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BANKING-
#1- Our friends at Mashreq launched Mashreq Neo Corp digital banking platform for corporate clients in Qatar, according to a LinkedIn post. The platform offers 24/7 online access to comprehensive money management and trade finance services.
ICYMI- Mashreq launched Mashreq Neo Corp in Kuwait last month, and in Bahrain earlier this year, with plans to roll out the digital banking platform across other Gulf countries in the coming months.
#2- Emirates NBD will offer a virtual card B2B payment solution to travel agencies in partnership with Mastercard, aiming to digitize and streamline their transactions, according to a press release. The Emirates NBD Wholesale Travel Solution is set to improve companies’ cashflow with extended credit lines and boost efficiency for domestic and cross-border transactions.
DEBT-
DIFC repays USD 700 mn sukuk issuance: Dubai International Financial Center (DIFC) repaid a USD 700 mn sukuk issuance in full, according to a press release. The offering was issued in 2014 to repay outstanding debt and fund the center’s expansion, including real estate infrastructure and the Gate Avenue retail development.
M&A-
Japan’s Giftee to fully acquire YOUGotaGift: Dubai’s YOUGotaGift agreed to sell a 91% majority stake to Japanese e-gifting platform Giftee, with plans to transfer the remaining 9% by 2027, the company’s CEO Husain Makiya told Arabian Business. The acquisition marks Giftee’s entry into the Middle East’s expanding prepaid cards market. YOUGotaGift’s current management will stay on board, with the companies aligned on “medium- to long-term visions and growth strategies.”
Who’s selling? Shareholders including Middle East Venture Partners and HoneyBee Tech Ventures.
About YOUGotaGift: The digital card provider distributes over 5 mn HappyYOU multi-brand cards annually, covering over 1k regional and 5k international brands. Primarily focused on the B2B sector, the company serves over 2.5k GCC corporate clients, including Adnoc, Emirates Airlines, and Saudi’s Sabic. YOUGotaGift has seen a 200% increase in distribution volumes and a 30% rise in its client base “in just the last three years,” Makiya said, with an annual gross merchandise volume of USD 200 mn.
NBFS-
Dubai Chambers taps Noqodi for payment services: Fintech firm Noqodi is now Dubai Chambers’ primary payment provider, providing its payment solutions across the chambers’ services, according to the Dubai Media Office.
MARITIME-
Al Seer Marine, a subsidiary of International Holding Company, expanded its JV with Damen International beyond naval shipbuilding to include commercial shipbuilding as well, according to a press release (pdf). The JV targets manufacturing over 26 vessels in the UAE in 2025. It will use Al Seer Marine’s manufacturing facilities in Abu Dhabi and Damen’s shipyards in Sharjah, Fujairah, and Dubai.
INFRASTRUCTURE-
Aldar taps Combined Group to carry out infrastructure work at one of its projects: Emirati developer Aldar awarded a USD 43.2 mn contract to Kuwait-based Combined Group Contracting and its UAE subsidiary to build infrastructure facilities at Delma Industrial Area in Abu Dhabi, according to a press release. Construction is expected to wrap up in 578 days.
INDUSTRY-
The Industrial Transition Accelerator (ITA) partnered with the UAE’s and Bahrain’s governments to support industrial decarbonization across the Mena region, according to the Bahrain News Agency. The ITA is seeking to cooperate with regional governments and industry leaders to promote emerging green industries and drum up the needed capital to support decarbonization efforts.
Several UAE companies signed formal agreements with the ITA to collaborate on operational decarbonization, including Emsteel, Emirates Global Aluminium, and Arabian Gulf Steel Industries.
