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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 Ƶ by opening a regional headquarters in Riyadh. (Supplied)
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Updated 13 April 2025
Nour El-Shaeri

SMEs in MENA, South Asia raise capital, expand

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 Ƶ 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 Ƶ.

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 Ƶ with Riyadh regional HQ

Cairo-born quick commerce startup Rabbit has expanded its operations to Ƶ 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 Ƶ 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.

Pakistan health minister vaccinates daughter on live TV to counter cervical-cancer jab rumors

Pakistan health minister vaccinates daughter on live TV to counter cervical-cancer jab rumors
Updated 11 min 14 sec ago

Pakistan health minister vaccinates daughter on live TV to counter cervical-cancer jab rumors

Pakistan health minister vaccinates daughter on live TV to counter cervical-cancer jab rumors
  • Pakistan’s HPV vaccine rollout earlier this month sparked social media rumors it could cause infertility
  • Mustafa Kamal says 150 countries, including almost all Muslim states, used the vaccine before Pakistan
Updated 11 min 14 sec ago
NAIMAT KHAN

KARACHI: Pakistan’s health minister had his daughter vaccinated against cervical cancer on live television on Saturday to counter rumors about side effects, a symbolic move aimed at reassuring parents as the country rolls out the shot nationwide.

Since Pakistan began offering the Human Papillomavirus (HPV) vaccine this month, social media posts have circulated claiming girls were falling sick and that the jab could cause infertility.

Health officials and international agencies say the typical side effects are mild and temporary — such as soreness in the arm or a brief fever — and there is no scientific evidence linking the vaccine to infertility.

“Pakistan is the 151st country in the world where this vaccination has been administered,” Health Minister Mustafa Kamal said at a news conference after the televised inoculation. “Prior to that, this vaccine has been used in 150 countries in which almost all Muslim states are included.”

He acknowledged it was difficult to bring his family before the cameras but said he wanted to highlight prevention.

“Since the start of this vaccination, there has been negative and misleading propaganda,” he said. “Today I thought that no Pakistani mother, sister or daughter should refuse this vaccine because of false propaganda and then lose her life as a result.”

Pakistan introduced the HPV shot in September with support from the World Health Organization (WHO), UNICEF and the Gavi vaccine alliance. The first phase targets girls aged 9 to 14 in selected districts, with authorities planning to expand coverage in coming years.

The vaccine protects against cervical cancer, which develops from persistent infection with high-risk types of the HPV, a common virus that can cause cancers later in life, according to the Centers for Disease Control and Prevention.

Vaccination before exposure can prevent most cases, according to the WHO, which has recommended the jab for adolescent girls since 2006.

Cervical cancer is one of the leading cancers among women in Pakistan.

The International Agency for Research on Cancer, a WHO body, said in April there were an estimated 4,762 new cases of cervical cancer in 2023, resulting in about 3,069 deaths from the disease.

Topics: HPV HPV vaccination cervical cancer Pakistan health ministry

Qatar’s emir heads to New York to participate in UN General Assembly

Qatar’s emir heads to New York to participate in UN General Assembly
Updated 22 min 48 sec ago
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Qatar’s emir heads to New York to participate in UN General Assembly

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Updated 22 min 48 sec ago
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CAIRO: Qatar’s Emir Sheikh Tamim bin Hamad Al-Thani has left for New York to participate in an upcoming meeting of the United Nations General Assembly, Qatar’s Amiri Diwan said on Sunday.
World leaders are gathering in New York as the war between Israel and Hamas militants in the Gaza Strip approaches two years. A humanitarian crisis is worsening in the Palestinian enclave, where a global hunger monitor has warned that famine has taken hold and is likely to spread by the end of the month.

