SMEs in MENA, South Asia raise capital, expand

SMEs in MENA, South Asia raise capital, expand
Cairo-born quick commerce startup Rabbit has expanded its operations to Saudi Arabia by opening a regional headquarters in Riyadh. (Supplied)
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Updated 13 April 2025
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SMEs in MENA, South Asia raise capital, expand

SMEs in MENA, South Asia raise capital, expand
  • Pakistani fintech Haball raises $52 million to scale Shariah-compliant supply chain finance and payment solutions
  • Founded to address credit gap in Pakistan’s SME ecosystem, Haball enables businesses to access Islamic finance products

RIYADH: Startups across the Middle East, North Africa and South Asia are securing fresh capital and expanding into new markets, signaling strong investor confidence.

Saudi-based business-to-business marketplace Sary has announced it will merge with Bangladesh’s commerce platform ShopUp to create the SILQ Group, a newly formed entity aiming to transform cross-border trade across South Asia and the Gulf.

The merger is supported by a $110 million funding package comprising an equity investment and a financing facility dedicated to SILQ Financial, the group’s financial services arm.

The funding round includes participation from a broad investor base, led by Sanabil Investments, and joined by Valar Ventures, Flourish Ventures and STV, as well as MSA Capital, VSQ and Rocketship VC. Wafra Investment, Peak XV and Prosus were also involved, along with Tiger Global, Endeavor Catalyst and Raed Ventures.

Qatar Development Bank also participated as a new investor, as SILQ sets its sights on establishing a significant presence in the Qatari market.

This strategic alliance signals a significant step toward deeper commercial integration between the two regions, aiming to serve micro-, small-, and medium-sized enterprises with improved access to global supply chains and embedded financial tools.

Founded in 2018 by Mohammed Al-Dossary and Khaled Al-Siari, Sary connects small retailers and merchants with manufacturers and lenders across Saudi Arabia and the Gulf region.

ShopUp, founded in 2016 by Afeef Zaman, offers similar services in Bangladesh, acting as a crucial link between mills, brands, and neighborhood retailers.

The newly formed SILQ Group combines these complementary regional networks, technology stacks, and market expertise. 




Saudi-based business-to-business marketplace Sary has announced it will merge with Bangladesh’s commerce platform ShopUp to create the SILQ Group. (Supplied)

“Through this merger, we’re entering what’s set to become one of the world’s largest trade corridors — projected to reach $682 billion,” said Zaman, now CEO of SILQ Group.

“We’re in the front seat to serve some of the most exciting, fast-growing economies that are set to shape global consumption in the coming decades, giving them greater access to products from around the world.” He added SILQ will focus on eliminating friction in the B2B supply chain and enabling MSMEs with better technology and financial inclusion.

Al-Dossary, now CEO of SILQ Financial, said: “By merging our strengths, we’re not just expanding our reach — we’re revolutionizing how digital commerce serves Gulf’s merchants and South Asia manufacturers.”

He added: “This alliance brings together the best of both worlds — deep regional expertise and world-class technology to empower every business in our ecosystem where financial services are a cornerstone.”

Language AI platform STUCK? secures six-figure pre-seed round

Saudi-based artificial intelligence startup STUCK?, which offers real-time language support for English and Arabic content, has raised a six-figure pre-seed investment round to advance its product and market reach.

The funding was led by the UK-based Mena Tech Fund, with participation from the KAUST Innovation Fund and several angel investors from Saudi Arabia.

Founded in 2022 by Asmaa Naga, STUCK? delivers AI-powered language assistance to content teams, offering contextual help in writing, editing and translation.

The company aims to remove language barriers for both native and non-native speakers operating in bilingual business environments.

STUCK? provides services via an AI-first platform that combines natural language processing with generative tools optimized for business communication and brand tone consistency.

With this latest round, STUCK? plans to scale its engineering capabilities.

Rabbit launches in Saudi Arabia with Riyadh regional HQ

Cairo-born quick commerce startup Rabbit has expanded its operations to Saudi Arabia by opening a regional headquarters in Riyadh.

The move marks Rabbit’s first major international market entry, as it looks to replicate its rapid delivery model — offering grocery and everyday essentials in under 20 minutes — within the Kingdom’s growing e-commerce landscape.

Founded in 2021 by Ahmed Yousry, Walid Shabana, Ismail Hafezz and Tarek El-Geresy, Rabbit leverages a network of dark stores and a proprietary logistics platform to optimize ultra-fast last-mile delivery.

