Search form

You are here

  • Home
  • SMEs in MENA, South Asia raise capital, expand


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)
Short Url

https://arab.news/w79f6

Updated 13 April 2025
Nour El-Shaeri
Follow

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.

UK will roll out chemical castration for sex offenders

Updated 6 min 8 sec ago
AP
Follow

UK will roll out chemical castration for sex offenders

Updated 6 min 8 sec ago
AP

LONDON: The British government will roll out the use of medication to suppress the sex drive of sex offenders, as part of a package of measures to reduce the risk of reoffending and alleviate the pressures on the prison system, which is running out of space.
Justice Secretary Shabana Mahmood said Thursday that so-called chemical castration would be used in 20 prisons in two regions and that she was considering making it mandatory.
“Of course, it is vital that this approach is taken alongside psychological interventions that target other causes of offending, like asserting power and control,” she said in a statement to Parliament following the release of an independent sentencing review,
Though the review highlighted the treatment wouldn’t be relevant for some sex offenders such as rapists driven by power and control, rather than sexual preoccupation, Mahmood said that studies show that chemical castration can lead to a 60 percent reduction in reoffending.
It’s been used in Germany and Denmark on a voluntary basis, and in Poland as mandatory for some offenders.
The recommendation was part of a wide-ranging review led by former Justice Secretary David Gauke. As well as looking at ways to cut reoffending, Gauke recommended reforms to overhaul the prisons system, which is running at near capacity.
One of the first things Mahmood did as justice minister after Labour returned to power after 14 years last July was sanction an early-release program for prisoners to free up space. She says she inherited a judicial system that had been neglected for years by the previous Conservative government and set up the review as a means to stabilize it.
“If our prisons collapse, courts are forced to suspend trials,” she said. “The police must halt their arrests, crime goes unpunished, criminals run amok and chaos reigns. We face the breakdown of law and order in this country.”
The review recommended that criminals could be released from prison earlier than they are now for good behavior, while judges could be given more flexibility to impose punishments such as driving bans. It also recommended that sentences of less than 12 months would also be scrapped for tougher community sentences. It also called for the immediate deportation for foreign nationals handed a three-year sentence or less.
The review called for higher investment in the probation service to allow officers to spend more time with offenders for their rehabilitation and extra funding for the many more who are monitored with electronic tags in the community.
Mahmood responded by giving a 700 million-pound  a year for probation within years.
“If the government doesn’t put the resources into probation that is necessary, then the risk here is that we won’t make progress on rehabilitation that we need, and there will be a public backlash against it,” Gauke said.
The prison population in England and Wales has doubled over the past three decades or so to nearly 90,000. That’s despite a fall in crime rates and is driven in part by the fact that longer sentences are being handed out amid pressure to be tough on crime.
Robert Jenrick, the justice spokesman for the Conservatives, warned that scrapping short sentences would be effectively “decriminalizing” offenses like burglary, theft and assault. And monitoring tags, he said, are as useful as “smoke alarms putting out bonfires” in stopping reoffending.
In response, Mahmood said that she was clearing up the mess left by the Conservatives and that the government has also embarked on the largest expansion of prisons since Victorian times in the 19th century.

Topics: UK sex offenders

Birthday boy Djokovic avenges Arnaldi loss in Geneva

Updated 9 min 15 sec ago
AFP
Follow

Birthday boy Djokovic avenges Arnaldi loss in Geneva

Updated 9 min 15 sec ago
AFP

GENEVA: Novak Djokovic overcame soggy conditions on his 38th birthday to beat Matteo Arnaldi on Thursday and reach the Geneva Open semifinals in a tune-up event for Roland Garros.
The former world number one retrieved a break in the second set to claim a 6-4, 6-4 win over the 39th-ranked Italian who dumped him out at the first hurdle in Madrid last month.
Djokovic is hunting the 100th title of his career on the eve of the French Open having not won a tournament since capturing Olympic gold in Paris last August.
“It’s great to be in the semifinals again. Last year I played the semifinals. Hopefully this year I can go at least a step further. That’s the goal,” said Djokovic.
Djokovic, who received a wild card to play in Geneva after skipping Rome, will meet British qualifier Cameron Norrie for a place in Saturday’s final.
The 24-time Grand Slam champion had not won a match on clay this season after also losing his Monte Carlo opener at the start of April to Alejandro Tabilo.
A single break early in the first set enabled Djokovic to take control, but the sixth-ranked Serbian had to rally from 4-1 down in the second.
He drew audible gasps from the crowd when he grabbed his right knee after stretching for a shot in the fifth game.
But Djokovic, who had surgery last year to repair a torn meniscus suffered at the French Open, quickly rebounded and let out a mighty roar as he broke to go 5-4 ahead before putting away Arnaldi.
He said an angry outburst after dropping serve helped him reset as he won the final five games.
“I think I’m playing really, really good tennis,” said Djokovic, who was presented on court with a chocolate cake topped with sparklers after his victory.
“Today it was a lot of tension on the court. A straight-sets win but it was much closer than maybe the score indicates.
“I was 4-1 down in the second. Somehow after that racquet breaking I didn’t lose a game and kind of found my optimal state and balance, mentally and emotionally.”
Norrie ousted Australian fifth seed Alexei Popyrin 7-6 (8/6), 6-4 in the day’s last quarter-final.
Hubert Hurkacz put out top seed Taylor 6-3, 7-6 (7/5) earlier and will play Austrian qualifier Sebastian Ofner in the other semifinal.
The 128th-ranked Ofner came from behind to beat fourth seed Karen Khachanov 4-6, 6-4, 6-4.

