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Startup Wrap – Egyptian firms secure funding to boost Saudi expansions after battling stagnation 

Egyptian startups have secured sizeable investments. Shutterstock
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Updated 27 April 2024
Nour El-Shaeri 
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Startup Wrap – Egyptian firms secure funding to boost Saudi expansions after battling stagnation 

Updated 27 April 2024
Nour El-Shaeri 

CAIRO: Startups in Egypt have started to gain momentum with several ventures securing funding to boost expansion efforts to the Kingdom. 

Following a period of startup funding stagnation, Egyptian founders have made their way back to the regional venture capital space with a flurry of investment deals and expansion strategies already in place. 

Egyptian fintech startup Waffarha has secured a seven-figure seed round from Value Makers Studio to expand its footprint.  

Founded in 2012 by Tarek Magdy, the platform offers significant discounts, with daily deals ranging from 50 percent to 90 percent.  

The new capital will enable Waffarha to enhance its technology, recruit talent, and expand into Saudi Arabia and additional markets.   

Moreover, in 2018, Fawry for Banking Technology and Electronic Payments, one of Egypt’s largest financial institutions, acquired a share of 30 percent of the company. 

The company claims to boast a network of over 1,000 merchants and over 3,000 stores that cater to more than 5 million customers, without any subscription fees.  

Over the last 12 years, Waffarha claims to have emerged as a top-tier lifestyle website and mobile app.  

Egyptian HR tech startup Bluworks secures $1m in pre-seed funding 

Bluworks, an HR and Software-as-a-Service solutions provider based in Egypt, has raised $1 million in pre-seed funding led by Khawarizmi Ventures and included Camel Ventures, Acasia Ventures, and angel investors.  

Founded in 2022 by Farah Osman, Hussein Wahdan, and Nour Ahmadein, Bluworks aims to optimize costs for businesses through data-driven decision-making.  

“With so many HR softwares on the market, not one is built to manage blue-collar workers,” Wahdan said.  

“Since the process of managing this type of workforce is so manual, errors frequently occur, leading to penalties and deducted salaries with no oversight from the workers, causing them to leave and ultimately contributing to high turnover rates,” he added. 

“Currently, companies can spend about 7-10 days just closing their payroll accounts, but with Bluworks, this time can be cut down to one day - all while leveraging data and insights on their workforce,” he stated. 

The company aims to utilize the funding to support its product development goals, expand its presence, and grow its team.   

Egypt-based fintech Bokra closes $4.6m pre-seed funding round  




Bokra was founded in 2023 by Ayman El-Sawy. Supplied

Bokra, an emerging fintech startup from Egypt, has secured $4.6 million in pre-seed funding, led by DisrupTech Ventures and SS Capital.  

Founded in 2023 by Ayman El-Sawy, Bokra offers diversified investment solutions for retail and SME investors.  

The funds will support the launch of the Bokra app, expansion of its investment products, and scaling operations across the Middle East and North Africa region.   

“We are dedicated to accelerating financial inclusion and elevating investment awareness across MENA,” El-Sawy said. 

“In a region where financial needs and aspirations are ever-changing, Bokra is poised to become the preferred investment platform for both individuals and small and medium-sized enterprises looking to diversify their fractional ownership portfolio in a simple, trackable and informed way,” he added. 

Egyptian startups win big in Saudi-Egyptian program 

Ten Egyptian startups have received awards from the VMS Bridge program, aimed at enhancing connections between Egypt and Saudi Arabia’s entrepreneurial ecosystems.  

Winners included Amanleek, Farhy, Sprints, Career180, and Jamaykaa, which will explore investment opportunities during a 4-day visit to the Kingdom.

Other winners, Notchnco and Neqabty, received free company licenses in Saudi Arabia, and AgriCash, ReNile, and ICareer won access to Arweqah’s training programs.   

Jordan-based healthtech startup Arab Therapy secures $1m seed funding 

Arab Therapy, a Jordan-based mental health platform, has raised $1 million in seed funding, led by Flat6Labs and Vision Health Pioneers, with participation from international angel investors. 

Founded in 2021 by Tareq Dalbah, Omar Koudsi, and Hekmat Al-Hasi, Arab Therapy connects users with licensed mental health professionals.  

The investment will facilitate the company’s market expansion and the initiation of business to business sales operations. 

TVM Capital Healthcare invests $17m in Neurocare Group AG 

TVM Capital Healthcare, based in the UAE, has invested $17 million into Neurocare Group AG, a Munich-headquartered healthtech specializing in personalized mental healthcare.  

