DUBAI: Tabby, a Dubai-based buy now, pay later service, has raised $50 million in debt financing.
The investment came from US-based Partners for Growth (PFG), and will be used to expand Tabby’s lending capacity, it said in a statement.
Transaction volumes and merchant numbers of the platform have significantly increased since it was founded in 2019, CEO Hosam Arab said.
“It was essential for us to partner with an organization that would support our current and long-term growth,” he added, referring to the PFG investment.
The global lending firm has particularly focused on emerging growth companies, providing debt facilities to up and coming startups such as Tabby.
“Tabby is one of the fastest growing companies in the MENA region and they have an attractive market opportunity ahead,” Max Penel, PFG’s investment director, said.
“We are excited to support the tabby team and provide financing that can enable tabby to scale the platform, harnessing the continuous growth of the buy now pay later sector both regionally and globally,” he added.
Dubai’s Tabby gets $50m in debt financing
https://arab.news/8vtgs
Dubai’s Tabby gets $50m in debt financing
- The investment came from US-based Partners for Growth (PFG)
- It will be used to expand Tabby’s lending capacity
QatarEnergy announces force majeure following Iran attacks: statement
DOHA: Qatar’s state-run energy firm on Wednesday declared force majeure following attacks on two of its main facilities that halted liquefied natural gas production and as Iran pressed missile and drone attacks across the Gulf.
“Further to the announcement by QatarEnergy to stop production of liquefied natural gas and associated products, QatarEnergy has declared Force Majeure to its affected buyers,” the company said in a statement.
QatarEnergy invoked the clause, which shields it from penalties and potential breach of contract claims from clients, after stopping LNG production on Monday.
Iranian drones attacked two of the company’s main production hubs in Ras Laffan Industrial City, 80 km north of Doha and in Mesaieed 40 km south of the Qatari capital, Doha’s ministry of defense said at the time.
The Gulf state is one of the world’s top liquefied natural gas producers, alongside the US, Australia and Russia.
On Tuesday, QatarEnergy said it would halt some downstream production of some products including urea, polymers, methanol, aluminum and others.
Qatar shares the world’s largest natural gas reservoir with Iran.
QatarEnergy estimates the Gulf state’s portion of the reservoir, the North Field, holds about 10 percent of the world’s known natural gas reserves.
In recent years, Qatar has inked a series of long-term LNG deals with France’s Total, Britain’s Shell, India’s Petronet, China’s Sinopec and Italy’s Eni, among others.
