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Thursday, 7 April 2022

Saudi last-mile delivery firm acquires local startup Gallop Express

GLT Express steps into Egypt with local acquisition: Saudi logistics company GLT Express has made Egypt its first expansion destination outside the Kingdom, acquiring Gallop Express for an undisclosed sum, according to a statement (pdf).

What’s GLT Express: It’s the logistics delivery arm of Global Logistics and Technology (GLT) Holdings, which also offers scaling solutions, fintech and payment services, and digital support to e-commerce and F&B businesses, among others. Founded in 2016, the holding company operates in Saudi Arabia, the UAE, Uzbekistan, and Sudan. Subsidiary GLT Express provides B2B fulfillment, last mile delivery, customs clearance and freight services in KSA.

Gallop Express is an Egyptian startup courier service for individuals and companies, founded in 2020.

“The acquisition of Gallop Express in Egypt was a no-brainer,” GLT Express CEO Mark Humphries said, given the potential in the Egyptian market.

This is the second Saudi mid-market acquisition in the local market this week: GLT’s takeover comes hot on the heels of Saudi Telecom’s bid for an 89.5% stake in local systems integrator Giza Systems. Our GCC neighbors have been stepping up activity in the local market of late, including M&A, investment and (in the case of KSA) deposits at the central bank.

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