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

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 

Startup Wrap – Egyptian firms secure funding to boost Saudi expansions after battling stagnation 
Updated 27 April 2024
Nour El-Shaeri 
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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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Official statistics show militant violence in Pakistan’s southwest killed 296 people in 2024

Official statistics show militant violence in Pakistan’s southwest killed 296 people in 2024
Updated 26 sec ago
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Official statistics show militant violence in Pakistan’s southwest killed 296 people in 2024

Official statistics show militant violence in Pakistan’s southwest killed 296 people in 2024
  • Balochistan witnessed a rise in separatist violence, reporting 563 attacks in which over 500 were injured
  • Security analysts say only genuine political process can establish long-term peace in restive Balochistan
Updated 26 sec ago
SAADULLAH AKHTER

QUETTA: Pakistan’s volatile Balochistan province witnessed a dramatic surge in militant violence in 2024, as government data exclusively obtained by Arab News on Wednesday revealed nearly 300 people, including civilians and soldiers, were killed in over 550 attacks reported across various districts of the province this year.

Most attacks were carried out by Baloch separatist groups, primarily the Balochistan Liberation Army (BLA), which also launched coordinated assaults, including suicide bombings, targeting Pakistani security forces and Chinese nationals in the southern region of the country.

Balochistan, sharing porous borders with Afghanistan to the north and Iran to the west, has experienced a low-level insurgency by Baloch separatist and other armed groups for the last two decades.

These groups accuse Islamabad of exploiting the province’s mineral resources without benefitting its people, claims the government denies, asserting it has initiated several development projects to bring the region on par with other provinces.

“296 people including the civilians and soldiers of Pakistan’s armed forces were killed and more than 500 were injured in 563 attacks reported in Balochistan from January 1st to December 20th, 2024,” the provincial home department’s annual report, exclusively obtained by Arab News, said.

“44 percent of the total attacks were reported against Pakistan’s armed forces operating in Balochistan including the Pakistan Army, Frontier Corps (FC) Balochistan, Police, Levies, and Pakistan Coast Guards, while 81 settlers (people from other provinces) and 37 civilians were killed in dozens of attacks this year,” it added.

The official data revealed that February and August, months when Pakistan held general elections and celebrated its independence, were the deadliest, with 187 attacks of varying nature and scale reported across Balochistan, claiming 119 lives.

Last month, Pakistan announced a “comprehensive military operation” against Baloch separatists and their hideouts in the mountainous region following a deadly suicide bombing at the crowded railway station in Quetta, which killed more than two dozen people, including Pakistan Army soldiers.

Shahid Rind, the provincial spokesperson, confirmed the annual number of attacks and casualties while speaking to Arab News.

“The provincial government has been implementing the decisions made in the federal apex committee meeting in November alongside the objectives of its own provincial action plan to counter this new wave of terrorism in Balochistan,” he said.

“The provincial administration, together with federal and provincial law enforcing agencies, will move as the whole of the government to impart a sense security among the masses, foreign investors and business community,” he continued.

POLITICAL PROCESS

Speaking to Arab News, Abdul Basit, a research fellow at the S. Rajaratnam School of International Studies in Singapore, called 2024 a year of offensive guerrilla warfare from defensive guerrilla warfare by the Baloch militant groups.

“The separatist groups showed a new trend of coordinated attacks and taking over the provincial highways for hours,” he said.

“Balochistan needs a genuine political process for long-term peace because the ethnic Baloch nation has lost trust in the political process,” he continued. “Instead of empowering dummy leadership in Balochistan, the state has to work with genuine leadership that has roots in the masses.”

Safdar Sial, a research analyst at the Pakistan Institute for Peace Studies (PIPS), agreed with him, pointing out that the Pakistani authorities had mainly relied on “kinetic operations” and the frequency of military actions was likely to intensify further.

However, he added that it was important to adopt the political approach to prevent recruitment by the militant organizations.

