Peter Thiel’s Valar, Saudi Arabia’s Sanabil Back B2B Commerce Firm SILQ - Bloomberg
The venture capital arm of Saudi Arabia’s sovereign wealth fund and Peter Thiel’s Valar Ventures are jointly leading a $110 million funding round in SILQ Group, a newly formed commerce platform.
Sanabil Investments, a wholly owned subsidiary of the $925 billion Public Investment Fund, and Valar are joining a group of investors that includes Qatar Development Bank, according to a statement.
SILQ was created through the merger of ShopUp, Bangladesh’s largest business-to-business commerce platform, and Sary, one of the Gulf’s leading marketplaces. The combined entity will target markets across the Gulf and emerging Asia.
The deal also marks Sanabil’s first investment in South Asia, the latest example of the Middle East’s growing trade ties with that region.
The merged entity is aiming for an initial public offering in 2027, according to its top executives. “We think the Gulf market is very exciting when it comes to IPOs — especially the Saudi market,” said SILQ Group’s Chief Executive Officer Afeef Zaman.
Over the next six months, the firm will focus on achieving profitability at a group level, said Mohammed Aldossary, CEO of SILQ Financial, its financing arm.
Aldossary also said that wide-ranging tariffs championed by US President Donald Trump will create opportunities for SILQ, as exporters seek new markets.
SILQ’s other backers include Saudi Arabia’s STV, Flourish Ventures, VSQ, MSA Capital, Rocketship VC, Wafra Investment, Peak XV, Prosus, Tiger Global, Endeavor Catalyst and Raed Ventures.
Collectively, ShopUp and Sary have processed over $5 billion of transactions and facilitated more than 100 million shipments to date.
Wednesday, 9 April 2025
#Qatar National Bank posts 3% rise in Q1 net profit, beats estimate
Qatar National Bank posts 3% rise in Q1 net profit, beats estimate
Qatar National Bank (QNB), the Gulf's biggest bank by assets, on Wednesday reported 3% year-on-year (YoY) increase in Q1 2025 net profit to 4.3 billion Qatari riyals ($1.18. billion).
The result easily beat analysts’ mean estimate of QAR3.85 billion, according to LSEG data,
Total assets reached QAR1.32 trillion, up 7% from the year-ago period.
Loans and advances increased by 9% from March 2024 to QAR947 billion.
Customer deposits increased by 6% to QAR930 billion.
Qatar National Bank (QNB), the Gulf's biggest bank by assets, on Wednesday reported 3% year-on-year (YoY) increase in Q1 2025 net profit to 4.3 billion Qatari riyals ($1.18. billion).
The result easily beat analysts’ mean estimate of QAR3.85 billion, according to LSEG data,
Total assets reached QAR1.32 trillion, up 7% from the year-ago period.
Loans and advances increased by 9% from March 2024 to QAR947 billion.
Customer deposits increased by 6% to QAR930 billion.
Most Gulf markets retreat as global trade war escalates | Reuters
Most Gulf markets retreat as global trade war escalates | Reuters
Most stock markets in the Gulf ended lower on Wednesday, tracking a global selloff triggered by the latest U.S.-China trade war escalation.
U.S. President Donald Trump's eye-watering 104% tariffs on China came into effect on Wednesday, prompting a swift retaliation from Beijing in the form of duties of 84% on U.S. imports.
Trump's punishing tariffs — which he says aim to end U.S. trade deficits with many countries — have upended a global trading order in place for decades, raising fears of recession and wiping trillions of dollars off the market value of major firms.
Saudi Arabia's benchmark index (.TASI), opens new tab declined 1.8%, ending two sessions of gains, dragged down by a 1.8% slide in Al Rajhi Bank (1120.SE), opens new tab and a 3.4% decrease in ACWA Power Company (2082.SE), opens new tab.
Elsewhere, oil giant Saudi Aramco (2222.SE), opens new tab fell 0.2%.
Oil prices — a catalyst for the Gulf's financial markets — plunged to four-year lows after China's fresh retaliatory tariffs.
Dubai's main share index (.DFMGI), opens new tab edged 0.1% higher, supported by a 2.3% rise in sharia-compliant lender Dubai Islamic Bank (DISB.DU), opens new tab.
In Abu Dhabi, the index (.FTFADGI), opens new tab advanced 0.9%, led by a 3.9% jump in Borouge (BOROUGE.AD), opens new tab, after the petrochemicals firm announced an increase in dividend to 16.2 fils per share ahead of the launch of Borouge Group International, expected in the first quarter of 2026.
The Qatari index (.QSI), opens new tab closed 0.1% higher, with Qatar National Bank (QNBK.QA), opens new tab, the Gulf's biggest lender, gaining 0.8%.
Post trading hours, the lender reported a net profit of 4.26 billion riyals ($1.17 billion) for the first quarter, exceeding analysts' expectations.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab declined 1.9%, as most of its constituents were in negative territory including EFG Holding (HRHO.CA), opens new tab, which retreated 4.1%.
Most stock markets in the Gulf ended lower on Wednesday, tracking a global selloff triggered by the latest U.S.-China trade war escalation.
U.S. President Donald Trump's eye-watering 104% tariffs on China came into effect on Wednesday, prompting a swift retaliation from Beijing in the form of duties of 84% on U.S. imports.
Trump's punishing tariffs — which he says aim to end U.S. trade deficits with many countries — have upended a global trading order in place for decades, raising fears of recession and wiping trillions of dollars off the market value of major firms.
Saudi Arabia's benchmark index (.TASI), opens new tab declined 1.8%, ending two sessions of gains, dragged down by a 1.8% slide in Al Rajhi Bank (1120.SE), opens new tab and a 3.4% decrease in ACWA Power Company (2082.SE), opens new tab.
Elsewhere, oil giant Saudi Aramco (2222.SE), opens new tab fell 0.2%.
Oil prices — a catalyst for the Gulf's financial markets — plunged to four-year lows after China's fresh retaliatory tariffs.
Dubai's main share index (.DFMGI), opens new tab edged 0.1% higher, supported by a 2.3% rise in sharia-compliant lender Dubai Islamic Bank (DISB.DU), opens new tab.
In Abu Dhabi, the index (.FTFADGI), opens new tab advanced 0.9%, led by a 3.9% jump in Borouge (BOROUGE.AD), opens new tab, after the petrochemicals firm announced an increase in dividend to 16.2 fils per share ahead of the launch of Borouge Group International, expected in the first quarter of 2026.
The Qatari index (.QSI), opens new tab closed 0.1% higher, with Qatar National Bank (QNBK.QA), opens new tab, the Gulf's biggest lender, gaining 0.8%.
Post trading hours, the lender reported a net profit of 4.26 billion riyals ($1.17 billion) for the first quarter, exceeding analysts' expectations.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab declined 1.9%, as most of its constituents were in negative territory including EFG Holding (HRHO.CA), opens new tab, which retreated 4.1%.
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