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)
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Updated 13 April 2025
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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

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.


Tesla could benefit the most from new rules on reporting of self-driving car crashes

Updated 19 min 42 sec ago
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Tesla could benefit the most from new rules on reporting of self-driving car crashes

  • Tesla CEO and Trump adviser Elon Musk had complained the old reporting rules cast his company in a bad light
  • Critics said the new rules is "a win for Tesla, a loss for Waymo,” Tesla's rival which is not covered by the exemptions

NEW YORK: Rule changes announced by the Trump administration this week could allow automakers to report fewer crashes involving self-driving cars, with Tesla potentially emerging as the main beneficiary.
The Transportation Department announced Thursday that it will no longer require automakers to report certain kinds of non-fatal crashes — but the exception will apply only to partial self-driving vehicles using so-called Level 2 systems, the kind Tesla deploys. Tesla CEO Elon Musk had complained the old reporting rules cast his company in a bad light.
If Tesla and other automakers are required to report fewer crashes into a national database, that could make it more difficult for regulators to catch equipment defects and for the public to access information about a company’s overall safety, auto industry analysts say. It will also allow Tesla to trumpet a cleaner record to sell more cars.
“This will significantly reduce the number of crashes reported by Tesla,” said auto analyst Sam Abuelsamid at Telemetry Insight. Added Dan Ives of Wedbush Securities, noting that Tesla rival Waymo won’t get an exception, “This is a win for Tesla, a loss for Waymo.”
Tesla stock soared nearly 10 percent Friday on the rule changes. Wall Street analysts, and Musk critics, have said that Musk’s role as an adviser to President Donald Trump could put Tesla in position to benefit from any changes to regulations involving self-driving cars.
Other car makers such as Hyundai, Nissan, Subaru and BMW make vehicles with Level 2 systems that help keep cars in lanes, change speed or brake automatically, but Tesla accounts for the vast majority on the road. Vehicles used by Waymo and others with systems that completely take over for the driver, called Automated Driving Systems, will not benefit from the change.
The National Highway Traffic Safety Administration, which enforces vehicle safety standards, said the new rules don’t favor one type of self-driving system over another, and that raft of changes it announced will help all self-driving automakers.
“No ADS company is hurt by these changes,” the agency said in statement to The Associated Press, using the acronym for Automatic Driving System. It added that the changes also make sense because “with ADS, no driver is present meaning stronger safety protocols are needed.”
Waymo declined to comment for this story. The AP reached out to Tesla but did not receive a reply.
Under the change, any Level 2 crash that is so bad it needs a tow truck to come will no longer be required to be reported if it doesn’t result in death or injury or air-bag deployment. But if a tow truck is called for crashes of vehicles using ADS, it has to be reported.
The vast majority of partial self-driving vehicle crashes reported under the old NHTSA rules involved Teslas — more than 800 of a total 1,040 crashes in the past 12 months, according to an AP review of the data. It’s unclear how many of those Tesla crashes required the vehicles to be towed, because a column requesting that information in the database is mostly blank.
The NHTSA said after the story was published that only 8 percent of total reported crashes under the old criteria were cases in which partial self-driving vehicles had to be towed away and there was no other qualifying crash-reporting factor involved. It is not clear about cases where tow-away information wasn’t provided.
The relaxed crash rule was part of several changes described by the Transportation Department as a way to “streamline” paperwork and allow US companies to better compete with the China in the race to make self-driving vehicles. The department said it would also move toward national self-driving regulations to replace a confusing patchwork of state rules.
“We’re in a race with China to out-innovate, and the stakes couldn’t be higher,” said Transportation Secretary Sean Duffy on Thursday. “Our new framework will slash red tape and move us closer to a single national standard.”
Traffic safety watchdogs had feared that the Trump administration would eliminate the NHTSA reporting requirement completely.
The package of changes came days after Musk confirmed on a conference call with Tesla investors that the electric vehicle maker will begin a rollout of self-driving Tesla taxis in Austin, Texas, in June. Waymo, which is owned by Google parent Alphabet, already has cybercabs available in that city and several others.
Musk has argued that the previous reporting requirements were unfair since Tesla vehicles all use its partial self-driving systems and therefore log more miles than any other automaker with such technology. He says that his cars are far safer than most and save lives.
Tesla sales have plunged in recent month amid a backlash against Musk’s backing of far-right politicians in Europe and his work in the US as head of Trump’s government cost-cutting group. The company has pinned its future on complete automation of its cars, but it is facing stiff competition now from rivals, especially China automaker BYD.


