Saudi-based Tabby achieves unicorn status with new funding round

A unicorn rating is achieved when a business reaches a valuation of $1 billion without the need for a stock market listing. File
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Updated 01 November 2023
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Saudi-based Tabby achieves unicorn status with new funding round

 

RIYADH: Tabby, Saudi Arabia’s “buy now, pay later” platform, has become the first fintech firm in the Middle East and North Africa to have achieved “unicorn” status after securing $200 million in a series D funding round. 

A unicorn rating is achieved when a business reaches a valuation of $1 billion without the need for a stock market listing. 

In a press release, the company shared that its valuation has reached $1.5 billion, ahead of its anticipated initial public offering in the Kingdom. 

The latest funding has bolstered Tabby’s financial standing, enabling it to cater to the demand for its flagship BNPL solution, which oversees over $6 billion in annualized transaction volume. 

“Tabby set out with a purpose to reshape financial services — one that’s fair and responsible — and with this investment, we can advance our mission across Saudi Arabia and the UAE,” noted Hosam Arab, CEO and co-founder of the company. 

Initially established in the UAE, Tabby recently shifted its headquarters to the Kingdom in line with its IPO plans. 

Moving to Saudi Arabia was a strategic step for Tabby, as 80 percent of its users were from the Kingdom. 

The financing was led by Wellington Management, one of the world’s leading independent investment management firms, besides existing investors like STV, Mubadala Investment Capital, PayPal Ventures and Arbor Ventures. 

The company boasts 10 million users and collaborates with over 30,000 brands, encompassing 10 of MENA’s top retail groups.   

It recently introduced Tabby Shop, featuring over 500,000 items from brands, aiding consumers in locating and monitoring prime products and deals.  

Tabby’s adoption in brick-and-mortar stores via the Tabby Card is growing and now accounts for over 20 percent of total volumes, the company claimed. 

“Tabby created a new industry and is transforming the way people consume and pay across MENA. Hosam and team built an iconic enterprise that is a reference model in terms of discipline and disruption, two things that are hard to crack in tandem,” Abdulrahman Tarabzouni, founder and CEO of STV, said. 

“We are excited to see Tabby become an integral part of Saudi’s fintech landscape, nurturing growth and empowering the broader economy,” Tarabzouni added. 


New Murabba seeks contractors for Mukaab Towers fit-outs: MEED

Updated 28 January 2026
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New Murabba seeks contractors for Mukaab Towers fit-outs: MEED

RIYADH: Saudi Arabia’s New Murabba Development Co., a wholly owned subsidiary of the Public Investment Fund, has issued a request for information to gauge the market for modular and offsite fit-out solutions for its flagship Mukaab development, MEED reported on Wednesday.

The RFI was released on Jan. 26, with submissions due by Feb. 11. NMDC has also scheduled a market engagement meeting during the first week of February to discuss potential solutions with prospective contractors.

Sources close to the project told MEED that NMDC is “seeking experienced suppliers and contractors to advise on the feasibility, constraints, and execution strategy for using non-load-bearing modular systems for the four corner towers framing the Mukaab structure.” The feedback gathered from these discussions will be incorporated into later design and procurement decisions.

The four towers — two residential (North and South) and two mixed-use (East and West) — are integral to the Mukaab’s architectural layout. Each tower is expected to rise approximately 375 meters and span over 80 stories. Key modular elements under consideration include bathroom pods, kitchen pods, dressing room modules, panelized steel partition systems, and other offsite-manufactured fit-out solutions.

Early works on the Mukaab were completed last year, with NMDC preparing to award the estimated $1 billion contract for the main raft works. This was highlighted in a presentation by NMDC’s chief project delivery officer on Sept. 9, 2025, during the Future Projects Forum in Riyadh.

Earlier this month, US-based Parsons Corp. was awarded a contract by NMDC to provide design and construction technical support. Parsons will act as the lead design consultant for infrastructure, delivering services covering public buildings, infrastructure, landscaping, and the public realm at New Murabba. The firm will also support the development of the project’s downtown experience, which spans 14 million sq. meters of residential, workplace, and entertainment space.

The Parsons contract follows NMDC’s October 2025 agreements with three other US-based engineering firms for design work across the development. New York-headquartered Kohn Pedersen Fox was appointed to lead early design for the first residential community, while Aecom and Jacobs were selected as lead design consultants for the Mukaab district.

In August 2025, NMDC signed a memorandum of understanding with Falcons Creative Group, another US-based firm, to develop the creative vision and immersive experiences for the Mukaab project. Meanwhile, Beijing-based China Harbour Engineering Co. completed the excavation works for the Mukaab, and UAE-headquartered HSSG Foundation Contracting executed the foundation works.