Madinah airport claims top spot in regional ranking 

RIYADH: Saudi Arabia’s first fintech unicorn Tabby has doubled its valuation to $3.3 billion following the successful closure of a $160 million series E funding round. 

The round was led by Hong Kong-based Blue Pool Capital, and Hassana Investment Co., the funding arm of Saudi Arabia’s General Organization for Social Insurance, with participation from STV and Wellington Management. 

This latest investment makes Tabby the most valuable fintech company in the Middle East and North Africa. 

The company claims to have doubled its annualized transaction volumes to over $10 billion since its last $200 million series D funding round in 2023, which secured its unicorn status — a designation for startups valued at $1 billion or more without a stock market listing. 

Under the National Unicorn Program, also known as Saudi Unicorns, the Kingdom aims to significantly increase the number of high-growth startups, create jobs, and boost gross domestic product. 

The program, a collaborative initiative by the Ministry of Communication and Information Technology, the Mohammed bin Salman Foundation, and the National Technology Development Program, provides services such as expansion support and investor connections for promising tech startups. 

“This investment allows us to accelerate our rollout of products that make managing money simpler and more rewarding for our customers. We’re focused on creating tangible impact — helping people take control of their finances with tools that are accessible, effortless and built for their everyday lives,” said Hosam Arab, CEO and co-founder of Tabby. 

Tabby has expanded beyond its core buy now, pay later service with the acquisition of digital wallet Tweeq and the introduction of Tabby Card for flexible payments beyond checkout, as well as Tabby Plus, a subscription program. 

In 2023, Tabby announced plans for an initial public offering in the Saudi market following its headquarters’ relocation to the Kingdom. 

Founded in the UAE before moving to Saudi Arabia, the company has experienced exponential growth in alignment with the Kingdom’s strategic goals. 

Tabby’s latest funding round will accelerate its expansion into financial products, including digital spending accounts, payments, cards, and money management tools. 

The investment also strengthens its position ahead of its planned IPO. 

Tabby currently has over 15 million registered users and more than 40,000 sellers on its platform, the company said. 

KARACHI: Prime Minister Shehbaz Sharif met with International Monetary Fund (IMF) Managing Director Kristalina Georgieva on the sidelines of the World Government Summit in Dubai, said an official statement on Wednesday, where he reaffirmed his government’s commitment to structural reforms.
The meeting took place during Sharif’s two-day visit to the United Arab Emirates, where he addressed the summit and called for global support to meet Pakistan’s $100 billion energy transition needs.
His discussions with Georgieva came just ahead of the IMF’s upcoming review of Pakistan’s $7 billion loan program, secured in September last year. A successful review in the coming weeks would release a $1 billion tranche, helping cash-strapped Pakistan boost its foreign exchange reserves and meet the lender’s import cover benchmark.
“Prime Minister Shehbaz Sharif underscored the progress made under the IMF’s Extended Fund Facility (EFF), which has played a key role in stabilizing Pakistan’s economy and setting it on the path of long-term recovery,” the Prime Minister’s Office said in a statement released after the meeting.
“He reaffirmed the government’s resolve to sustaining the reform momentum, particularly in critical areas such as tax reform, energy sector efficiency and private sector development,” it added. “The Prime Minister assured Ms. Georgieva of Pakistan’s commitment to economic prudence, efficiency and sustainability as essential pillars for achieving inclusive and sustained growth.”
Following the meeting, Georgieva posted on X, formerly Twitter, expressing confidence in Pakistan’s reform trajectory.
“Wonderful to meet [Pakistan’s] Prime Minister @CMShehbaz and his team. I am encouraged by their strong commitment to Pakistan’s IMF-supported reforms and support their decisive actions to pave the way to higher growth and more jobs for Pakistan’s youthful population,” she said.
The meeting between the two officials took place as an IMF mission is currently in Pakistan conducting a governance and corruption diagnostic assessment, part of the broader reform agenda under the EFF.
The IMF’s next review is expected in March, with Pakistan’s government and central bank confident of meeting reform targets required for the loan disbursement.