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.


OpenAI abandons plan to become for-profit company

OpenAI abandons plan to become for-profit company
Updated 3 min 19 sec ago
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OpenAI abandons plan to become for-profit company

OpenAI abandons plan to become for-profit company

SAN FRANCISCO: OpenAI CEO Sam Altman announced Monday that the company behind ChatGPT will continue to be run as a nonprofit, abandoning a contested plan to convert into a for-profit organization.
The structural issue had become a significant point of contention for the artificial intelligence (AI) pioneer, with major investors pushing for the change to better secure their returns.
AI safety advocates had expressed concerns about pursuing substantial profits from such powerful technology without the oversight of a nonprofit board of directors acting in society’s interest rather than for shareholder profits.
“OpenAI is not a normal company and never will be,” Altman wrote in an email to staff posted on the company’s website.
“We made the decision for the nonprofit to stay in control after hearing from civic leaders and having discussions with the offices of the Attorneys General of California and Delaware,” he added.
OpenAI was founded as a nonprofit in 2015 and later created a “capped” for-profit entity allowing limited profit-making to attract investors, with cloud computing giant Microsoft becoming the largest early backer.
This arrangement nearly collapsed in 2023 when the board unexpectedly fired Altman. Staff revolted, leading to Altman’s reinstatement while those responsible for his dismissal departed.
Alarmed by the instability, investors demanded OpenAI transition to a more traditional for-profit structure within two years.
Under its initial reform plan revealed last year, OpenAI would have become an outright for-profit public benefit corporation (PBC), reassuring investors considering the tens of billions of dollars necessary to fulfill the company’s ambitions.
Any status change, however, requires approval from state governments in California and Delaware, where the company is headquartered and registered, respectively.
The plan faced strong criticism from AI safety activists and co-founder Elon Musk, who sued the company he left in 2018, claiming the proposal violated its founding philosophy.
In the revised plan, OpenAI’s money-making arm will now be fully open to generate profits but, crucially, will remain under the nonprofit board’s supervision.
“We believe this sets us up to continue to make rapid, safe progress and to put great AI in the hands of everyone,” Altman said.
OpenAI’s major investors will likely have a say in this proposal, with Japanese investment giant SoftBank having made the change to being a for-profit a condition for their massive $30 billion investment announced on March 31.
In an official document, SoftBank stated its total investment could be reduced to $20 billion if OpenAI does not restructure into a for-profit entity by year-end.
The substantial cash injections are needed to cover OpenAI’s colossal computing requirements to build increasingly energy-intensive and complex AI models.
The company’s original vision did not contemplate “the needs for hundreds of billions of dollars of compute to train models and serve users,” Altman said.
SoftBank’s contribution in March represented the majority of the $40 billion raised in a funding round that valued the ChatGPT maker at $300 billion, marking the largest capital-raising event ever for a startup.
The company, led by Altman, has become one of Silicon Valley’s most successful startups, propelled to prominence in 2022 with the release of ChatGPT, its generative AI chatbot.


Nottingham Forest draws at Crystal Palace as Champions League hopes fade

Nottingham Forest draws at Crystal Palace as Champions League hopes fade
Updated 5 min 30 sec ago
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Nottingham Forest draws at Crystal Palace as Champions League hopes fade

Nottingham Forest draws at Crystal Palace as Champions League hopes fade
  • A win at Selhurst Park would have brought them equal with Chelsea and Newcastle but one point means it stays in sixth

LONDON: Nottingham Forest drew with Crystal Palace 1-1 in the Premier League on Monday and saw its Champions League hopes fade.
Nuno Espírito Santo’s men have spent most of the year in the league top three but a run of one win in four has dropped them behind Chelsea, Newcastle and a resurgent Manchester City.
A win at Selhurst Park would have brought them equal with Chelsea and Newcastle but one point means it stays in sixth, with the top five qualifying for next season’s Champions League.
Neither team was able to take control of a sometimes scrappy match that saw eight names go in the referee’s book.
Palace took the lead with a penalty kick after an hour. After a video review, Matz Sels was adjudged to have felled Tyrick Mitchell and Eberechi Eze made no mistake from the spot.
Forest bounced right back within four minutes, Murillo doing enough to deflect a goal-bound shot from Neco Williams away from the keeper.
Eze hitting the woodwork in the dying seconds and Eddie Nketiah having a goal disallowed for offside in stoppage time meant FA Cup finalist Palace has not won any of its last five league games.


Ukraine’s attack damages power substation in Russia’s Kursk region, regional governor says

Ukraine’s attack damages power substation in Russia’s Kursk region, regional governor says
Updated 18 min 39 sec ago
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Ukraine’s attack damages power substation in Russia’s Kursk region, regional governor says

Ukraine’s attack damages power substation in Russia’s Kursk region, regional governor says
  • Two teenagers were injured in the attack

Ukraine’s attack late on Monday damaged a power substation in Russia’s Kursk region and injured two teenagers, the governor of the Russian region on the border with Ukraine said.
The attack on the power substation in the town of Rylsk damaged two transformers and cut off power, Alexander Khinshtein, the acting governor of the Kursk region, said on the Telegram messaging app. 


