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Saudi B2B ecommerce platform Sary has merged with Bangladesh's ShopUp to create Silq Group, the largest B2B commerce platform in the Gulf and Emerging Asia, backed by a $110 million funding round led by Sanabil Investments and Valar Ventures. The merger aims to enhance access to products for retailers and manufacturers, with both brands continuing to operate under their names while leveraging combined capabilities. Silq plans to strengthen its presence in Qatar, addressing challenges faced by B2B businesses with an integrated platform for financial, logistics, and commerce services.
Banks in the UAE and Saudi Arabia are rapidly adopting AI technologies, with 71% of UAE financial institutions and 55% in Saudi Arabia enhancing their AI capabilities in the past year. This shift is expected to contribute $320 billion to the region's GDP by 2030, with significant investments driving operational modernization and improved customer experiences. Decision-makers in both countries show strong interest in generative AI, aiming to automate tasks and enhance IT operations, positioning the region for substantial economic growth.
Tokyo-based GLOE Inc. has signed a Memorandum of Understanding with Saudi Arabia's Hawk Gaming Group to enhance the eSports and gaming industries in both nations. This partnership aims to leverage Japan's gaming content and talent while supporting Saudi Arabia's Vision 2030 initiative, which seeks to establish the Kingdom as a global gaming hub. With significant investments and projected GDP contributions, the collaboration is set to create new economic opportunities and strengthen industry ties.
e& Egypt has launched its first instant international money transfer service via the e& Cash digital wallet, allowing users to receive funds instantly from the UAE and Saudi Arabia without needing physical branches. This initiative, in partnership with Banque du Caire, aims to enhance financial inclusion and reduce cash dependency, benefiting millions of Egyptians reliant on remittances. Users can enjoy a seamless experience and have a chance to win prizes up to EGP 1 million as part of the launch campaign.
Riyadh Air has received its Air Operator Certificate from Saudi Arabia’s General Authority of Civil Aviation, allowing it to commence scheduled commercial operations. The airline, backed by the Public Investment Fund, aims to serve over 100 international destinations by 2030 and has ordered more than 132 aircraft, including 39 Boeing 787-9 Dreamliners. This initiative is part of Saudi Arabia's strategy to enhance its aviation sector and create over 200,000 jobs, contributing an estimated SAR 75 billion ($20 billion) to the non-oil GDP.
e& Egypt has launched an instant international money transfer service via its e& Cash digital wallet, allowing users to receive remittances instantly from the UAE and Saudi Arabia. This initiative, developed with Banque du Caire, supports the Central Bank of Egypt’s goals for financial inclusion and offers a faster alternative to traditional remittance methods. To celebrate the launch, e& Egypt is running a campaign with prizes up to LE 1 million, with plans to expand the service to more remittance corridors in the future.
Pedro Sousa Cardoso has stepped down as Chief Digital Officer of Emirates NBD after three and a half years, during which he spearheaded the bank's digital transformation and implemented an agile operating model. His leadership enhanced digital initiatives across the organization, including Emirates Islamic and Liv Digital Bank, and he expressed pride in the accomplishments achieved. Sousa Cardoso looks forward to remaining active in the digital and financial sectors as Emirates NBD continues its digital development journey.
Saudi budget airline flynas plans to sell a 30% stake in an IPO on the Tadawul stock exchange, aiming to capitalize on growing investor interest in Gulf aviation. This move aligns with Saudi Arabia's Vision 2030 goals to diversify the economy and boost tourism, as the airline targets a fleet expansion to 160 aircraft by 2030. Flynas, profitable since 2015 (excluding 2020), reported SAR 6.3 billion in revenues for 2023, marking a 32% increase year-on-year.
Saudi Arabia's domestic tourism is booming, with a 45% increase in flight bookings during Eid Al-Fitr, driven by improved infrastructure and affordable travel options. The focus is shifting towards immersive cultural experiences and family-oriented activities, as new destinations gain popularity alongside major cities. Investments in tourism infrastructure are set to double accommodation capacity by 2030, enhancing the appeal of local exploration.
The MENA startup ecosystem is gaining momentum in Q1 2025, highlighted by significant funding and strategic acquisitions across various sectors. Nayla Finance raised $4 million to enhance SME lending in Saudi Arabia, while Epik Foods acquired Sauce Capital for $15 million, creating a major F&B operator. Additionally, NKN Media secured $9.5 million for global expansion, and EHC Investment fully acquired Al-Fanar Gas Group, strengthening its position in the UAE energy sector.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
sary and shopup merge to create silq raising 110 million dollars
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