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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.

Pakistan envoy urges Trump administration to help resolve Kashmir amid tensions with India

Updated 2 min 16 sec ago
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Pakistan envoy urges Trump administration to help resolve Kashmir amid tensions with India

  • Pakistan envoy tells Fox News world must address root causes of India-Pakistan tensions
  • He says President Trump can build a peacemaker legacy by resolving the Kashmir dispute
Updated 2 min 16 sec ago
Usama Iqbal Khawaja

ISLAMABAD: Pakistan’s envoy to the United States has urged Washington to move beyond crisis management and support efforts to resolve the Kashmir dispute, saying President Donald Trump came build a legacy by addressing the issue following last month’s deadly attack in the region.
The April 22 gun attack at a tourist hotspot in Indian-administered Kashmir left 26 people dead, prompting New Delhi to blame Pakistan, though Islamabad denied the charge forcefully.
India expelled Pakistani nationals and diplomats in the wake of the incident, closed a major border crossing, suspended a decades-old river water sharing treaty and imposed trade and shipping restrictions. Pakistan took reciprocal steps but also sought a neutral and impartial international investigation. Islamabad also warned that any military action by India would elicit a major response despite its desire to avoid escalation.
In an interview with Fox News on Friday, Ambassador Rizwan Saeed Sheikh said the risk of such crises would persist unless the global community moved beyond “band-aid solutions” and tackled the root cause of tensions.
“What we would urge the US leadership is to not only afford de-escalatory support in this situation but also to look at the broader issue of the disputed territory of Jammu and Kashmir,” he said.
India and Pakistan have fought several wars over the disputed Himalayan region, which both countries claim in full but rule in part.
“This is one nuclear flash point. There’s nothing flashier than this in terms of the impact on a large chunk of humanity that any misadventure, any miscalculation, any war here can cause. So, it would be an important part, it could be an important part of President Trump’s legacy to attend to this situation,” Sheikh added.
The Pakistani envoy noted that in previous crises, the international community had often intervened only to pull back before tensions were fully defused.
“This time ... it would be reasonable and perhaps even timely ... to perhaps not afford a band-aid solution, but to address the broader problem, the major disease that is there, and try and have a durable solution to the Jammu and Kashmir dispute,” he said.
Sheikh emphasized what he described as the “disproportionate responsibility” of the United States, as a preeminent global power, to help maintain and establish international peace and security.
He warned that the current crisis should not be allowed to fade without meaningful diplomatic solution.
“There is an opportunity in this situation, which we believe should not be squandered by the international community,” he added.

Topics: Pakistan ambassador to US Pakistan India Ties

Serbia’s President Vucic cuts short US visit and returns home after falling ill

Updated 12 min 46 sec ago
AP
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Serbia’s President Vucic cuts short US visit and returns home after falling ill

  • Vucic suddenly fell ill during a meeting in the US
  • He was admitted to the Belgrade Military Hospital upon arrival
Updated 12 min 46 sec ago
AP

BELGRADE: Serbia’s President Aleksandar Vucic has cut short a visit to the United States and returned to Serbia over an unspecified health emergency, state RTS television reported on Saturday.
Vucic suddenly fell ill during a meeting in the US and decided to return home after consulting doctors, the report said. He was admitted to the Belgrade Military Hospital upon arrival, it added.
Vucic was previously in Miami, Florida, where he had met with former New York City mayor Rudy Giuliani. Vucic had said he also was hoping to meet with US President Donald Trump.
Richard Grenell, US presidential envoy for special missions, expressed hope that Vucic would recover. “Sorry to miss you but hope all is ok,” Grenell wrote on X.
It was not immediately clear what happened and Vucic’s office said they will inform the public later. Vucic, 55, is known to have high blood pressure.
Serbia’s populist leader also has said he would travel to Russia later this month to attend a Victory Day parade in Moscow, despite warnings from European Union officials that this could affect Serbia’s bid to join the bloc.

Topics: Serbia Serbian President Aleksandar Vucic US President Donald Trump

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A notorious drug gang is in the crosshairs of a French police investigation of prison attacks

Updated 28 min 14 sec ago
AP
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A notorious drug gang is in the crosshairs of a French police investigation of prison attacks

  • Paris prosecutor Laure Beccuau said one of the suspected organizers of last month’s prison attacks claims to have ties with the DZ Mafia
  • The Paris prosecutor said 21 people detained for suspected involvement
Updated 28 min 14 sec ago
AP

