Tawseel Delivery Services, a Sharjah-based food delivery service provider, has sold 50% of its shares to the UAE-based Fares Foundation for General Trading, which specialises in logistics distributions through land, air and sea.
The agreement should allow both firms to expand across the UAE, with Tawseel taking advantage of new markets and Fares increasing the number of its fleet of delivery drivers.
Tawseel founder and CEO Mohammed Al Musharakh said: “This acquisition is an acknowledgment of Tawseel’s commitment to excelling in delivery and logistics by attracting the expertise of the best in the field. We are confident that the move will develop our role and share in markets across UAE and the region. It is a qualitative move, which we hope to leverage to expand our access to global markets.”
The company also said in a statement that its fleet of vehicles contributed to decreasing the cost of delivery by more than 60%.