OTVentures acquires DARE'n'DEAL

This deal represents a turning point in the development of the region's e-commerce industry. As OTVentures CEO, Hanan Abdel Meguid, explained, "The acquisition was but an initial step on the path of the execution of an expansive strategy in the field of e-commerce within the Arab region, as well as the merging of e-commerce and mobile technology", given that the assessment of the Middle East market for e-commerce is about $5.8bn, together with a foreseen annual increase of 30%.

DARE'n'DEAL CEO Abdel Latif Olama also stated: "This step will enable DARE'n'DEAL to expand in providing its services to the Egyptian market and in guaranteeing a higher local standard up to a leading level within the Middle East Market;" he added, "Dare'n'Deal aims at achieving up to EGP120m discounts for its customers in 2012, inasmuch as that its site is visited by 5.6 million users."

Dare'n'Deal intends to launch a special Middle East site through its various affiliates, in order to provide group buying shopping services, taking into consideration that it is the first Egyptian company that provides its services within this field on the Arab market.

The acquisition is an integral milestone of OTVentures' strategic vision in providing leading technological services tailored to the local and regional market needs; in this framework, OTVentures has chosen a strong online market player that possesses similar values and business practices.