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Hepsiburada Provides Update on Recent Regulatory Changes in Turkey

Published

2 years ago

July 14, 2022

ISTANBUL, July 14, 2022 /PRNewswire/ — D-MARKET Electronic Services & Trading (d/b/a “Hepsiburada”) (NASDAQ: HEPS), a leading Turkish e-commerce platform (referred to herein as “Hepsiburada” or the “Company”), updates the market on recent regulatory changes in Turkey.

In its most recent annual report on Form 20-F (the “Form 20-F”) filed with the U.S. Securities and Exchange Commission on May 2, 2022, the Company informed its shareholders of potential amendments to the E-commerce Law and the anticipated impact that approval of such amendments could have on Hepsiburada’s business and the industry as a whole. See risk factor “Internet and e-commerce regulation in Turkey is recent and is subject to further development” on page 38 of the Form 20-F. On July 1, 2022, the Turkish Parliament approved an amendment to the Law on Regulation of E-Commerce (Law No.6563) (as amended, the “E-commerce Law”) with the aim of preventing unfair competition, a harmful competitive environment and monopolistic commercial practices in the Turkish e-commerce market. The amendments were ratified by the President and announced on the Official Gazette on July 7, 2022, available on https://www.resmigazete.gov.tr/07.07.2022.

Hepsiburada believes that the E-commerce Law is an important milestone for the Turkish e-commerce industry intending to facilitate a more transparent, healthy and fair e-commerce market as well as to prevent the formation of dominant positions in this market.

The provisions of the amendments include, but are not limited to:

limits on the total amount of advertising and marketing expenditures and customer discounts with the goal to prevent e-commerce platforms from gaining an asymmetric market share through excessive discounts and excessive marketing by using disproportionate economic power. This provision goes into effect on January 1, 2023;

restrictions on e-commerce companies with an annual Net Transaction Value, (as defined in the E-commerce Law) over a certain threshold (initially and indicatively set at TRY60 billion for the year 2022, which is subject to adjustment annually based on the aggregate Net Transaction Value generated in the Turkish e-commerce market for the prior calendar year) from engaging in certain business operations, such as payments and financial services. The restrictions also limit specified listing activities within its platform and the provision of last-mile delivery services to third parties. This provision goes into effect on January 1, 2024;

banning the sale of private label products for all e-commerce companies. This provision goes into effect January 1, 2024; and

a new obligation for e-commerce businesses operating in Turkey to obtain, and annually renew, an e-commerce license upon payment of a license fee if such businesses exceed certain Net Transaction Value and annual order volume thresholds defined in the E-Commerce Law. The effective license fee will be calculated based on a graduated rate of a company’s Net Transaction Value derived from within Turkey for the prior calendar year, such that the effective license fee applied would be the sum of progressively higher proportions of the e-commerce company’s Net Transaction Value exceeding the thresholds specified in the E-commerce Law. The applicable marginal rates range from 0.03% of annual Net Transaction Value on the portion of Net Transaction Value between the lowest thresholds (initially set at indicative thresholds of TRY10 billion and TRY20 billion for 2022), to 25% of annual Net Transaction Value on the portion of Net Transaction Value above the highest threshold (initially set at an indicative threshold of TRY65 billion for 2022). This provision goes into effect January 1, 2025.

In addition to the new provisions summarized above, the amendments redesigned the commercial terms in the commercial agreements with merchants, merchant data access and portability, the use of data obtained from customers and merchants, the payment terms to the merchants as such payments shall be made in full within five working days from the date the order reaches the buyer as well as non-compliance penalty amounts with a view to prevent unfair commercial practices. These provisions go into effect January 1, 2023. The new amendments also introduced an annual reporting obligation to monitor companies’ compliance with the amended provisions of the E-Commerce Law.

Hepsiburada is currently assessing the operational and financial impact the implementation of these new amendments will have on the Company. However, based on Hepsiburada’s initial review of the E-commerce Law, the Company anticipates that these amendments will create a more favorable operating environment over time, driven by, among other things, normalizing of marketing expenditures and customer discounts. Further, Hepsiburada does not expect that the new amendments will restrict its key strategic initiatives such as payments, financial services and last-mile delivery services. Hepsiburada is confident that it is well-positioned to benefit from the potential changes in the market dynamics as a result of this legislation which are expected to ensure a level playing field.

