Kazakhstan aims to raise trade exchange with UAE to $1bn, says minister

Kazakhstan aims to raise trade exchange with UAE to $1bn, says minister

CAIRO: With an objective to host 525 fintech companies by 2030, Saudi Arabia has emerged as a prime destination for both regional and global firms eager to tap into its burgeoning market.  

Following the financial sector development strategy unveiled last year, the Kingdom is on track to position itself as a regional hub for the industry. 

On that note, US-based fintech company Tribal Credit has renewed its $150 million debt facility to fuel its expansion into Saudi Arabia.  

Founded in 2016 in Silicon Valley by Amr Shady, Duane Good, Hariraj Jayakumar, Mark Graves, Mohamed El-Kasstawi, and Prasant Sudhakaran, the company offers enhanced financial solutions to small and medium enterprises in emerging markets.  

The company aims to use its debt facility to develop its tech solutions as well as expand to other countries.  

“This funding will equip us with the necessary resources to seize exciting market opportunities ahead,” Shady said.  

“We’re eager to continue our journey of developing innovative tech solutions to help SMEs thrive in emerging markets, especially in Mexico and Saudi Arabia,” he added.  

The debt facility, provided by the global lending firm Partners for Growth, is scheduled to remain in effect until 2025.  

“Tribal Credit has consistently demonstrated strong