In Egypt, Rabbit has positioned itself as a leader in q-commerce with its tech-driven approach, and it now seeks to replicate this success in the Gulf by localizing its services for Saudi consumers. 

We pride ourselves on being a hyperlocal company, bringing our cutting-edge tech and experience to transform the grocery shopping experience for Saudi households.

Ahmad Yousry, Rabbit co-founder and CEO

Rabbit’s expansion is supported by funding from investors including Lorax Capital Partners, Global Ventures, Raed Ventures, and Beltone Venture Capital.

Existing backers Global Founders Capital, Goodwater Capital, Hub71, Simple Capital and Foundation Ventures have also reaffirmed their commitment to the company’s growth strategy.

“We are delighted to announce Rabbit’s expansion into the Kingdom,” said co-founder and CEO Ahmad Yousry.

“We pride ourselves on being a hyperlocal company, bringing our cutting-edge tech and experience to transform the grocery shopping experience for Saudi households and delivering the best products — especially local favorites — in just 20 minutes. We’re building Rabbit Saudi for Saudis by Saudi hands.”

Sellou raises seed funding round at $3m valuation

Bahrain-based social commerce startup Sellou has closed a seed funding round at a $3 million valuation, aimed at scaling its video-powered marketplace platform across the MENA region.

Founded by Salman Al-Khalifa, Sellou allows users to create short, interactive videos to showcase and sell a wide range of products — ranging from handmade goods to general merchandise.

The platform is part of a rising wave of social commerce innovation, particularly in the Middle East, where mobile-first consumer behavior is driving the adoption of new retail formats.

Sellou’s app enables sellers to build storefronts with personalized video content and engage buyers through direct messaging, streamlining the e-commerce experience for both sides.

With fresh capital, Sellou intends to invest in expanding its engineering team, enhancing creator tools and entering new markets across the region.

Rentify raises $500k to grow rental payment platform

UAE-based proptech and fintech company Rentify has raised $500,000 in seed funding to accelerate the development of its rental payment and management platform.

The startup was founded in 2025 by Rashed Hareb and Rajneel Kumar with a vision to digitize rental transactions and improve transparency between tenants and landlords.

Rentify enables tenants to manage rental installments through a secure platform.

The company reports that over $408 million worth of property rentals have already been registered on the platform.

The seed funding will be used to further scale operations, integrate more properties across the Emirates, and introduce new fintech features including credit scoring and embedded finance solutions for tenants.

PayTic raises $4m to expand African operations

Morocco-based fintech startup PayTic has secured $4 million in funding to support its expansion into new African markets.

The round was led by AfricInvest, with participation from Build Ventures, Axian Group, Mistral, Island Capital Partner, and Concrete.

Founded in 2020 by Imad Boumahdi, PayTic focuses on automating operational processes for card issuers and banks, such as reconciliation, chargeback management, and regulatory reporting.

The capital injection will enable PayTic to grow its presence in both North Africa and sub-Saharan Africa.

Haball raises $52m to grow Shariah-compliant supply chain financing

Pakistan-based fintech firm Haball has raised $52 million to scale its Shariah-compliant supply chain finance and payment solutions.

The round includes $5 million in equity and $47 million in strategic financing.

Zayn VC and Meezan Bank led the investment, with the capital earmarked for growth in Pakistan and expansion into the Middle East, starting with Saudi Arabia later this year.

Founded to address the credit gap in Pakistan’s SME ecosystem, Haball enables businesses to access Islamic finance products for inventory and procurement needs.

“Supply chain finance in Pakistan is nascent but is expected to be worth over $9 billion; driven by the severe financing gap faced by the country’s SMEs — less than 5 percent can access financing from commercial banks,” the company said in a statement.

The funding will allow Haball to introduce new services tailored to Islamic finance users, integrate further with enterprise resource planning systems, and partner with banks to onboard new business clients.


Saudi Arabia suspends seven Umrah companies for housing pilgrims in unlicensed accommodations

Saudi Arabia suspends seven Umrah companies for housing pilgrims in unlicensed accommodations
Updated 21 sec ago
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Saudi Arabia suspends seven Umrah companies for housing pilgrims in unlicensed accommodations

Saudi Arabia suspends seven Umrah companies for housing pilgrims in unlicensed accommodations
  • The violations came as part of the Hajj and Umrah ministry’s oversight efforts to improve quality of services
  • The ministry called on all Umrah companies, institutions to fully comply with approved regulations, instructions

ISLAMABAD: Saudi Arabia’s Ministry of Hajj and Umrah has suspended seven Umrah companies over violations of regulatory controls, including housing pilgrims in unlicensed accommodations, the Saudi Press Agency (SPA) reported this week.