“Government should take soft and political measures to alienate Baloch insurgents from the Baloch masses,” he said.

Topics: militancy in Pakistan

Kashmir’s ‘bee queen’ sets out to empower women, inspire youth

Kashmir’s ‘bee queen’ sets out to empower women, inspire youth
Updated 7 min 17 sec ago
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Kashmir’s ‘bee queen’ sets out to empower women, inspire youth

Kashmir’s ‘bee queen’ sets out to empower women, inspire youth
  • Sania Zehra manages about 600 bee colonies, sells products across India
  • She created an empowerment group to help aspiring women entrepreneurs
Updated 7 min 17 sec ago
Sanjay Kumar

NEW DELHI: For the past four years, beekeeping has become central to Sania Zehra’s life. Every morning, she wakes at about 6 a.m. to tend to her colonies, before spending the rest of the day building the enterprise that turned her into the “bee queen” of Kashmir. 

Her beekeeping journey began as a 16-year-old, watching her father hard at work at the family farm in Balhama in Indian-controlled Kashmir.

“I first saw my grandfather working with the bees, and then I saw my father doing the same business. When I saw my father working hard, I decided to also contribute and support him,” Zehra told Arab News. 

She overcame her initial fear of bee stings and got to work immediately, applying for a government scheme that allowed her to expand the business. 

It was not always smooth sailing — she struggled to make a profit in the first couple of years and had to juggle maintaining the hectic routine of beekeeping and selling her products. 

But as her hard work of managing hundreds of colonies garnered her the “bee queen” title, today her products are being sold across the country.

“I am selling my product across India (and) I am getting orders from Saudi Arabia, Pakistan, Dubai, South Africa, Qatar and all,” Zehra said. 

Beekeeping is a multi-pronged passion for the 20-year-old, who sees it as a way to protect the environment and preserve her family legacy. 

She joins an increasing number of women in Kashmir who are running their own businesses, many of whom access government programs aimed at training and supporting women entrepreneurs. 

Despite the social barriers that persist to this day, Zehra found support from her family, especially her mother. 

“My mother supports me wholeheartedly. She says ‘I have sons but you have gone ahead of the boys and there is nothing that can stop a woman if she wants to,’” she said. 

“For me, it’s a passion as well as a desire to carry the family legacy … I have been fascinated by bees’ social structure and the importance of bees in our ecosystem. I want to contribute to their conversation and produce natural honey and connect with nature. They are an inspiration for me.” 

As time went by, she found that beekeeping was not only therapeutic for her mental health but also a way to support the entrepreneurial landscape in Kashmir. 

To fuel that mission, Zehra created an empowerment group whose members comprise talented women who lack access to resources. 

“My main focus is that I should act as a catalyst for many and help others to grow too,” she said. 

With 40 members so far, Zehra is aiming to take it to 100 and help them gain access to the government initiatives that once helped her. 

“I want to give employment to all,” Zehra said. “I have a future plan to address the unemployment issue in Kashmir and make Kashmir a wonderful place. I want to inspire young people.”

Topics: Kashmir Honey bee

Heat wave leads to warnings of potentially devastating wildfires in southern Australia

Heat wave leads to warnings of potentially devastating wildfires in southern Australia
Updated 20 min 53 sec ago
AP
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Heat wave leads to warnings of potentially devastating wildfires in southern Australia

Heat wave leads to warnings of potentially devastating wildfires in southern Australia
  • The largest uncontained fire is located in the Grampians National Park and has burnt through 55,000 hectares so far
  • But there were many residential properties on the fringes of the fire that could come under threat
Updated 20 min 53 sec ago
AP

