The year 2020 took the whole world by surprise with the covid-19 crisis and the confusion it entailed. Even the most intelligent and high-level analysts and economists have been struggling to understand the speed of the virus and its repercussions on various domains.
Despite the unfavorable situation, some people saw opportunities. Among those is Afwaz Al Khuzam, who founded Bexit during the pandemic.
Afwaz is an entrepreneur specializing in strategic marketing and data analysis. She studied Business Analytics at University of Leeds, and has a Masters degree in Digital Marketing and International Trade from Imperial College London.
How did the Bexit project start?
At the onset of the Covid-19 crisis, Afwaz realized that the consequences of this pandemic required a rapid digital transformation of economies and the business world. She also saw that there was a need to develop effective plans to overcome the difficulties of the crisis and turn them into success stories. This is how the idea of the Bexit project was born.
As the Kuwaiti entrepreneurs and enterprises experienced an obvious recession, many businessmen were forced to sell their companies or halt their projects. Therefore, there was a lack of communication and understanding between entrepreneurs and investors, disabling the continuation of projects.
This is where Afwaz came in. Through her experience and through the use of previous success stories in the mobile application sector, she was able to understand and analyze the crisis that afflicted Kuwait.
She thus decided to create a digital platform to put business owners in touch with potential investors, helping them identify opportunities where they could invest safely and confidentially. To guarantee the rights of both parties, she developed the idea in a clear legal framework with the help of the legal support and advice of Mr. Abdullah Al-Bakr (from Khalil Dashti and Abdullah Al-Bakr Advocated and Legal Consultants).
What is Bexit?
Bexit is a one-of-a-kind platform that was launched in Kuwait at the beginning of 2020. The platform is a digital marketplace that serves a wide range of businessmen and investors.
In a relatively short time span, Bexit gained the trust of sellers and buyers. It is viewed as an easy-to-use and secure platform that allows the seller and buyer to exchange deals and obtain a price quote. In case of agreement, secure payment is provided through the UEscrow platform.
Increased regional growth
The Bexit platform provides various opportunities for current and potential business owners. It has become an excellent resource with data transparency and competitive entrepreneurship in an area where doing business is viewed as difficult.
In just 3 months, 10 commercial projects have already been sold at prices ranging from 2,500 to 500,000 Kuwaiti Dinars, and two sale deals are now in the pipeline. Moreover, Bexit has already attracted investors from Qatar and Saudi Arabia. It also sent its second release update at the request of its users.
Bexit also seeks to become the first digital platform for buying and selling commercial projects in Kuwait, as it features a team specialized in legal, marketing and financial affairs, and a unique method for ensuring the payment process through a partnership with UEscrow.
The process of paying to buy a company is a complex process as it requires paperwork and documents to transfer ownership of government procedures and deadlines that may take weeks.
If there were no online Escrow in town, we wouldn’t have started our venture
– Afwaz Alkuzam, Bexit Founder & CEO
UEscrow provides a safe and easy way to guarantee the payment process by reserving the amount in a secure electronic escrow account until all procedures are completed and the ownership transferred.
When both parties in the deal agree to the completion of the ownership transfer process, the transaction is completed by depositing the amount in the seller’s account.
It is worthy to note that the correspondence between the two parties of the transaction takes place via SMS within the UEscrow platform in order to facilitate correspondence and obtain approvals related to the payment process.