ICE deports immigrant mother of an infant and 3 children who are US citizens, lawyers say

Updated 29 min 47 sec ago
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ICE deports immigrant mother of an infant and 3 children who are US citizens, lawyers say

  • Gracie Willis of the National Immigration Project said the mothers, at the very least, did not have a fair opportunity to decide whether they wanted the children to stay in the United States

HARRISBURG, Pennsylvania: Immigration and Customs Enforcement officers have in recent days deported the Cuban-born mother of a 1-year-old girl — separating them indefinitely — and three children ages 2, 4 and 7 who are US citizens along with their Honduran-born mothers, their lawyers said Saturday.
The three cases raise questions about who is being deported, and why, and come amid a battle in federal courts over whether President Donald Trump’s immigration crackdown has gone too far and too quickly at the expense of fundamental rights.
Lawyers in the cases described how the women were arrested at routine check-ins at ICE offices, given virtually no opportunity to speak with lawyers or their family members and then deported within three days or less.
The American Civil Liberties Union, National Immigration Project and several other allied groups said in a statement that the way ICE deported children who are US citizens and their mothers is a “shocking — although increasingly common — abuse of power.”
Gracie Willis of the National Immigration Project said the mothers, at the very least, did not have a fair opportunity to decide whether they wanted the children to stay in the United States.
“We have no idea what ICE was telling them, and in this case what has come to light is that ICE didn’t give them another alternative,” Willis said in an interview. “They didn’t gave them a choice, that these mothers only had the option to take their children with them despite loving caregivers being available in the United States to keep them here.”
The 4-year-old — who is suffering from a rare form of cancer — and the 7-year-old were deported to Honduras within a day of being arrested with their mother, Willis said.
In the case involving the 2-year-old, a federal judge in Louisiana raised questions about the deportation of the girl, saying the government did not prove it had done so properly.
Lawyers for the girl’s father insisted he wanted the girl to remain with him in the US, while ICE contended the mother had wanted the girl to be deported with her to Honduras, claims that weren’t fully vetted by US District Judge Terry Doughty in Louisiana.
Doughty in a Friday order scheduled a hearing on May 16 “in the interest of dispelling our strong suspicion that the Government just deported a US citizen with no meaningful process,” he wrote.
The Honduran-born mother — who is pregnant — was arrested Tuesday on an outstanding deportation order along with the 2-year-old girl and her 11-year-old Honduran-born sister during a check-in appointment at an ICE office in New Orleans, lawyers said. The family lived in Baton Rouge.
Doughty called government lawyers on Friday to speak to the woman while she was in the air on a deportation plane, only to be called back less than an hour later and told that a conversation was impossible because she “had just been released in Honduras.”
In a Thursday court filing, lawyers for the father said ICE indicated that it was holding the 2-year-old girl in a bid to induce the father to turn himself in. His lawyers didn’t describe his immigration status, but said he has legally delegated the custody of his daughters to his sister-in-law, a US citizen who also lives in Baton Rouge.
Cuban-born woman is deported, leaving behind child and husband
In Florida, meanwhile, a Cuban-born woman who is the mother of a 1-year-old girl and the wife of a US citizen was detained at a scheduled check-in appointment at an Immigration and Customs Enforcement office in Tampa, her lawyer said Saturday.
Heidy Sánchez was held without any communication and flown to Cuba two days later. She is still breastfeeding her daughter, who suffers from seizures, her lawyer, Claudia Cañizares, said.
Cañizares said she tried to file paperwork with ICE to contest the deportation Thursday morning but ICE refused to accept it, saying Sánchez was already gone, although Cañizares said she doesn’t think that was true.
Cañizares said she told ICE that she was planning to reopen Sánchez’s case to help her remain in the US legally, but ICE told her that Sánchez can pursue the case while she’s in Cuba.
“I think they’re following orders that they need to remove a certain amount of people by day and they don’t care, honestly,” Cañizares said.
Sánchez is not a criminal and has a strong case on humanitarian grounds for allowing her to stay in the US, Cañizares said, but ICE isn’t taking that into consideration when it has to meet what the lawyer said were deportation benchmarks.
Sánchez had an outstanding deportation order stemming from a missed hearing in 2019, for which she was detained for nine months, Cañizares said. Cuba apparently refused to accept Sanchez back at the time, so Sanchez was released in 2020 and ordered to maintain a regular schedule of check-ins with ICE, Cañizares said.


