Profile
Name: Carzaty
Founders: Marwan Chaar and Hassan Jaffar
Launched: 2017
Employees: 22
Based: Dubai and Muscat
Sector: Automobile retail
Funding to date: $5.5 million
The retail car market in the GCC has long been ripe for disruption and one player that is pioneering technology-driven change is Carzaty, an online platform founded in Muscat, Oman, in 2017.
The platform, whose operations in the UAE began during summer this year, specialises in used car sales but with a twist.
It uses proprietary data and market intelligence to buy specific cars that are in demand but are scarce and expected to be sold quickly.
The company also conducts rigorous checks and reconditions the cars before selling them.
Carzaty has raised about $5.5 million in equity funding from several strategic and high-profile investors, including the venture capital arm of IDO Investments, the government of Oman’s sovereign wealth fund.
Other strategic shareholders include family-run car dealers in Oman and Bahrain, and DriveArabia, a regional car portal.
“For instance, the bulk of cars on our website today are in the affordable category such as Toyota, Nissan, Honda and Kia. We also have a few premium car brands such as Volkswagen, Infiniti and Mazda listed on our website,” says co-managing director Marwan Chaar, who previously worked for a start-up called GlassPoint Solar that focused on doing solar projects for the oil and gas industry.
“As the market evolves, there will be a shift in used car preferences as well. We will then add premium brands such as Mercedes, BMW and Audi, etc.”
“Our in-house data analytics tell us what cars to buy. That is a big shift from traditional used car retailers.”
Hassan Jaffar, co-managing director and chairman, says the platform collects about 30,000 car data points every day.
The data is then cleaned and classified to determine a car’s fair market value, says Mr Jaffar, who previously worked for global consultancy McKinsey and a hedge fund in New York, before moving to the region in 2011.
Carzaty also has digital showrooms in Muscat and Dubai. These are physical locations, where “CarMatchers” or salespersons, show customers pictures of the platform’s inventory and arrange test drives.
The company is able to keep a lid on costs by not keeping car at its digital showrooms, helping to reduce overhead costs that come with running a traditional showroom.
“That allows us to scale up the business without increasing costs,” says Mr Chaar.
The platform has adopted an omnichannel sales approach, where potential customers can be showed 30 high-resolution pictures of the car they are interested in, along with its specifications and features.
They can then narrow their choice and test-drive specific cars when they visit Carzaty’s digital showroom. Potential buyers can also look at more cars on digital screens in the showroom.
“We want to give consumers a dependable, trustworthy source of high-quality used cars. Across the GCC, the options for a customer to buy a reliable used car are very few,” says Mr Chaar.
“Most resort to classified sites where they typically buy directly from other individuals, and while cost-effective, this brings with it a [number] of issues, primarily the quality of the car and the lack of any recourse if something goes wrong, in addition to the inconvenience of finding the car, searching/speaking to many individuals, the difficulty to get the car financed and so on.”
Our in-house data analytics tell us what cars to buy. That's a big shift from traditional used car retailers
Carzaty provides the full range of services to customers. It helps customers trade-in their existing cars and also connects would-be buyers with financial services companies that can provide funding.
The retailer uses various ways to buy used cars and these include direct purchases from consumers or from fleets and leasing companies.
“Building a brand around high-quality cars is challenging as you need to convince customers to pay [a] slightly higher-than-market price even though they are certain to save in the long run due to lower maintenance and repair costs on the vehicle. Not to mention the added value of having a car that is reliable,” Mr Jaffar tells The National.
The founders say Carzaty’s competitive advantages – quality cars, fair prices and customer service – will help provide customers across the GCC with a larger selection of cars to choose from.
“We will have car hubs in every city that we operate in as we scale [up] across the GCC. Our immediate short-term focus is on the UAE and Oman. We see huge potential for growth in these markets. Beyond that, we aim to expand across the GCC, including Saudi Arabia,” Mr Chaar says.
The start-up intends to grow in existing markets by expanding its stock levels.
It has also increased its capital allocation for car purchases.
“In terms of revenue, we have consistently been doubling annual revenue since we started. Now, with the launch of our Dubai operations, we expect continued growth,” Mr Chaar says.
Carzaty collects nearly 30,000 car data points every day
However, the landscape changed with Covid-19. Although the stay-at-home measures brought about by the virus were hard at first, the business turned a page as people shifted to online shopping amid heightened health concerns.
“We were closed for about three months and it was financially challenging for our entire team. However, upon restarting operations, we were pleasantly surprised by the demand for used cars,” says Mr Chaar.
He says that three major trends have supported Carzaty’s business after the pandemic. First, customers are more willing to shop online, even when it comes to buying cars.
“If you buy from an individual on a classified website, they will not have this level of professionalism or attention to detail. On the other hand, if you buy from a trusted retailer, you can buy with a guarantee of quality. We have even sold cars to customers without them coming to our showroom at all,” he says.
Another trend supporting car sales is a reluctance to use public transport amid the pandemic.
Sales have also picked up as prices prove appealing.
The average value of a used car sold in the UAE is between 30 per cent and 35 per cent lower than that of new cars, which appeals to a growing number of clients, especially younger buyers that are yet unable to afford new cars, according to a report by consultancy Frost & Sullivan.
