamer Digital’ — a very ambitious vertical we intend to build to serve the nation, working towards delivering on Saudi’s Vision 2030,” added Tamer.
The group is celebrating their 100 year anniversary and is the largest healthcare distributor in the GCC especially in Saudi Arabia. With a strong footprint in healthcare, beauty care, prestige products, and FMCG. — firstname.lastname@example.org
The incident was reported at Shankarao Chavan Government Medical College and Hospital in Nanded due to alleged scarcity of medicines
With a potent batting unit and world-class spinners, Afghanistan could be a tricky opponent for the top teams
RSF fighters on dozens of armed vehicles attacked the town on Saturday, according to residents
OPEC output rises 120,000 bpd from August
Ukraine's Zelensky urges foreign ministers of European countries to expand sanctions on Russia and Iran
We look at three dark horses who we think can pull off the impossible at the World Cup in India
Satya Nadella takes witness stand in the anti-trust fight against Google in US court