The violations were identified as part of the ministry’s ongoing oversight efforts to improve the quality of services provided to the ‘Guests of God,’ according to the SPA report.

“The Ministry explained that these violations constitute serious transgressions that affect the safety and comfort of pilgrims,” it said.

The Saudi Ministry of Hajj and Umrah said it had immediately begun taking legal measures against the violating companies in preparation for the implementation of the penalties stipulated by the law, according to the report.

“The Ministry of Hajj and Umrah affirmed its keenness to ensure that pilgrims receive their full rights, in accordance with the highest standards of quality and efficiency, stressing that it will not be lenient with any party that fails to fulfill its contractual obligations or endangers the safety of pilgrims,” the report read further.

The ministry called on all Umrah companies and institutions to fully comply with the approved regulations and instructions, and to ensure the provision of agreed-upon services within the specified timetables to contribute to enhancing the experience of pilgrims and achieving their satisfaction during their stay in the Kingdom.


Trump says he thinks 5 jets were shot down in India-Pakistan hostilities

Trump says he thinks 5 jets were shot down in India-Pakistan hostilities
Updated 9 min 51 sec ago
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Trump says he thinks 5 jets were shot down in India-Pakistan hostilities

Trump says he thinks 5 jets were shot down in India-Pakistan hostilities
  • The US president did not specify which side’s jets he was referring to
  • Indian general said in late May that India switched tactics after losses

WASHINGTON: US President Donald Trump said on Friday up to five jets were shot down during recent India-Pakistan hostilities that began after an April militant attack in India-administered Kashmir, with the situation calming after a ceasefire in May.

Trump, who made his remarks at a dinner with some Republican US lawmakers at the White House, did not specify which side’s jets he was referring to.

“In fact, planes were being shot out of the air. Five, five, four or five, but I think five jets were shot down actually,” Trump said while talking about the India-Pakistan hostilities, without elaborating or providing further detail. Pakistan claimed it downed five Indian planes in air-to-air combat. India’s highest-ranking general said in late May that India switched tactics after suffering losses in the air on the first day of hostilities and established an advantage before a ceasefire was announced three days later. India also claimed it downed “a few planes” of Pakistan. Islamabad denied suffering any losses of planes but acknowledged its air bases suffered hits.

Trump has repeatedly claimed credit for the ceasefire between India and Pakistan that he announced on social media on May 10 after Washington held talks with both sides. India has differed with Trump’s claims that it resulted from his intervention and his threats to sever trade talks.

India’s position has been that New Delhi and Islamabad must resolve their problems directly and with no outside involvement.

India is an increasingly important US partner in Washington’s effort to counter China’s influence in Asia, while Pakistan is a US ally.

The April attack in India-administered Kashmir killed 26 men and sparked heavy fighting between the nuclear-armed Asian neighbors in the latest escalation of a decades-old rivalry.

New Delhi blamed the attack on Pakistan, which denied responsibility while calling for a neutral investigation. Washington condemned the attack but did not directly blame Islamabad.

On May 7, Indian jets bombed sites across the border that New Delhi described as “terrorist infrastructure,” setting off an exchange of attacks between the two countries by fighter jets, missiles, drones, and artillery that killed dozens until the ceasefire was reached.


Trump pulls US from World Health pandemic reforms

Trump pulls US from World Health pandemic reforms
Updated 19 min 42 sec ago
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Trump pulls US from World Health pandemic reforms

Trump pulls US from World Health pandemic reforms
  • Trump on returning to office on January 20 immediately began his nation’s withdrawal from the UN body
  • Senior officials disassociated the US from a series of amendments to the International Health Regulations

WASHINGTON: President Donald Trump’s administration said Friday the United States was rejecting changes agreed last year for the World Health Organization on its pandemic response, saying they violated the country’s sovereignty.

Trump on returning to office on January 20 immediately began his nation’s withdrawal from the UN body, but the State Department said the language from last year would still have been binding on the United States.

Secretary of State Marco Rubio and Health and Human Services Secretary Robert F. Kennedy Jr, who is a longtime critic of vaccines, said the changes “risk unwarranted interference with our national sovereign right to make health policy.”