About Hepsiburada

Hepsiburada is a leading e-commerce technology platform in Turkey, combining a globally proven e-commerce business model with a one-stop ‘Super App’ to cater to our customers’ everyday needs and to help make people’s daily lives better. Customers can access a broad range of products and services including same-day delivery of groceries and essentials, products from international merchants, airline tickets and payment services through our embedded digital wallet, Hepsipay. As at the end of March 2022, we had seamlessly connected 44.2 million members and 82.9 thousand Active Merchants.

Founded in Istanbul in 2000, Hepsiburada was built to lead the digitalization of commerce in Turkey. As a female-founded organization, we are committed to meaningful action to empower women. Through our ‘Technology Empowerment for Women Entrepreneurs’ programme, we have reached over 32 thousand female entrepreneurs across Turkey to date.

Forward Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended and the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995, including but not limited to statements regarding (a) the anticipated timing for the implementation of the amendments to the E-commerce Law; (b) the Company’s expectations regarding its current and future Net Transaction Values and related thresholds under the E-commerce Law; (c) the potential impact of the E-commerce Law on the competitive landscape in the e-commerce industry in which the Company operates; and (d) the Company’s anticipated liability for licensing fees. These forward-looking statements can be identified by terminology such as “may”, “could”, “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “targets”, “likely to”, “forecasts” and similar statements.

These forward-looking statements are based on management’s current expectations. However, it is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. These statements are neither promises nor guarantees but involve known and unknown risks, uncertainties and other important factors and circumstances that may cause Hepsiburada’s actual results, performance or achievements to be materially different from its expectations expressed or implied by the forward-looking statements, including other developments in Hepsiburada’s business or legislative or regulatory developments. We caution you therefore against relying on these forward-looking statements, and we qualify all of our forward-looking statements by these cautionary statements. For a discussion of additional factors that may affect the outcome of such forward looking statements, see our 2021 annual report filed with the U.S. Securities and Exchange Commission (“SEC”) on Form 20-F (File No.001-40553), and in particular the “Risk Factors” section, as well as the other documents filed with or furnished to the SEC by the Company from time to time. Copies of these filings are available online from the SEC at www.sec.gov, or on the SEC Filings section of our Investor Relations website at https://investors.hepsiburada.com. Any such forward-looking statements represent management’s estimates as of the date of this press release. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release. All forward-looking statements in this press release are based on information currently available to the Company, and the Company and its authorized representatives assume no obligation to update these forward-looking statements in light of new information or future events. Accordingly, undue reliance should not be placed upon the forward-looking statements.

View original content:https://www.prnewswire.com/news-releases/hepsiburada-provides-update-on-recent-regulatory-changes-in-turkey-301587096.html

SOURCE HEPSIBURADA

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Vintage Vaults’ State-of-the-Art Deposit Box Service for the UAE

Published

1 year ago

June 21, 2023

DUBAI, UAE, June 21, 2023 /PRNewswire/ — As the UAE creates and attracts an ever-growing number of affluent individuals, boosting the region’s investment industry, two Dubai-based entrepreneurs have launched a state-of-the-art luxury service that ensures residents and tourists can protect their valuable physical possessions and their financial assets.

Inspired by the traditional Swiss private bank but updated with cutting edge technology to meet today’s expectations for convenience and security, Vintage Vaults is located in a discreet section of Mall of the Emirates. With seven sizes of premium safety deposit boxes, and flexible rental periods from 3 months to 10 years, Vintage Vaults makes it easy to safeguard jewellery, watches, documents, crypto codes and other important valuables.

Offering a unique experience that combines award-winning art deco-style reception areas with a custom-made reinforced steel vault, Vintage Vaults gives its customers’ unparalleled peace of mind. Unlike a bank, the facility can be accessed from 10am to midnight every day of the year, with options to move items in and out of the vault in person or using armoured home delivery services. Those visiting in person will benefit from private parking, a lift that opens right in front of the store, and stylish private rooms in which to access the contents of their box with full discretion.

