UAE’s Majid Al Futtaim leads $30m investment round for Saudi grocery app

UAE malls and retail firm Majid Al Futtaim (MAF) sad on Wednesday it had led a $30m funding round by Saudi grocery delivery platform Wadi.

MAF said the round was intended to fuel Wadi Grocery’s growth and would see its regional Carrefour franchise become a strategic supplier.

Around 12,000 Carrefour products will be available via the Wadi service within two hours, the UAE firm said.

Wadi Grocery currently operates in Riyadh, Jeddah and Dammam and is gradually expanding to other cities in the kingdom.

“Saudi Arabia is a strategically important market for Majid Al Futtaim, and we are constantly looking for ways to expand in the kingdom and serve our growing client base beyond our existing stores,” said MAF Retail CEO Hani Weiss.

“Wadi Grocery provides a full ecosystem of enabling services including an in-house ‘last mile’ delivery network, and our investment in the platform will bring us closer to customers where we don’t have physical presence and fulfill their demand more efficiently.”

MAF said the investment came under a wider strategy to expand its omni-channel offering.

In May, the company opened a $82.2m regional distribution centre for its Carrefour franchise in Dubai.

Read: Majid Al Futtaim opens $82.2m Carrefour distribution hub in Dubai

Wadi Grocery is reported to be planning entry into the UAE market over the next year.