“We will put Americans first in all our actions and we will not tolerate international policies that infringe on Americans’ speech, privacy or personal liberties,” they said in a joint statement.

Rubio and Kennedy disassociated the United States from a series of amendments to the International Health Regulations, which provide a legal framework for combatting diseases, agreed last year at the World Health Assembly in Geneva.

“We regret the US decision to reject the amendments,” WHO chief Tedros Adhanom Ghebreyesus said in a statement posted on X.

He stressed the amendments “are clear about member states sovereignty,” adding that the WHO cannot mandate lockdowns or similar measures.

The changes included a stated “commitment to solidarity and equity” in which a new group would study the needs of developing countries in future emergencies.

Countries have until Saturday to lodge reservations about the amendments. Conservative activists and vaccine skeptics in Britain and Australia, which both have left-leaning governments, have waged public campaigns against the changes.

The amendments came about when the Assembly failed at a more ambitious goal of sealing a new global agreement on pandemics.

Most of the world finally secured a treaty this May, but the United States did not participate as it was in the process of withdrawing from the WHO.

The United States, then under president Joe Biden, took part in the May-June 2024 negotiations, but said it could not support consensus as it demanded protections for US intellectual property rights on vaccine development.

Rubio’s predecessor Antony Blinken had welcomed the amendments as progress.

In their rejection of the amendments, Rubio and Kennedy said the changes “fail to adequately address the WHO’s susceptibility to the political influence and censorship – most notably from China – during outbreaks.”

WHO’s Ghebreyesus said the body is “impartial and works with all countries to improve people’s health.”


‘Frightening’: Trump’s historic power grab worries experts

‘Frightening’: Trump’s historic power grab worries experts
Updated 35 min 43 sec ago
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‘Frightening’: Trump’s historic power grab worries experts

‘Frightening’: Trump’s historic power grab worries experts

WASHINGTON: Donald Trump has spent six months testing the limits of his authority like no other modern US president, say analysts — browbeating Congress and the courts in a power grab that may come to define his second term.

Since January, the Republican leader has repeatedly pushed to secure more power for himself, calling for judges to be axed, firing independent watchdogs and sidestepping the legislative process.

Barbara Perry, a University of Virginia professor and an expert on the presidency, called Trump’s successes in shattering the restraints on his office “frightening.”

“All presidents have been subject to Congress’s and the Supreme Court’s checks on their power, as well as splits in their own political parties,” she said.

“Trump has faced almost none of these counterpoints in this second term.”

It is all a far cry from his first stint in office, when Trump and his supporters believe he was hamstrung by investigations and “deep state” officials seeking to frustrate his agenda.

But those guardrails have looked brittle this time around as Trump has fired federal workers, dismantled government departments and sent military troops into the streets to quell protest.

He has also sought to exert his influence well beyond traditional presidential reach, ruthlessly targeting universities and the press, and punishing law firms he believes have crossed him.

Checks and balances

The US system of checks and balances — the administration, the courts and Congress as equal but separate branches of government — is designed to ensure no one amasses too much power.

But when it comes to Trump’s agenda — whether ending diversity efforts and birthright citizenship or freezing foreign aid — he has largely dodged the hard work of shepherding bills through Congress.

Policies have instead been enacted by presidential edict.

Six months in, Trump has already announced more second-term executive orders than any American leader since Dwight Eisenhower in the 1950s.

He has even sought to bend the economy to his will, escalating attacks on the chief of the independent central bank in a bid to lower interest rates.

Once a robust restraining force against presidential overreach, the Republican-led Congress has largely forsaken its oversight role, foregoing the investigations that previous presidents have faced.

That has left the judiciary as the main gatekeeper.

But Trump has managed partly to neuter the authority of the federal bench too, winning a Supreme Court opinion that mostly reduces the reach of judges’ rulings to their own states.

In his first term the high court made Trump immune from prosecution for actions taken as part of his official duties — no matter how criminal.

And almost every time Trump has turned to the country’s highest legal tribunal to rein in the lower courts in his second term, it has obliged.

The shadow of US President Donald Trump is shown on the text of The Declaration of Independence during the first presidential debate with Trump and Democratic presidential nominee Joe Biden at Case Western Reserve University on September 29, 2020 in Cleveland, Ohio. (AFP/File)

'Project 2025'

His long shadow has extended far beyond Washington’s institutions, pushing into private realms his predecessors avoided.

