Latest news with #AhmedZaki
Wamda
22-07-2025
- Business
- Wamda
Egypt's Flend secures $3 million seed to expand digital SME financing
Egypt-based fintech Flend has secured $3 million in seed funding through a blended equity and debt round. The equity was led by Egypt Ventures, with participation from Camel Ventures, Sukna Ventures, Plus VC, Banque Misr, and family offices including El Sewedy and Baalbaki. Debt financing was provided by MSMEDA and local banks. Founded by Ahmed Zaki, Nehal Helmy and Saif Edeen El Bendari, Flend is an FRA-licensed Digital NBFI, offering fully digital short-term working capital loans to SMEs through embedded finance and direct integration with 20+ supply chain platforms in sectors like agri-food, e-commerce, and healthcare. The funding will support Flend's goal to inject EGP 1 billion in SME loans within a year, expand its team and partnerships, and enhance its tech infrastructure to close Egypt's $50 billion SME financing gap. Press release: Egypt's digital SME lending platform Flend has announced the successful closure of its $3 million seed funding round, a mix of equity and debt. The equity round was led by Egypt Ventures, with participation from Camel Ventures, Sukna Ventures, Plus VC, Banque Misr, and prominent family offices including El Sewedy and Baalbaki. On the debt side, Flend secured funding from MSMEDA and several local banking partners. Licensed by Egypt's Financial Regulatory Authority (FRA) as a Digital Non-Banking Financial Institution (Digital NBFI), Flend enables fully digital lending for SMEs, from onboarding and credit scoring to disbursement and collections, all through digitally binding contracts. With over 20 embedded partnerships, Flend integrates directly into platforms that serve SME supply chains across sectors like agri-food, healthcare, e-commerce, manufacturing, retail, and export. The platform plans to inject EGP 1 billion in working capital loans over the coming year, targeting Egypt's $50 billion SME financing gap. 'This round allows us to finance SMEs where they do business—within the platforms that drive Egypt's economy,' said Ahmed Zaki, Co-Founder and CEO of Flend. 'We've seen rising demand and are ready to scale our reach.' Hasan Haider, Founder and Managing Partner at Plus VC, commented: 'Flend is solving a major regional challenge—making SME finance digital-first, embedded, and accessible.'
Zawya
23-06-2025
- Business
- Zawya
Egypt expands list of exports requiring advance foreign currency payment
Egypt - The Ministry of Trade and Industry has issued Ministerial Decree No. 273 of 2025, expanding the list of export goods that require full advance payment in convertible foreign currency. The decree, issued by the Foreign Trade and Agreements Sector and delivered to the Egyptian Customs Authority on January 18, 2025, was published in Issue No. 236 of the Egyptian Gazette. Under the new directive, exporters must ensure that payments are settled in full prior to shipment using approved methods, including documentary credit (covering the full value), pre-shipment bank transfers, or other secure financial instruments. A bank certificate confirming receipt of funds must also be submitted to the customs authority before the goods are cleared for export. The Customs Authority has been instructed to circulate the decree across all customs ports for immediate enforcement. Commenting on the development, Ahmed Zaki, Head of the Exporters Division, affirmed that verifying export payments through Egyptian banks is a long-standing and essential requirement—particularly for companies seeking access to government export subsidies. 'This policy ensures transparency and confirms that the proceeds from exports are properly returned to Egypt's banking system,' Zaki said. He noted that the scope of this regulation has recently been widened to include a broader array of goods, with the aim of curbing financial leakage and ensuring the repatriation of foreign currency generated through exports. 'The goal is simple: to guarantee that export revenues contribute directly to Egypt's economy, rather than being held in offshore accounts. This is vital for maintaining economic stability.' Zaki clarified that the regulation is not intended to restrict trade but rather to reinforce integrity within the export sector and combat fraudulent practices such as phantom exports—where goods are reported as shipped without any actual financial return to the country. 'This is not a trade barrier,' he stated. 'It is a safeguard to ensure that Egypt reaps the full benefits of its export performance. It is both reasonable and necessary for any country to ensure that its export earnings are channeled back into its economy.' The updated measure aligns with global standards in trade finance and is part of a broader strategy to support Egypt's ongoing economic reforms. By enhancing oversight of foreign exchange flows, the regulation aims to promote currency stability, strengthen financial transparency, and ensure that export activities serve the national interest. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
Daily News Egypt
22-06-2025
- Business
- Daily News Egypt
Egypt expands list of exports requiring advance foreign currency payment