Trump urges ‘free’ transit for US ships through Panama, Suez canals

Updated 44 min 4 sec ago
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Trump urges ‘free’ transit for US ships through Panama, Suez canals

  • “American Ships, both Military and Commercial, should be allowed to travel, free of charge, through the Panama and Suez Canals!” he wrote on his Truth Social platform

WASHINGTON: US President Donald Trump on Saturday urged free transit for American commercial and military ships through the Panama and Suez canals, tasking his secretary of state with making progress “immediately.”
Trump has for months been calling for the United States to take control of the Panama Canal but his social media post also shifted focus onto the vital Suez route.
“American Ships, both Military and Commercial, should be allowed to travel, free of charge, through the Panama and Suez Canals!” he wrote on his Truth Social platform.
He claimed both routes would “not exist” without the United States and said he had asked Secretary of State Marco Rubio to “immediately take care of” the situation.
Egypt’s Suez Canal, a key waterway linking Europe and Asia, accounted for about 10 percent of global maritime trade before attacks by Yemen’s Houthi rebels on shipping routes in the Red Sea and Gulf of Aden.
The Iran-backed rebels began targeting vessels after the start of the Gaza war, claiming solidarity with Palestinians, forcing ships to take a long and costly detour around the southern tip of Africa.
Egypt said last year its canal revenues had plunged 60 percent, a loss of $7 billion.
The US military has been attacking Houthi positions since January 2024, but those assaults have intensified under Trump, with almost daily strikes in the past month.
Trump has vowed that military action would continue until the Houthis are no longer a threat to shipping.
 

 


Barcelona beat Real Madrid in extra time to win Copa del Rey final

Updated 27 April 2025
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Barcelona beat Real Madrid in extra time to win Copa del Rey final

  • Barcelona will carry this momentum into Wednesday’s start of their Champions League semifinal series against Inter Milan
  • Barcelona have beaten Madrid in all three of the clasicos this season
  • King Felipe VI awarded the trophy to Barcelona, after the monarch flew back to Spain following his attendance at the funeral of Pope Francis in the Vatican

SEVILLE, Spain: Barcelona beat Real Madrid 3-2 in extra time to claim a record-extending 32nd Copa del Rey title on Saturday and launch their bid for a treble.

Pedri Gonzalez scored from long range to give Barcelona the lead in the 28th minute at La Cartuja Stadium.

Kylian Mbappe came off the bench at halftime and scored from a free kick for Real Madrid in the 70th. Midfielder Aurelien Tchouameni gave Madrid the lead with a header in the 77th.

But Ferran Torres leveled in the 84th and forced extra time.

Jules Kounde then pounced on a pass by Brahim Diaz and slotted a shot into the low corner of Thibaut Courtois’ net for the 116th-minute winner.

Barcelona will carry this momentum into Wednesday’s start of their Champions League semifinal series against Inter Milan. They also lead La Liga by four points over Madrid.

Barcelona have beaten Madrid in all three of the clasicos this season. They routed Madrid 5-2 in the Spanish Super Cup final in January after winning 4-0 at Madrid in the local league in October.

“This was such a physically demanding game, but we showed that we are a great team that never gives up,” said Torres, who filled in perfectly for the injured Robert Lewandowski.

Madrid defender Antonio Rudiger was shown a red card by the referee in the final minute of extra time.

The loss to their fierce rival was another blow to Madrid after they were knocked out of the Champions League quarterfinals by Arsenal.

This could have been their last title decider with Carlo Ancelotti in charge. The Italian coach said he will decide his future this summer amid speculation he is bound to take over Brazil.

King Felipe VI awarded the trophy to Barcelona, after the monarch flew back to Spain following his attendance at the funeral of Pope Francis in the Vatican.

Barcelona dominate first half

One of the biggest rivalries in global soccer was again a tale of two halves — until Torres scored the late equalizer against the flow of play to renew Barcelona’s prospects.

Barcelona dominated the first half as it kept the action in Madrid’s half thanks to its ball control and pressure defense that was quick to recover the ball.