Trump has picked fights with elite universities, prestigious law firms and the press — threatening funding or their ability to do business.

The arts haven’t escaped his clunking fist either, with the 79-year-old taking over the running of the Kennedy Center in Washington.

Trump has claimed falsely that the US Constitution gives him the right to do whatever he wants as the ultimate authority over government activities.

This so-called “unitary executive theory” was pushed in the “Project 2025” blueprint for government produced by Trump’s right-wing allies during last year’s election campaign.

Although he disavowed “Project 2025” after it became politically toxic, Trump’s own platform made the same claims for expansive presidential powers.

Pessimistic about the other branches’ ability to hold the administration to account, the minority Democrats have largely been limited to handwringing in press conferences.

Political strategist Andrew Koneschusky, a former senior Democratic Senate aide, believes the checks on Trump’s authority may ultimately have to be political rather than legal or constitutional.

He points to Trump’s tanking polling numbers — especially on his signature issue of immigration following mass deportations of otherwise law-abiding undocumented migrants.

“It’s not entirely comforting that politics and public opinion are the primary checks on his power,” Koneschusky said.

“It would be better to see Congress flex its muscle as a co-equal branch of government. But it’s at least something.”

 


Pogacar extends Tour de France lead with dominant time-trial win

Pogacar extends Tour de France lead with dominant time-trial win
Updated 37 min 33 sec ago
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Pogacar extends Tour de France lead with dominant time-trial win

Pogacar extends Tour de France lead with dominant time-trial win
  • Pogacar was last down the start ramp of the 171 riders setting off and stunned rivals by using a road bike instead of one typically used for time trials
  • Saturday’s stage 14 is another punishing affair with around 50km of climbing but it will likely be raced in rain

PEYRAGUDES, France: Tadej Pogacar powered to victory in an uphill time trial on stage 13 of the Tour de France on Friday to stretch his lead in the race to more than four minutes.

Jonas Vingegard and Remco Evenepoel clung on to their places in the overall top three, but this 10.9km time-trial triumph was defending champion Pogacar’s second crushing win in two days.

Pogacar was last down the start ramp of the 171 riders setting off and stunned rivals by using a road bike instead of one typically used for time trials.

“It’s more comfortable and I ride that 95 percent of the year,” he explained. “I went without a radio too, there are time clocks along the way so I just looked at them.”

Decked out in his overall leader’s yellow kit, the 26-year-old Team UAE rider was faster from the off, despite his exertions from the previous day, when he finished over two minutes ahead of main rival Vingegaard.

“I was feeling good all day, from when I got up. I was planning to go all in from start to finish and that’s what I did,” said Pogacar, who won the Tour de France in 2020, 2021 and 2024.

Pogacar had a sticker of the Hulk comic book superhero on his bike but said after the stage his hero was Spider-Man.

“Hulk though, he’s the one you don’t want to make angry,” said Pogacar.

By the time he finished stage 13 at the Peyragudes Altiport where the opening scene of the James Bond movie “Tomorrow Never Dies” was shot, Pogacar was 36 seconds faster than Vingegaard, while Primoz Roglic was third at 1min 20sec.

Evenepoel was overtaken close to the line by Vingegaard, but said he was too tired to care.

“I was drained,” he said, slumped in a chair. “I didn’t give a damn when Jonas went past.”

“I just wanted to finish. To be honest I’m relieved it’s over,” said the double Olympic champion.

Most riders warmed up for the time trial wearing ice jackets to combat the sizzling 30C temperature at the foot of the climb.

Australian champion Luke Plapp set the early pace and sat in the hot seat all day before suddenly packing his case and vacating it on seeing Vingegaard storm up the mountain.

Pogacar was even faster.

At 1580m altitude the ride remained beneath the clouds and below the treeline, but even atop the hill it was punishingly hot.

American Quinn Simmons gave hundreds of high-fives on the home straight as one of the rare riders appearing to enjoy the climb.

Saturday’s stage 14 is another punishing affair with around 50km of climbing but it will likely be raced in rain.

It starts with the famous Col de Tourmalet and ends at the Luchon-Superbagneres ski resort.

Stage 15 is a hilly run to the walled city of Carcassonne but for Pogacar there remains the specter of three more massive mountain stages in the final week.

There is also the prospect of potential chaos in Paris with three ascents of Montmartre’s old cobbled lanes on the final day.