Topics: Novak Djokovic Geneva Open

Related

Sport
French Open odds against tennis great Novak Djokovic as time running out for record 25th Slam
Sport
Djokovic to carry on without a coach after parting ways with Murray

Trump to sign orders to boost nuclear power as soon as Friday, sources say

Updated 14 min 21 sec ago
Reuters
Follow

Trump to sign orders to boost nuclear power as soon as Friday, sources say

Updated 14 min 21 sec ago
Reuters

WASHINGTON: US President Donald Trump will sign executive orders as soon as Friday that aim to jumpstart the nuclear energy industry by easing the regulatory process on approvals for new reactors and strengthening fuel supply chains, four sources familiar said.
Facing the first rise in power demand in two decades from the boom in artificial intelligence, Trump declared an energy emergency on his first day in office.
Chris Wright, the energy secretary, has said the race to develop power sources and data centers needed for AI is “Manhattan Project 2,” referring to the massive US program during World War II to develop atomic bombs.
A draft summary of the orders said Trump will invoke the Cold War-era Defense Production Act to declare a national emergency over US dependence on Russia and China for enriched uranium, nuclear fuel processing and advanced reactor inputs.
The summary also directs agencies to permit and site new nuclear facilities and directs the Departments of Energy and Defense to identify federal lands and facilities for nuclear deployment and to streamline processes to get them built.
It also encourages the Energy Department to use loan guarantees and direct loans to increase the build out of reactors. Trump only used the Loan Programs Office in his first administration to support a large nuclear plant in Georgia.
The LPO has now has hundreds of billions of dollars in financing thanks to legislation passed during former President Joe Biden’s administration, but has been hit hard by job cuts during Trump’s second administration.
The White House did not immediately respond to a request for comment. The exact text and wording of draft executive orders is subject to frequent changes and there is no guarantee elements of the EOs will not be excised or modified during the final stages of the review process.
The United States was the first developer of nuclear power and has the most nuclear power capacity in the world, but the energy source is now growing the fastest in China.
One of the sources said officials from the industry including the Nuclear Energy Institute and Constellation , a utility with the biggest US reactor capacity, were invited to attend a signing ceremony Friday afternoon. Constellation and NEI did not immediately respond to requests for comment.
The Trump administration has been debating four draft executive orders to boost nuclear power that sought ways to give the administration more power to approve reactors and reform the Nuclear Regulatory Commission, the body of five panelists that approves reactors.
Nuclear is popular with Democrats for being virtually free in carbon emissions and with Republicans for providing reliable electricity compared to wind and solar power which can be intermittent, a problem that can be managed with battery storage.
Nuclear power produces radioactive waste which for which there is no permanent repository in the United States. 

Topics: Trump Returns

Related

Update video
World
Trump administration bars Harvard from enrolling foreign students
World
The Ambush Office: Trump’s Oval becomes test of nerve for world leaders

