Cartlow, a cloud-based logistics technology platform in the UAE and Saudi Arabia, has acquired second-hand goods marketplace Melltoo, as it continues to expand its operations in the region’s biggest economies.
The company took over classified platform Melltoo, which has been in operation since 2014, for an undisclosed amount.
Customers of Melltoo, which also serves the UAE and Saudi Arabian markets, will now be redirected to Cartlow’s platform that offers about half a million products across 30 categories with different payment options, it said in a statement on Monday.
“More than two million products have been sold on our platform since we launched … we are thrilled with our latest acquisition of Melltoo, further allowing consumers to transact on our platform in the region,” Mohammed Sleiman, founder and chief executive of Cartlow, said.
“Through Cartlow's platform, Melltoo customers will be enabled with a wide range of products and a more convenient way to shop and sell preloved products.”
The acquisition will allow Cartlow to further consolidate its position in the global reverse logistics market. It will also continue to offer its cloud-based technology services to companies within the reverse logistics ecosystem, supporting the development of the circular economy in the Gulf region, the company said.
Cartlow, which began as a re-commerce platform, has grown to become a technology company that offers software-as-a-service (SaaS) solutions to major companies in the reverse logistics ecosystem.
Reverse logistics refers to chains that process anything returning through the supply chain, enabling the reusing of products and materials.
The global reverse logistics market is projected to reach $958 billion in 2028 at an aggregate annual growth rate of 5.6 per cent, from $635bn in 2020, according to a report by Allied Market Research.
The Middle East reverse logistics market is largely untapped and Cartlow plans to increase its market share through organic growth as well as acquisitions.
In June, the company raised $18 million in a growth financing round to expand its operations in the region’s two biggest economies. Cartlow will use the funding to further mature its business ecosystem in the region by combining return management, recycling and re-commerce through technology.
Cartlow’s partner, Al Sulaiman Group, a Saudi Arabia-based investor with interests in sectors including omnichannel retail, logistics and e-commerce, led the financing round.
Since launching operations, Cartlow has worked closely with major brands and retailers in the UAE and Saudi Arabia. Its re-commerce platform for consumers and businesses offers merchandise at cheaper prices on a range of products.
Cartlow was among six venture companies that were granted licences by Saudi Arabia in March. These companies have committed to invest a combined $162m in the Saudi economy, the kingdom announced during the Global Entrepreneurship Congress in Riyadh.
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Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
How to become a Boglehead
Bogleheads follow simple investing philosophies to build their wealth and live better lives. Just follow these steps.
• Spend less than you earn and save the rest. You can do this by earning more, or being frugal. Better still, do both.
• Invest early, invest often. It takes time to grow your wealth on the stock market. The sooner you begin, the better.
• Choose the right level of risk. Don't gamble by investing in get-rich-quick schemes or high-risk plays. Don't play it too safe, either, by leaving long-term savings in cash.
• Diversify. Do not keep all your eggs in one basket. Spread your money between different companies, sectors, markets and asset classes such as bonds and property.
• Keep charges low. The biggest drag on investment performance is all the charges you pay to advisers and active fund managers.
• Keep it simple. Complexity is your enemy. You can build a balanced, diversified portfolio with just a handful of ETFs.
• Forget timing the market. Nobody knows where share prices will go next, so don't try to second-guess them.
• Stick with it. Do not sell up in a market crash. Use the opportunity to invest more at the lower price.
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- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
Know your Camel lingo
The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home
Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless
Asayel camels - sleek, short-haired hound-like racers
Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s
Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival
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