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First Bangladeshi company enters Saudi startup ecosystem through $110m merger

Special First Bangladeshi company enters Saudi startup ecosystem through $110m merger
ShopUp’s merger with Sary is announced during the Bangladesh Investment Summit in Dhaka, April 10, 2025. (Bangladesh Investment Development Authority)
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Updated 10 April 2025

First Bangladeshi company enters Saudi startup ecosystem through $110m merger

First Bangladeshi company enters Saudi startup ecosystem through $110m merger
  • Backed by Saudi, US investment, ShopUp merges with Sary to form SILQ
  • Merger prompts Bangladesh’s central bank to establish special startup fund

DHAKA: Bangladesh’s largest B2B commerce platform ShopUp has entered ֱ’s startup ecosystem through a merger with Riyadh-based services and marketplace platform Sary, backed by US and Saudi investors.

Both ShopUp and Sary help small businesses buy products in bulk from wholesalers or manufacturers with digital ordering platforms, delivery and financial services.

Together they have formed SILQ Group, backed by a $110 million funding led by Sanabil Investments — a company owned by the Saudi Public Investment Fund and Peter Thiel’s Valar Ventures.

The companies said in their merger announcement on Wednesday that they are “set to become one of the world’s largest trade corridors. It is projected to reach $682 billion.”

“We’re building infrastructure that helps small businesses move goods, access financing, and grow. A key part of this is the launch of SILQ Financial, our dedicated financing arm focused on driving innovation in SME funding. It allows us to offer embedded financial products — natively within our platforms,” ShopUp’s CEO Afeef Zaman told Arab News.

“There’s a $682 billion trade opportunity emerging right here between the Gulf and Emerging Asia. We want to go deep and serve this corridor well ... We’re laying the foundation to expand beyond this corridor in the long term.”

ShopUp was founded by Zaman, Ataur Rahim Chowdhury, and Navaneetha Krishnan J. in 2017, while Sary was founded in 2018 by Mohammed Aldossary and Khaled Alsiari.

Zaman will serve as the CEO of SILQ Group and Aldossary as CEO of SILQ Financial.

ShopUp and Sary have served more than 600,000 retailers, hotels, restaurants, cafes, and wholesalers, to date. The combined network has facilitated over $5 billion in transactions and disbursed more than $750 million in embedded financing.

Zaman believes that more Bangladeshi startups will follow in ShopUp’s footsteps, as the Saudi market offers not only scale, capital, and sophistication, but also a cultural overlap, a strong consumer base — including 3 million Bangladeshi expats — “and a hunger for innovation” across retail, finance, and logistics.

“Bangladeshi startups have a lot to offer in terms of resilience and operating in high-density, resource-constrained environments. In return, ֱ offers access to institutional partnerships, forward-thinking regulation, and the ability to test and scale products that can work globally,” he said.

“ֱ is writing one of the most exciting startup stories in the world right now. The pace of change, the vision, and the level of institutional support — especially for high-impact sectors like fintech, logistics, and B2B — make it one of the most promising markets for founders.”

The Bangladeshi government welcomed ShopUp’s merger as “a defining moment” in its digital journey and “one of the most significant global expansion milestones ever achieved by a startup from Bangladesh.”

It also announced the establishment of a dedicated fund to provide capital support to startup companies.

“This moment is more than a funding headline — it’s a clear signal that Bangladeshi startups are ready for the world stage,” the government’s press wing said in a statement.

“To accelerate this momentum, Bangladesh Bank has committed to a landmark startup funding initiative: TK 800 crore (about $66 million) in equity and TK 400 crore (about $33 million) in debt. This fund will serve as a catalytic boost for early and growth-stage startups, empowering local founders to innovate, scale, and compete globally.”


Islamabad warns fragile truce hinges on Kabul’s action against cross-border militancy

Islamabad warns fragile truce hinges on Kabul’s action against cross-border militancy
Updated 44 sec ago

Islamabad warns fragile truce hinges on Kabul’s action against cross-border militancy

Islamabad warns fragile truce hinges on Kabul’s action against cross-border militancy
  • Pakistan, Afghanistan engaged in deadly clashes this month after Islamabad conducted airstrikes on what it said were TTP militants inside Afghanistan
  • Kabul, which denies sheltering the group, condemned the strikes as a violation of its sovereignty and responded with cross-border fire along the 2,600 km frontier

ISLAMABAD: Pakistan and Afghanistan have agreed to extend a ceasefire during talks in Istanbul after the worst border clashes between the neighbors in years, Pakistan’s Information Minister Attaullah Tarar said on Friday, adding that the onus was now on Kabul to take action against militant groups.

