Since starting its operations in Egypt in 2019, Marsool’s current business size in the Egyptian market has reached $15 million.
In an interview with Ahram Online during his visit to Egypt, Alsanad said that the platform plans to expand in MENA as well; especially in the Gulf region, to benefit from the boom e-commerce and online shopping has been witnessing thanks to the ongoing pandemic.
Returning to the Egyptian market, Alsanand said that Marsool is in negotiations with one of the most popular football clubs in the country to establish a project similar to Marsool Park in Saudi Arabia.
In 2020, Marsool was awarded the naming rights of the King Saud University Stadium that is located in Riyadh, Saudi Arabia after signing a sponsorship deal amid a wave of Middle Eastern countries investing in sports, especially football.
“Egypt is a strategic market for Marsool. The success we had in Saudi Arabia encouraged us to head to other large markets and we chose Egypt to be our next destination. Egypt is the best in the region because of its future potential. These include a high population, the availability of skilled labour, and the technology that has become commonplace in the country,” he explained.
“The country really is building an amazing future.”
He also added that there is a considerable demand in the Egyptian market for e-commerce and online shopping, which is a key driver for Marsool to enlarge its business in the country.
Today, Marsool has over 120,000 drivers with about 1.6 million subscribers.
“We are optimistic about working in Egypt, which is the largest in the region in terms of market size, and we intend to make this market the largest for Marsool as well,” Alsanad said.
On Marsool’s future plans in the domestic market, Alsanad noted that Marsool is now much more known in the Egyptian market than when it started in 2019..
“We plan to increase our customers as much as we can and as fast as we can. By mid of 2022, I believe that Marsool is going to be on a different level in Egypt.”
Moreover, Alsanad said that Marsool has already started to create partnerships and collaborations with the government and local businesses in Egypt to support the platform, its clients, employees, and partners.
In both Egypt and Saudi Arabia, Marsool has more than 15,000 partners officially on board, according to Alsanad.
Regarding e-commerce in Egypt, Alsanad stressed that it the market is huge, adding that Egypt is on the brink of becoming the largest in the region in terms of volume for this activity.
“We believe that Egypt is going to be a leader in e-commerce over the next five years,” Alsanad said.
The next leg for Marsool after executing its expansion plan in Egypt is to expand its business across 14 GCC countries, Alsanad revealed.
When asked about the hurdles and challenges his business may face in the Egyptian market, Alsanad said that it is clear that the market has notable flexibility, and the government is serious in easing and streamlining the work of businesses in the market.
Moreover, he hailed the amendments the government made to the investment law that allow the establishment of a limited liability company — a type of business that can be owned by one person — saying that this was a main driver for Marsool to establish an official existence in the Egyptian market.
“Regulations like this do not exist in many countries, and that shows an amazing appetite for foreign investments to enter the market,” said Alsanad.
In 2018, the Ministry of Investment and International Cooperation issued ministerial decree no. 16 for 2018, which allows individuals, including foreigners, to establish and own limited liability companies.
However, Alsanad pointed out that the government needs to introduce more incentives for the innovative business models operating in Egypt; particularly the ones that have lots of parties to deal with within their daily business cycle.