First Bangladeshi company enters Saudi startup ecosystem through $110m merger

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Updated 10 April 2025
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First Bangladeshi company enters Saudi startup ecosystem through $110m merger

  • Backed by Saudi, US investment, ShopUp merges with Sary to form SILQ
  • Merger prompts Bangladesh’s central bank to establish special startup fund

DHAKA: Bangladesh’s largest B2B commerce platform ShopUp has entered Saudi Arabia’s startup ecosystem through a merger with Riyadh-based services and marketplace platform Sary, backed by US and Saudi investors.

Both ShopUp and Sary help small businesses buy products in bulk from wholesalers or manufacturers with digital ordering platforms, delivery and financial services.

Together they have formed SILQ Group, backed by a $110 million funding led by Sanabil Investments — a company owned by the Saudi Public Investment Fund and Peter Thiel’s Valar Ventures.

The companies said in their merger announcement on Wednesday that they are “set to become one of the world’s largest trade corridors. It is projected to reach $682 billion.”

“We’re building infrastructure that helps small businesses move goods, access financing, and grow. A key part of this is the launch of SILQ Financial, our dedicated financing arm focused on driving innovation in SME funding. It allows us to offer embedded financial products — natively within our platforms,” ShopUp’s CEO Afeef Zaman told Arab News.

“There’s a $682 billion trade opportunity emerging right here between the Gulf and Emerging Asia. We want to go deep and serve this corridor well ... We’re laying the foundation to expand beyond this corridor in the long term.”

ShopUp was founded by Zaman, Ataur Rahim Chowdhury, and Navaneetha Krishnan J. in 2017, while Sary was founded in 2018 by Mohammed Aldossary and Khaled Alsiari.

Zaman will serve as the CEO of SILQ Group and Aldossary as CEO of SILQ Financial.

ShopUp and Sary have served more than 600,000 retailers, hotels, restaurants, cafes, and wholesalers, to date. The combined network has facilitated over $5 billion in transactions and disbursed more than $750 million in embedded financing.

Zaman believes that more Bangladeshi startups will follow in ShopUp’s footsteps, as the Saudi market offers not only scale, capital, and sophistication, but also a cultural overlap, a strong consumer base — including 3 million Bangladeshi expats — “and a hunger for innovation” across retail, finance, and logistics.

“Bangladeshi startups have a lot to offer in terms of resilience and operating in high-density, resource-constrained environments. In return, Saudi Arabia offers access to institutional partnerships, forward-thinking regulation, and the ability to test and scale products that can work globally,” he said.

“Saudi Arabia is writing one of the most exciting startup stories in the world right now. The pace of change, the vision, and the level of institutional support — especially for high-impact sectors like fintech, logistics, and B2B — make it one of the most promising markets for founders.”

The Bangladeshi government welcomed ShopUp’s merger as “a defining moment” in its digital journey and “one of the most significant global expansion milestones ever achieved by a startup from Bangladesh.”

It also announced the establishment of a dedicated fund to provide capital support to startup companies.

“This moment is more than a funding headline — it’s a clear signal that Bangladeshi startups are ready for the world stage,” the government’s press wing said in a statement.

“To accelerate this momentum, Bangladesh Bank has committed to a landmark startup funding initiative: TK 800 crore (about $66 million) in equity and TK 400 crore (about $33 million) in debt. This fund will serve as a catalytic boost for early and growth-stage startups, empowering local founders to innovate, scale, and compete globally.”


India and US at odds on Kashmir truce with Pakistan — analysts

Updated 7 sec ago
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India and US at odds on Kashmir truce with Pakistan — analysts

  • Trump announced the truce after four days of missile, drone and artillery attacks from both sides, killing about 70 people
  • President Trump’s rhetoric about the ceasefire is ‘irritating’ for India, an important ally for the US, an analyst says

NEW DELHI: US President Donald Trump’s claim to have helped end fighting between arch-rivals India and Pakistan has driven a wedge between him and Indian Prime Minister Narendra Modi, analysts say.

A week since Trump announced a surprise truce between India and Pakistan to end a brief but intense conflict, New Delhi and Washington differ about the way it was achieved.

The US administration thought “an intervention at this stage might give them some basic benefit in terms of highlighting Trump’s role,” Indian foreign policy expert Harsh V. Pant told AFP.

“That... became the driver and in a sense the hurry which with Trump announced the ceasefire,” said Pant from the New Delhi-based Observer Research Foundation (ORF) think tank.

Fighting began when India launched strikes on May 7 against what it called “terrorist camps” in Pakistan following an April militant attack in Indian-administered Kashmir that killed 26 people.

New Delhi blamed Islamabad for backing the militants it claimed were behind the attack, which Pakistan denies.