“Our journey started when I tried to get a safety deposit box from my bank and had a terrible experience,” said Sherif El Haddad, Co-Founder of Vintage Vaults. “Once I’d waited six years for a box to become available, they demanded a huge cash deposit and then showed me a tiny box in shabby, unsecure room that was only accessible during branch opening hours. I knew I could do much better, and that others would demand much better too, so the idea of Vintage Vaults was born.”

As you would expect, security is of paramount importance. Not only does the Vintage Vaults facility benefit from Mall of the Emirates’ high tech protection measures, its own security measures include multi-stage biometric checkpoints, HD CCTV linked to Dubai Police, night vision cameras, motion and audio sensors, dual key locks, and security guards on the premises 24/7. Each box is automatically insured for AED1m and cover can go up to AED 5mn, so customers can relax in the knowledge that their valuables are far safer than they would be at home.

“Vintage Vaults brings safety deposit services into the 21st century with its premium services, and tailors them to meet the tastes and requirements of both UAE residents as well as tourists,” said Imran Khan, Co-Founder of Vintage Vaults. “We have attracted customers from over 80 nationalities, almost 70% of them long-term UAE residents. As personal wealth grows in and around our region, and as we expand Vintage Vaults to new markets, we’re confident that demand for our services will keep rising.”

Vintage Vault accounts can be managed online and customers must show an Emirates ID or Passport to rent a box. Memberships come in Standard and Premium tiers, the latter offering additional benefits including a private vault, a dedicated relationship manager, a gold deposit box, and additional nominees who can be given access rights.

Vintage Vaults with its unique blend of state-of-the-art security tech and luxury has managed to attract some of the wealthiest clients in the UAE. It has also attracted high net worth individuals globally that take advantage of Dubai as a key investment haven. The firm also now caters to corporates of different sizes and is continuously expanding its premium service offering.

About Vintage Vaults
Vintage Vaults offers a luxurious, secure place to store valuables with complete discretion and privacy. For more information visit www.vintage-vaults.com

Photo – https://mma.prnewswire.com/media/2106573/Vintage_Vaults.jpg

View original content:https://www.prnewswire.co.uk/news-releases/vintage-vaults-state-of-the-art-deposit-box-service-for-the-uae-301855738.html

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Upsurge in International travel amongst Indians, Dubai emerges as hot favourite – Thrillophilia

Published

2 years ago

September 22, 2022

JAIPUR, India, Sept. 22, 2022 /PRNewswire/ — As numerous countries have opened up their boundaries to tourists, Indians are enthusiastically planning vacations with an inclination toward international destinations. With the pent-up demands, there’s an uptick in foreign travel throughout the country for all kinds of travellers.

Thrillophilia brings to the fore destinations preferred by Indian travellers to make their trip unique and memorable. The pulse of travel trends shows that Dubai is an obvious choice for Indians in major segments. While Thailand, Singapore, Bali, and Malaysia are considerably popular among travellers due to cheap airfares and connectivity, Italy, the UK, Switzerland and France fall close behind in international destinations that Indians like to explore.

Top Destinations preference by different types of Indian travellers:

Dubai, a forerunner among family-friendly destinations: While choosing to travel with family, Dubai makes a mark among Indians with its numerous theme parks, attractions, and activity spots. Dubai’s numerous attractions appeal to both adults and children, for instance, Dubai Aquarium, Underwater Zoo, Ski Dubai, Wild Wadi, and several others. 36% of travellers picked Dubai over any other destination, when it comes to family travel. Singapore, Thailand, and Bali are the other hotspots frequented by families for relishing their annual international vacations.

Thailand is the top choice of solo travellers: Thailand is the favourite destination for Indians to travel solo considering the diverse and exciting experiences it provides in terms of food and frenetic nightlife, and not to forget, the tropical beaches and islands that make for a perfect getaway. Dubai comes a close second for solo travellers as it offers unique adventure and leisure activities. Singapore, Indonesia, and the UK are other destinations that are preferred for their natural affinity to attract solo travellers resorting to impromptu travel plans.

Couples choose Maldives over other destinations: Serving unparalleled luxury with pristine beaches and lush greenery, Bali and Maldives turn out to be the favourite destination for couples as per Thrillophilia. Travel to Maldives has been on a decline this year compared to last year, as other destinations have opened up in 2022.

