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

3 years 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

Syria Just Got Its First Super App Featuring Built-In Digital Payments

Built by UAE-based Syrian founders with the Ministry of Tourism’s backing, My Syria lands as visitor numbers more than double.

Published

4 days ago

August 1, 2026

Nour Nasir

syria just got its first super app featuring built-in digital payments

For most of the past decade, paying for anything in Syria with an international card was effectively impossible. Sanctions, a collapsed banking sector, and years of isolation left the country running on cash. That is what makes the launch of My Syria — the country’s first super app — more than a routine product announcement.

Developed by 121 Living, a company founded by four UAE-based Syrian entrepreneurs — Rami Kaiem, Feras Kaiem, Waseem Qudmani, and Kinan Madi — the app launched in Damascus on July 30 under the patronage of Minister of Tourism Mazen Al-Salhani. It bundles hotels, restaurants, transport, attractions, food delivery, and other lifestyle services into a single platform, currently offering eight services with plans to expand to more than 40 verified tourism and hospitality providers across the country.

Although the app already sounds enticing, the headline feature is its built-in payments. My Syria is the first platform in Syria to support cross-border digital payments through Apple Pay, Google Pay, Visa, Mastercard, and American Express — familiar tools for international visitors, and a route into the digital economy for local businesses that have long operated outside it.

my syria super app launch event

The launch rides on a sharp rebound for the troubled country. Syria’s tourism sector recorded 3.52 million visitor arrivals in the first half of 2026, a 111 percent increase over the 1.67 million during the same period in 2025 — a mix of returning expatriates, regional visitors, and international tourists.

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The Ministry of Tourism, which supported and supervised the app’s development, frames the launch as proof of concept for a wider strategy. “Digital transformation is one of the Ministry’s strategic priorities because it enables us to build a more competitive, connected and investment-ready tourism sector,” Al-Salhani said, inviting technology companies “globally, regionally and locally” to explore opportunities across the wider economy.

For 121 Living, this is phase one, with additional services and expanded geographic coverage planned. Whether a super app can flourish in a market still rebuilding its infrastructure is an open question, but for the first time in years, a visitor to Damascus can pay for dinner with their phone.