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Retail Enablement Company Zid Raises $50 Million
Saudi-based retail enablement company, Zid, has successfully raised $50 million in a funding drive led by IMPACT46.
Zid, the Saudi Arabian retail enablement company, has seen investment from the likes of Aramco venture capital arm (Waed Ventures) and Endeavor Catalyst in a recent round of fundraising, led by IMPACT46, paving the way for future expansion into new markets and helping to further modernize the retail sector.
The recent funding comes after a string of successes for Zid, after the company doubled its revenues from both subscriptions and transactions, as well as seeing a 50% increase in orders, with 7 million users now having made transactions through the platform.
Zid was created to enable merchants to grow their online selling channels. It is now taking on a broader mission to modernize the entire retail sector, improving efficiencies and helping business owners increase their profits.
The company has rolled out solutions enabling retailers to improve both shipping (ZidShip) and payments (ZidPay) and plans to offer financial and cross-border shipping products in the near future.
Also Read: Aramex Has Successfully Tested Drone Deliveries In Oman
“We appreciate the continuous belief and trust that our investors have put into the company, the leadership, and the team. We are focused on being the regional optimum solution for each economy we operate in, having proved it in Saudi Arabia,” says Sultan AlAsmi, Co-founder and CEO of Zid.
Like international giants such as Shopify, Zid is building a community that enables merchants to master online selling with a full-fledged eCommerce ecosystem equipped with sophisticated features. Unlike larger corporations, however, Zid is focused on fostering deep connections with merchants and strengthening the community as a whole. After completing the recent round of funding with help from asset management and advisory organization IMPACT46, the future looks bright for this progressive retail enablement company.
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Dubai Gives Go Ahead For $35 Billion Al Maktoum Airport Expansion
The project will include a new passenger terminal, helping the emirate achieve its goal of operating the world’s largest airport by 2050.
On Sunday, April 28th, Dubai’s HH Sheikh Mohammed bin Rashid Al Maktoum gave the go-ahead to a major expansion project for Al Maktoum Airport (DWC).
The development will add a new passenger terminal to DWC, marking a major step in the emirate’s goal to transform the global transport hub into the world’s largest airport by 2050.
The construction project is valued at a massive $34.8 billion (AED128 billion), and is necessary to accommodate the projected surge in air travel over the coming years.
The DWC expansion plans were reportedly shelved in 2019. However, the project regained traction under the airport operating company Dubai Airports, who manage both Dubai International Airport (DXB) and DWC.
“HH Sheikh Mohammed bin Rashid Al Maktoum reviewed the strategic plan of the #Dubai Aviation Engineering Projects and approved designs for the new passenger terminal at Al Maktoum International Airport, which will be the largest in the world when fully operational,” announced the Dubai government on X, noting that the new terminal will increase annual capacity to over 260 million passengers.
Under the comprehensive development plans, Al Maktoum Airport will surpass the scale of Dubai International Airport by fivefold. Eventually, all of Dubai International’s operations will be moved to the new site.
Also Read: Abu Dhabi Developer To Build World’s First Healthy Living Island
Dubai Airport CEO Paul Griffiths has emphasized the need for a new facility as DXB airport approaches its maximum annual capacity of 120 million passengers, explaining that the new development will transform airport operations.
“We are not planning an airport that has terminals. We’re going to completely change the business model for airports, make them far more intimate, and get rid of all the legacy processes that we’ve had to subject our customers to for far too long,” Griffiths stated.