PARIS: Anti-organized crime specialist investigators probing a wave of attacks on prisons and prison staff in France are looking at the possible involvement of a notorious drug cartel, the Paris prosecutor said Saturday.
The so-called DZ Mafia is suspected of being one of the main narco-trafficking networks working out of the southern French port city of Marseille, which has a long history as a hub for the drug trade and banditry associated with it.
Paris prosecutor Laure Beccuau said at a news conference Saturday that one of the suspected organizers of last month’s prison attacks claims to have ties with the DZ Mafia. She said police investigators will examine “the real or supposed influence of the DZ Mafia” in the violence.
Several prisons were targeted by gunfire and arson, including attacks on prison workers’ homes and on cars at a prison service school, in the Paris area and elsewhere, the prosecutor said.
The letters “DDPF” were graffitied on some targets, believed to stand for “défense des prisonniers français,” which translates as “defense of French prisoners.”
The Paris prosecutor said 21 people detained for suspected involvement in the violence have been handed preliminary charges for attempted murder and other alleged crimes.
French authorities in recent months have stepped up policing against drug trafficking, concerned about growing cocaine use in France and violence associated with the trafficking of that and other drugs.

Topics: Paris prosecutors French prisons drug cartel

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Over 8,800 Pakistani pilgrims in Madinah with 3,300 more expected today — state media

Updated 03 May 2025
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Over 8,800 Pakistani pilgrims in Madinah with 3,300 more expected today — state media

  • The first groups of Pakistani pilgrims are scheduled to depart for Makkah on May 7
  • Pilgrims going directly to Makkah will visit Madinah after performing Hajj rituals
Updated 03 May 2025
Arab News Pakistan

ISLAMABAD: Pakistan’s Hajj mission in Saudi Arabia has received nearly 8,890 pilgrims in Madinah, state media reported on Saturday, adding that 3,300 more were expected to arrive by the end of the day.
Pakistan launched its Hajj flights on April 29. For the first 15 days of the operation, pilgrims will continue to arrive in Madinah. Afterward, incoming pilgrims will land in Jeddah and travel directly to Makkah.
“The Pakistan Hajj Mission has so far received approximately 8,890 intending Pakistani pilgrims in Madinah by Saturday, who arrived through 35 flights operated by various airlines from major cities of Pakistan to perform their religious obligation under the government scheme,” the Associated Press of Pakistan (APP) reported.
“As many as 12 flights, carrying 3,300 more pilgrims, are scheduled to arrive in the holy City Madinah on Saturday,” it added.
Pilgrims from across the world are converging in Saudi Arabia to perform Hajj, which begins on the 8th of Dhu Al-Hijjah, the final month of the Islamic calendar.
The first groups of Pakistani pilgrims are scheduled to depart for Makkah on May 7 after completing their eight-day stay in Madinah. Departures will follow the sequence of their arrival in the city, according to the religious affairs ministry.
Under the single-route system, all Pakistani pilgrims arriving in Madinah will proceed to Makkah for Hajj before returning to Pakistan via Jeddah.
Pilgrims flying directly to Makkah will later visit Madinah before departing for home.
Upon reaching Makkah, pilgrims will perform their first obligatory Umrah, according to the ministry.

Topics: Hajj 2025 Pakistan Hajj mission Pakistani Hajj pilgrims

Waltz ouster adds to tumult in Trump’s national security team but consolidates power in fewer hands

Updated 03 May 2025
AP
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Waltz ouster adds to tumult in Trump’s national security team but consolidates power in fewer hands

  • The staff shake-up comes as the administration confronts foreign policy issues
  • The Pentagon, too, has been a source of tumult, with Hegseth directing firings of top military officers and now ousting his own top civilian advisers in response to leak allegations
Updated 03 May 2025
AP

