Technology & IT | Saturday 10 January, 2015 2:03 pm |

Mobily Ventures, the venture capital arm of Etihad Etisalat (Mobily), announced an investment in Dokkan Afkar, the E-Commerce startup based in Jeddah, Saudi Arabia.

Dokkan Afkar, or 'shop of ideas', was founded in June 2012 and commercially launched in June 2013. The E-Commerce store, www.dokkanafkar.com, offers a wide variety of unique products with a strong appeal for the youth in Saudi Arabia and a focus on promoting local suppliers. The company has been listed among the '10 Favorite Startups of 2013' by Arabnet and named as one of the 'Hottest Middle Eastern Startups' by Inc. magazine in October 2014.

Dr. Karl-Michael Henneking, Chairman of the Board of Mobily Ventures "We expect the Saudi E-Commerce market to develop at a fast pace. With our investment in Dokkan Afkar we demonstrate Mobily’s strong commitment to finance and support young, talented Saudi entrepreneurs and contribute to the development of the local startup ecosystem."
E-Commerce is growing exponentially in Saudi Arabia; the market is expected to expand to 9.9 billion Saudi riyals in 2015 ($2.7 billion USD) according to PayPal Insights E-Commerce report in the Middle East.

“The backing and investment of Mobily Ventures is very strategic for our growth plans in 2015 and beyond. We are going to expand our business to become the creative hub for products in the GCC. With communities around the globe becoming increasingly web-orientated, Dokkan Afkar is a much-welcomed venture for customers in the region, helping them gain further access to the power of online retail shopping.” Ammar Waganah, Co-Founder & CEO of Dokkan Afkar.

Dokkan Afkar brings the total number of investments of Mobily Ventures to four. Besides Dokkan Afkar, Mobily Ventures has invested in Anghami, an Arab music-streaming service, in Easy Taxi Middle East a mobile taxi application, and in Hellofood Middle East a food online food delivery service. All companies are the leaders in their respective markets.