NEWCASTLE, Australia: Communities and firefighters across Australia’s second-most populous state were preparing Thursday for potentially devastating wildfires as a heat wave fanned by erratic winds presented the worst fire conditions in several years.
With temperatures in Victoria state reaching 37 degrees Celsius and with wind changes expected throughout the day, fire chiefs have issued stark warnings to rural communities to delay travel or leave their homes and seek safety at shelters.
Several fires are currently burning out of control across the state and Victoria deputy premier Ben Carroll said the possibility for further fires in the coming days was likely.
“Dangerous fire conditions are forming today and will go right through to Saturday,” he said at a press conference in Melbourne. “New fires can start anywhere and become dangerous very quickly.
The largest uncontained fire is located in the Grampians National Park and has burnt through 55,000 hectares so far, but no homes have reported to have been lost.
However, Emergency Management Commissioner Rick Nugent said there were many residential properties on the fringes of the fire that could come under threat.
“I wouldn’t be surprised at some point if we do have residential losses,” Nugent said. “Firefighters, I can say, are doing everything possible to protect life and protect property.”
An emergency warning was issued by fire authorities for the small town of Mafeking, 260 kilometers (160 miles) west of Melbourne, on Thursday.
Residents there were told “you are in danger and need to act immediately to survive. The safest option is to take shelter indoors immediately, as it is too late to leave.”
The Australian Broadcasting Corporation reported around 100 personnel from other Australian states are now in Victoria to assist local firefighters battling the blazes. Firefighters are being assisted by scores of water-bombing aircraft.
Parts of neighboring South Australia and New South Wales states are also on high alert due to the heat wave and elevated fire risks.
The hot, dry conditions are being compared to the Black Summer fires that gripped Australia’s two most populous states for months in 2019-20 and burned through 104 thousand square kilometers, an area roughly the size of Ohio, and destroyed thousands of homes and killed 33 people.

Topics: wildfire Australia

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New York taxi jumps sidewalk outside Macy’s on Christmas Day, injuring 7

New York taxi jumps sidewalk outside Macy’s on Christmas Day, injuring 7
Updated 47 min 38 sec ago
Reuters
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New York taxi jumps sidewalk outside Macy’s on Christmas Day, injuring 7

New York taxi jumps sidewalk outside Macy’s on Christmas Day, injuring 7
  • Cab driver suffered a medical episode, police said on Wednesday
  • The store is a magnet for tourists and native New Yorkers around the holidays
Updated 47 min 38 sec ago
Reuters
Seven people were injured in New York City on Christmas Day when a taxi jumped a sidewalk and hit pedestrians outside a Macy’s department store after the cab driver suffered a medical episode, police said on Wednesday.
The incident took place in Midtown Manhattan near Macy’s flagship store in Herald Square near the corner of West 34th Street and Avenue of the Americas, or Sixth Avenue. The store, with its elaborately decorated display windows, is a magnet for tourists and native New Yorkers around the holidays.
In addition to the 58-year-old taxi driver, the injured included a 9-year-old boy, two women aged 49 and three other women aged 19, 37 and 41, police added.
One 49-year-old woman with a leg injury, the 9-year-old boy who suffered a cut and the 41-year-old woman who sustained an injury to her head were taken to hospital, police said.
The remaining three pedestrians declined medical attention, according to police, which added that all the injuries were non-life-threatening.
Media images of the cab showed a heavily damaged vehicle with broken parts and dents all over it.
NBC New York cited law enforcement sources as saying that the boy and his mother who were wounded were visiting New York City from Australia. The report added that no charges had been filed and a probe into the crash was ongoing.

Bridges outduels Wembanyama, Celtics lose again

Bridges outduels Wembanyama, Celtics lose again
Updated 26 December 2024
AFP
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Bridges outduels Wembanyama, Celtics lose again

Bridges outduels Wembanyama, Celtics lose again
  • Knicks’ Bridges took the glory with a brilliant 15-point fourth-quarter display that left him with a season-high 41 points and the win
  • Dallas Mavericks lost their Slovenian star Luka Doncic with a calf injury in the second quarter of their 105-99 loss to the Minnesota Timberwolves
Updated 26 December 2024
AFP

 

Knicks’ Bridges took the glory with a brilliant 15-point fourth-quarter display that left him with a season-high 41 points and the win

Dallas Mavericks lost their Slovenian star Luka Doncic with a calf injury in the second quarter of their 105-99 loss to the Minnesota Timberwolves in a rematch of last season’s Western Conference finals

AFP LOS ANGELES: Mikal Bridges and the New York Knicks edged Victor Wembanyama and the San Antonio Spurs 117-114 in a Christmas Day thriller at Madison Square Garden on Wednesday.

