Today Etisalat UAE (abbreviated to Etisalat by e&), announced the completion of its $22 Million acquisition of 100% shareholding in Service Souk DMCC “ServiceMarket”. This acquisition is part of the Group’s approach to entrust the customers, boost the online marketing presence of the brand ‘Smiles’, and diversify the business of the Etisalat Group. Among internet marketplaces for home services, ServiceMarket is a top contender. Almost 40+ services are presently delivered in the UAE under various sectors. 

ServiceMarket holds a powerful position in the market that will integrate Etisalat by e&’s business economy under the name “Smiles”, which currently comprises meals and vegetable delivery and clothing deals. It also offers customers the opportunity to accumulate and redeem points at 10,000+ venues around the country. By offering world-class visionary solutions and utilising cutting-edge technology, Etisalat by e& has consistently dedicated itself to staying in line with the UAE’s drives to become a digital economy. With this acquisition of the ServiceMarket, the brand aims to further contribute to the goals of pushing towards digital assistance.

According to Khaled ElKhouly, the Chief Consumer Officer of Etisalat by e&, “The online household services market has demonstrated strong growth over the past few years with an increasing number of consumers preferring to access a wide range of services at the comfort of their homes, and through digital platforms, they can trust. Being a leader in the digital transformation process for all UAE residents, we have been growing our array of lifestyle services on the Smiles platform, most recently by adding food and grocery delivery services. This acquisition is in line with our strategy to continue enriching the lives of our customers with a convenient range of services, within the Smiles ecosystem and drive diversification of our business.”

Adding to the statement above, Bana Shomali, who is the CEO of ServiceMarket, also inserts that his team is thrilled to merge hands with Etisalat by e& group and hopes it would boost the company’s growth and justify the teamwork of both parties through technological capabilities and client foundation. He further adds that the brand will strive to deliver the finest services possible to the UAE customers as a member of the Smiles ecosystem, and envisions building additional services to the company’s portfolio for grander convenience to the consumers.

With effect from February 2022, the brand trademark of Etisalat Group was changed to e&. The objective of its strategy is to drive growth through the development of a sustainable business model, which is represented by the main business backbones of the Group. To maintain the Group’s affluent telecommunications history, reinforcing their well-built telecoms correspondence, and enhancing the client value, Etisalat by e& continues to dominate the telecoms enterprise in both domestic and global markets.

e& Life introduces leading-edge innovations through digital platforms in the field of entertainment, monetary technology, and retails, by enhancing the use of smart services for consumers to improve their digitally-influenced lifestyle. With its progressive developments in the Internet of Things (IoT), cybersecurity, cloud, and Artificial Intelligence (AI), along with the installation of big projects, e& company concentrates on expanding its value to support the advancement of the management, wholesale businesses, and corporates. Meanwhile, by enhancing the value of the shareholders and the worldwide impression of the Company, e& Capital encourages the Group to concentrate its efforts on drawing new acquisitions.

About e& Company 

One of the top technological and financial companies in the world is e&, previously known as Etisalat Group. Its noteworthy credit ratings are a result of the company’s untouchable balance sheet and track record of deep-rooted success, which resulted in a combined net sales of 53.3 billion AED and total net profit of 9.3 billion AED for the year 2021.

The e& Group, which was established in Abu Dhabi more than 40 years ago as the country’s first telecommunications provider, has operations in 16 nations in the Middle East, Asia, and Africa today. With its four business foundation, which are Telecom, e& Life, e& Enterprise, and e& Capital, e& offers cutting-edge smart solutions, digital connectivity, and avant-garde technology to a range of client sectors.

 

Pic Credits: e& Social Media