Several dead in fiery plane crash on California neighborhood

Updated 21 min 35 sec ago
AFP
Follow

Several dead in fiery plane crash on California neighborhood

Updated 21 min 35 sec ago
AFP

SAN DIEGO: Several people were killed when a small plane crashed onto a California neighborhood before dawn Thursday, destroying a home and setting more than a dozen cars on fire.
At least 10 houses were hit by debris and vehicles on both sides of one street went up in flames when the Cessna 550 slammed into the ground, spewing burning jet fuel in a part of San Diego that is home to military families.
San Diego Fire Department Assistant Chief Dan Eddy told reporters one house had been badly damaged, but that no one on the ground had been seriously hurt.
“When (the plane) hit the street, as the jet fuel went down, it took out every single car that was on both sides of the street,” he said.
“We have jet fuel all over the place.”
One of the dead was named as Dave Shapiro, a music agent who founded San Diego-based Sound Talent Group (STG).
The company said two other members of staff who were aboard the plane had also died.
“We are devastated by the loss of our co-founder, colleagues and friends,” an STG spokesperson told US media.
“Our hearts go out to their families and to everyone impacted by today’s tragedy.”
There was no official confirmation of the death toll, but first responders at the scene said the plane — versions of which can carry up to 10 people, including the pilots — had been totally destroyed and they expected the toll to rise.
Yasmine Sierra told AFP how she had helped her neighbors escape their burning house in the middle of the night after being awakened by what she initially thought was an earthquake.
“It looked like all the homes were on fire because I could see the smoke and the flames, it looked like the trees were on fire,” she said.
Moments later she heard screams from her neighbors who were trapped in their back garden.
“Me and my son grabbed the ladder, we jumped on our trampoline, and we tried to bounce as much as we possibly could, to throw that ladder over so that they can climb onto the ladder into our backyard,” said Sierra, 35.
A woman, two children and two small dogs climbed to safety over the ladder.
“She was very distraught when she came over. I brought her to the front of the house, and I told her that, you know, we needed to leave.”
Jeremy Serna, 31, who is in the Navy, said he and his wife had been awoken by a loud bang.
“We looked outside, and the sky was orange. And then I came running outside to see what it was, and everything was on fire over here,” he told AFP.
“I saw the corner house was just engulfed in flames. And then came back over here and told my wife, hey, we have to get out of here.”
Investigators were combing the scene Thursday, picking through the scattered debris of the plane, which appeared to have broken into hundreds of pieces.
Bits of fiberglass were scattered among the twisted and charred remains of cars, and the smell of fuel hung in the air.
The accident happened in thick fog when the plane, which had come via Kansas, was nearing the Montgomery-Gibbs Executive Airport.
It was not immediately clear what had happened, but the fire department’s Eddy said a nearby power line appeared to have been clipped.
The plane went down around 3:45 am (1045 GMT), according to the Federal Aviation Administration, striking the Murphy Canyon neighborhood.
The residential area is largely military housing. San Diego is home to US Navy facilities, Marine Corps bases and Coast Guard stations.
The accident came at a time of heightened tension in the skies above America.
Air traffic control outages have struck the busy Newark airport on the East Coast at least twice in recent weeks, and in January there was a mid-air collision over Washington between a passenger plane and a military helicopter.
This month two people died when their small plane crashed into a residential neighborhood northwest of Los Angeles.

Topics: US California

Related

World
Families of victims in South Korea plane crash file complaint against 15 officials
World
US Army pausing helicopter flights near Washington airport after close calls

Israel PM names new security chief, defying attorney general

Updated 54 min 8 sec ago
AFP
Follow

Israel PM names new security chief, defying attorney general

Updated 54 min 8 sec ago
AFP

JERUSALEM: Israeli Prime Minister Benjamin Netanyahu announced Thursday his pick for the next head of the Shin Bet domestic security agency, defying the country’s attorney general and a significant segment of the public.
“Prime Minister Netanyahu announced this evening his decision to appoint Major General David Zini as the next head of the Shin Bet,” a statement from the premier’s office said.
The decision is the latest development in a long-running controversy surrounding the role, which has seen mass protests against the incumbent chief’s dismissal, as well as against moves pushed by Netanyahu’s government to expand elected officials’ power to appoint judges.
The supreme court on Wednesday ruled the government’s decision to fire current domestic security chief Ronen Bar was “improper and unlawful.”
Netanyahu’s move to tap Zini to replace Bar directly defied Attorney General Gali Baharav-Miara, who had said that, given the court ruling, the premier “must refrain from any action related to the appointment of a new head of the Shin Bet.”
Netanyahu immediately responded in a rare press conference that his government would make an appointment despite Baharav-Miara’s stance.
Following Thursday’s announcement, the attorney general released a statement saying that the prime minister was acting “contrary to legal guidance.”
“There is serious concern that he acted while in a conflict of interest, and the appointment process is flawed,” the statement said.
Zini, the son of immigrants from France and the grandson of a Holocaust survivor, has held “many” operational and command positions in the Israeli military, Thursday’s announcement said, including for some elite units and combat brigades.
The announcement comes after more than two months of political and legal wrangling over who should head the powerful agency.
In March, Netanyahu said that he was dismissing Bar due to “ongoing lack of trust.”

Topics: Israel

Related

World
Netanyahu says he has ordered enhanced security at Israel missions worldwide
Update
Middle-East
Israel supreme court rules security chief sacking ‘unlawful’, Netanyahu barred from naming new one

Latest updates

YouTube hires former Disney veteran to oversee sports and media
UK will roll out chemical castration for sex offenders
How Saudi Arabia is embracing AI to drive healthier lifestyles in line with Vision 2030
Trump administration bars Harvard from enrolling foreign students
Raphinha extends Barca deal until 2028

Search form

Print Edition
Read pdf version Subscribe now
© 2025 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement.