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MBRHE
Finance

MBRHE and Dubai Islamic Bank Forge AED 29.7 Mln Community Partnership

Mohammed Bin Rashid Housing Establishment (MBRHE) and Dubai Islamic Bank (DIB) have signed a partnership agreement worth AED 29.7 million to support community initiatives. This collaboration seeks to enhance community partnership and corporate social responsibility, reinforcing the support needed to ensure stability and well-being within the community. “We are proud to collaborate with Dubai Islamic […]

Dhivya Dharshini1 min read
ACWA Power
Finance

ACWA Power Reports 36% Increase in Net Profit for H1 2024

Saudi-based electric power generation company ACWA Power has announced its consolidated financial results for the first half of 2024, ending June 30. The company reported a net profit of SAR 927 million, marking a 36% increase from the same period in 2023. Operating income before impairment losses and other expenses reached SAR 1,389 million, with […]

Dhivya Dharshini1 min read
Mazad
Finance

Mazad, ASRY Announce Strategic Partnership to Enhance Maritime Industry

Bahrain-based auction platform, Mazad, on Tuesday, announced a strategic partnership with the Arab Shipbuilding and Repair Yard Company (ASRY) to bolster the maritime industry through innovative auctioning solutions and enhanced operational efficiencies. This partnership aims to streamline ASRY’s procurement process by using Mazad’s platform to repurpose and utilise materials efficiently, providing a trusted and transparent […]

Dhivya Dharshini1 min read
Network International
Finance

Network International Partners with Reem Finance to Enhance Digital Payments in UAE

One of the largest Digital payments providers in the Middle East and Africa Network International has entered into a strategic partnership with UAE-based financial services provider Reem Finance. This alliance aims to leverage the Network’s expertise to deliver comprehensive payment processing solutions, supporting the digital transition in the financial sector. The partnership aligns with Reem […]

Dhivya Dharshini1 min read
Kazakhtelecom
Finance

Kazakhtelecom Sells MTS to Qatar Power International for $1.1 Billion

According to Reuters on Tuesday, Kazakhtelecom, Kazakhstan’s leading telecommunications company announced the sale of its mobile communications subsidiary Mobile Telecom Services (MTS) to Qatar’s Power International Holding(PIH) for $1.1 billion. Kazakhstan’s digital development minister, Zhaslan Madiyev, confirmed that the new investor would also commit to expanding the MT-S network. This deal marks a significant investment […]

Dhivya Dharshini1 min read
ESC
Finance

ECS Fin Achieves Fedwire ISO 20022 Certification

Financial Technology service provider, ECS fin, announced it has achieved Fedwire ISO 20022 certification after completing Fedwire’s DIT2 Certification Testing. This milestone underscores the capabilities of ECS Fin’s IMS for seamless end-to-end transaction processing, fully adhering to Fedwire ISO 20022 rules and standards. As a certified FedLine Direct Solution Service Provider, ECS Fin enables banks […]

Dhivya Dharshini1 min read
UAE
Finance

UAE, Qatar Sign Agreement to Avoid Double Taxation

On Thursday, The United Arab Emirates (UAE) and Qatar signed an agreement to avoid double taxation and prevent fiscal evasion of income taxes. The UAE Minister of State formalised the agreement for Financial Affairs Mohamed Hadi Al Hussaini and Qatari Minister of Finance Ali bin Ahmed Al Kuwari during the 121st GCC Financial and Economic […]

Dhivya Dharshini1 min read
Saudi Arabia
Finance

Saudi Arabia’s $1.8 T Transformation to Spur Economic Growth by 2027

Saudi Arabia is set to undergo a significant economic transformation, with its GDP projected to reach $1.8 trillion by 2027, driven by Vision 2030’s ambitious diversification plans, rising oil prices, and a growing population. Based on Ken Research reports, Vision 2030 aims to reduce the Kingdom’s reliance on oil exports by developing non-oil sectors such […]

Dhivya Dharshini1 min read
Swiggy
Finance

Swiggy Secures Shareholder Approval for $1.25 Bln IPO

Food and grocery delivery company Swiggy, on Tuesday, received approval for the initial public offering (IPO) of ₹10,414 crore ($ 1.25 billion) from its shareholders, based on the report of the Economic Times. The online food delivery aims to raise ₹3,750 Crore in fresh capital and the IPO will include an offer-for-sale (OFS) component of up […]

Ritambhara Jha1 min read
Visi
Finance

Visa, AWS Partner Network Collaborates to Simplify Digital Payments

Digital payment giant Visa, on Wednesday, collaborated with AWS Partner Network (APN), a community that leverages AWS technologies, with an aim to build innovative solutions and services to make transactions easier, faster, and secure in the payment eco-system for customers. Global payments technology provider said the presence in APN will enable its partners and clients, including cloud-native fintech, to […]

R Swathi1 min read
BharatPe
Finance

BharatPe Launches Payment Device BharatPe One

Financial service provider BharatPe, on Tuesday, launched BharatPe One, an all-in-one payment product that integrates point of sale (POS), quick response (QR), and speaker into one device. The fintech company said this product is designed to help retailers simplify transactions by providing payment acceptance options including active and stagnant QR codes, tap-and-pay, and standard card payment alternatives across a […]

Ritambhara Jha1 min read
Razorpay
Finance

Razorpay, Airtel Payments Bank Partners to Launch UPI Switch

Financial solutions company Razorpay, on Tuesday, launched Unified Payments Interface (UPI) Switch, in partnership with Airtel Payments Bank to handle up to 10,000 transactions per second (TPS) at any given time. The company said the solution is a UPI infrastructure and next-generation cloud-based innovation that is aimed to increase success rates by 4-5%, while also providing businesses with five times faster access […]

Ritambhara Jha1 min read