News

Dubai-Based Wafeq Is Helping SMEs Balance Their Books

The software-as-a-service (SaaS) startup raised $3 million in a January funding round.

Published

1 year ago

March 7, 2023

dubai-based wafeq is helping smes balance their books

Founded in 2019 by Lebanese entrepreneur Nadim Alameddine, Wafeq is a Dubai-based SaaS platform that provides finance and accounting tools for small and medium businesses in the Middle East.

Nadim first noticed a market gap and potential opportunity back in 2018, when the UAE government announced the introduced VAT.

wafeq founder nadim alameddine

“I had to set up the accounting framework for my first startup on my own to be able to file the VAT returns. I realized there is no strong, localized accounting software brand for our region like in other mature markets […] I researched the opportunity further, and it became clear that the market for it will be very large. That’s when I decided to launch Wafeq,” says Nadim Alameddine, Wafeq founder.

However, despite Wafeq’s successes, over three years of development were needed before the company launched its first product at the end of 2022.

Alameddine’s business idea seems to have been a wise one, with demand for accounting software growing exponentially across the MENA region. Legacy platforms are struggling to keep up with numerous regulation changes in accounting, while Wafeq, on the other hand, is uniquely poised to meet the needs of modern businesses, with features such as e-invoicing, which are becoming a legal obligation in some jurisdictions.

wafeq team

Wafeq is currently working to meet the tax requirements of authorities in the UAE, Saudi Arabia and Egypt — some of the Arab world’s largest economies. Wafeq was initially bootstrapped using the founder’s own capital, though it has now raised $3 million in a January funding round. Riyadh venture capital firm Raed Ventures led the investment round with the participation of Wamda, a platform of programs and networks that aims to accelerate entrepreneurship ecosystems across MENA.

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The startup is in no hurry to raise new capital, and Nadim Alameddine has no plans to exit the business, instead intending to establish strong long-term foundations. According to the company, businesses using Wafeq generate over 630,000 invoices monthly, exceeding $117 million in value.

News

Hamad International Wins 2024 Skytrax World Airport Awards

The Qatar airport also won “World’s Best Airport Shopping” for the 2nd time, and “Best Airport in the Middle East” for the 10th year.

Published

1 day ago

April 18, 2024

Nour Nasir

hamad international wins 2024 skytrax world airport awards

Hamad International Airport (DOH) in Doha, Qatar, has once again won the “World’s Best Airport” title at the Skytrax World Airport Awards. The award ceremony, held at the Passenger Terminal Expo 2024 in Frankfurt, Germany, also saw Hamad clinch the accolade of “World’s Best Airport Shopping” for the 2nd time in a row and “Best Airport in the Middle East” for an impressive 10th consecutive year.

Qatar Airways Group Chief Executive Officer, Eng. Badr Mohammed Al-Meer, who played a key role in the airport’s development over the past decade, said: “This is a remarkable achievement for Hamad International Airport, as it celebrates its 10th anniversary of operational excellence, connecting passengers seamlessly from all around the world. It is a testament to the dedication of our team and partners, who have contributed to providing passengers with the finest travel experience”.

hamad international airport doha qatar

Al-Meer emphasized the importance of understanding changing travel trends and the needs of modern air passengers: “At the heart of our growth strategy lies the passengers’ journey, their evolving needs, and our commitment to meeting and exceeding their expectations. We have introduced a diverse range of experiences at the airport, including Souq Al Matar, which brings Qatari hospitality and culture closer to travelers, “Orchard”, the ideal place for relaxation and rejuvenation between flights, and an array of high-end lounges”.

Also Read: Top E-Commerce Websites In The Middle East In 2024

Hamad International Airport saw a massive 31% surge in passenger traffic during 2023, with the transport hub now serving over 45 million passengers annually. The airport is now home to prestigious airlines, including Vistara, Iberia, Xiamen Airlines, Garuda Indonesia, and Japan Airlines, serving 250+ destinations for passenger and cargo flights.

The uptick in traffic is no doubt due to the completion of the first phase of an extensive expansion project. Hamad’s management intends to radically update the airport’s facilities over the coming years in a bid to create the “airport of the future”. The expansion features a unique and calming environment of lush greenery and several contemporary dining and shopping concepts among the already well-equipped leisure facilities.