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Dubai-Based Wafeq Is Helping SMEs Balance Their Books

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

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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.

Also Read: Help Scout Review: The Only Help Desk Software You’ll Ever Need

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.

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PowerSchool Launches Arab Version Of Its EdTech Platform

The cloud-based solution is now available to Middle Eastern users, helping schools with administrative, communication, and classroom workflows.

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powerschool launches arab version of its edtech platform

PowerSchool, a leading cloud-based education software provider, today announced the launch of newly translated and localized solutions for the UAE and wider Gulf Coast and Middle East region.

Native-Arabic speaking educators will now be able to accomplish critical administrative, communication and classroom workflows using newly-updated Arabic translations, as well as access a right-to-left oriented interface, Hijri calendar overlay, and more.

PowerSchool’s platform is able to log student records and create reports in their native language, while teachers can now create enhanced, personalized lessons for their students and digital forms for parents.

powerschool edtech arabic interface

Finally, PowerSchool’s multi-language AI-powered assistant is also in development, and the company plans to launch the tool in the Middle East in the near future.

“With the UAE and other GCC countries prioritizing digital transformation in education, we are pleased to announce the availability of our educational and operational products in Arabic,” revealed Stewart Monk, Senior Vice President & General Manager, International at PowerSchool. “This also aligns with our commitment to provide mission-critical support to education leaders to provide personalized learning for students globally”.

Also Read: Top Free AI Chatbots Available In The Middle East

Along with the launch of a new Dubai office in 2023, PowerSchool seems highly invested in localized Arabic products. The latest announcement from the company strongly signals its commitment to the Middle East and GCC, and comes after the publication of its 2024 Education Focus Report, which takes a deep dive into the region’s education trends and developments.

“PowerSchool’s commitment to providing Arabic localization across its products reflects an understanding of their diverse user base and their commitment to inclusivity,” explained Mohammed Essam, PowerSchool Lead at ESOL Education. “This investment can lead to closer collaboration with educational institutions in the Middle East, fostering innovation and progress in the education sector. Overall, this is a promising direction that could benefit both PowerSchool and the educational community in the region”.

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