The fresh round of negotiations, facilitated by Turkiye and other friendly nations, was aimed at easing border clashes that left dozens of soldiers, civilians and militants dead, before a temporary ceasefire was reached on Oct. 19. A second round of talks that started in Istanbul on Oct. 25 failed to reach breakthrough earlier this week, before Turkiye announced on Thursday evening that the ceasefire would continue. 

The clashes erupted after Pakistan launched airstrikes inside Afghanistan against Pakistani Taliban militants it says are based there and responsible for attacks on its forces. Kabul condemned the strikes as a violation of its sovereignty and denies sheltering the group. The border, which runs more than 2,600 km (1,600 miles), has long been a source of friction with frequent skirmishes and mutual accusations over militant sanctuaries.

Information Minister Tarar described the outcome of the Istanbul talks as a “victory” for Pakistan and said the responsibility now rested with the Afghan Taliban to take concrete action against militant groups, the state-run Pakistan TV Digital reported.

“Pakistan’s stance has been clear, support for terrorism must end. A mechanism for monitoring, verification, and enforcement in case of violations will also be implemented,” he said, thanking Qatar and Turkiye for their mediation.

“All parties have agreed to put in place a monitoring and verification mechanism that will ensure maintenance of peace and impose penalties on the violating party,” Turkiye’s Foreign Ministry said of the October 25–30 talks.

It added that a follow-up meeting would be held in Istanbul on November 6 to decide how the mechanism will be implemented, and that Turkiye and Qatar “stand ready to continue cooperation with both sides for lasting peace and stability.”

Kabul government spokesman Zabihullah Mujahid issued a separate statement shortly before midnight in Istanbul confirming the conclusion of the talks and saying both sides had agreed to continue discussions in future meetings.

A senior Pakistani security official, requesting anonymity, said Islamabad viewed the Istanbul understanding as a welcome step but a conditional truce, hinging on verifiable action by Kabul.

“Pakistan welcomes the interim understanding reached in Istanbul under the mediation of Türkiye and Qatar,” the official said. “But this ceasefire is not open-ended or unconditional. The single litmus test for its continuation is that Afghanistan will not allow its territory to be used for attacks against Pakistan and will take clear, verifiable and effective steps against [militants].”

The official added that Pakistan expected credible evidence of action, such as dismantling of hideouts, disruption of logistical networks, and prosecution of militant leadership, to be reported through the monitoring and verification mechanism agreed under the mediators’ auspices.

“If Afghanistan fails to deliver verifiable proof of agreed steps, or if militants continue to launch attacks from Afghan soil, Pakistan will deem the ceasefire violated and reserves all options to safeguard its sovereignty and citizens,” the official warned.

He said Pakistan had entered the new phase “in good faith, but with realism,” given past patterns of cross-border violence.

“This arrangement is a conditional truce — one which hinges on demonstrable responsibility by the Afghan side,” he said. “Failure to meet that responsibility will require Pakistan to revert to other measures.”

The clashes erupted on Oct. 11 after Pakistan conducted airstrikes on what it called Tehreek-e-Taliban Pakistan-affiliated targets in Afghanistan. Kabul said it was a violation of its sovereignty.

Pakistan has long accused Afghanistan of allowing the use of its soil by militant groups, particularly the TTP that has stepped up attacks inside Pakistan in recent years. Kabul denies the allegation.

  • With inputs from Reuters
  • This article originally appaeared on

UN asks US to stop strikes on alleged drug boats

UN asks US to stop strikes on alleged drug boats
Updated 20 min 29 sec ago

UN asks US to stop strikes on alleged drug boats

UN asks US to stop strikes on alleged drug boats
  • Volker Turk: ‘These attacks – and their mounting human cost – are unacceptable’

GENEVA: The United Nations on Friday urged the United States to halt strikes on vessels in the Caribbean and eastern Pacific allegedly carrying drug traffickers, and to prevent “extrajudicial killings.”

US strikes in the Caribbean and the Pacific in recent weeks have killed at least 62 people on boats that Washington claims were ferrying drugs. Family members and victims’ governments have said some of them were fishermen.

UN rights chief Volker Turk said these people had been killed “in circumstances that find no justification in international law.”

“These attacks – and their mounting human cost – are unacceptable,” he said in a statement.

“The US must halt such attacks and take all measures necessary to prevent the extrajudicial killing of people aboard these boats, whatever the criminal conduct alleged against them.”

President Donald Trump’s administration has said in a notice to Congress that the United States is engaged in “armed conflict” with Latin American drug cartels, describing them as terrorist groups as part of its justification for the strikes.

