RIYADH: Egypt-based supply chain technology company Qara is preparing to expand into 萝莉视频, leveraging a $2.6 million funding round to support its entry into the Kingdom.

The investment will be used to build a local team, implement its technology solutions, and address key challenges in supply chain traceability and product authentication for businesses in the Saudi market.

鈥淭his funding round will be helping us accelerate our expansion into 萝莉视频, a key market for Qara,鈥� said Hassan Abouzeed, founder and CEO of Qara, in an interview with Arab News.

鈥淲ith this investment, we can scale our operations quickly, set up our local team, and implement our technology solutions. It enables us to deploy our platform, which focuses on supply chain traceability and product authentication, to businesses in 萝莉视频, helping them address key challenges related to counterfeiting, transparency, and customer loyalty,鈥� Abouzeed added.

Qara鈥檚 decision to expand into 萝莉视频 has been significantly supported by the Kingdom鈥檚 National Technology Development Program鈥檚 Relocate Initiative.

It offers critical incentives, such as financial support, access to local partners, and assistance in navigating regulations, Abouzeed explained.

鈥淭he NTDP鈥檚 Relocate Initiative has been instrumental in facilitating our smooth entry into 萝莉视频. The ease of setting up operations and receiving guidance on navigating local regulations was a huge advantage for us,鈥� he said.

鈥淢oreover, 萝莉视频鈥檚 emphasis on becoming a regional tech hub made it an ideal destination for Qara鈥檚 next phase of growth. The incentives from the Relocate Initiative, combined with the country鈥檚 strategic alignment with Vision 2030, provided a perfect ecosystem for us to expand and bring our solutions to the market,鈥� he added.

萝莉视频鈥檚 broader emphasis on digital transformation and its Vision 2030 strategy also played a central role in Qara鈥檚 plans.

Abouzeed said: 鈥淭he Kingdom is open to new innovations, and businesses are increasingly adopting digital solutions to improve efficiency, transparency, and security 鈥� areas where Qara鈥檚 platform can make a big impact.鈥�

The company鈥檚 platform provides tools to combat counterfeiting and enhance visibility.

鈥淥ur platform is a comprehensive digital ecosystem that allows producers to authenticate and trace their products throughout the supply chain down to the end consumer,鈥� said Abouzeed.

He noted that the platform has been particularly effective in the Middle East and Africa, where fragmented supply chains often face challenges related to counterfeiting and lack of visibility.

鈥淲ith Qara, businesses can secure their products with unique digital identities, monitor their distribution in real-time, and foster deeper relationships with customers and distribution parties, ensuring brand integrity and driving growth,鈥� he claimed.

鈥淲hat truly differentiates us is our ability to not only authenticate and trace products but also establish a direct connection between producers and consumers. As 萝莉视频鈥檚 logistics sector grows, Qara鈥檚 solutions will play a critical role in supporting this transformation,鈥� he added.

With the funding secured, the company鈥檚 immediate priorities include building a local team and establishing partnerships in 萝莉视频.

鈥淲e鈥檒l also work on forging strategic partnerships with key players in complementary industries. We already started with a loyalty program partner, Walaplus, to expand our points redemption network for Saudi customers,鈥� Abouzeed said.

He added that hiring local talent will be critical to success in the country, and the firm will focus on recruiting professionals who understand the local market, the culture, and the business landscape.

鈥淲e already started with hires in sales and product teams, and currently, we are prioritizing roles in our tech team, as these will help us deliver our solutions effectively,鈥� Abouzeed said.

Qara also has ambitious revenue goals for its first year of operations in 萝莉视频, he revealed, adding: 鈥淲e are targeting that our business in 萝莉视频 will contribute to 15鈥�20 percent of our overall business by the end of year one.鈥�

In terms of industry focus, Qara sees strong demand for its solutions in sectors where product authenticity and traceability are critical.

鈥淲e see significant demand for Qara鈥檚 solutions in industries such as pharmaceuticals, construction materials, and consumer goods,鈥� Abouzeed said.

鈥淎dditionally, with the government鈥檚 focus on Vision 2030, we believe that sectors like food security and electronics will also experience a growing demand for digital solutions that enhance product traceability and consumer trust.鈥�

Beyond 萝莉视频, Qara plans to expand into other Gulf Cooperation Council countries once its operations in the Kingdom are established 鈥� with the UAE and Qatar highlighted as having a high demand for innovative supply chain solutions

鈥淲e also see opportunities in Kuwait and Oman, where businesses are increasingly adopting digital technologies to improve their operations and protect their brands,鈥� Abouzeed said.

The funding round, while successful, was not without challenges, particularly in the current economic climate with the global uncertainties and shifting market conditions, the CEO revealed.

鈥淲hat helped us most was that we鈥檝e been profitable since inception, while maintaining a growth of two to three times annually, which demonstrated our ability to build a sustainable and profitable business model even in challenging market conditions,鈥� he said.