WASHINGTON: President Donald Trump’s removal of national security adviser Mike Waltz brings further disruption to a national security team that has already endured scrutiny over using the Signal messaging app to discuss sensitive military operations as well as mounting questions over the leadership of Defense Secretary Pete Hegseth and the firing of the four-star general who led the National Security Agency.
The staff shake-up comes as the administration confronts foreign policy issues that include Iran’s rapidly advancing nuclear ambitions, a trade fight with China and conflicts in Gaza and Ukraine that have defied easy resolutions despite Trump’s initial confidence that he could settle both wars quickly.
But Waltz’s departure also presents an opportunity for Trump to consolidate foreign policy in just a few hands, with the Republican president asserting even more power over decision-making and relying on a select group of people who have entirely embraced his “America First” agenda.
Those influential voices include special envoy Steve Witkoff and Secretary of State Marco Rubio, who on Thursday was named to replace Waltz on an acting basis while Waltz was nominated as the US ambassador to the United Nations.
“I would think he has just about what he wants” in terms of consolidated power, said William Banks, founding director of what is now called the Syracuse University Institute for Security Policy and Law. “There aren’t many outliers.”
Gaining Trump’s confidence or losing it
Rubio may once have seemed an unlikely choice for such prominent positions given that the onetime Trump rival and hawkish conservative was derided by Trump as “Little Marco” during the 2016 presidential campaign.
But since then, the former Florida senator has proved adept at aligning himself with Trump’s foreign policy positions, presiding over a massive overhaul of the State Department while steering clear of some of the pitfalls that other national security leaders have encountered.
Waltz, for instance, faced intense criticism in March after revelations that he added journalist Jeffrey Goldberg to a private text chain on an encrypted messaging app that was used to discuss planning for an airstrike against Houthi militants in Yemen.
He also was considered to be part of a neoconservative wing of the Republican Party that had supported the war in Iraq and other US military interventions abroad, including in Syria and Libya, that have now found disfavor in today’s GOP. The former Florida congressman has advocated for further diplomatically isolating Russian President Vladimir Putin, whom Trump has viewed at moments with admiration.
The Pentagon, too, has been a source of tumult, with Hegseth directing firings of top military officers and now ousting his own top civilian advisers in response to leak allegations. There are now multiple vacancies in key positions at a critical time for the military. Other missteps have included a broad edict for the military services to erase images celebrating diversity, leading to the brief removal of online content of prominent figures such as Jackie Robinson and causing a public outcry.
Reports of Elon Musk being offering a classified Pentagon briefing on China and Hegseth posting airstrike plans in two Signal chats with dozens of people have spurred calls for the defense secretary’s firing. But Trump has stood by him.
Trump’s national security team could be “charitably” described as “a work in progress,” said Daniel Fried, a former US ambassador to Poland and a National Security Council official under both the Clinton and George W. Bush administrations, citing what he said were concerns about coordination and portfolios.
“I’m not saying that the Trump foreign policy team is doomed. But the lack of coordination, the lack of consistency, the sense of chaotic decision-making isn’t just a media myth,” Fried said.
Trump’s approach to foreign policy
The national security adviser post, established in 1953, matters to the functioning of a cohesive government. That official is intended to serve as a hub in coordinating information, soliciting advice among agencies and developing policy recommendations for the president.
But the argument for balance in policymaking is unlikely to resonate with Trump. Over the course of his career, he has claimed expert knowledge on everything from Islamic militants to taxes and technology.
Heather Conley, a former deputy assistant secretary of state during the George W. Bush administration, said Trump often gives greater weight to advice and recommendations from television and social media than his senior advisers.
“There is very little role for policy coordination because the president is clearly setting the policy on a daily, hourly basis,” Conley said.
The NSC didn’t immediately respond to messages seeking comment.
Even as Trump has elevated Rubio, there are signs that Trump also has welcomed the input of a far-less conventional source: far-right activist Laura Loomer.
Last month, she appeared to take credit for Trump’s firing of Air Force Gen. Tim Haugh as head of the NSA and the Pentagon’s Cyber Command after a 33-year career in intelligence and cyber operations. Loomer said she had raised questions to Trump about Haugh’s ties to retired Gen. Mark Milley, who was chairman of the Joint Chiefs of Staff in Trump’s first term but later became a critic, and she questioned Haugh’s loyalty.
On Friday, Loomer said she recommended to Trump in a private meeting last month that he remove Waltz from his job.
Changes from the first Trump administration
The Waltz ouster notwithstanding, Trump has tried to project a more ordered administration than during his first term. Those four years were marked by big personnel changes among his national security leadership and bitter disagreements with officials he felt were trying to rein him in or box in his choices.
He replaced three national security advisers, and fired an FBI director and secretary of state. He clashed with one defense secretary who resigned after differing with Trump over the abrupt withdrawal of US troops from Syria and dismissed another who broke with him over using the military during racial justice protests in 2020.
The removal of a national security adviser with views not in perfect alignment with his own may help free Trump from some of the constraints he felt from government agencies in his first term.
Yet at a moment when Trump is trying to find endgames to the wars in Ukraine and Gaza while trying to negotiate an Iran nuclear deal and waging a global tariff war, leaning on Rubio to serve in both roles may be suboptimal.
Appearing Thursday night on Fox News Channel’s “Hannity,” Rubio centered his comments on the foreign policy news of the day — including the US role in trying to broker peace between Russia and Ukraine — rather than on a leadership transition that now has him juggling two major positions.
“The fact that Rubio has multiple titles may mean that his stock is rising, but not necessarily,” Fried said. “And that’s part of the problem. If it’s not clear who is in charge and it’s not clear where you go to get answers, that’s not a recipe for leverage. It’s a recipe for uncertainty and paralysis.”

Topics: Trump Returns US Secretary of State Marco Rubio Mike Waltz

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Latest updates

Pakistan envoy urges Trump administration to help resolve Kashmir amid tensions with India
Serbia’s President Vucic cuts short US visit and returns home after falling ill
A notorious drug gang is in the crosshairs of a French police investigation of prison attacks
Over 8,800 Pakistani pilgrims in Madinah with 3,300 more expected today — state media
Waltz ouster adds to tumult in Trump’s national security team but consolidates power in fewer hands

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