Dubai is also preferred by couples for a romantic vacation. From dinner cruises, and exciting desert safaris, to a romantic date on a yacht and endless shopping options, it becomes apparent why this Emirate City is sought after by couples. Thailand also mesmerises Indian couples to be chosen among their favourite international destinations.

Unparalleled gastronomical experience around the world

When it comes to seeking one-of-a-kind experiences, Indians have been loving how Dubai offers some of the most exclusive culinary adventures with global flavours in exquisite venues. Indian travellers choose Dubai’s Dinner in the Sky, Luxury dinner cruise on a Marina Yacht, BBQ at Desert Safari, and rooftop meals at Burj Khalifa – At the Top for the ultimate gastronomic experiences in the city.

In this niche, Thailand, the street food capital of the world is also a favourite among Indians for the quintessential, authentic, and diverse food options at the street markets of Bangkok. Italy attracts numerous Indians to feast on Italian delicacies, roam around the food market or take part in a wine tasting affair. Recognized for its gourmet French cuisine, bakery, and cooking classes, Indians have ranked France fourth among the top destinations for an unforgettable food experience.

Adventure enthusiasts’ preferred choices

As per Thrillophilia’s data, Dubai tops again as the favourite destination for adventurous activities with skydiving, x-line, deep dive, and dune-bashing experience. Hot air balloon rides, quad biking, and skywalk are other activities that draw Indian tourists to the Emirate.

Australia, Turkey, Thailand, Malaysia and Bali make up the rest of the top 5 destinations preferred by Indians for adventure travel as compiled by Thrillophilia.

Flyboarding, parasailing, trekking, and a ride on the giant swing are the favourite activities of Indian tourists when in Bali. A country ripe for adventure, Indians flock to Thailand to engage in ziplining, snorkeling, and scuba diving among other activities in this fun-filled destination. While Turkey is preferred by Indians for a ride on a hot air balloon at Cappadocia, Malaysia is known to attract thousands of tourists countrywide for the numerous adventure activities it offers like ziplining, scuba diving, skydiving, and jet skiing.

Dubai, an ideal theme park destination

For a fun-filled thrilling experience at theme parks around the world, Indians have chosen Dubai, Singapore, Abu Dhabi, California, and the UK as their top 5 international destinations.

With IMG Worlds of Adventure, Wild Wadi Waterpark, Legoland Dubai, Kidzania, Garden glow, and many others, Thrillophilia bookings show that Dubai is the top theme park destination for Indians. WarnerBros World, Yas Waterworld, and Ferrari World are fascinating theme parks that attract Indians to Abu Dhabi. Singapore’s 4D Adventureland Sentosa and Universal Studios are considered a must-visit by kids and adults alike. Indians also visit Universal Studios and Disneyland in California for an exciting theme park experience along with Alton Towers, Thorpe park, and Legoland Windsor in the UK.

Destinations preferred by travellers for Museums and Monuments

For the art and history-loving tourists from India, Rome, London, Abu Dhabi and Paris are preferred as they are home to some of the most famous museums and monuments in the world like The Colosseum, the British Museum, Louvre Museum, Eiffel Tower, and numerous others. With over 80 museums, Turkey is also a major attraction for museum lovers for its exquisite collection of Byzantine art and mosaics.

A significant choice by tourists for an immersive experience has been Dubai’s latest attraction, the Museum of the Future. Indian tourists are flocking to this museum to witness the exquisite culture, as well as the futuristic goals in modern development.

Thailand, the go-to party paradise

Thailand, glittering with lights and a lot of hustle and bustle makes for the ultimate destination for Indian tourists looking for amazing nightlife. With great party destinations each with its own personality, Bangkok, Pattaya, and Phuket are the preferred locations. The Full Moon parties in Thailand also attract Indian tourists to the destination.

Dubai’s vibrant and exotic nightlife with the famous landmarks illuminated in the night sky turned out to be close second according to the trends at Thrillophilia as it has plenty of fine dining places and premier nightclubs. Home to beautiful beaches and hippie parties, Kuta in Bali attracts travellers from India looking to party at famous open-air clubs and beach raves. When looking for a destination with amped-up scenes after sun-down, Malaysia, and Singapore were other top choices for Indians.