Trump announced the truce after four days of missile, drone and artillery attacks from both sides, killing about 70 people, including dozens of civilians, and sent thousands fleeing.

He later boasted about bringing India and Pakistan “back from the brink,” telling Fox News on Friday it was “a bigger success than I’ll ever be given credit for.”

New Delhi however shrugs off these claims, which go against decades-long Indian policy that opposes foreign mediation in conflicts with Islamabad.

India and Pakistan claim the currently divided Kashmir in full. New Delhi considers the Himalayan region an internal matter, with politicians long viewing external mediation as a sign of weakness.

Modi’s first speech since the ceasefire did not mention US involvement and his government has since insisted that talks with Pakistan are “strictly bilateral.”

India was also quick to dismiss Trump’s suggestion that trade pressures hastened a truce.

“The issue of trade did not come up” in discussions with US officials, the Indian foreign ministry said this week.

According to ORF fellow Manoj Joshi, Trump’s rhetoric is “irritating” for India — whose strategic location and massive market size have made the country an important ally for the United States.

But India is being “very cautious” because it is in negotiations for a trade deal with Washington to avoid steep tarriffs, he said.

“We (India) would like the agenda to go in a different direction,” said Joshi.

It is also a thorny matter domestically.

Main opposition Congress party said Trump’s announcement had “upstaged” the Hindu nationalist leader’s “much-delayed address.”

It also demanded an all-party meeting to ask whether India is changing its policy on “third-party mediation” for Kashmir, disputed between Pakistan and India.

The two South Asian rivals had in the 1970s agreed to settle “differences by peaceful means through bilateral negotiations.”

Modi has previously poked fun at former Congress governments for “weak” responses against Pakistan in various skirmishes.

“So India would obviously respond to that and deny that... about as politely as they feel they can get away with,” said South Asia researcher Pramit Pal Chaudhuri of political consultancy Eurasia Group.

Trump’s claimed mediation was welcomed by Islamabad, which “needed an American intervention to give them the off-ramp they needed to get out of a conflict,” Chaudhuri added.

On Thursday, Indian Foreign Minister Subrahmanyam Jaishankar reaffirmed that “where Pakistan is concerned, our relations, our dealings with them will be bilateral, and strictly bilateral.”

But the same day, speaking from Qatar, Trump repeated claims of brokering a ceasefire and using trade as a tool.

“(I said) let’s do trade instead of war. And Pakistan was very happy with that, and India was very happy with that,” Trump said in his speech.

It has been a decade since Modi last met a Pakistani leader. Since then, relations have deteriorated, coming to a head when India unilaterally revoked in 2019 limited autonomy of the part of Kashmir it administers.

According to Joshi, “the hyphenation of India and Pakistan” is also “irritating” for New Delhi, which has tried to carve out a separate identity on the global stage.

“The optics of Trump hammering it day after day... is politically damaging for Modi,” Sushant Singh, a former Indian soldier and South Asian studies lecturer at Yale University, wrote on X.

“[Modi] can’t personally counter Trump, and despite attempts by India’s big media to play it down, social media amplifies Trump,” Singh said.


British police charge three Iranians in counter terrorism probe

Updated 17 May 2025
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British police charge three Iranians in counter terrorism probe

British police have charged three Iranian men with offenses under the National Security Act after a major counter-terrorism investigation, the police said on Saturday.
British counter-terrorism police arrested eight men including seven Iranians earlier this month in two separate operations in what the British interior minister called some of the biggest investigations of their kind in recent years.
Mostafa Sepahvand, Farhad Javadi Manesh, and Shapoor Qalehali Khani Noori were charged with engaging in conduct likely to assist a foreign intelligence service between August 14, 2024, and February 16, 2025, the police said in a statement.
The foreign state to which the charges relate is Iran, they added.
Iranian Foreign Minister Abbas Araqchi has previously said he was “disturbed” to learn that Iranian citizens had been arrested by British authorities.
The British government has placed Iran on the highest tier of its foreign influence register, requiring Tehran to register everything it does to exert political influence in the UK.


Police investigate disappearance of Melania Trump’s statue in her native Slovenia

Updated 17 May 2025
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Police investigate disappearance of Melania Trump’s statue in her native Slovenia

LJUBLJANA, Slovenia: Police in Slovenia are investigating the disappearance of a bronze statue of US first lady Melania Trump that was sawed off and carried away from her hometown.
The life-size sculpture was unveiled in 2020 during President Donald Trump’s first term in office near Sevnica in central Slovenia, where Melanija Knavs was born in 1970. It replaced a wooden statue that had been set on fire earlier that year.
Police spokeswoman Alenka Drenik Rangus said Friday that the police were informed about the theft of the statue on Tuesday. She said police were working to track down those responsible.
According to Slovenian media reports, the bronze replica was sawed off at the ankles and removed.
Franja Kranjc, who works at a bakery in Sevnica that sells cakes with Melania Trump’s name in support of the first lady, said the stolen statue won’t be missed.
“I think no one was really proud at this statue, not even the first lady of the USA,” he said. “So I think its OK that it’s removed.”
The original wooden statue was torched in July 2020. The rustic figure was cut from the trunk of a linden tree, showing her in a pale blue dress like the one she wore at Trump’s presidential inauguration in 2017. The replica bronze statue has no obvious resemblance with the first lady.


