Mexico-based digital auto retailer Kavak plans to invest $130 million U.S. over the next two years in the Gulf Cooperation Council (GCC) region, the company said on Wednesday.
The used-car dealer expects to reach a 1,000-strong workforce in the Gulf and aims to have the region’s largest reconditioning center, it said.
Kavak already operates in Turkey and has now launched activities in the United Arab Emirates (U.A.E.) and Oman. It has indicated that it will also commence operations in Saudi Arabia.
The announcement comes as Kavak has merged with Carzaty to accelerate its growth in the Gulf, the company said.
Kavak is building a 15,000-square-meter facility in Dubai and plans to build a similar one in Riyadh, in Saudi Arabia.
“The GCC region presents a vast opportunity to bring a transparent, high-level user experience for the buying and selling of used cars and we are excited to be on this journey with Kavak,” said Marwan Chaar, co-CEO of Kavak GCC.
“The GCC region represents a massive untapped opportunity for Kavak,” said Carlos Ottati, CEO at Kavak.