Saudi startup Wasel Lee secures $133,000 seed round

Updated 17 March 2018
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Saudi startup Wasel Lee secures $133,000 seed round

Saudi-based logistics platform Wasel Lee has announced a $133,000 Series A round of funding, led by three individual investors. The platform, which is one of the projects incubated by the Badir Program for Technology Incubators and Accelerators at the Abha incubator, plans to use the funds to introduce new products and features, and further develop its technology and grow its team in the southern region of Jizan.
Founded in 2017, Wasel Lee helps users to request food supplies, special services, daily supplies, mail receipts and other services that can be delivered as per the convenience of the user.
Imad Murad, founder and partner of Wassel Lee, said: “The platform offers a wide range of services and products to individuals and companies through a mobile phone application. It has a wide and growing network of partners in the fields of food provisions, finance, real estate, medical supplies and bookings.”
He added: “The growth of the platform over the past year has backed our intention to start new investment rounds and provide a larger capital to expand these services and open up new markets in order to make this platform accessible to a larger segment of customers.”
Wasel Lee is an interactive electronic platform that provides logistical support and products, services and information, services for productive families, logistics and real estate special services, daily necessities and medical reservations, marketing and advertising of goods and shipping services and other resources for users of this application in the Kingdom.


King Abdullah Port sponsors logistics forum

Updated 18 September 2018
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King Abdullah Port sponsors logistics forum

King Abdullah Port has signed an agreement to sponsor the Supply Chain and Logistics Conference organized by the Transport Ministry. The conference, which will take place on Oct. 15-16 in Riyadh, will be held under the patronage of Transport Minister Dr. Nabil M. Al-Amoudi. Decision-makers, experts and officials from major local and international companies involved in the supply chain and logistics sector are expected to attend.

Highlighting the importance of participating in the event, Rayan Qutub, CEO of King Abdullah Port, said: “Our sponsorship of the conference comes within our commitment to cooperate and exchange expertise with the active players of the logistics sector, which recently has been witnessing major developments in terms of business volume, innovation and solutions that complement Vision 2030 and transform Saudi Arabia into a global logistics hub by promoting its position on the Logistics Performance Index issued by the World Bank.”

“Saudi Arabia has a number of components and facilities that enable it to play a key role in this sector at the regional and global levels, and we will play our part in showcasing the best King Abdullah Port has to offer in the logistics sector, such as solutions and facilitation for investors based on the port’s strategic location on the Red Sea. The port is on the main shipping line between the East and West, which significantly enhances the Kingdom’s competitiveness and positions it among the key countries in global trade,” he added.

Qutub will participate in a session for CEOs, where participants will discuss strategic decisions to reshape and keep pace with the global system of supply chains and logistics.

King Abdullah Port previously announced an increase in container handling reaching 1,236,075 TEU during the first half of 2018, marking a new record of 50.5 percent increase compared to the same period last year. Earlier, the port announced a 21 percent increase in its annual throughput by the end of 2017, making it the second largest port in the Kingdom in terms of container handling. 

Run by the Ports Development Company, King Abdullah Port is the region’s first port to be fully owned, developed and operated by the private sector. It has been listed as the fastest growing container port in the world and one of the world’s top 100 ports after less than four years of operation. Eight of the largest shipping lines work at the port, which offers integrated services to exporters and importers.