Riyadh – Mubasher: The Dubai-based AstroLabs has announced the launch of Cash My Stock in Saudi Arabia to transform the B2B e-commerce landscape in the Kingdom through its digital trading platform.
The platform of Inoovate Holding LTD’s subsidiary, Cash My Stock, focuses on helping companies monetise excess and aging inventory while meeting the expansion and growth needs of retail, wholesale, and distribution firms across Europe, the Middle East, and Africa.
AstroLabs, the business expansion platform in the Gulf area, noted in a press release that the platform will become an instrumental player in revolutionising the B2B e-commerce sector in addition to offering efficiency, transparency, and connectivity to businesses across the region.
Co-Founder and CEO of Cash My Stock, Mohamed Issa, said: “KSA’s strategic location as a gateway to the Middle East and its status as one of the largest economies in the region make it an attractive market for B2B e-commerce.”
Issa added: “Expanding into KSA offers Saudi companies the opportunity to expand market reach into the MEA region and help companies improve tied-up working capital in slow-moving or aging inventory.”
He concluded: “Our platform is designed to empower Saudi businesses, enabling them to unlock new growth avenues and streamline their inventory management through our cutting-edge digital solutions.”
Commenting on the expansion of Cash My Stock, Alex Nicholls, Director of Expansion at AstroLabs said: “Our collaboration with Cash My Stock is a testament to AstroLabs’ dedication to building a robust e-commerce sector in Saudi Arabia.”
Nicholls noted: “This sector is not just rapidly evolving; it’s a cornerstone of the Kingdom’s Vision 2030, aiming to diversify the economy and accelerate digital transformation. By facilitating Cash My Stock’s entry into this vibrant market, we are contributing to a future where e-commerce drives sustainable economic growth, aligns with global technological trends, and reinforces Saudi Arabia’s position as a digital leader in the region.”
In late 2023, the listed Saudi Basic Industries Corporation (SABIC) partnered with AstroLabs to launch the Mega Green Accelerator, which aims at supporting startups in the MENA region in climate-related fields.