Sharjah: The UAE-based Fares Foundation for General Trading, which specialises in logistics and distribution through land, air and sea, has acquired 50 per cent shares of Tawseel Delivery Services, a Sharjah-based food delivery service.
As per the acquisition agreement signed by the two parties, Fares will increase the number of its fleet of delivery vehicles, enabling Tawseel to provide faster services to customers and expand to new markets in the UAE and the region.
Mohammad Al Musharakh, Founder and CEO of Tawseel, commented, “We are confident that the move will develop our role and share in markets across the UAE and the region. It is a qualitative move, which we hope to leverage to expand our access to global markets.”
Ahmad Saif Bin Saed Al Suwaidi, Vice-Chairman of Fares Foundation, said, “Acquiring 50 per cent of Tawseel’s shares strengthens our service outreach to clients across B2B and B2C sectors in the UAE. Our firm belief in the markets’ stability and competitiveness in Sharjah and the UAE coupled with our expansion efforts has led to this new endeavour with Tawseel, which has an excellent track record of success that has been achieved in just over a year.”