They once lived the 'gangster life.' Now they tackle food insecurity in Kenya's slums

Updated 17 May 2025
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They once lived the 'gangster life.' Now they tackle food insecurity in Kenya's slums

MATHARE: Joseph Kariaga and his friends once lived the “gangster life” in Nairobi’s Mathare slum, snatching phones, mugging people and battling police. But when Kariaga's brother was shot dead by police, the young men took stock.
“We said, 'We cannot live like this. We are going to lose our lives.’ Many of our friends had died,” said Kariaga, now 27. “I reflected on my life. I had to change.”
Now the men are farmers with a social mission. Nearly a dozen of them founded Vision Bearerz in 2017 to steer youth away from crime and address food insecurity in one of Kenya’s poorest communities.
Despite challenges, Vision Bearerz makes a modest but meaningful community impact, including feeding over 150 children at lunches each week. Some residents praise the group and call the men role models.
Amid cuts to foreign funding by the United States and others, experts say local organizations like this may be the future of aid.
Vision Bearerz works on an urban farm tucked away in the muddy streets and corrugated-metal homes that make up Mathare, one of Africa's most populous slums. Estimates say about a half-million people live in this neighborhood of less than two square kilometers.
Some 2 million people, or 60% of Nairobi’s population, live in informal settlements, according to CFK Africa, a non-governmental organization that runs health and poverty reduction programs in such neighborhoods and is familiar with Vision Bearerz' work.
Lack of infrastructure is a key challenge in these communities, which are growing amid sub-Saharan Africa’s rapid urbanization and booming youth population, said Jeffrey Okoro, the group’s executive director.
Poverty pushes youth into crime, Okoro added.
“Most folks in slums such as Mathare are not able to earn enough to buy a decent meal, and kids who are under 5 are twice as likely to be malnourished,” he said. “One of the other major challenges affecting young people is gangs, and the promise of making a quick buck.”
The farmers of Vision Bearerz know this well.
“When you are born from this land, there is not much you have inherited, so you have to make it yourself,” said Ben Njoki, 28, whose face tattoos are reminders of a gang-affiliated past. “You have to use violence.”
In 2017, not long after Kariaga’s brother was killed, Njoki and other young men made a plan to change. More than a dozen people they grew up with had been killed, and they realized they would follow if they did not find an alternative to crime, said Moses Nyoike, 32, the chair of Vision Bearerz.
To keep busy, the group began collecting garbage and would split profits from trading vegetables, buying produce in another county and reselling it locally. They noticed a gap in the supply of vegetables to Mathare, and with permission from authorities they cleaned up a garbage dump and began planting.
Polluted soil, and water rationing, made it a tough start. Then, inspired by a TikTok account that showcased farming in a Colombian slum, Vision Bearerz tried their hand at hydroponics. With the help of an NGO that supports community enterprises, Growth4Change, they were able to get materials and training in urban farming methods.
Today, Vision Bearerz grows vegetables, raises pigs and farms tilapia in a small pond. They sell a portion of what they produce, with revenue also coming from running a car wash and public toilet.
With the earnings, the group buys maize flour to make ugali, a dough-like staple food, and beans, which supplement produce from their farm in weekly lunches for children.
Vision Bearerz also runs outreach programs to warn against drug use and crime, and has sessions where women teach girls about feminine health.
“The life I was living was a lie. It didn’t add up to anything. We just lost people. Now, we are winning people in the community,” Njoki said.
Davis Gichere, 28, another founding member, called the work therapeutic.
Challenges remain. Joining Vision Bearerz requires a pledge to leave crime behind, and there have been instances of recidivism, with at least one member arrested. Lingering criminal reputations have led to police harassment in the past, and finding money to buy food for Saturday feedings is a weekly struggle.
Funding cuts across the development space, including the dismantling of the United States Agency for International Development, make the prospect of new financing dim.
At least one other group in Nairobi’s Kibera slum, Human Needs Project, does similar work of urging youth away from crime and addressing food insecurity through urban farming.
It's a model that can be scaled up or copied elsewhere, said Okoro of CFK Africa.
“The future of development is locally led organizations," he said, noting they are best suited to understanding the needs of their communities.
Kariaga still feels the pain of his brother’s death, but is proud of his new job.
“Farming can change the world,” he said, a silver-capped tooth glinting in the sun.
___