Tensions are mounting in the region with Trump saying he has authorized CIA operations in Venezuela, and that he is considering ground attacks against alleged drug cartels in the country.

“Countering the serious issue of illicit trafficking of drugs across international borders is – as has long been agreed among states – a law-enforcement matter, governed by the careful limits on lethal force set out in international human rights law,” Turk said.

“Under international human rights law, the intentional use of lethal force is only permissible as a last resort against individuals who pose an imminent threat to life.”

Turk stressed that “based on the very sparse information provided publicly by the US authorities, none of the individuals on the targeted boats appeared to pose an imminent threat to the lives of others or otherwise justified the use of lethal armed force against them under international law.”

He called for “prompt, independent, and transparent investigations into these attacks.”


Xi invites Canada PM to China in first meet in 8 years

Xi invites Canada PM to China in first meet in 8 years
Updated 31 October 2025

Xi invites Canada PM to China in first meet in 8 years

Xi invites Canada PM to China in first meet in 8 years
  • Canada’s relations with China are among the worst of any Western nation but both are at the sharp end of Donald Trump’s tariff onslaught, even after Xi and the US leader’s deal Thursday to dial back tensions

GYOENGJU: President Xi Jinping on Friday invited Canadian Prime Minister Mark Carney to China, in the first formal talks between the nations’ leaders since 2017, before also holding first discussions with Japan’s new premier.
Canada’s relations with China are among the worst of any Western nation but both are at the sharp end of Donald Trump’s tariff onslaught, even after Xi and the US leader’s deal Thursday to dial back tensions.
“Recently, with the joint efforts of both sides, China-Canada relations have shown a recovery toward a trend of positive development,” Xi told Carney as they met at an APEC summit in South Korea, inviting the Canadian to visit China.
“China is willing to work with Canada to bring China-Canada relations back to the right track,” Xi added.
“In recent years, we have not been as engaged,” said Carney, accepting Xi’s invitation.
Tha Canadian leader pointed to “constructive and pragmatic dialogue” as a route to addressing their “current issues.”
He also cited dialoque as a way “to help build a more sustainable, inclusive international system.”
Ties fell into a deep freeze in 2018 after the arrest of a senior Chinese telecom executive on a US warrant in Vancouver and China’s retaliatory detention of two Canadians on espionage charges.
In July, Carney announced an additional 25 percent tariff on steel imports that contain steel melted and poured in China.
Beijing announced the following month it would impose a painful temporary customs duty of 75.8 percent on Canadian canola imports.
Canada is among the world’s top producers of canola, an oilseed crop that is used to make cooking oil, animal meal and biodiesel fuel.
But Canada and China have both been heavily targeted by Trump’s global trade onslaught.
Trump said on Thursday he would halve fentanyl-related tariffs on China to 10 percent while Xi agreed to keep rare earths flowing and boost imports of US soybeans.
But the average US tariff on Chinese imports remains at 47 percent, Trump said.
The US president on Saturday said he was hiking tariffs on Canadian goods by an additional 10 percent and terminated all trade talks.
This followed what Trump called a “fake” anti-tariff ad campaign that featured the late ex-president Ronald Reagan.
“(The) old world of steady expansion of rules-based liberalized trade and investment, a world on which so much of our nations’ prosperity — very much Canada’s included — (is based), that world is gone,” Carney told the APEC gathering.
He also talked up Canada’s potential as an “energy superpower” and major supplier of liquified natural gas (LNG) to Asia.

- Japan -

Later Xi met Japan’s first woman premier, Sanae Takaichi, for the first time since she was appointed this month.
Chinese state media quoted Xi as saying that China was ready to work with Japan for constructive, stable bilateral ties that meet requirements of new era.
Takaichi is a regular visitor to the flashpoint Yasukuni shrine honoring Japan’s war dead is seen as a China hawk, although recently she has toned down her remarks.
But in her first policy address last Friday, she still declared that the military activities of China — and North Korea and Russia — “have become a grave concern.”
She announced that Japan would be spending two percent of gross domestic product on defense this fiscal year — two years ahead of schedule — prompting criticism from China.
She is also a strong backer of Taiwan and backs security cooperation with the self-ruled island.
Japanese media said that Takaichi was expected to convey to Xi grave concerns over China’s behavior, including around the disputed Senkaku Islands, known as the Diaoyu Islands by China.
She was also expected to press for the early release of Japanese citizens detained in China and request that the safety of Japanese expatriates in China be ensured, the reports said.
Her public comments at the start of the meeting focused only on reducing “concerns” and increasing “mutual understanding and cooperation.”
Japanese industry is also keen to ensure that supplies of rare earths from China — which have become a football in Xi’s trade tussle with Trump — keep flowing.
“It could be a frosty get-to-know-you meeting as Xi Jinping has not sent a congratulatory message to Takaichi, wary of her reputation as a China hawk,” Yee Kuang Heng, a professor at the University of Tokyo’s Graduate School of Public Policy, told AFP.
“Overall though, stability is a shared priority,” Heng said.


