Gulf Islamic Investments to hold significant stake in Mumzworld
Gulf Islamic Investments LLC (GII), announced a major investment into the booming e-commerce sector with the successful closing of an extended Series B Equity Funding round in Mumzworld. Being the leading e-commerce vertical player in its sector in the Middle East, Mumzworld specialises in products related to Mothers, Babies and Children. This investment makes GII the largest shareholder in Mumzworld.
Mohammed al Hassan, Cofounder & CEO GCC, GII commented: “E-commerce is the next frontier in the Middle East. The GCC region, with its high disposable incomes, lower E-commerce penetration than Western markets but high and fast-growing Internet penetration and young population has all the necessary recipes for this segment to be successful. UAE being world No 1 in smartphone penetration also facilitates on line business. Saudi Arabia has immense potential for e-commerce in general and mother, baby and child e-commerce vertical in particular. Saudi Arabia’s Vision 2030 encourages growth from e-commerce and plans to bring e-commerce law to regulate / strengthen cybersecurity. Mumzworld has already become a household name in the region. We are excited to be a part of its growth plans. We will guide Mumzworld to reach new heights and be its partner for growth; a value embedded in GII’S services.”
Pankaj Gupta, Co-founder & CEO UAE, GII commented: “UAE is the e-commerce leader in GCC. UAE serves as an e-commerce gateway to other oil-rich markets in Middle East with advanced technological infrastructure and the uniting Arabic language. Mumzworld, being UAE homegrown can not only achieve further growth in the promising UAE market but has already replicated its expertise / know-how / capabilities in the lucrative Saudi Arabia market and beyond and is today the leading ecommerce player for mother and child products in the GCC region. We spot the opportunity at this point in time for Mumzworld to continue its expansion and innovation and we at GII are committed to working together with its Founders and Management Team to take the company to new peaks in the next 4 to 5 years.”
Mona Ataya, Co-founder & CEO, Mumzworld commented: “We are excited to have GII on board. With the help of GII we are confident to achieve our growth plans. GII’S powerful network and expertise will strongly support Mumzworld to achieve its vision. We look forward to nurturing this partnership in the years ahead to cement a win-win situation.”