The investment will support Neurocare’s expansion plans in the US and Saudi Arabia and fund the development of new hardware and software innovations, enhancing their clinical solutions. 

UAE-based logistics startup Shorages secures $1m for expansion 

Shorages, a UAE-based logistics startup, has raised $1 million in a pre-series A funding round led by Joa Capital’s S3 Ventures Fund.  

Founded in 2019 by Rayan Osseiran, the company provides fulfillment solutions in the UAE and Saudi Arabia for e-commerce platforms.  

The company aims to utilize the funding to help expand its warehouse operations across the Gulf region. 

UAE e-commerce startup WEE secures $12m in funding 

UAE-based e-commerce startup WEE has concluded a $12 million pre-series A funding round, facilitated by SIG Investment.  

Founded in 2021 by Anastasia Kim, Oleg Dashkevich, and Sergey Kolikov, WEE is an online marketplace that offers below 15-minutes delivery services.  

The investment will be used to spearhead WEE’s logistics capabilities, accelerate growth, and expand its team. 

Turkish fintech app Midas closes $45m funding round to boost MENA expansion 

Turkish fintech app Midas closed a $45 million funding round by Portage, a global investment platform, supported by International Finance Corporation, Spark Capital and Earlybird Digital East Fund. 

Founded by Egem Eraslan, the company allows users in Turkiye to invest in Turkish and US equities. 

The startup is aimed at Turkiye’s retail investor market and claims to have more than 2 million users. The company claims to charge significantly lower transaction and commission fees for Turkish customers who want to invest in US or Turkish stocks. 

Midas has plans to expand beyond Turkiye, and aims to target countries in the MENA region, according to a report by TechCrunch. 

Midas also plans to use the new funding to roll out three new products in cryptocurrency trading, mutual funds and savings accounts.  

UAE’s Maalexi signs agreement with Etihad Credit Insurance 

Maalexi, a UAE-based risk management platform focused on SME agri-businesses, has entered into a strategic credit insurance agreement with Etihad Credit Insurance, the UAE’s federal export credit company.  

This collaboration will enable Maalexi to utilize ECI’s extensive trade credit solutions and services, enhancing the competitiveness of regional SMEs in the food and agriculture trade sectors, both locally and internationally.  

The partnership aims to reduce market entry barriers, support Maalexi’s goal of increasing SME participation in the cross-border trade of agricultural produce, and contribute to food security in the UAE.  

Topics: Startup Wrap Waffarha Egypt startups saudi startups

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Riyadh Metro on its way to reshaping the city

Updated 3 sec ago
Wad Hussain
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Riyadh Metro on its way to reshaping the city

  • Some passengers praise affordability, design, while others believe it needs more speed, transfer routes, and reduced transfer times
  • Newly opened Qasr Al-Hokm Station is a key addition to the metro network, strategically located in Riyadh’s historic district
Updated 3 sec ago
Wad Hussain

RIYADH: Riyadh Metro is rapidly reshaping the city’s public transportation landscape, providing residents and visitors with an efficient and cost-effective alternative to private cars and ride-hailing services. 

As the metro expands, its social and economic impacts are becoming more evident, from easing traffic congestion to influencing real estate trends. 

The newly opened Qasr Al-Hokm Station is a key addition to the metro network, strategically located in Riyadh’s historic district. It provides easy access to government buildings, cultural landmarks, and bustling markets, making it a crucial hub for commuters and visitors alike. 

To understand the metro’s impact firsthand, several passengers shared their experiences at Qasr Al-Hokm Station, highlighting both the benefits and challenges of using Riyadh’s latest public transport system.

For many residents, the affordability and ease of use make the metro an attractive alternative to private transportation. Menna Ali, a frequent rider, praised its cost-effectiveness: “It’s much easier to use, much cheaper than other transportation options. And you don’t have to stick in the traffic, and I’m happy with it.”

The metro is also helping to cut travel times for many commuters. Abdullah Al-Ghamdi, who regularly visits the area, noted how much simpler his commute has become. “I frequently visit this area, and I used to struggle to get here. Now, it takes me about 20 minutes from my residence to reach this place. Honestly, it’s excellent — saving time, reducing stress, and avoiding traffic. It’s truly great.”

However, while the metro is convenient for some, others note that it can be time-consuming, particularly when multiple transfers are required. Haifa Al-Marhum highlighted this challenge: “Honestly, it takes time — I have to go from one station to another and so on. So in terms of time, no, it does take a while.

“In terms of saving money, it definitely helps — whether for transportation, fuel, or for those who have a car or don’t. It’s a real money-saver, and on top of that, it helps avoid traffic,” she added.