French star Wembanyama put up 42 points with 18 rebounds and four blocks for the Spurs but Bridges took the glory with a brilliant 15-point fourth-quarter display that left him with a season-high 41 points and the win.

“It was great, man. I think just to feel the excitement from the crowd, my teammates, my coaches, this is who I play for,” Bridges told broadcaster ABC.

“They give me the energy, give me the confidence to go out there and play,” he added.

Wembanyama was just three points short of the Christmas debut scoring record of 45 set by Wilt Chamberlain in his rookie season in 1959.

The 20-year-old, who stands 7-foot-3 (2.21m), was 16-31 on shooting and made six of 16 three-point throws and while Bridges took the applause from the home crowd, he was quick to praise the Frenchman.

“From 40 feet out, from right under the rim, from 15 feet out, he’s just unbelievable, just to see what he’s doing, credit to him and how much work he has put in,” said Bridges.

The 28-year-old Bridges, who was traded from the Brooklyn Nets in July, shot 17-25 from the field and was six for nine on three-point attempts as his team improved to 20-10.

San Antonio were just a point behind with two minutes remaining before Bridges made back-to-back jumpers to open up a five-point lead.

Josh Hart came up big for New York at the death, grabbing two misses to ensure the win and leave the Spurs on a 15-15 record.

Karl-Anthony Towns with 21 points and Jalen Brunson with 20 points and nine assists were crucial for the Knicks in the win.

Jeremy Sochan supported Wembanyama with 21 points for the Spurs.

Defending champions the Boston Celtics (22-8) lost back-to-back games for the first time this season when they were upset at home by the Philadelphia 76ers 118-114.

Injury-prone 76ers star Joel Embiid hurt his ankle in a pregame fall but was able to start and showed his importance with 27 points, nine rebounds and the game clinching free throws at the end to clinch the win for the 11-17 Philadelphia.

Tyres Maxey scored 33 points and made 12 assists with his 13 points in the fourth quarter crucial as Philadelphia, who had led by 16 at the break, recovered from Boston’s third quarter rally.

Jayson Tatum top scored for the Celtics with 32 points and also grabbed 15 rebounds.

It was far from a Merry Christmas for the Dallas Mavericks who lost their Slovenian star Luka Doncic with a calf injury in the second quarter of their 105-99 loss to the Minnesota Timberwolves in a rematch of last season’s Western Conference finals.

Doncic, who had scored 14 points, limped out of the game and did not return. The Mavericks did manage a brave comeback attempt without him, before falling short.

Anthony Edwards put up 26 points for Minnesota.

The Timberwolves led 57-40 at the half and extended that advantage to 28-points before Dallas, led by Kyrie Irving who made 39 points, started to work their way back into the contest.

It was close at the end but Irving missed a three-point shot that would have given Dallas the lead in the last minute and a two-foot shot from Edwards and a pair of free throws from Julius Randle made sure of the win.

“Kyrie to me is the greatest point guard and so when he gets going, it’s tough to stop him,” said Edwards.

“We got a couple of big stops down the stretch and got some buckets so that helped us,” he added.

The Los Angeles Lakers scored a 115-113 road win over Golden State Warriors.

Lakers big man Anthony Davis didn’t return for Los Angeles against Golden State after spraining his left ankle midway through the first quarter. Davis stepped awkwardly and rolled the ankle while moving through the paint toward the Lakers basket and exited with 4:48 remaining in the quarter.

Topics: basketball NBA Victor Wembanyama Boston Celtics New York knicks San Antonio Spurs

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