Saudi fintech Geidea partners with Visa to accelerate digital payments across Egypt
UAE in focus – ADNOC awards $1.53 billion contract to expand offshore oil operations to 5 million bpd
DUBAI: Abu Dhabi National Oil Co. has awarded subsidiary ADNOC Drilling a 5.62 billion dirham ($1.53 billion) contract to expand its offshore operations to produce five million barrels per day by 2030, according to Emirates News Agency WAM.
This two-year contract covers the delivery of 12 jack-up rigs and two island rigs, and integrated drilling services, and will also allow the company to become self-sufficient in gas production.
ADNOC Upstream Executive Director Yaser Saeed Al-Mazrouei said: “Through this award, ADNOC Offshore will continue to responsibly harness the energy in Abu Dhabi’s waters as we increase production capacity to meet the world’s growing demand for energy from lower carbon intensity oil and gas. ADNOC Drilling is a world leader in drilling and completion services.
Saudi ANB buys stake in UAE-based Cashee
Arab National Bank announced an agreement with UAE-based technology startup Cashee to buy equity in the latter, according to a statement.
However, neither the amount nor the value of the stock it took over was disclosed in the Saudi lender’s press release.
ANB intends to improve its banking services to target younger generations and expand financial literacy and inclusion through this agreement.
In addition, Cashee will be able to launch its banking and knowledge solutions, applications and products in Saudi Arabia with the help of this partnership.
In 2020, Cashee was founded in Dubai to increase financial inclusion for youth in the Middle East and North Africa.
ANB’s net profit rose 28.76 percent to SR 1.35 billion ($3.59 million) in the first half of 2022, compared with SR 1.05 billion a year earlier.
DIFC approves UAE fintech Mamo
The Dubai International Financial Center has granted regulatory approval to Mamo, a UAE fintech and financial services platform for SMEs, according to a statement.
The Dubai Financial Services Authority has granted the company a license to conduct regulated business in or from the DIFC, including money services.
With the license, Mamo can offer unmatched security and expand its products and services without user restrictions, the statement added.
In June 2021, Mamo received DFSA authorization to operate under the Innovation Testing License programme, allowing it to test its business model in a controlled regulatory environment.
All regulated firms must comply with frameworks that require transparency, fairness and efficiency.
Businesses, consumers and users of financial services offered by regulated companies, such as Mamo, are also protected, the statement said.
