BANKING-

Mashreq launches IBAN verification tool for businesses: Our friends at Mashreq launched a new feature allowing its corporate clients to verify international bank account numbers (IBAN), according to a press release (pdf). The IBAN validation application programming interface (API) integrates with the Central Bank of the UAE’s database to provide real-time verification of IBANs, allowing businesses to confirm account details instantly, and reduce errors and fraud risks in financial transactions. The tool is available through Mashreq’s API Developer website.

HOSPITALITY-

ADTIC to funnel more investments into Egypt: Egypt-focused Abu Dhabi Tourism Investment Company (ADTIC), majority-owned by the Abu Dhabi Fund for Development, raised earmarked investments to develop its hotel portfolio in Egypt to around EGP 9.5 bn (USD 194.4 mn), up from the EGP 5.3 bn (USD 108.5 mn) it had allocated in January, according to Egyptian media reports (here and here). The move could, in part, have been triggered by a weaker EGP, which now trades under 49 against the USD, up from nearly 31 before its float in March.

Breakdown of the ongoing investments, planned for completion within two years:

  • In Sharm El-Sheikh: Some EGP 2 bn have been allocated to renovate Accor-managed Mövenpick Resort in Sharm El Sheikh, up from EGP 1.6.
  • In Hurghada: Some EGP 2.5 bn have been allocated to renovate the Mercure Hurghada Resort, compared to EGP 1.2 bn.
  • In Giza: Some EGP 5 bn have been earmarked to build a new hotel under the brand Sofitel Legend, which will replace the now-demolished Mercure hotel in the Giza Pyramids area, up from EGP 2.4 bn.

TELECOMS-

Du, Etisalat to provide telecom infrastructure for Nakheel developments: Telecom companies du and Etisalat by e& inked an agreement with Dubai’s state-owned real estate firm Nakheel to implement ICT infrastructure in the company’s new developments, Wam reports.

FINTECH-

Fintech firm Sav launched the MyMoney feature on its app, allowing users to consolidate their financial data from multiple bank accounts into a single dashboard, according to a statement. The new feature also allows users to track and analyze their cash flow, categorize expenses, and set reminders for bills and subscriptions.

ICYMI- Sav secured in-principle approval for a Category 4 license from the Dubai Financial Services Authority earlier this month, which extends the scope of the financial services the company is allowed to offer once fully licensed.

MINERALS-

Fujairah Natural Resources Corporation partnered with the Kuwaiti Public Works Ministry to boost cooperation in mineral resources development, mining, investment, and scientific research, Wam reported. The agreement will also see the two bodies launch training programs and events.

CONSTRUCTION-

Dubai-based Hitek Services secured three contracts in Saudi Arabia where it will deploy its smart facility management solutions, according to a statement from the company.

The contracts:

  • An extended contract for operations management at the Neuroscience and Trauma Care Center and the King Abdullah Pediatric Specialist Hospital in Jeddah with facility management- and construction-focused conglomerate Safari Group;
  • A three-year contract to enhance operational efficiency at Prince Mohammad bin Fahd University in Al Khobar with Omni Facilities Management;
  • A three-year contract to digitize management and operations at the historical Diriyah site in Riyadh, a UNESCO World Heritage Site.

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