Topics: UN General Assembly Qatar

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Updated 21 September 2025
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Russia’s Soviet-era rival to ‘decadent’ Eurovision born anew

Russia’s Soviet-era rival to ‘decadent’ Eurovision born anew
  • Vietnamese singer Duc Phuc proclaimed winner with a song inspired by a poem about bamboo
  • Putin relaunched the USSR-era contest after Russia was banished from Eurovision over its offensive in Ukraine
Updated 21 September 2025
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MOSCOW: With artists from more than 20 countries and ambitions for a billion-plus viewers, Russia on Saturday revived its Intervision song contest, which Moscow hopes will compete with a “decadent” Eurovision.
First held in the Soviet era and relaunched in February on President Vladimir Putin’s orders, the concert-as-soft-power tool was held at an arena near the Russian capital, with Vietnamese singer Duc Phuc proclaimed the winner with a song inspired by a poem about bamboo.
The performer, who won the Vietnamese version of reality TV series “The Voice” 10 years ago, emotionally thanked the audience “for every second” spent watching the competition, which lasted around four hours.
With Russia banished from Eurovision, the song contest extravaganza born on the other side of the Iron Curtain, over its offensive in Ukraine, the Kremlin has pushed Intervision as a means to lay the anti-Western narratives on thick while striving for new cultural and political alliances.
The contest kicked off with an opening ceremony hitching future-looking technology to nostalgia for the Soviet past, before giant augmented-reality projections of dancing silhouettes in traditional costumes were displayed to represent each contestant.
In a video address to participants, including traditional allies Brazil, India and China, Putin hailed the contest’s “main theme” of “respecting traditional values and different cultures.”

Spectators watch a video address of Russian President Vladimir Putin during the Intervision International Music Contest 2025 in Moscow on September 20, 2025. (REUTERS)

“Today, Intervision is gathering a second wind, while remaining faithful to its traditions,” the veteran strongman added.
Twenty-three countries were originally slated to take part in the contest, including Russia’s old Cold War foe the United States.
But the US representative — Australian pop singer Vasiliki Karagiorgos, known as Vassy — had to pull out at the last minute because of “unprecedented political pressure from the Government of Australia,” the organizers said.
No performers from an EU country took part.
But former Soviet republics Uzbekistan and Kazakhstan dispatched artists to Russia for the spectacle.
Other acts included Cuban singer Zulema Iglesias Salazar with a joyful rumba, Qatar’s Dana Al Meer, who sang at the 2022 World Cup opening ceremony, and Serbia’s Slobodan Trkulja, who dedicated his song “Three Roses” to his three daughters.
Russia’s entrant, Shaman, a singer known for his patriotic concerts, presented a lyrical song before telling the jury he did not want to be named the winner.
“Hospitality is an inalienable part of the Russian soul... and according to the law of hospitality, I don’t have the right to be among those vying to win,” he said.
Besides Putin, the contest’s kick-off drew in Dima Bilan, Eurovision winner in 2008, and Polina Gagarina, the contest’s runner-up in 2015.
American rocker Joe Lynn Turner, formerly of the band Deep Purple, was a member of the jury.

Vietnam's Duc Phuc holds his trophy after winning the International Music Competition "Intervision" at the Live Arena outside Moscow on Sept. 21, 2025. (AP)

A billion viewers?

Each country’s act sang in their native language — “unlike Eurovision, where most songs are often sung in English,” the organizers were at pains to point out.
In the build-up to the contest, Moscow voiced high hopes for the TV viewership.
The participating countries represented 4.3 billion people — or more than half the planet’s population, according to the organizers.
“If at least one-in-three or at least one-in-four people watch the contest, it’ll be an audience without precedent,” said Konstantin Ernst, director general of the broadcaster Pervy Kanal, ahead of the contest.
The last edition of Eurovision, held in May, drew a record audience of 166 million viewers, according to organizers.
First organized in 1965 in Prague, Intervision was suspended after the anti-Soviet uprising in Czechoslovakia three years later.
It was then revived in Poland in the 1970s and held across various cities of the former Communist bloc.
Another difference from Eurovision? No public vote. An international jury alone decided the winner.
Organizers announced the next edition of Intervision would be held in Ƶ in 2026.
 

