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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
Nour El-Shaeri
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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
Updated 13 April 2025
Nour El-Shaeri

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 surpasses $1bn sukuk milestone with May issuance

Updated 10 min 48 sec ago
Miguel Hadchity
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Saudi Arabia surpasses $1bn sukuk milestone with May issuance

Updated 10 min 48 sec ago
Miguel Hadchity

RIYADH: Saudi Arabia’s National Debt Management Center has surpassed the $1 billion threshold in its latest sukuk issuance, raising SR4.08 billion ($1.08 billion) in May through riyal-denominated offerings.

This marks a 9.09 percent increase from April and reflects a significant 54.5 percent rise compared to March, when SR2.64 billion was raised.

The May issuance continues the Kingdom’s strong momentum in the domestic debt market, following SR3.72 billion raised in January and SR3.07 billion in February. The consistent monthly issuances highlight growing investor interest in Shariah-compliant fixed-income instruments, as global financial markets adjust to a higher interest rate environment.

Sukuk, the Islamic equivalent of bonds, are structured to comply with Shariah principles, which prohibit interest-based transactions.

Instead, investors receive returns derived from partial ownership in tangible assets or investment activities, aligning with Islamic finance ethics.

According to the NDMC, the May offering was divided into four tranches. The first tranche amounted to SR489 million and is set to mature in 2029. The second was valued at SR1.004 billion and will mature in 2032. The third tranche, totaling SR1.28 billion, is due in 2036, while the largest portion of the issuance, worth SR1.3 billion, will mature in 2039.

Saudi Arabia’s debt market has seen rapid growth in recent years, as domestic and international investors seek diversification and stable returns. A report released in April by the Kuwait Financial Center, also known as Markaz, noted that Saudi Arabia led the Gulf Cooperation Council’s debt market in the first quarter of 2025. The Kingdom accounted for 60.2 percent of all primary debt issuances in the region, raising $31.01 billion across 41 offerings.

In a broader outlook, S&P Global highlighted Saudi Arabia’s expanding non-oil economy and robust sukuk activity as key drivers of growth for the global Islamic finance sector.

The credit rating agency forecast global sukuk issuance could reach between $190 billion and $200 billion in 2025, with foreign-currency issuances potentially totaling up to $80 billion, assuming stable market conditions.

Furthermore, a December 2024 report by Kamco Invest projected that Saudi Arabia will lead the GCC in bond maturities over the next five years. Between 2025 and 2029, approximately $168 billion in Saudi bonds are expected to mature, underscoring the Kingdom’s dominant position in the region’s debt landscape.

Topics: NDMC Sukuk bonds

Ukraine launches probe into French-trained brigade

Updated 9 min 58 sec ago
AFP
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Ukraine launches probe into French-trained brigade

  • The 155th Mechanized Brigade was supposed to be a flagship fighting force for Ukraine’s army
  • A spokesperson for Ukraine’s land forces confirmed that a fresh investigation had been launched
Updated 9 min 58 sec ago
AFP

KYIV: Ukraine’s military has launched another investigation into the scandal-hit “Anne of Kyiv” brigade, trained in France, after a media report alleged financial misconduct among commanders, a military spokesperson said Tuesday.

The 155th Mechanized Brigade was supposed to be a flagship fighting force for Ukraine’s army, announced by French President Emmanuel Macron as a symbol of cooperation between Kyiv and Paris.

But it has been plagued by scandals, including reports of equipment shortages, low morale and soldiers abandoning the unit while undergoing training in France.

A spokesperson for Ukraine’s land forces confirmed that a fresh investigation had been launched but declined to elaborate.

The Ukrainska Pravda media outlet recently alleged that brigade commander Col. Taras Maksimov had been possibly involved “in fictitious combat payments and extortion.”

It also said the brigade had seen over 1,200 cases of soldiers going absent without leave.

“After the publication of the article in the media, where new details and circumstances were revealed, an additional check was ordered to clarify all the facts set out in the article,” land forces commander Mykhailo Drapaty told AFP in a written statement.

He said a law enforcement investigation had started and that the land forces were taking “all necessary measures to facilitate the investigation and establish the truth.”

Macron announced the creation of the Anne of Kyiv brigade — named after a Medieval Kyiv princess who married into the French royal family — in June last year.

Paris hailed it as a “unique” initiative and Ukrainian President Volodymyr Zelensky said he wanted to form a dozen other NATO-trained and equipped units.

Ukraine’s military has been beset with corruption scandals — ranging from weapons procurement to the falsification of draft exemption certificates — since Russia invaded in February 2022.

Topics: Russia-Ukraine Conflict Anne of Kyiv France

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Heatwave forces early school closures in Pakistan’s largest province

Updated 22 min 49 sec ago
AFP
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Heatwave forces early school closures in Pakistan’s largest province

  • Class times have also been changed, with all educational institutes instructed to close two hours early at 11:30am
  • Pakistan, one of the most vulnerable countries to global warming, has been experiencing unusually high temperatures
Updated 22 min 49 sec ago
AFP

LAHORE: Rising temperatures in Pakistan’s most populous province have forced the provincial government to close all private and public schools for summer vacations early, officials said on Tuesday.

