Egypt’s Rabbit to invest over $60 mln in Saudi Arabia, says CEO

Cairo-based delivery start-up Rabbit plans to pump more than $60 million direct and indirect investments in Saudi Arabia over the next couple of years, Co-founder and CEO Ahmad Yousry told Argaam on the sidelines of the Global Entrepreneurship Congress (GEC) 2022, held in Riyadh. 

Rabbit was licensed by the Saudi Ministry of Investment and will launch operations in Riyadh, before expanding its reach to the remaining cities in the Kingdom, Yousry said on the sidelines of the Global Entrepreneurship Congress (GEC) 2022, held in Riyadh. 

Saudi Arabia is one of the key markets in the MENA region, given its size and growth, in addition to the attractive investment environment after legislative reforms in the Kingdom.

Yousry expected Rabbit’s Saudi unit to provide 400 job opportunities, after launch.

Rabbit is an on-demand delivery company with the promise of delivering groceries and more within 20 minutes of ordering by using dark stores.

The e-grocery closed its pre-seed funding round of $11 million, and began operations in October 2021. It delivers more than 10,000 orders, covering over 50% of Cairo.

The Saudi Ministry of Investment granted six licenses to entrepreneurs to start operations in the Kingdom, as part of its RHQ program, under which it invites global companies' regional headquarters to relocate to Saudi Arabia.