Topics: Intervision Eurovision Russia

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Updated 21 September 2025
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  • “We can’t delay any longer, it’s killing our reputation and credibility,” Trump said in a post demanding that legal action be taken against California Senator Adam Schiff and New York Attorney General Letitia James
Updated 21 September 2025
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WASHINGTON: US President Donald Trump publicly urged his Justice Department on Saturday to take action against his enemies, the latest in a series of moves that critics say have shattered the agency’s traditional independence.
In a social media post addressing “Pam” — apparently Attorney General Pam Bondi — Trump fumed over the lack of legal action against California Senator Adam Schiff and New York Attorney General Letitia James, both Democrats.
Schiff and James are among a handful of people who have been accused by a close Trump ally, Federal Housing Finance Agency Director Bill Pulte, of falsifying documents on mortgage applications.
“We can’t delay any longer, it’s killing our reputation and credibility,” Trump said.
On Friday, Trump fired the federal prosecutor who was overseeing the probe into James, after the attorney reportedly insisted there was insufficient evidence to charge her with mortgage fraud.
Erik Siebert, US attorney for the Eastern District of Virginia, told staff of his resignation via an email on Friday, the New York Times and other US media outlets reported.
“I fired him, and there is a GREAT CASE, and many lawyers, and legal pundits, say so,” Trump said Saturday, apparently referencing the probe into James.
Schiff and James have separately clashed with Trump in prior years, leading investigations that the Republican president alleges were political witch hunts.
During Trump’s first term in the White House, Schiff, then a member of the US House, led the prosecution at the president’s first impeachment trial, which was based on allegations he pressured Ukraine to interfere in the 2020 election.
Trump was eventually acquitted by the Senate then, and again in 2021 when he was impeached a second time, this time for “incitement of insurrection” connected to the January 6, 2021 invasion of Congress by his supporters.
After Trump left the White House, James brought a major civil fraud case against him, alleging he and his company had unlawfully inflated his wealth and manipulated the value of properties to obtain favorable bank loans or insurance terms.
A state judge ordered Trump to pay $464 million in that suit, but a higher court later removed the financial penalty while upholding the underlying judgment.
“They impeached me twice, and indicted me (5 times!), OVER NOTHING. JUSTICE MUST BE SERVED, NOW!!!” Trump wrote Saturday.
Trump has also been convicted of 34 felonies related to hush money payments to a porn star.
Earlier this month, a US appeals court upheld a jury’s $83.3 million penalty against Trump for defaming author E. Jean Carroll, whom he was found to have sexually assaulted.
Investigations into Trump over alleged mishandling of classified material and attempts to overturn the results of the 2020 presidential election were abandoned when he was re-elected last year.
Trump said he would be nominating White House aide Lindsey Halligan, who has been leading a review of the Smithsonian Institution’s content for “divisive or partisan narratives,” to fill Siebert’s position.
 

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  • Trump’s reaction to recent Russian air incursions muted
Updated 21 September 2025
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WASHINGTON: Pentagon officials sat down with a group of European diplomats in late August and delivered a stern message: The US planned to cut off some security assistance to Latvia, Lithuania and Estonia, all NATO members bordering Russia.

More broadly, Pentagon official David Baker told the group, according to an official with direct knowledge of the comments, Europe needed to be less dependent on the United States.

Under President Donald Trump, the US military would be shifting its attention to other priorities, like defense of the homeland. Some European diplomats fretted that the move, first reported earlier this month, could embolden Russian President Vladimir Putin.

On Friday, they may have been proven right. Russian MiG-31 jets entered Estonian airspace for roughly 10 minutes, Estonia said, before being chased away by Italian F-35s.

Russia denied violating Estonian airspace, saying its jets flew over neutral waters. Hours later, Russian jets buzzed a Polish oil platform, Warsaw said. Last week, Russian drones were downed in Poland. The US response to those incidents has so far been muted. Trump did not address the latest incursion for several hours, before saying it could be “big trouble.”

After last week’s Polish incident, he posted cryptically on his Truth Social app: “Here we go!“
His responses appear to fit an emerging pattern.
After months of proposing both ideas to solve or intermediate some of the world’s most intractable conflicts, Trump has largely withdrawn from diplomacy in recent weeks. Instead, he has allowed and in some cases pressed allies to take the lead, with only distant promises of US help. He has increasingly turned his attention to domestic issues, like tackling crime, confronting what he calls violent left-wing extremism and overhauling a major visa program.