In Spain, a homelessness crisis unfolds in Madrid's airport

Updated 17 May 2025
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In Spain, a homelessness crisis unfolds in Madrid's airport

MADRID: Every morning at 6 a.m., Teresa sets out in search of work, a shower and a bit of exercise before she returns home. For around six months, that has been Terminal 4 of Madrid’s international airport.
Teresa, 54, who didn’t want her full name to be used because of safety concerns, is one of the estimated hundreds of homeless people sleeping in the Spanish capital’s airport amid a growing housing crisis in Spain, where rental costs have risen especially fast in cities like Madrid, the country's capital, and Barcelona.
She and others sleeping at Adolfo Suárez Madrid-Barajas Airport — the third-busiest airport in Europe in 2023, according to Eurostat — described a situation where for months, authorities have neither helped them find other living arrangements nor have they kicked them out from the corners of the airport that they have occupied with sleeping bags unfurled on the floor as well as blankets, shopping carts and bags.
Soon, things could change.
Limits on entry
Spain’s airport operator AENA this week said that it would start limiting who can enter Madrid’s airport during low-travel hours by asking visitors to show their boarding passes. AENA said that the policy would take effect in the next few days, but didn't specify exactly when. It said that exceptions would be made for airport workers and anyone accompanying a traveler.
Teresa, a Spanish-Ecuadorian who said she has lived in Spain for a quarter-century, told The Associated Press on Thursday that she hadn't heard of the new policy. She and her husband would be forced to sleep outside on park benches and other public spaces if they aren’t allowed back in.
“We can’t make demands. We’re squatters,” Teresa said, using a controversial term common in Spain. “Squatters in what is private property. We are aware of that. We want help from authorities, but not a single one has come here.”
Political blame game
For months, a political blame game between officials at different levels of government has meant that the homeless encampments in the airport have largely gone unaddressed. In recent weeks, videos on social media and news reports of the airport's homeless population put a spotlight on the issue.
Madrid’s city council on Thursday said that it had asked Spain’s national government to take charge and come up with a plan to rehabilitate every homeless individual sleeping in the airport. Spanish airports are overseen by AENA, a state-owned publicly listed company. A city council spokesperson said that Madrid's city government had recently called for a meeting with officials from AENA, the regional government of Madrid and several national ministries that declined.
“Without them, there is no possible solution,” said Lucía Martín, a spokesperson for Madrid’s city council division of social policies, family and equality. She said that the national ministries of transport, interior, inclusion, social rights and health declined to participate in a working group.
A day earlier, AENA accused Madrid’s city authorities of providing inadequate help and said that the city government's statements about the unfolding situation confirmed its “dereliction of duty” and abandonment of the airport’s homeless individuals.
“It's like a dog chasing its tail,” said Marta Cecilia Cárdenas of the long list of authorities she was told could help her. Cárdenas, a 58-year-old homeless woman originally from Colombia, said that she had spent several months sleeping in Madrid's airport.
Exact numbers are unknown
It’s not known how many people are sleeping in Madrid’s airport, through which 66 million travelers transited last year. Spain’s El País newspaper reported that a recent count taken by a charity group identified roughly 400 homeless people in the airport, many of whom, like Teresa, had previously lived in Madrid and were employed in some capacity.
AP wasn't able to confirm that number. Madrid city council officials, meanwhile, said that the Spanish capital's social service teams had helped 94 individuals in April with ties to the city, 12 of whom were rehabilitated into municipal shelters, addiction treatment centers or independent living.
Word of mouth
Teresa said she had heard about sleeping in the airport by word of mouth. Before she lost her job, she said she lived in an apartment in Madrid’s Leganés neighborhood, earning a living taking care of older people.
She currently earns 400 euros ($450) per month, working under the table caring for an older woman. With the earnings, Teresa said she maintains a storage unit in the neighborhood that she used to live in. Though the work is sporadic, she said it was still enough to also cover fees for the gym in which she showers daily, pay for transportation, and purchase food.
Over the last decade, ​the average rent in Spain has almost doubled, according to real estate website Idealista, with steeper increases in Madrid and Barcelona. Spain also has a smaller public housing stock than many other European Union countries.
Hope for the future
Teresa said that she hopes to find a job soon and leave the airport, whatever authorities may force her to do in the coming days and weeks. She and her husband keep to themselves, avoiding others sleeping in the brightly-lit hallway dotted with sleeping bags who were battling mental health problems, addiction and other issues, she said.
“You end up adjusting to it a bit, accepting it even, but never getting used to it,” Teresa said over the constant din of airline announcements. “I hope to God that it gets better, because this is not life.”