Trump’s Alcatraz prison restoration plan gets cold reception from tourists

Trump’s Alcatraz prison restoration plan gets cold reception from tourists
Updated 22 min 44 sec ago
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Trump’s Alcatraz prison restoration plan gets cold reception from tourists

Trump’s Alcatraz prison restoration plan gets cold reception from tourists
  • Site known as ‘The Rock’ draws 1.2 million tourists a year
  • US closed prison in 1963 due costs of operating on an island

SAN FRANCISCO: US President Donald Trump’s plan to turn Alcatraz back into a federal prison was summarily rejected on Monday by some visitors to the tourist site in San Francisco Bay.
Trump revealed a plan over the weekend to rebuild and expand the notorious island prison, a historic landmark known as “The Rock” and operated by the US government’s National Park Service. It’s “just an idea I’ve had,” he said.
“We need law and order in this country. So we’re going to look at it,” he added on Monday.
Once nearly impossible to leave, the island can be difficult to get to because of competition for tickets. Alcatraz prison held fewer than 300 inmates at a time before it was closed in 1963 and draws roughly 1.2 million tourists a year.
US Bureau of Prisons Director William Marshall said on Monday he would vigorously pursue the president’s agenda and was looking at next steps.
“It’s a waste of money,” said visitor Ben Stripe from Santa Ana, California. “After walking around and seeing this place and the condition it’s in, it is just way too expensive to refurbish.” he said.
“It’s not feasible to have somebody still live here,” agreed Cindy Lacomb from Phoenix, Arizona, who imagined replacing all the metal in the cells and rebuilding the crumbling concrete.
The sprawling site is in disrepair, with peeling paint and rusting locks and cell bars. Signs reading “Area closed for your safety” block off access to many parts of the grounds. Chemical toilets sit next to permanent restrooms closed off for repair.
The former home of Al Capone and other notable inmates was known for tough treatment, including pitch-black isolation cells. It was billed as America’s most secure prison given the island location, frigid waters and strong currents.
It was closed because of high operating costs. The island also was claimed by Native American activists in 1969, an act of civil disobedience acknowledged by the National Park Service.
Mike Forbes, visiting from Pittsburgh, said it should remain a part of history. “I’m a former prison guard and rehabilitation is real. Punishment is best left in the past,” Forbes said.
No successful escapes were ever officially recorded from Alcatraz, though five prisoners were listed as “missing and presumed drowned.”
Today a “Supermax” facility located in Florence, Colorado, about 115 miles (185 km) south of Denver, is nicknamed the “Alcatraz of the Rockies.” No one has ever escaped from that 375-inmate facility since it opened in 1994.
Congress in fiscal year 2024 cut the Bureau of Prisons infrastructure budget by 38 percent and prison officials have previously reported a $3 billion maintenance backlog. The Bureau of Prisons last year said it would close aging prisons, as it struggled with funding cuts. 


18 British student groups support legal action to remove Hamas from UK terror list

18 British student groups support legal action to remove Hamas from UK terror list
Updated 28 min 12 sec ago
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18 British student groups support legal action to remove Hamas from UK terror list

18 British student groups support legal action to remove Hamas from UK terror list
  • The groups, some of which are affiliated with student unions at leading universities, say the ban ‘creates an atmosphere where advocacy for Palestine becomes a legal risk’
  • The prohibition of Hamas means it is a criminal offense for anyone in the UK to have links with the organization or show support for it

LONDON: Eighteen student groups at British universities have supported legal moves to remove Hamas from the UK’s list of proscribed terrorist organizations.

Some of the groups are affiliated with student unions at leading UK academic institutions, including the London School of Economics, the University of Edinburgh, and University College London.

The groups said the legal petition “defends the right of students, academics and communities to think freely, speak openly and organize without fear of being criminalized,” The Times newspaper reported on Monday.

In April, senior Hamas official Mousa Abu Marzouk instructed British firm Riverway Law to take legal action with the aim of removing his organization from a Home Office list of terrorist groups. The military wing of Hamas was banned by UK authorities in 2001. The ban was extended in 2021 to include its political bureau.

Lawyers from the firm said in April that by banning Hamas, “Britain is effectively denying the Palestinians the right to defend themselves.” The organization “does not pose any threat” to Britain’s national security, they added, and the ban was therefore “disproportionate.”

The prohibition of Hamas means it is a criminal offense for anyone in the UK to have any links with the organization or show support for it.

The student groups said the ban on Hamas “creates an atmosphere where advocacy for Palestine becomes a legal risk,” and students who participated in pro-Palestinian activism faced intimidation and threats.

“We therefore stand in support of Riverway Law’s application to deproscribe Hamas, not as an endorsement of any group, but to protect the civic space essential for academic freedom and open inquiry,” they said.

The student organizations backing the legal challenge include Edinburgh University Justice for Palestine Society, LSE Divest Encampment for Liberation, University of Birmingham Friends of Palestine, Newcastle Apartheid Off Campus, and the Students Against Apartheid Coalition at the University of Leeds.