GoCompare announces investment in Souqalmal.com

GoCompare Group plc

3 October 2017

GoCompare announces investment in Souqalmal.com, the leading comparison business in the Middle East

GoCompare Group plc ("GoCompare" or the "Group") today announces that it has agreed to acquire a minority stake in Souqalmal.com, the leading digital comparison business in the Middle East.

Souqalmal.com enables people in the United Arab Emirates (UAE) and Saudi Arabia to make empowered and informed buying decisions by helping them compare over 3,000 products covering a range products and services, including banking and insurance, in both English and Arabic. Founded in 2012, the business has grown 300% annually and has won multiple awards, from Online Business of the Year, to Insurance Technology Award at the MENA Insurance Awards.

Following the investment, GoCompare will have a seat on the board of Souqalmal.com.

Matthew Crummack, CEO of GoCompare Group plc, said: "We are delighted to announce this international investment in Souqualmal.com. It is the clear leader in financial education and personal finance comparison in the Middle East, and is fully aligned with our mission to help people everywhere to save time and money. With a youthful and tech savvy population, the potential for growth in the region is huge and Souqalmal.com is the ideal partner for us."

Ambareen Musa, founder and CEO of Souqalmal.com, said: "We are excited to be partnering with such a successful, consumer-focused technology company that shares so many similar values and ambitions with us. I believe Souqalmal.com will benefit hugely by learning from and leveraging GoCompare's own experiences since its launch in 2006."

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