Singapore 28 July 2016—It was announced today that Aladdin Street Singapore, a member of the Aladdin Group, will launch the world’s first premium quality products and halal e-marketplace before the end of 2016.
Aladdinstreet will be the first e-marketplace to feature only premium quality and halal products and services that cater to both the B2B and B2C communities via two e-commerce platforms – www.aladdinstreet.com.sg (domestic e-platform) and www.aladdinstreet.com (International e-platform). Both platforms will allow Singapore producers, manufacturers and businesses access to the global e-marketplace.
This announcement comes after the Aladdin Group launched the Malaysia domestic site, www.aladdinstreet.com.my, on 18 April, 2016. Aladdinstreet.com.my is categorised into halal and non halal certified products and services and features more than 10,000 premium quality products.
Established in mid 2015, the Aladdin Group is headquartered in Kuala Lumpur, Malaysia and is helmed by Co-founder and Malaysia’s first astronaut, Dato’ Dr Sheikh Muszaphar Shukor Al Masrie bin Sheikh Mustapha and his team.
Aladdin Street aims to provide a trusted and secured e-market platform for merchants to trade and consumers to purchase premium quality and halal products.
Recent findings by Google and Temasek Holdings revealed that Southeast Asia’s e-commerce is set to grow more than six fold to USD200 billion by 2025, driven mostly by online e-commerce retail market and outpacing the growth of offline retail sales.
The Aladdin Group also recognises that the potential of premium quality products and halal e-marketplace extends beyond South East Asia to include the world. According to the Malaysia External Trade Development Corporation, the global halal industry, excluding Islamic finance, is estimated to be worth up to USD2.3 trillion. To date, there has been no premium quality products and halal e-marketplace, until now.
The announcement of Aladdin Street Singapore adds to the list of 29 other countries that the Group has entered into joint ventures with, effectively reaching out to approximately four billion consumers.
Singapore Co-founder and President, Dato’ Dr Grace Kong, says that the country’s excellent business environment and infrastructure will not only help the Aladdin Group be one of the world’s most profitable e-commerce platforms, but Aladdin Street Singapore will be the first e-marketplace to feature only premium quality and halal products and services in Singaporewhen it is launched later this year.
Other major e-commerce portals carry products of varying price points and quality, but Aladdin Street is focused on premium and halal products and services, which have been underserved.
The Aladdin group has allocated up to USD130 million in the next three years to market the Aladdinstreet brand name all over the world.
Aladdin Street Singapore will further invest up to SGD2 million to support its domestic efforts and make the name the brand of choice amongst Singapore’s Muslims and non-Muslims. Aladdinstreet.com.sg is set to achieve over SGD50 million in sales within the first year of its launch, but what will make Aladdin Street Singapore unique is its plans to collaborate with government agencies and the halal certification body, Majlis Ugama Islam Singapura or MUIS, to help Singapore SMEs access the global e-marketplace via the Aladdin Group’s international network.