Foodics, a Riyadh-based technology start-up servicing the retail and food and beverage industries, rolled out a $100 million micro loan fund on Tuesday to support small and medium-sized enterprises.
A new lending arm, Foodics Capital, will support the kingdom’s F&B merchants in the post-Covid-19 era through Sharia-compliant micro loans, it said in a statement.
It will extend loans of between $5,000 and $133,000, depending on the requirements of its customers.
“With cash flow being a critical pain point for small business owners right now, we wanted to be able to offer them a one-stop shop that also covers their finance needs and enables them to accelerate their growth rate,” Ahmad Al-Zaini, co-founder and chief executive of the company, said.
“A finance offering was always part of our vision … Foodics is very proud to now allow merchants to finance their working capital by giving them access to loans,” he added.
Foodics Capital has joined forces with Saudi Arabia-based Maalem Finance, a provider of Sharia-compliant consumer and SME financing.
The first phase of the fund, which has been approved by the Saudi Arabian Monetary Authority, will be offered to existing Foodics customers, who are pre-qualified for loans, the statement said. It will be rolled out across the kingdom by the end of this year.
The fund will allow for "faster and more flexible lending than most of the facilities in the region”, according to Abdullah Tahboub, chief financial officer of Foodics.
Interested SMEs can apply online. The initial approval will come within 24 hours, while final consent will be granted within seven days, Mr Tahboub said.
Founded in 2014, Foodics offers a restaurant management platform that helps owners to run their business more efficiently. It has serviced more than 5,000 customers and processed over one billion orders through its platform, through which about $200m of transactions measured by gross merchandise value are generated each month.
The company has offices in Saudi Arabia, the UAE and Egypt, and is currently in the process of closing a series B funding round.
It raised $4m in pre-Series B funding from Riyad Taqnia Fund, Tech Invest Com, Naseel Holding and Kuwait-based Faith Capital last year. It also raised $4m in an earlier Series A funding round in 2017.
Foodics is currently available in English, Arabic and French and the company is planning to release a Spanish version of its software in the coming months.
Healthy tips to remember
Here, Dr Mohamed El Abiary, paediatric consultant at Al Zahra Hospital Dubai, shares some advice for parents whose children are fasting during the holy month of Ramadan:
Gradual fasting and golden points - For children under the age of 10, follow a step-by-step approach to fasting and don't push them beyond their limits. Start with a few hours fasting a day and increase it to a half fast and full fast when the child is ready. Every individual's ability varies as per the age and personal readiness. You could introduce a points system that awards the child and offers them encouragement when they make progress with the amount of hours they fast
Why fast? - Explain to your child why they are fasting. By shedding light on the importance of abstaining from food and drink, children may feel more encouraged to give it there all during the observance period. It is also a good opportunity to teach children about controlling urges, doing good for others and instilling healthy food habits
Sleep and suhoor - A child needs adequate sleep every night - at least eight hours. Make sure to set a routine early bedtime so he/she has sufficient time to wake up for suhoor, which is an essential meal at the beginning of the day
Good diet - Nutritious food is crucial to ensuring a healthy Ramadan for children. They must refrain from eating too much junk food as well as canned goods and snacks and drinks high in sugar. Foods that are rich in nutrients, vitamins and proteins, like fruits, fresh meats and vegetables, make for a good balanced diet
Sun jukebox
Rufus Thomas, Bear Cat (The Answer to Hound Dog) (1953)
This rip-off of Leiber/Stoller’s early rock stomper brought a lawsuit against Phillips and necessitated Presley’s premature sale to RCA.
Elvis Presley, Mystery Train (1955)
The B-side of Presley’s final single for Sun bops with a drummer-less groove.
Johnny Cash and the Tennessee Two, Folsom Prison Blues (1955)
Originally recorded for Sun, Cash’s signature tune was performed for inmates of the titular prison 13 years later.
Carl Perkins, Blue Suede Shoes (1956)
Within a month of Sun’s February release Elvis had his version out on RCA.
Roy Orbison, Ooby Dooby (1956)
An essential piece of irreverent juvenilia from Orbison.
Jerry Lee Lewis, Great Balls of Fire (1957)
Lee’s trademark anthem is one of the era’s best-remembered – and best-selling – songs.
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
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MATCH INFO
Borussia Dortmund 0
Bayern Munich 1 (Kimmich 43')
Man of the match: Joshua Kimmich (Bayern Munich)
Company profile
Name: Tratok Portal
Founded: 2017
Based: UAE
Sector: Travel & tourism
Size: 36 employees
Funding: Privately funded
RESULTS
5pm Wathba Stallions Cup Maiden (PA) Dh70,000 (Dirt) 1,400m
Winner Munfared, Fernando Jara (jockey), Ahmed Al Mehairbi (trainer)
5.30pm Handicap (PA) Dh70,000 (D) 1,600m
Winner Sawt Assalam, Szczepan Mazur, Ibrahim Al Hadhrami
6pm Maiden (PA) Dh70,000 (D) 1,800m
Winner Dergham Athbah, Pat Dobbs, Mohamed Daggash
6.30pm Handicap (PA) Dh70,000 (D) 1,800m
Winner Rajee, Fernando Jara, Majed Al Jahouri
7pm Conditions (PA) Dh80,000 (D) 1,800m
Winner Kerless Del Roc, Fernando Jara, Ahmed Al Mehairbi
7.30pm Handicap (TB) Dh70,000 (D) 2,000m
Winner Pharoah King, Pat Dobbs, Doug Watson
8pm Conditions (PA) Dh85,000 (D) 2,000m
Winner Sauternes Al Maury, Dane O’Neill, Doug Watson
Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
The specs: 2018 Volkswagen Teramont
Price, base / as tested Dh137,000 / Dh189,950
Engine 3.6-litre V6
Gearbox Eight-speed automatic
Power 280hp @ 6,200rpm
Torque 360Nm @ 2,750rpm
Fuel economy, combined 11.7L / 100km
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