The Ministry of Trade and Industry has issued Ministerial Decree No. 273 of 2025, expanding the list of export goods that require full advance payment in convertible foreign currency. The decree, issued by the Foreign Trade and Agreements Sector and delivered to the Egyptian Customs Authority on January 18, 2025, was published in Issue No. 236 of the Egyptian Gazette. Under the new directive, exporters must ensure that payments are settled in full prior to shipment using approved methods, including documentary credit (covering the full value), pre-shipment bank transfers, or other secure financial instruments. A bank certificate confirming receipt of funds must also be submitted to the customs authority before the goods are cleared for export. The Customs Authority has been instructed to circulate the decree across all customs ports for immediate enforcement. Commenting on the development, Ahmed Zaki, Head of the Exporters Division, affirmed that verifying export payments through Egyptian banks is a long-standing and essential requirement—particularly for companies seeking access to government export subsidies. 'This policy ensures transparency and confirms that the proceeds from exports are properly returned to Egypt's banking system,' Zaki said. He noted that the scope of this regulation has recently been widened to include a broader array of goods, with the aim of curbing financial leakage and ensuring the repatriation of foreign currency generated through exports. 'The goal is simple: to guarantee that export revenues contribute directly to Egypt's economy, rather than being held in offshore accounts. This is vital for maintaining economic stability.' Zaki clarified that the regulation is not intended to restrict trade but rather to reinforce integrity within the export sector and combat fraudulent practices such as phantom exports—where goods are reported as shipped without any actual financial return to the country. 'This is not a trade barrier,' he stated. 'It is a safeguard to ensure that Egypt reaps the full benefits of its export performance. It is both reasonable and necessary for any country to ensure that its export earnings are channeled back into its economy.' The updated measure aligns with global standards in trade finance and is part of a broader strategy to support Egypt's ongoing economic reforms. By enhancing oversight of foreign exchange flows, the regulation aims to promote currency stability, strengthen financial transparency, and ensure that export activities serve the national interest.
New Straits Times
14-06-2025
- Sport
- New Straits Times
AFC under fire over Saudi, Qatar hosting World Cup qualifiers
KUALA LUMPUR: Tensions are mounting across the continent after the Asian Football Confederation (AFC) confirmed Qatar and Saudi Arabia as hosts for the fourth round of World Cup qualifiers — sparking backlash from Indonesia, Iraq, Oman and the UAE. The centralised playoff format, involving six teams, will run from Oct 8-14, with the two group winners earning direct spots at the 2026 World Cup. The runners-up will then contest an inter-confederation playoff in a two-legged tie on Nov 13 and 18. "The AFC has confirmed the Qatar FA (QFA) and the Saudi Arabian Football Federation (SAFF) as the host member associations for the upcoming World Cup qualifiers," read an AFC statement on Saturday. However, the announcement has stirred controversy, with several qualified teams raising concerns over the lack of neutrality in choosing host countries that are also participants in the playoffs. The Oman FA (OFA) was among the first to criticise the decision, stressing that no team should enjoy home advantage and calling for fairness and transparency. "The OFA stresses the importance of adopting transparency and fairness in all stages of organising continental and international tournaments," the statement read. Meanwhile, the Iraq FA (IFA) said it was among the first to submit a formal bid via AFC's online platform, complete with full logistical and technical documentation. In a follow-up letter dated June 7, the IFA reiterated its commitment and requested the matches be staged at neutral venues. "Holding the playoffs on the home soil of any participating team could compromise competitive balance," the IFA said. The UAE FA also echoed the sentiment, stressing that transparency should guide AFC's decisions. "The selection process must comply with the regulations and statutes that guarantee the rights of all national teams," said the UAE FA. Indonesia joined the calls for clarification this week after securing their place in the final round with a 1-0 win over China. Team manager Ahmed Zaki told local media that the Indonesia FA (PSSI) would be seeking clarification from the AFC. "Fourth-round matches should be held at neutral venues," said Zaki, adding that nations such as Japan, South Korea, Uzbekistan and Jordan would be more appropriate hosts. Former Indonesia striker Bambang Nurdiansyah backed Iraq's protest, while current head coach Patrick Kluivert took a more diplomatic stance. "I don't have a problem with the venue, as long as it meets quality standards," said Kluivert in an interview with Bolasport. Despite the AFC's confirmation, rumblings persist. Reports have surfaced suggesting the confederation may now be reconsidering its decision. Five alternative host countries are believed to be under review — with Malaysia and Kuwait considered front-runners, alongside Bahrain, Jordan and Thailand. The official draw for the playoff groups is scheduled for July 17. But with four of the six qualified nations questioning the legitimacy of the current hosting arrangements, it remains to be seen whether the AFC will stand firm or bow to mounting pressure for neutrality.