While the metro provides financial relief for many commuters, its speed remains a concern. During peak hours, the overall travel time can be comparable to driving in heavy traffic, raising questions about whether it truly offers a faster alternative. Although it eliminates some of the stress of car travel and reduces fuel costs, the metro’s slower pace may not be ideal for those in a hurry.

Passengers at Qasr Al-Hokm Station also praised the metro’s accessibility, well-placed signage, and helpful staff. Fahad Hussain noted how easy it is to navigate the system. “The staff here make everything easy in terms of assistance and explaining locations. Everything is simple, and we haven’t faced any difficulties so far. Plus, the signs are available everywhere.”

The metro’s modern design and efficiency have also impressed international visitors. Georgii Korshunov, a traveler from Russia, described the system as futuristic, comparing it to Moscow’s extensive metro network. Meanwhile, Kate Pirogova, highlighted its user-friendly layout. “I like Riyadh Metro, it’s very modern, very simple to navigate.” 

To further encourage public transport adoption, authorities have introduced a free Uber ride initiative, allowing passengers to activate a voucher through the Uber app for complimentary rides within 3 km of any metro station. This initiative aims to address the “last-mile problem” by providing seamless connections between metro stations and final destinations, making public transport a more viable option for daily commutes. 

The metro’s influence extends beyond daily commutes; it is also shaping real estate trends in Riyadh. Landlords and real estate agents are increasingly promoting properties by emphasizing their proximity to metro stations, signaling a growing demand for metro-accessible housing.

This trend is common in global metropolitan areas, where transit-oriented developments often lead to increased property values and higher rental demand. As Riyadh continues to expand its metro network, neighborhoods near stations may see a surge in desirability and investment potential. 

The Riyadh Metro represents a major shift in the city’s transportation culture, gradually reducing reliance on private vehicles and contributing to Saudi Arabia’s Vision 2030 goals for sustainable urban mobility. By offering an affordable, efficient, and environmentally friendly alternative, the metro is paving the way for a more connected and accessible city.

However, the metro still faces challenges in terms of speed and efficiency, particularly for those who are accustomed to faster car travel, even in traffic. While its affordability and reliability are strong advantages, future enhancements — such as faster trains, express routes, or reduced transfer times — may be key to convincing more residents to make the permanent switch to public transport.

Topics: Riyadh Metro Qasr Al-Hokm Station

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Trump moves to fire several national security officials over concerns they’re not loyal

Updated 2 min 42 sec ago
AP
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Trump moves to fire several national security officials over concerns they’re not loyal

  • National security adviser Mike Waltz is fighting back criticism over using Signal app to discuss attacks on Yemen's Houthi militants
Updated 2 min 42 sec ago
AP

WASHINGTON: President Donald Trump has moved to fire several senior White House National Security Council officials soon after he was urged by far-right activist Laura Loomer to purge staffers she deemed insufficiently committed to his Make America Great Again agenda, several people familiar with the matter said Thursday.
Loomer presented her research to Trump in an Oval Office meeting on Wednesday, making her case for the firings, the people said, speaking on condition of anonymity to discuss sensitive personnel matters. Vice President JD Vance, chief of staff Susie Wiles, national security adviser Mike Waltz and Serio Gor, the director of the Presidential Personnel Office, took part in the meeting, the people said.
NSC spokesman Brian Hughes declined to comment on the meeting or the firings, insisting that the White House does not discuss personnel matters.
Loomer, who has promoted 9/11 conspiracy theories, was a frequent presence on the campaign trail during Trump’s 2024 successful White House run. More recently, she’s been speaking out on social media about some members of Trump’s national security team that she insists can’t be trusted.
The move by Trump to push out staff comes at a moment when his national security adviser Mike Waltz is fighting back criticism over using the publicly available encrypted Signal app to discuss planning for the sensitive March 15 military operation targeting Houthi militants in Yemen.
A journalist, The Atlantic magazine’s Jeffrey Rosenberg, was mistakenly added to the chain and revealed that Trump’s team used it to discuss precise timing of the operation, aircraft used to carry out the strikes and more.
Waltz has taken responsibility for building text chain, but has said he does not know how Rosenberg ended up being included.

Topics: Trump Returns

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Pakistan assumes Asian Cricket Council presidency, vows to accelerate sport’s global influence

Updated 12 min 30 sec ago
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Pakistan assumes Asian Cricket Council presidency, vows to accelerate sport’s global influence

  • Defending champions India are scheduled to host Asia Cup later this year in T20 format
  • ACC, governing body for cricket in Asia, includes Pakistan, India, Sri Lanka and Bangladesh
Updated 12 min 30 sec ago
Arab News Pakistan

ISLAMABAD: Pakistan Cricket Board (PCB) Chief Mohsin Naqvi on Thursday assumed the presidency of the Asian Cricket Council (ACC), the board confirmed, vowing to enhance the sport’s global influence. 

