Barakah launches solutions to reduce fresh food waste in Saudi Arabia and anticipated expansions to the Middle East
- Prince Abdulaziz Al- Saud, co-founder and CEO of Barakah App, has devised a solution to tackle the global issue of food and beverage wastage by reducing the cost of food waste management by 50%.
In an interview with Bloomberg East, he stated that the tool created through the Baraka app aims to provide solutions for merchants to reduce waste, which amounts to 40% globally, valued at $1.3 trillion annually, with $20 billion of that waste occurring within the Gulf Cooperation Council’s food supply chains.
He indicated that the tool seeks to assist merchants in halving their product waste and providing stores selling fresh goods and groceries with discounts ranging from 50% to 70% for consumers.
He added that Baraka succeeded in saving 350,000 meals from wastage in renowned global stores such as Starbucks, Tim Hortons, and Sina Bon over 15 months. He explained that his company operates in six markets within Saudi Arabia, including Jeddah, Riyadh, Dammam, Khobar, Mecca, and Medina.
He revealed the company’s plan through its strategic partnership in the future stage of working with Food Labs, one of the top European food technology investors, with investments in the Middle East to enhance product development and expansion to the Gulf Cooperation Council countries, followed by countries in North Africa and the Middle East as a whole.
He said that there is a goal to reach the largest surplus food market in the Middle East and North Africa region, with continued support from major investors including Hambro Perks Oryx Fund, Golbal 500, Kaust Innovation, Plus Venture Capital, and Annex Investments.
Christoph Mayer, founder and CEO of Food Labs, commented that they understand the Barakah model well, as it is a useful platform for both consumers and retailers, and they support a team at the highest level who have the opportunity to build a huge company that transcends the borders of Saudi Arabia.
He added that there is an opportunity to build a successful business that has a positive impact on society while having a positive time on the community, explaining that the more commercial success there is, the greater impact there will be on the industry, which is the second-largest industry in the world, especially in terms of food production and waste, as they are extremely important matters.
