SellAnyCar.com expands into Saudi Arabia with plan to create 300 new jobs

SellAnyCar.com plans to hire more than 300 people across Saudi Arabia over the next two years. (File/SellAnyCar.com)
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Updated 02 September 2020

SellAnyCar.com expands into Saudi Arabia with plan to create 300 new jobs

  • It will allow people across the Kingdom to sell any make
  • Its entry into the Saudi market has been supported by a $35m investment

LONDON: SellAnyCar.com, the UAE online auto marketplaces for used car sales, is expanding into Saudi Arabia with the launch of Kayishha.
It aims to operate across the Kingdom allowing people across the country to sell any make, model or year car in any condition within 30 minutes.
The company’s entry into the Saudi market has been supported by a $35 million investment from Sanabil Investments, a unit of the Saudi Arabia Public Investment Fund, which has invested in a number of high-growth technology and e-commerce platforms.
“We see tremendous opportunity for Kayishha to redefine how used cars are bought and sold in Saudi the same way SellAnyCar.com totally disrupted the UAE used car marketplace,” said Saygin Yalcin, founder and CEO of both SellAnyCar.com and Kayishha. “We’ve taken the pain points out of the process for both the seller and buyer and effectively leveled the playing field so both parties get what they most want and need. Dealers can get a daily list of available cars to keep their lots well stocked. At the same time, the sellers get a simple, stress-free and transparent way to immediately get fair market value for their cars.”
The company plans to hire more than 300 people across the country over the next two years, it said in a statement on Wednesday.
It will initially establish centers at malls in Riyadh, Jeddah and Dammam with plans to open more than 100 locations within one year.
In addition, the company is building a headquarters and customer service center in Riyadh.
While Kayishha will employ both Saudi nationals and expatriates, the company will emphasize the hiring of local citizens, particularly in the customer service center which will be staffed entirely by Saudi nationals, it said.


Saudi Arabia looks to cut spending in bid to shrink deficit

Updated 01 October 2020

Saudi Arabia looks to cut spending in bid to shrink deficit

  • Saudi Arabia has issued about SR84 billion in sukuk in the year to date

LONDON: Saudi Arabia plans to reduce spending next year by about 7.5 percent to SR990 billion ($263.9 billion) as it seeks to reduce its deficit. This compares to spending of SR1.07 trillion this year, it said in a preliminary budget statement.

The Kingdom anticipates a budget deficit of about 12 percent this year falling to 5.1 percent next year.

Saudi Arabia released data on Wednesday showing that the economy contracted by about 7 percent in the second quarter as regional economies faced the twin blow of the coronavirus pandemic and continued oil price weakness.

The unemployment rate among Saudis increased to 15.4 percent in the second quarter compared with 11.8 percent in the first quarter of the year.

The challenging headwinds facing regional economies is expected to spur activity across debt markets as countries sell bonds to help fund spending.

Saudi Arabia has already issued about SR84 billion in sukuk in the year to date.

“Over the past three years, the government has developed (from scratch) a well-functioning and increasingly deeper domestic sukuk market that has allowed it to tap into growing domestic and international demand for Shariah-compliant fixed income assets,” Moody’s said in a statement on Wednesday. 

“This, in turn, has helped diversify its funding sources compared with what was available during the oil price shock of 2015-16 and ease liquidity pressures amid a more than doubling of government financing needs this year,” the ratings agency added.