The Syrian Minister of Telecommunications, Abdel Salam Haykal (second from the right), alongside Labby founders Iyad al-Qassar (right) and Mahmoud al-Fawaz (left), as well as an investor, Amer al-Zaabi (second from the left). Photo taken from the Facebook page of the Syrian Ministry of Telecommunications.
BEIRUT — Syrian startup Labby has raised $10 million from a consortium of investors from the UAE and Saudi Arabia. Announced on July 21 during a ceremony held under the patronage of Syrian Telecommunications and Information Technology Minister Abdulsalam Haykal, the deal marks the country’s “first major foreign investment” in a technology startup, according to a ministry statement.Registered in Damascus in 2024, according to specialist publication The Syria Report, the startup was founded by Iyad al-Qassar and Mahmoud al-Fawaz. Described as a “super app,” or a platform combining multiple services, Labby plans to offer ride-hailing, food delivery and online payment services, among others.In a statement, the ministry said the project could “attract companies and investment funds” and “foster a thriving digital environment,” while...
BEIRUT — Syrian startup Labby has raised $10 million from a consortium of investors from the UAE and Saudi Arabia. Announced on July 21 during a ceremony held under the patronage of Syrian Telecommunications and Information Technology Minister Abdulsalam Haykal, the deal marks the country’s “first major foreign investment” in a technology startup, according to a ministry statement.Registered in Damascus in 2024, according to specialist publication The Syria Report, the startup was founded by Iyad al-Qassar and Mahmoud al-Fawaz. Described as a “super app,” or a platform combining multiple services, Labby plans to offer ride-hailing, food delivery and online payment services, among others.In a statement, the ministry said the project could “attract companies and investment funds” and “foster a thriving digital...