India seizes endangered primates found in checked bag

India seizes endangered primates found in checked bag
Updated 31 October 2025

India seizes endangered primates found in checked bag

India seizes endangered primates found in checked bag
  • Customs said the passenger, who had traveled from Malaysia via Thailand, was given the rare apes by a wildlife trafficking “syndicate” for delivery in India

MUMBAI: Indian customs officers have arrested a plane passenger after discovering two endangered gibbons stuffed inside a checked bag, the latest animals seized from smugglers at Mumbai’s airport.
One of the tiny apes from Indonesia was dead, while the other, in a video shared by Indian Customs, was seen cradled in the arms of an officer, softly hooting before covering its face with its arm.
Customs said the passenger, who had traveled from Malaysia via Thailand, was given the rare apes by a wildlife trafficking “syndicate” for delivery in India.
Officers acting on “specific intelligence” arrested the passenger in Mumbai on Thursday.
“A subsequent search of their checked baggage, a trolley bag, led to the discovery and seizure of two Silvery Gibbon (Hylobates moloch), one live and one found dead, which were concealed in a basket,” the customs department said.
Wildlife trade monitor TRAFFIC, which battles the smuggling of wild animals and plants, warned in June of a “very troubling” trend in trafficking driven by the exotic pet trade.
More than 7,000 animals, dead and alive, have been seized along the Thailand-India air route in the last 3.5 years, it said.
Home in the wild for the small Silvery Gibbon is the rainforests of Java in Indonesia.
They are threatened by the loss of forests, hunting and the pet trade, according to the International Union for Conservation of Nature.
Estimates for the primates left range from about 2,500 to 4,000.
The seizure follows several recent smuggling busts at the same airport.
Just a week earlier, customs officials said they had arrested another smuggler carrying snakes, tortoises and a raccoon.
In June, Mumbai customs intercepted two passengers arriving from Thailand with dozens of venomous vipers and more than 100 other creatures, including lizards, sunbirds and tree-climbing possums, also arriving from Thailand.
In February, customs officials at Mumbai airport stopped a smuggler with five Siamang Gibbons, an ape native to the forests of Indonesia, Malaysia, and Thailand.


Thai ex-PM Thaksin’s party elects new leader after daughter’s exit

Thai ex-PM Thaksin’s party elects new leader after daughter’s exit
Updated 31 October 2025

Thai ex-PM Thaksin’s party elects new leader after daughter’s exit

Thai ex-PM Thaksin’s party elects new leader after daughter’s exit
  • Paetongtarn Shinawatra stepped down as Pheu Thai party chief last week after a court removed her as prime minister in August over an ethics breach

BANGKOK: One of Thailand’s largest political parties, founded by ex-premier Thaksin Shinawatra, elected a new leader on Friday, the party said, following the resignation of his daughter, the former prime minister.
Paetongtarn Shinawatra, 39, stepped down as Pheu Thai party chief last week after a court removed her as prime minister in August over an ethics breach linked to a border dispute with Cambodia.
Analysts say her departure was a strategic move to shield Pheu Thai from potential legal challenges and could mark the end of the Shinawatra family’s decades-long dominance in Thai politics.
Pheu Thai members elected Julapun Amornvivat, a former deputy finance minister, as their new leader, according to a livestream on the party’s official Facebook page.
“I feel honored to receive this privilege and thank all party members for their confidence,” the MP from northern Chiang Mai province, a Pheu Thai stronghold, told reporters after the vote.
Julapun, 50, is the son of veteran politician Sompong Amornvivat, who served as deputy prime minister and led Pheu Thai in 2019.
He was among those promoting the party’s flagship campaign policies ahead of the 2023 election, including a proposed 10,000-baht ($300) stimulus handout and the legalization of casinos.
However, observers say that whoever leads Pheu Thai will remain under the influence of party patriarch Thaksin and his political dynasty.
The Shinawatra clan has been the key foe of Thailand’s pro-military, pro-royalty elite, who view their populist brand of politics as a threat to the traditional social order, for two decades.
Thaksin, who founded the first iteration of Pheu Thai in the late 1990s, was ousted as prime minister in a 2006 coup and then went into exile for more than a decade.
The 76-year-old is currently serving a prison sentence for corruption during his time in office.