The ACC is the governing body for cricket in Asia, established in 1983, to promote and develop the sport across the continent. It organizes major tournaments like the Asia Cup and works to improve cricket standards, provide financial support and strengthen ties between member countries including India, Pakistan, Sri Lanka and Bangladesh.

Sri Lanka held ACC’s presidency before Pakistan officially took over the post from it on Apr. 3, according to the PCB.

“In accordance with the decision of the Asian Cricket Council, Pakistan has officially taken over the presidency from Sri Lanka Cricket,” the PCB said in a statement. 

“Effective immediately, Pakistan will lead the council in its mission to promote and expand cricket across the Asian continent.”

It added that the ACC was “poised to strengthen and expand” cricket’s presence across Asia by fostering growth and unity within the sport.

Meanwhile, in a press release, the ACC quoted Naqvi as saying that he was honored to assume the regional cricketing body’s presidency.

“Asia remains the heartbeat of world cricket and I am committed to working with all member boards to accelerate the game’s growth and global influence,” he said.

“Together, we will unlock new opportunities, foster greater collaboration and take Asian cricket to unprecedented heights.”

The PCB chief also extended his sincere wishes to outgoing ACC president Shammi Silva from Sri Lanka for his leadership and contributions during his tenure. 

India will host the next edition of the Men’s Asia Cup cricket tournament in the T20 format in 2025 as a precursor to the T20 World Cup scheduled in the country in 2026. 

The 2023 edition, hosted by the PCB, was held in a “hybrid model” as India refused to travel to Pakistan and played their matches in Sri Lanka.

India are the defending Asia Cup champions, and have won three of the last four editions of the tournament. They beat Sri Lanka by 10 wickets in the final of last year’s 50-overs edition in Colombo.

Topics: Pakistan Cricket Board Asian Cricket Council

Russia, African juntas blast Ukraine as they deepen ties

Updated 18 min 1 sec ago
AFP
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Russia, African juntas blast Ukraine as they deepen ties

  • Moscow has tried to build new partnerships in Africa, where it has been growing in influence in recent years, including militarily
  • Foreign ministers from Mali, Niger and Burkina Faso met Russian counterpart Sergei Lavrov in Moscow for the summit
Updated 18 min 1 sec ago
AFP

MOSCOW: Russia and a group of west African countries led by military juntas hailed growing military ties at a summit in Moscow on Thursday, with some condemning Ukraine as a “terrorist” state.
Facing isolation in the West following its full-scale offensive against Ukraine, Moscow has tried to build new partnerships in Africa, where it has been growing in influence in recent years, including militarily.
Foreign ministers from Mali, Niger and Burkina Faso met Russian counterpart Sergei Lavrov in Moscow for the summit, which Lavrov said would “strengthen the whole suite” of their relations.
The three Sahelian countries are led by juntas who seized power in coups and have turned away from former colonial power France while moving closer to Russia, which has been sending mercenaries to help them fight a transnational jihadist insurgency.
Lavrov said Russia was ready to help “strengthen the three countries’ combat capability” and train soldiers and law enforcement officers.
He added that Moscow could help the countries form a joint armed force “by organizing special courses, by using instructors who are already working in large numbers in the countries” and by “supplying military production.”
Mali’s Abdoulaye Diop said that Mali and Russia shared views on “fighting against terrorism.”
“We consider Ukraine as simply a terrorist state,” the minister said at a press conference.
Mali last year broke off diplomatic relations with Ukraine, accusing a senior Ukrainian official of having admitted Kyiv played a role in a heavy defeat suffered by Malian troops.
Niger then joined Mali in cutting diplomatic ties, accusing Kyiv of supporting “terrorist groups.”
Ukraine’s foreign ministry on Thursday rejected claims it had interfered in Mali’s affairs as “baseless,” and suggested Diop’s comments were unserious given he “represents an illegitimate junta that usurped power.”
Moscow has concluded defense agreements with Mali, Burkina Faso and Niger and supplied them with military equipment.