The only semblance of a Madrid attack came when Jude Bellingham was able to spin away from his marker and beat Barcelona’s pressure defense.

But a Bellingham pass intercepted by Pau Cubarsí cued Barcelona’s opener. Pedri lobbed forward for Yamal, breaking down the flank. The 17-year-old phenom — sporting a new dyed-blonde hairdo — threaded a pass back to the top of the box, where Pedri arrived to blast it home.

Raphinha went close to adding a second goal with some help by Rudiger when the Brazilian’s corker kick grazed the defender and hit the far post.

Mbappe sparks Madrid fightback

Mbappe started the game on the bench after injuring his ankle last week. But Ancelotti sent his striker on at halftime to replace Rodrygo. Luka Modric and playmaker Arda Guler soon followed.

The changes helped Madrid click, and the game became a back-and-forth contest with both teams creating scoring chances after Barcelona’s control was shattered.

Wojciech Szczesny had to protect Barcelona’s lead with three saves to deny Vinícius Junior and Mbappe. The goalkeeper could do nothing, however, to stop Mbappe after he earned a foul and fired a free kick low and just inside the post.

Tchouameni rose up to head in a corner kick that Guler curled into to the edge of the six-yard box.

Barcelona finish it off

Torres brought Barcelona back when Yamal put a long ball behind the defense and Courtois mistimed his run out to intercept it, leaving Torres with an open net.

Raphinha thought he had a penalty in the final minute of injury time after contact with Raul Asencio. But the referee, who the day before the final denounced a campaign to discredit him by Real Madrid’s official club television, waived off his initial decision after consulting video.

With several players clearly exhausted in extra time the game appeared destined to finish in a penalty shootout. But that was when Koundé became the hero for the Catalan club.


South Korea’s Ryu and Japan’s Saigo share LPGA Chevron lead

Updated 27 April 2025
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South Korea’s Ryu and Japan’s Saigo share LPGA Chevron lead

  • Ryu fired a 4-under par 68 and Saigo shot 69 to leave each on nine-under 207 after 54 holes at Carlton Woods in the year’s first major women’s tournament
  • Both co-leaders are chasing their first major title

HOUSTON: South Korea’s Haeran Ryu and Japan’s Mao Saigo, both aided by long birdies, shared the lead after Saturday’s third round of the LPGA Chevron Championship.

Ryu fired a 4-under par 68 and Saigo shot 69 to leave each on 9-under 207 after 54 holes at Carlton Woods in the year’s first major women’s tournament.

“Another good day,” Ryu said. “I was just trying for the good spots, for the easy putts, and I wanted to try to make some birdies. That was good for me.”

American Lindy Duncan was third on 208 with American Sarah Schmelzel and China’s Liu Yan on 209.

After a bogey at the third hole and a birdie at the par-5 fourth, Ryu reeled off four birdies to close the front nine, the last a spectacular chip-in from well off the front of the green.

“I just think, wow, it’s amazing,” said Ryu, who parred her way through the back nine.

Saigo, however, was not to be outdone. She made a birdie at the par-three third, took a bogey at the fifth, answered with birdies at the sixth and par-five eighth and then holed out from the fringe at the par-five 13th to reach nine-under.

“The course condition was pretty hard. It was pretty difficult to make birdies so I kind of struggled,” Saigo said. “Two of them were chip-in birdies from outside, so I was pretty lucky.”

Both co-leaders are chasing their first major title.

“I think that’s a good pressure for me,” Ryu said. “I don’t have a major trophy in my home, so that’s a goal for my life and in golf.”

Saigo added, “I just need to focus on my golf game (and) try to control my mental control and hopefully I’ll win.”

Ryu led by a stroke entering last year’s final round but shot 74 and finished fifth.

“Last year the final round for me was not good,” Ryu said. “But I learned to be more calm and more comfortable and more slow. This year I wish to be more enjoying the course.”

Liu shared the lead at 9-under until a stumble at the par-three 17th, where she found a bunker, then chipped into sloped rough just above the bunker on the way to a double bogey.

Winds tested players in the late afternoon.

“The front nine was so good for me,” she said. “The back nine was such a challenge for me because the wind started to be stronger and the pins were so tough.”

“Definitely tested my patience out there,” Schmelzel said. “I’m sure there will be more of that tomorrow.”