Etisalat UAE, branded by e& as etisalat, has completed the acquisition of Service Souk DMCC ‘ServiceMarket’, acquiring a 100% stake in the online marketplace.
The acquisition is in line with the group’s strategy of empowering consumers, strengthening Smiles’ online presence and diversifying its business.
ServiceMarket is the leading online marketplace for home services. It currently provides more than 40 services across various sectors in the UAE. It enjoys a strong market position and will complement etisalat with e&’s existing marketplace offerings under the ‘Smile’ brand, 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 ability.
Aligned with the UAE’s digital ambitions, etisalat by e&’s commitment has always been to increase the penetration of digital services by providing best-in-class innovative solutions and leveraging advanced technologies, and this acquisition contributes to the realization of the country’s ambition to become a digital economy.
Khaled ElKhouly, chief consumer officer at etisalat by e&, said: “The online home services market has shown strong growth over the past few years, with more and more consumers preferring to access a wide range of services from the comfort of their homes and through Digital platform. As a pioneer in the digital transformation journey of 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 build on the Smiles ecosystem The convenient range of services within the system continues to enrich the lives of our customers and drive the diversification of our business.”
Bana Shomali, CEO of ServiceMarket, said: “We are delighted to join etisalat in the e& family, which will enable ServiceMarket to leverage e&’s digital capabilities and customer base to accelerate our growth and unlock important synergies. As part of the Smiles ecosystem, We will continue to provide best-in-class services to consumers in the UAE and enrich our product portfolio with new services to bring more convenience to every day.” — trade arab news agency