OTVentures acquires stake in Egypt group-buying site

OTVentures, an online and mobile technology company affiliated with Orascom Telecom, Media and Technology (OTMT), acquired a 51 percent stake of Egypt’s group-buying site Dare’n’Deal, in a deal worth LE 20 million.

In a statement, OTVentures hailed the move as a “turning point in the development of the region’s e-commerce industry.”

The assessment of the Middle East market for e-commerce is about $5.8 billion, with a foreseen annual increase of 30 percent, the firm said.

Hanan Abdel Meguid, OTVentures CEO, said, “The acquisition was an initial step on the path ... of an expansive strategy in the field of e-commerce within the Arab region, as well as the merging of e-commerce and mobile technology.”

Launched in June 2011, Dare’n’Deal is the leading group-buying site in Egypt, providing users with offers on restaurants, spas, travel packages, holiday deals and outdoor experiences with discounts from 50 up to 90 percent.

It plans to launch a dedicated Middle East site through its various affiliates.

Abdel Latif Olama, Dare’n’Deal CEO, said, “This step will enable Dare’n’Deal to expand in providing its services to the Egyptian market and in guaranteeing a higher local standard up to a leading level within the Middle East market.”

“Dare’n’Deal aims at achieving up to LE 120 million discounts for its customers in 2012, inasmuch as that its site is visited by 5.6 million users,” he added.