DUBAI: Dubai e-commerce platform Cycle Souq is to expand into Saudi Arabia as part of its growth outside the UAE and is in talks with local suppliers in the Kingdom.
“Cycle Souq are currently looking to on-board Saudi suppliers to the business,” a spokesperson told Arab News. In addition, the company is looking to expand into Oman and Bahrain.
The platform allows users to buy bicycle and cycling accessories online. At present, deliveries take up to seven days, but once Saudi suppliers have been lined up this will be reduced to two to three days.
“Saudi is by far the largest market in the GCC in terms of its sheer size and population. Over the past few years cycling has been gaining awareness and becoming a more acceptable form of exercise. The leadership has recognized this and made cycling a part of the national health regime. It has been investing heavily in cycling infrastructure that will further help in achieving the country’s vision 2030 health goals,” the spokesperson said.
“With a large section of the population below 30 years of age we believe that it is right time to be entering into the market to enable a cycling culture and a healthy lifestyle. Our goal is to unite all the local bike shop offerings under a single online portal that is tailor-made for the region.”
The announcement comes as the Saudi Cycling Federation, in cooperation with the King Abdullah Financial District (KAFD), announced on Wednesday the launch of the first version of the 2021 cycling tour under the slogan: “Vision 2030 reality coming true.” The launch of the tour coincided with World Bicycle Day, a UN initiative since 2018, on June 3.
“This tour comes in line with the pillars of the Kingdom’s Vision 2030 aiming to increase the number of people practicing sports and motivate the community to change their lifestyle, so that sports become a continuous daily routine that contributes to maintaining health and reducing chronic diseases, foremost of which are obesity, diabetes and hypertension,” the Saudi Press Agency said in a report.
The global bicycle market size was valued at $54.44 billion in 2020 and is expected to grow by 7 percent per annum until 2028, according to a report by the Grand View Research platform.