As a result, used car sales in the UAE are set to experience double-digit growth rates in the next five years.
“The GCC will see a major conversion in buying, from new to used cars in the coming years. When you are trying to save money in a tough economy, you are most likely to buy a used car,” Mr Chaar says.
Q&A with Marwan Chaar and Hassan Jaffar, managing directors of Carzaty
Who was your first investor?
Hassan: The first investor to commit to our seed round was Sansar Capital, a New York-based fund focused on emerging markets.
What already successful start-up do you wish you had started?
Marwan: LittleBits. It's a phenomenal success story. In the GCC and wider Middle East, there is a lot of exaggeration of what success is. LittleBits is the story of a Lebanese woman who started this business after identifying a niche, raised the right type of funding, grew her business slowly and steadily and sold it to a larger company. This is what we need to aspire to as entrepreneurs in the Middle East. Younger entrepreneurs need to be inspired by businesses that make fundamental economic sense.
What is your next big dream to make happen?
Marwan: I want to return to the energy industry and work in the global transition to a low-carbon future.
Hassan: Invest in technology start-ups with an impact angle.
What new skills have you learnt in the process of launching your start-up?
Hassan: Before Carzaty, I always worked with people who came from a similar background as mine. Learning how to work with people from very different backgrounds was the biggest skill I gained.
Marwan: Learning the dynamics of a very unique industry, which is used cars.
If you could start all over again, what would you do differently?
Marwan: I would avoid the worst global crisis in recent history.
Who is your role model?
Hassan: Bill Gates as co-chair of the Bill & Melinda Gates Foundation.
Marwan: Salman Khan, founder of the Khan Academy.
Where do you see yourself after 10 years?
Marwan: Working on another venture on a beach in Ras Al Khaimah.
Hassan: Investing and supporting entrepreneurs embarking on journeys to solve real problems.
Company Profile
Company name: Yeepeey
Started: Soft launch in November, 2020
Founders: Sagar Chandiramani, Jatin Sharma and Monish Chandiramani
Based: Dubai
Industry: E-grocery
Initial investment: $150,000
Future plan: Raise $1.5m and enter Saudi Arabia next year
Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
Company%20Profile
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UAE currency: the story behind the money in your pockets
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Al Ghaf Honey
The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year
Sidr Honey
The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest
Samar Honey
The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments
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Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Our Time Has Come
Alyssa Ayres, Oxford University Press
The%20specs
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The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
Results
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What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
About Takalam
Date started: early 2020
Founders: Khawla Hammad and Inas Abu Shashieh
Based: Abu Dhabi
Sector: HealthTech and wellness
Number of staff: 4
Funding to date: Bootstrapped
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
VERSTAPPEN'S FIRSTS
Youngest F1 driver (17 years 3 days Japan 2014)
Youngest driver to start an F1 race (17 years 166 days – Australia 2015)
Youngest F1 driver to score points (17 years 180 days - Malaysia 2015)
Youngest driver to lead an F1 race (18 years 228 days – Spain 2016)
Youngest driver to set an F1 fastest lap (19 years 44 days – Brazil 2016)
Youngest on F1 podium finish (18 years 228 days – Spain 2016)
Youngest F1 winner (18 years 228 days – Spain 2016)
Youngest multiple F1 race winner (Mexico 2017/18)
Youngest F1 driver to win the same race (Mexico 2017/18)
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The specs
Engine 60kwh FWD
Battery Rimac 120kwh Lithium Nickel Manganese Cobalt Oxide (LiNiMnCoO2) chemistry
Power 204hp Torque 360Nm
Price, base / as tested Dh174,500
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
Batti Gul Meter Chalu
Producers: KRTI Productions, T-Series
Director: Sree Narayan Singh
Cast: Shahid Kapoor, Shraddha Kapoor, Divyenndu Sharma, Yami Gautam
Rating: 2/5
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
INFO
Everton 0
Arsenal 0
Man of the Match: Djibril Sidibe (Everton)
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Tour de France 2017: Stage 5
Vittel - La Planche de Belles Filles, 160.5km
It is a shorter stage, but one that will lead to a brutal uphill finish. This is the third visit in six editions since it was introduced to the race in 2012. Reigning champion Chris Froome won that race.
Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding
Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.
Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.
Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.
For more details, email openminds@cultures.ae or visit www.cultures.ae
SCORES IN BRIEF
New Zealand 153 and 56 for 1 in 22.4 overs at close
Pakistan 227
(Babar 62, Asad 43, Boult 4-54, De Grandhomme 2-30, Patel 2-64)
Key recommendations
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- Greater use of curfews and exclusion zones to deliver tougher supervision than ever on criminals.
- Explore wider powers for judges to punish offenders by blocking them from attending football matches, banning them from driving or travelling abroad through an expansion of ‘ancillary orders’.
- More Intensive Supervision Courts to tackle the root causes of crime such as alcohol and drug abuse – forcing repeat offenders to take part in tough treatment programmes or face prison.
Abu Dhabi Sustainability Week
Racecard
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Profile
Name: Carzaty
Founders: Marwan Chaar and Hassan Jaffar
Launched: 2017
Employees: 22
Based: Dubai and Muscat
Sector: Automobile retail
Funding to date: $5.5 million
