KARACHI: Alraedah Digital Solutions, a leading Saudi technology company, announced on Thursday it was entering into a strategic partnership with Pakistani fintech ABHI to launch “innovative” financial services in the Kingdom.
Alraedah Digital Solutions, the digital arm of Alraedah Digital Group, focuses on innovation and digital transformation to empower businesses and individuals through cutting-edge solutions in finance and technology.
ABHI is a Pakistani fintech company that provides innovative finance solutions to businesses and their employees. Last year, it was selected as one of the Future 100 companies of the United Arab Emirates.
Founded in 2021, ABHI has been serving customers in Pakistan, UAE, and Bangladesh through its credit-bridging products. These include Earned Wage Access, Invoice Factoring, SME Working Capital & Revenue Based Financing, and Payroll Solutions.
“Under the terms of the agreement, Alraedah will leverage ABHI’s robust capabilities to launch a set of innovative financial services in KSA,” the Saudi company said in a press release.
The statement said as per the terms of the agreement, ABHI will gain access to Alraedah’s knowledge and understanding of the local Saudi market. This would enable it to collaboratively launch innovative financing products in Saudi Arabia.
“Alraedah will enable access to $200 million over the course of three years to develop products that apply ABHI’s proprietary technology, localized for the Saudi market,” the press release said.
The Pakistani fintech says it has a client base of over 1,000 esteemed companies and actively promotes financial empowerment and provides stability to over 750,000 employees across the region.
“With our innovative financial solutions and Alraedah’s deep local expertise, we are poised to empower Saudi citizens, embolden the private sector, and foster a more vibrant, thriving economy,” Omair Ansari, co-founder and CEO of ABHI, was quoted as saying.
Paul Melotto, CEO of Alraedah Digital Solutions, said both companies aim to redefine access to financial services and empower individuals and businesses across the region.
“Together, we aim to redefine access to financial services and empower individuals and businesses across the region,” he said.
Saudi tech company partners with Pakistan’s ABHI to launch financial services in Kingdom
https://arab.news/pnj97
Saudi tech company partners with Pakistan’s ABHI to launch financial services in Kingdom
- ABHI, which also serves customers in UAE, was selected as one of Gulf country’s Future 100 companies last year
- Saudi tech company says partnership to empower Kingdom’s citizens, embolden private sector and foster economic growth
Pakistan extends ban on Indian-registered aircraft through January, aviation authority says
- Move marks the seventh extension of the ban after a gun attack in Indian-administered Kashmir
- It has forced Indian airlines to reroute flights, raising fuel use, travel times and operating costs
ISLAMABAD: Pakistan extended a ban on Indian-registered aircraft from using its airspace until late January, it said on Wednesday, prolonging restrictions that have disrupted flight routes for Indian airlines.
Pakistan first imposed the restriction on April 24 as part of a series of tit-for-tat measures announced by both countries days after an attack in Indian-administered Kashmir that New Delhi blamed on Pakistan. Islamabad denied any involvement and called for a credible, international investigation into the attack, which killed 26 tourists.
Tensions escalated after India targeted several sites in Pakistan and Azad Kashmir, triggering intense missile, drone and artillery exchanges before a ceasefire brokered by the United States took effect on May 10.
“Pakistan’s airspace will continue to remain closed for Indian-registered aircraft,” the Pakistan Airports Authority said in a statement.
“The restriction will remain in effect from December 25, 2025, to January 27, 2026,” it continued. “The restriction will apply to aircraft owned, operated or leased by Indian airlines, including military flights.”
This marks the seventh extension of the ban, which has forced Indian airlines to reroute international flights, increasing fuel consumption, travel times and operating costs.
Earlier this month, Pakistan accused India of blocking humanitarian assistance destined for Sri Lanka after Cyclone Ditwah, saying a special Pakistani aircraft carrying aid was forced to wait more than 60 hours for overflight clearance.
Pakistan later sent relief supplies and rescue teams to the island nation by sea, officials said.
