ISLAMABAD: Two Pakistani startup companies have made it to the Forbes Asia 100 To Watch 2024 list, published by the American business magazine on Tuesday, highlighting the South Asian nation’s growth in the competitive landscape of e-commerce and finance.
Fintech company NayaPay and retail startup DealCart, led by Chief Executive Officers Danish Lakhani and Haider Raza, respectively, have raised a total of $16 million in funding and made it to the annual ranking of 100 small companies and startups in the Asia-Pacific region.
The list features companies recognized for their innovation, growth and potential to disrupt their respective markets.
This year, companies from 16 countries are represented on the list, operating across 10 industries, including enterprise technology and robotics, finance, manufacturing and energy.
“NayaPay raised $13 million in a 2022 seed funding round led by Zayn Capital, MSA Novo and Graph Ventures,” Forbes said in an article, adding that DealCart also “raised $3 million in a seed funding round co-led by Abu Dhabi-based Shorooq Partners and London-based Sturgeon Capital” in July.
NayaPay is a fintech startup that operates a payment processing platform in Pakistan, aiming to help digitalize transactions between consumers and businesses, it said, adding that the online app supported an e-wallet, virtual debit card and online payments whereas NayaPay also offered businesses with point-of-sale devices that can be installed in stores.
According to Forbes, DealCart is an e-commerce and retail startup headquartered in Karachi that operates an online grocery store targeting Pakistan’s growing middle class where fruits, vegetables, snacks, detergents and other sundries can be ordered. Small grocery stores can also sell on DealCart to tap its customer base, it said.
In May, a group of seven Pakistanis featured in the popular Forbes 30 Under 30, earning international recognition for their leadership abilities in their professional fields. These included fintech entrepreneurs Aleena Nadeem and Sarkhail Bawany, filmmaker Bushra Sultan, Trukkr co-founder Kasra Zunnaiyyer, and Linkstar founders Adeel Abid, Aizaz Nayyer and Ali Raza.
In March, Forbes named two Pakistanis in its list of the Middle East’s 100 Most Powerful Businesswomen for the year 2024 which included Shaista Asif, co-founder and group chief executive officer (CEO) of PureHealth Holding health care network in the United Arab Emirates (UAE) and United Bank Limited and Board Risk & Compliance Committee board member Shazia Syed.
Two Pakistani startups feature on Forbes Asia 100 To Watch 2024 list
https://arab.news/4t4cn
Two Pakistani startups feature on Forbes Asia 100 To Watch 2024 list
- NayaPay and DealCart made it to the list of companies from 16 countries after raising $16 million in seed funding
- The annual list features companies recognized for innovation and potential to disrupt their respective markets
Saudi Arabia offers 11 mining sites in Eastern Province to boost investment
JEDDAH: Saudi Arabia has opened 11 mining sites at the Eastern Province’s Al-Summan Crushers Complex for competitive bidding, boosting investment, governance, and local community development.
The sites are designated for the extraction of aggregates and crusher materials, covering 9 sq. km, according to a statement by the Ministry of Industry and Mineral Resources.
The initiative forms part of the Kingdom’s drive to establish mining as the third pillar of its industrial economy, alongside oil and petrochemicals, leveraging mineral wealth now estimated at SR9.37 trillion ($2.5 trillion), a 90 percent increase from 2016 estimates of SR5 trillion.
The increase follows comprehensive surveys of the Arabian Shield, which revealed new deposits beyond traditional mineralized belts.
Jarrah bin Mohammed Al-Jarrah, the ministry’s official spokesperson, said applications for the mining sites will be accepted from Feb. 15 to March 5, via the Ta’adeen digital platform, which handles registration, qualification, bidding and the announcement of winning companies.
“The Ministry aims to allocate mining complexes to encourage investment in the mining sector, strengthen governance, protect sites from illegal exploitation, and support development in neighboring areas,” the statement said.
Saudi Arabia’s mining sector has demonstrated sustained growth, with the number of mining licenses rising from 1,985 in 2016 to 2,401 by the end of 2024, representing cumulative growth of 21 percent, according to the 2024 Mineral Wealth Statistics from the General Authority for Statistics.
Building material quarries accounted for the largest share of permits, rising from 1,267 in 2021 to 1,481 by 2024.
Exploration licenses also showed consistent growth, supporting the Kingdom’s broader strategy to develop its mineral resources and strengthen the mining sector as a key pillar of its industrial economy.
Reforms in the sector have attracted $32 billion in investments for projects in iron, phosphate, aluminum, and copper.
Recent surveys and discoveries, including rare earth elements, lithium, cobalt, and copper, as well as zinc and gold, highlight the Kingdom’s potential to expand into strategic industries such as electric vehicles, advanced technologies, and renewable energy.
Strategic investments and international partnerships, including projects like the Jabal Sayid rare earths site and collaborations with companies such as MP Materials, position Saudi Arabia as a global hub for critical minerals and reinforce the Kingdom’s Vision 2030 industrial ambitions.