A Russian MIG-31 fighter jet flies above the Baltic sea after violating Estonian air space. Three Russian MiG-31 fighters violated Estonian airspace over the Gulf of Finland on Friday, Estonia said, triggering complaints of a dangerous new provocation from the EU and NATO. (AFP)

Returning to form

After an intense summer of diplomacy, including hosting Putin in Alaska, Trump has told Europeans they must impose punishing sanctions on buyers of Russian oil if they expect Washington to tighten the financial screws on Moscow over its war in Ukraine.

After the US president spent the first several months of his term trying to secure a ceasefire between Israel and the Palestinian militant group Hamas, he has lately shrugged off moves by Israel that would seem to undermine the possibility of a deal to end the war in Gaza.

White House officials protested when Israel bombed a Hamas office located in the territory of US ally Qatar but took no action. When Israel launched a controversial military advance on Gaza City, Trump did not object, even as European and Arab allies condemned the move, which seemed likely to doom peace talks.
That Trump would be wary of US involvement in major conflicts is in some ways unsurprising. He spent two years on the campaign trail arguing the nation was militarily overstretched. Political opponents called him an isolationist. But over the summer, a different Trump emerged. To the chagrin of some conservative political allies, he bombed Iran’s key nuclear sites in support of Israel’s air war in June. 

At a NATO conference in the Netherlands later that month, he indicated he would send fresh Patriot defense systems to Ukraine. In July, he intensified his threats of sanctions and tariffs targeting Moscow.
Now, analysts say, Trump is returning to form.
Aaron David Miller, a veteran US diplomat and senior fellow at the Carnegie Endowment for International Peace, said Trump may have simply realized the conflicts are far more intractable than he had imagined.
“He’s not interested in doing anything unless he sees that the expenditure of effort and political capital will be worth the return,” Miller said.
The White House did not immediately respond to a request for comment.

Mercurial president, exhausted diplomats

The president’s latest zig could easily be followed by a zag. In April and May, he publicly floated walking away from the war in Ukraine, only to re-engage heavily on the issue. Moreover, the White House’s disengagement has not been absolute. In recent weeks, some US weapons have begun flowing into Ukraine as part of a US-NATO security assistance initiative called the PURL program.
Still, analysts expressed concern that the mild US reaction to Russia’s latest provocations will only encourage more aggressive steps by Putin.
Further US disengagement “would lead us to more provocative actions from Putin as he sees Europe as weaker because it can be divided — especially without the US there to back it up,” said Alex Plitsas, senior fellow at the Atlantic Council.

French Air Force pilots get ready for take off in a Rafale fighter jet prior to a joint mission with Polish F16s at an air base in Minsk Mazowiecki on September 17, 2025, following Warsaw's accusation that Moscow launched a drone raid into Poland. (AFP)

Several European diplomats in Washington privately expressed exhaustion at Trump’s changeable attitude on Russia — and suggested another hardening of his stance toward Moscow could lack credibility.
Over the summer, those diplomats said, the mood was notably different.
At a NATO summit in June, Trump heaped praise on European leaders and the next month repeatedly threatened Russia with direct and secondary sanctions and agreed to set up PURL. But the anti-climactic summit with Putin produced no breakthroughs and a major setback for Kyiv: Trump left the meeting saying a ceasefire in Ukraine was not a precondition of lasting peace — a position held by Putin, but not European allies.
In a testy September 4 call with European partners, Trump argued that European nations were expecting the US to bail them out when Europeans were still themselves supporting Russia’s war machine by purchasing Russian oil, according to two officials briefed on the call.
The next week, Trump told European Union officials they should hit China and India with 100 percent tariffs to punish them for their purchases of Russian oil. He portrayed such a move as a precondition for US action, one official said.
Trump’s supporters say he is only demanding that Europe stand up for its own security. But some diplomats sense a trap. Such measures would be hard to get through the EU’s bureaucracy promptly, particularly as the bloc prefers sanctions to tariffs. Two senior European diplomats in Washington also noted that Trump has recently spoken of lowering trade barriers with India.
It is unclear if Friday’s Estonia incursion will alter Trump’s calculus toward Russia. His government appeared unmoved by a letter from lawmakers in Estonia, Lithuania and Latvia last week calling for reconsideration of Trump’s plan to eliminate some security assistance.
“Many of our European allies are among the world’s wealthiest countries,” a White House official said. “They are fully capable of funding these programs if they choose.”

Topics: Donald Trump Russia NATO

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