Hapag-Lloyd: Still sailing through Strait of Hormuz but situation can change anytime
'We are still sailing through the Strait of Hormuz, but of course the situation can change within a very short time,' a spokesperson for the company said.
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Arab News
an hour ago
- Arab News
Startup Wrap: Early stage funding continues to attract investors in MENA
RIYADH: Startups across the Middle East and North Africa witnessed multiple funding rounds throughout the past week, as firms across a range of industries seek geographical expansion. The moves come in the light of a new report from regional venture platform MAGNiTT showing Saudi Arabia led funding activity in the region in the first half of 2025, raising $860 million — a 116 percent annual jump — backed by sovereign support and foreign interest. The report added that the Kingdom also witnessed 114 deals in the first half of the year, marking a significant 31 percent rise compared to the same period in 2024. secures $1.5 million in pre-seed round a Saudi Arabia-based conversational AI startup, raised $1.5 million in a pre-seed funding round, from a syndicate of angel investors from the Kingdom. The funding will be used to accelerate the company's product development, as well as expanding its operations in the region. Headquartered in Riyadh, the firm aims to develop interactive Arabic AI agents that can listen, act, and integrate across systems. 'We're building Arabic-first, human-level AI to transform customer engagement,' the company said in a statement. Yasmina closes $2 million seed round Saudi Arabia-based Yasmina, an embedded insurance platform, has secured $2 million in seed funding to expand insurance tech across the Middle East and North Africa. The concept of so called insurtech refers to transforming and modernizing the traditional insurance sector, revolutionizing how policies are created, underwritten, and managed. It also promotes greater customer engagement by offering personalized insurance products based on individual risk profiles and lifestyle choices. Yasmina's seed funding round was led by Scene Holding and co-led by Access Bridge Ventures, with participation from Arzan VC and Sanabil Investment Accelerator by 500 MENA. The financing will be used to expand the team and explore opportunities in other regions, with the company planning to launch operations in the UAE later this year and in Egypt by 2026. 'This round is a strong vote of confidence in our vision to simplify insurance across digital touchpoints. We're proud to be the first embedded insurance platform in Saudi Arabia, and this funding will help us scale faster, serve more partners, and redefine how protection is offered in the region,' said Masoud Alhelou, CEO and co-founder of Yasmina. Egypt's PALM raises 7-figure funding PALM, an Egypt-based fintech startup offering incentivized goal-based saving, has closed its pre-seed seven-figure funding round, led by 4DX Ventures with participation from Plus VC and several international angel investors. In a press statement, the company said that the funding will be used to focus on accelerating user acquisition, expanding its product use cases, and strengthening its network of strategic partners. 'We're incredibly grateful to our investors for their trust and belief in PALM's vision. Their support empowers us to accelerate our mission of transforming how Egyptians save and achieve their life goals,' said Mazen El-Kerdany, co-founder and CEO of PALM. He added: 'We launched PALM to help Egyptians take control of their financial future by turning gradual saving into a smarter, more rewarding habit.' PALM is a goal-based saving company that offers personalized saving experience to help users achieve their various goals of life, whether to fund basic needs such as education and healthcare, or afford their funding needs for travel, home appliances and electronics. Ahmed Ashour, co-founder of PALM, said: 'We will offer Egyptians a modern saving experience that caters to their lifestyle needs, aligns with their interests, and helps them along their financial journeys regardless of their income levels or assets.' Morocco's Ora Technologies raises $7.5 million Ora Technologies, a Morocco-based super app, has raised $7.5 million in a series A funding round, led by Azur Innovation Fund and a group of local investors. Through the funding, the company aims to expand its delivery network and strengthen the firm's logistics capability. It will be also used to grow its user base, expansion into new regions, as well as accelerating the adoption of its digital payment solution. 'This is more than funding, it is proof that Morocco is ready to back innovation made by and for its people,' said Omar Alami, founder and CEO of Ora Technologies. Founded in 2023, the app offers multiple features, including an e-commerce platform, on-demand services, chat functionality, social networking, and a digital platform which is expected to be launched soon. Telr partners with Peko to support business setup in UAE Telr, a digital payment gateway and financial solutions provider based in Dubai, has partnered with fintech firm Peko to launch Telr Incepta, a platform aimed at supporting business setup and operations in the UAE. According to a press statement, Telr Incepta is expected to empower small- and mid-sized businesses with advanced tools that transform the way businesses manage their finances and operations. With over 50 business services, Telr Incepta centralizes essential functions, from enabling investors and entrepreneurs to set up their new companies in the UAE to helping companies streamline operations, manage expenses, and gain full financial visibility. 'At Telr, our mission has always been to simplify digital commerce and equip entrepreneurs with everything they need to succeed,' said Khalil Alami, founder and CEO of Telr. He added: 'With Telr Incepta, we're taking that mission even further. From secure payments to setting up your business in the UAE to smart business tools, we're proud to be the one-stop shop for the UAE's e-commerce ecosystem.' The platform also offers other features including bill payments, human resources tools, corporate travel arrangements, eSIM services, software subscriptions, license renewals, as well as, WhatsApp for Business integration, and automated financial reporting. Kashif Khan, founder and CEO of Peko said: 'From setting up a company to managing payments, controlling expenses, and streamlining operations, we're empowering founders with world-class tools to build boldly from day one.'
Arab News
2 hours ago
- Arab News
flyadeal is world's ‘most punctual' airline
flyadeal, Saudi Arabia's fast-growing low-cost airline, has been named the world's most punctual airline with an on-time performance of 91.77 percent in June 2025. According to Cirium, the independent aviation analytics company, flyadeal was No. 1 in the Middle East and Africa category. With sister airline Saudia topping the global airlines category at 91.33 percent — the top 10 percent of all passenger airlines by capacity — flyadeal emerged as the most punctual overall when considering all carriers published in Cirium's June 2025 report. OTP measures flight punctuality within 15 minutes of scheduled arrivals. Almost eight years old, flyadeal operates more than 200 scheduled flights a day from three bases in Riyadh, Jeddah and Dammam.
Arab News
2 hours ago
- Arab News
SDB supports students with new ‘Education Financing' product
The Social Development Bank has launched a new product to empower students to pursue their post-secondary education through digital financing solutions. The 'Education Financing' product seeks to expand access to knowledge and provide financial support to ambitious students at the diploma, bachelor's, and master's levels. This initiative aligns with SDB's efforts to enhance integration between educational and financial institutions via a unified digital platform. The platform enables students to submit applications and complete procedures quickly and easily through an integrated process that begins with academic and financial eligibility checks and ends with the direct disbursement of funds to accredited educational institutions. The maximum financing amount available through 'Education Financing' is SR100,000 ($26,660), which can be disbursed either in installments or as a lump sum, depending on the nature of the academic program. The entire financing process is managed electronically, ensuring the highest standards of governance and data integration. SDB's dedicated education portal provides a comprehensive digital platform that allows students to apply and enables educational institutions to review applications and verify eligibility. Funds are disbursed directly to these institutions, ensuring that support reaches eligible students and contributes to improving the quality of educational services in line with Saudi Vision 2030. SDB has signed a strategic agreement with JeelPay — the first fintech company licensed by the Saudi Central Bank to provide education financing — to offer SR50 million in funding for students seeking to continue their academic journey. The agreement supports the 'Education Financing' product indirectly through a dedicated financing portfolio aimed at supporting students at the diploma, bachelor's, and master's levels using advanced financial technologies.
