RIYADH, SAUDI ARABIA - Media OutReach Newswire - 27 August 2024 -Beijing Ubox Online Technology Co., LTD. ("Ubox") (SEHK stock code: 02429.HK) is pleased to announce the signing of a strategic partnership Memorandum of Understanding (MoU) with Siwar Foods Co., LTD. ("Siwar") in Saudi Arabia. This collaboration will introduce advanced unmanned retailing technology for ready-to-eat (RTE) food to major cities in Saudi Arabia, including Riyadh, Jeddah, Mecca, and Medina, significantly enhancing the shopping experience for consumers.
Navigator Consulting, as the strategic advisor for UBOX in the Middle Eastern market, facilitated this signing and collaboration.
Introducing Advanced Unmanned Retailing to Saudi Arabia
The partnership between Ubox and Siwar aims to deploy state-of-the-art unmanned vending machines across Saudi Arabia, bringing innovation and convenience to the retail sector. Ubox's extensive experience in unmanned retail operations and supply chain management in Mainland China will contribute to Saudi Arabia's technological progress, economic development, and the growth of local employment opportunities.
Expertise and Market Insights Driving Growth
Operating within one of the world's most developed food industries, Ubox has built a wealth of business data and operational expertise, particularly in product selection, pricing, distribution, and replenishment. These insights will ensure a seamless and efficient shopping experience for Saudi consumers, tailored to local preferences, and will actively support the growth of the local market.
Delivering Affordable and Diverse Food Choices
In collaboration with Siwar, Ubox will leverage China's extensive and cost-effective food industry, combined with its own supply chain management expertise, to introduce a variety of affordable, exotic, and diverse RTE food options. This initiative will expand culinary choices for Saudi consumers, offering new and exciting flavors to the region.
Ubox: Innovating Unmanned Retail
Ubox's unmanned vending machines offer a wide range of fast-moving consumer goods (FMCGs), including bottled drinks, snacks, and freshly brewed coffee. The machines are equipped with advanced AI technology that enables intelligent identification of goods and provides convenient payment options such as face recognition, QR code scanning, and NFC. By the end of 2023, Ubox had nearly 60,000 machines deployed across 28 provinces in Mainland China, serving various locations including offices, tourist attractions, schools, hospitals, sports venues, and transportation hubs.
In 2023, Ubox generated revenue of 2.034 billion yuan (approximately SAR 1.072 billion) from its unmanned retail operations, demonstrating the effectiveness of its business model and the increasing demand for automated retail solutions.
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The issuer is solely responsible for the content of this announcement.
About Ubox
Beijing UBOX Online Technology Corp is a China-based company specializing in smart retail, with a primary focus on its Unmanned Retail Business Segment. This segment facilitates the distribution of products, including bottled beverages, snacks, and freshly brewed coffee, through advanced vending machines. The Company also offers a comprehensive suite of services, including advertising and system support, merchandise wholesale, vending machine sales and leases, as well as additional services such as mobile device distribution and karaoke booth operations.About Siwar
Siwar, based in Riyadh, is a prominent RTE frozen food producer supplying over 480 outlets across Saudi Arabia, including wholesalers, hotels, restaurants, and catering companies. Expanding into digital retailing, Siwar now operates more than 120 vending machines throughout the region.