Topics: Russia-Ukraine Conflict mali Niger Burkina Faso

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Washington’s reciprocal tariff to have ‘mixed’ impact on Pakistan’s exports— analysts 

Updated 35 min 53 sec ago
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Washington’s reciprocal tariff to have ‘mixed’ impact on Pakistan’s exports— analysts 

  • United States is Pakistan’s largest export destination, importing $5.44 billion of Pakistan’s goods last year
  • Analysts say Pakistan exports will become cheaper than those offered by countries hit harder by tariffs
Updated 35 min 53 sec ago
Ismail Dilawar

KARACHI: The impact of US President Donald Trump’s decision to impose a reciprocal tariff of 29 percent on Pakistan’s exports is likely to have a “mixed” impact, financial analysts said on Thursday, pointing out that the wide-ranging tariffs will make exports offered by Islamabad’s rivals also costlier. 
Trump announced the decision to impose sanctions on several countries on Thursday, defending the measures as necessary to address long-standing trade imbalances and what he described as unfair treatment of American goods abroad.
The US is Pakistan’s largest export destination, as it imported $5.44 billion of Pakistani goods last year, according to the State Bank of Pakistan (SBP). This fiscal year from July through February Pakistan earned $4 billion from its exports to the US, which registered a 10 percent increase over its $3.63 billion exports to the country in the same period last year. 
“The impact of these tariffs is expected to be mixed on Pakistan’s exports,” Samiullah Tariq, the group head of research and product development at the Pakistan Kuwait Investment Company Ltd., told Arab News. 
Last year, Pakistan’s total exports rose 11 percent to $30.7 billion from $27.7 billion compared to 2023, according to the Pakistan Bureau of Statistics (PBS).
Tariq said Pakistani goods would become cheaper than those offered by Bangladesh, China, Vietnam and Cambodia, on whom the Trump administration imposed higher tariffs. 
However, he explained that countries such as India, Jordan, Turkiye and certain Central American nations had been targeted with comparatively lower tariffs, making Pakistani goods costlier. 
 Washington has imposed tariffs of 37 percent, 34 percent, 46 percent and 49 percent on Bangladesh, China, Vietnam and Cambodia, respectively. It targeted India, Jordan and Turkiye with tariffs of 26 percent, 20 percent and 10 percent respectively. 
 
“Duties imposed on China, Cambodia, Indonesia, Vietnam and Bangladesh are higher than Pakistan, while duties imposed on India are 300bps lower than Pakistan,” Topline Securities, a Karachi-based brokerage firm, noted in a report to clients.

TEXTILE TO TAKE A HIT

However, Sana Tawfiq, the head of research at Arif Habib Ltd. said the tariff would test the mettle of Pakistan’s export sector. 

“About 90 percent of our total exports to the US account for textiles that are expected to take a hit,” she told Arab News. 

She said some food and cement industries are also expected to “feel the pressure.”

“To mitigate the impact, Pakistan must adopt a reciprocal and strategic approach, including reducing energy costs, negotiating tariff relief, and diversifying trade markets,” Tawfiq noted. 

Topline Securities also said Pakistani textile exports may bear the brunt of the tariff imposition. 

“Theoretically, due to Pakistan’s duty disadvantage with India, Pakistan textile exports may face some pressure,” the brokerage firm said. 

Trump’s decision is expected to set back Pakistan’s efforts to revive its economy with the help of the International Monetary Fund’s (IMF) bailout packages. 

The lender wants Islamabad to increase its revenues, attract foreign investments and enhance exports to cope with its longstanding balance of payment crisis.
 
As per Topline Securities’ report, Pakistan’s stock market closed Thursday’s session with the benchmark KSE-100 index gaining 0.96 percent to close at 118,938 points.
“Worries over 29 percent massive US reciprocal tariff levies on Pakistan and global equity selloff invited early session pressure,” Ahsan Mehanti, chief executive officer at Arif Habib Commodities Ltd., told Arab News. 
Pakistan may face increased competition in Europe as countries such as China, Vietnam and Bangladesh, hit harder with Washington’s tariffs, are expected to divert some of their exports from the US to European countries, Topline Securities said in its report.
 
Khurram Mukhtar, the patron-in-chief of the Pakistan Textile Exporters Association (PTEA), remained confident Pakistan would continue to enjoy a competitive edge over major textile-exporting countries to the US. 
“Despite the tariff adjustments, Pakistan will continue to maintain a competitive edge over major textile-exporting countries to the US, owing to its complete supply chain, quality standards and established trade relationships,” Mukhtar told Arab News. 

Topics: Donald Trumnp

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Latest updates

Trump moves to fire several national security officials over concerns they’re not loyal
Pakistan assumes Asian Cricket Council presidency, vows to accelerate sport’s global influence
Russia, African juntas blast Ukraine as they deepen ties
Washington’s reciprocal tariff to have ‘mixed’ impact on Pakistan’s exports— analysts 
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