Best picks for a luxury affair

Dubai has proven to be a popular choice among travellers looking for luxury experiences. Affluent Indian tourists travelling to the city opt for luxury stays at high-end glittering hotels like Burj al-Arab and Atlantis, The Palm. Booking trends of Thrillophilia show that luxury travellers from India also opt for experiences like premium safari packages, yacht parties, tours in rented luxury cars, and helicopter rides while in Dubai. True luxury affairs like the Saronic Cruise in Greece, and the Grand Canyon Helicopter Rides offer an experience like no other. Among the other chosen luxury experiences from around the world for Indian tourists, Luxury Spa Sessions in Bali entails a traditional yet opulent decadence.

About Thrillophilia:

Thrillophilia is India’s largest online booking platform that enables travellers with hand-picked experiential tours and activities.

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Nala Robotics and Saudi Excellence Co. to Establish First AI-Based Robotic Cloud Kitchen and R&D Center in Saudi Arabia

Published

2 years ago

September 15, 2022

NAPERVILLE, Ill. and RIYADH, Saudi Arabia, Sept. 15, 2022 /PRNewswire/ — Nala Robotics, a U.S.-based AI robotics company disrupting the culinary industry with its restaurant-as-a-service platform, and the Saudi Excellence Company, a Riyadh-based tech company, today announced a strategic agreement to develop, market and deliver autonomous food services to Saudi Arabia, one of the most promising and prolific digitally connected markets in the Middle East.

According to a memorandum of understanding signed during the Global AI Summit 2022 this week in Riyadh, both companies will work together to bring advanced and affordable AI robotic solutions to restaurants and food service providers in Saudi Arabia, including establishing the country’s first fully autonomous eatery that will serve a wide variety of Saudi and Middle Eastern dishes.

“We are delighted to be working with the Saudi Excellence Company, a pioneer in bringing emerging technologies to Saudi Arabia,” said Balaji Koneru, general manager, Asia Pacific, Nala Robotics. “Saudi Arabia is an important international trade route connecting Asia, Europe and Africa continents. Our collaboration will help Nala Robotics maximize the strategic geographic position and grow our business across the Middle East and North Africa region.”

The partnership’s immediate and longer-term objectives include:

Establishing a R&D center for artificial intelligence and machine learning roboticsSetting-up Saudi Arabia’s first AI-based robotic cloud kitchen that will prepare and cook Shawarma, Doner, Tamiya and other Middle Eastern cuisineCreating a training center for AI robotics engineers and techniciansBuilding a regional center for sales, marketing and fulfillment across the Middle East and North Africa

“The focus of our collaboration is to bring the latest AI robotics technology to the food service sector throughout Saudi Arabia and beyond,” said Omar Mian, chief innovation advisor, Saudi Excellence Company. “By leveraging both of our company’s strengths in technology innovation, we will be able to further revolutionize the country’ culinary industry while creating new opportunities for entrepreneurial endeavors and enhanced job fulfillment and growth.”

About Nala Robotics
Nala Robotics is an AI technology company disrupting the culinary industry. Its innovations include the world’s first fully automated multi-cuisine chef, a customizable robot that uses machine learning to cook infinite recipes replicated with exact precision anytime, anywhere. The company’s line of autonomous robotic solutions are ideal of multiple cuisines including American, Chinese, Indian and Thai. Based in Arlington Heights, Ill., Nala Robotics has offices in California, India and Ukraine. For more information, visit https://nalarobotics.com or follow the company on LinkedIn and Twitter @nalarobotics.

About the Saudi Excellence Company
Saudi Excellence Company, based in Riyadh, is a technology, artificial intelligence, and fintech company that represents many of the world‘s leading high-tech companies in Saudi Arabia, The unit is a subsidiary of Al-Ramez International Group, a diversified corporation with operations in financial investments, trading, contracting, design consulting, advertising and publicity. For more information, visit https://www.alramez.net.

PRESS CONTACTS

For Nala Robotics:

George Medici
PondelWilkinson Inc.
gmedici@pondel.com

For Saudi Excellence Company:

Omar Mian
Al-Ramez International Group
mian@alramez.net

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SOURCE Nala Robotics