Punjab province’s education minister Rana Sikander Hayat said summer vacations will now start from May 28 instead of June 1.

Class times have also been changed, with all educational institutes instructed to close two hours early at 11:30am “due to a constant heatwave,” a notification issued by the education department said.

Pakistan, one of the countries most vulnerable to the effects of global warming, has been experiencing unusually high temperatures after a particularly dry winter.

Temperatures soared to near-record highs for the month of April, reaching as high as 46.5 degrees Celsius (115.7 degrees Fahrenheit) in parts of Punjab.

An alert issued on Monday by the national meteorological agency forecast that northern parts of the province, currently in the grip of a heatwave, will see daytime temperatures rise “5 to 7C above normal.”

An Education Department representative told AFP the early closures were announced because of the weather.

“We had to move up the summer vacation schedule because of these heatwaves,” the representative said.

Schools in the province that serve tens of millions of children also closed for a week in May last year because of excessive heat, and for several weeks in November because of high levels of toxic smog that blanketed several cities.

Topics: heatwave

Klopp to Roma could be a rumor created by amateur sleuths

Updated 20 min 58 sec ago
AP
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Klopp to Roma could be a rumor created by amateur sleuths

  • The rumor of his imminent arrival stems from a social media post
  • Roma owner the Friedkin Group posted a video on Friday celebrating the capital club and its legacy
Updated 20 min 58 sec ago
AP

ROME: Roma fans have been driven into a frenzy by Italian media reports that Jürgen Klopp has agreed to be the team coach from next season.

However, the rumor of his imminent arrival stems from a social media post that some may be reading far too much into.

Roma owner the Friedkin Group posted a video on Friday celebrating the capital club and their legacy.


The video included images of iconic Rome sites: Colosseum (Kolosseum in German), Lupa Capitolina, Olimpico, (St.) Peter’s and Pantheon in that order.

Someone pointed out the starting letters of those words — some in Italian, some in German, some omitting part of the name — spell Klopp. And it spiralled from there.

In the past two days, people on social media have been saying they have spotted former Liverpool coach Klopp, his agent and even his dog in Rome.

Italian newspaper La Stampa proclaimed that Klopp accepted Roma’s offer shortly after the Giallorossi’s final home match of the season on Sunday, when a packed Stadio Olimpico paid tribute to current coach Claudio Ranieri, who is set to depart at the end of the season.

Other media outlets picked up La Stampa’s story, but the same newspaper said on Tuesday that Roma have “categorically denied” the news.

Klopp, who is Red Bull’s head of global soccer, left Liverpool in 2024 after steering the team to seven major trophies over nearly nine years.

The Friedkin Group also owns Liverpool’s city rival, Everton.

Topics: AS Roma Jurgen Klopp

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Creativity and flair on show at Downtown Design’s inaugural Riyadh event

Updated 53 min 48 sec ago
Nada Alturki
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Creativity and flair on show at Downtown Design’s inaugural Riyadh event

  • The 4-day fair gives visitors the chance to get a close look at collectibles and ultra-high-end collections
  • The showcase of contemporary design, a fixture on the Dubai scene since 2013, comes to Saudi Arabia for the first time 
Updated 53 min 48 sec ago
Nada Alturki

RIYADH: Middle East design fair Downtown Design began on Tuesday at Riyadh’s creative hub, JAX District. The fair, a showcase of contemporary design, has been a fixture on the calendar in Dubai since 2013 and has now expanded to the Kingdom for the first time, in partnership with the Saudi Architecture and Design Commission.

The four-day event gives visitors the chance to get a close look at collectible works and ultra-high-end collections presented by international galleries, independent designers and manufacturers.

“What we’re seeing here is obviously a very fast-changing landscape, very dynamic market and growing demand for access to quality and contemporary design, which is what we more or less live and breathe for,” Mette Degn-Christensen, the director of Downtown Design told Arab News.

“Our hope is to basically start by creating that kind of fundamental platform here, while thinking about the context, thinking about the local talent as well and the growth of the wider community.

“I think a lot of eyes are on this region and on Saudi Arabia. And what’s happening here is there’s a lot of new projects that are rising; whether it’s residential or commercial or hospitality, we see a massive shift in aesthetics and longevity. There’s a shift in looking at materials and for that, we need access.

“All of the different companies, developers, designers that are creating new projects here need access to what it is that we have access to worldwide, and can’t necessarily travel all the time to source.”

Organizers said they took a grassroots approach to the curation process when selecting the right exhibitors and speakers for the event.

“I think there’s a major push to look at what design can actually do for society, for the economy, for all the different components that are all going into the direction of realizing Vision 2030 for the Kingdom,” Sumayah Al-Solaiman, CEO of the Architecture and Design Commission, told Arab News, referring to the national plan for development and economic diversification.

The role of sustainability in design was another important factor.

“Everything we look at might be visually beautiful, but also we have to understand, you know, how these pieces go into production, how are the materials procured?” Al-Solaiman added.

“How do we think about sustainability and what is the afterlife of these products? All of that brings awareness to not just the importance of design, but also the importance of making the right consumer decisions.”

Downtown Design continues in Riyadh until May 23. The next Dubai event will take place in November.

Topics: Downtown Design JAX District Saudi Architecture and Design Commission

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