Banking & Finance Mashreq sells majority stake in NeoBank in $385m deal By Gavin Gibbon September 13, 2024, 8:42 AM Creative Commons/World Economic Forum Abdul Aziz Al Ghurir, chairman of Mashreq Bank. Net profit before tax for the first six months of 2024 grew 24% to AED4.5 billion Mashreq Bank has sold a 65 percent stake in its subsidiary IDFAA Payments, more commonly known as NeoPay, in a deal worth $385 million. The Dubai-listed lender sold the stake to Bahrain-headquartered alternative asset manager Arcapita Group Holdings Limited and Turkish fintech company Dgpays SARL, according to a bourse filing. NewsletterGet the Best of AGBI delivered straight to your inbox every week It said Mashreq would retain a minority stake with plans to enter into a “long-term shareholder arrangement with the purchasers for the future growth of the business”. The deal is subject to regulatory approvals and consents. NeoPay was launched in March 2022 as a payment platform that helps businesses process digital transactions. Mashreq’s earnings up as loans and deposits rise AI regulations double investment costs, says Mashreq Bank IMF endorses Middle East interest in digital currencies The business processed more than 400 million transactions in 2023 and is used by over 10,000 merchants in the country. Mashreq’s net profit increased 14 percent year on year to AED4 billion ($1.1 billion) in the first six months of 2024 on higher interest income, business expansion and minimal risk costs. Net profit before tax grew 24 percent to AED4.5 billion.
Mining Ma’aden signs $1bn contracts to develop industrial cities Saudi mineral giant Ma’aden has signed three contracts worth a combined $922 million with foreign companies to develop a third phosphate fertiliser project. The majority state-owned Saudi mining company announced the agreements in a note to the Saudi bourse on Thursday, coinciding with the final day of the Future Minerals Forum in Riyadh. Ma’aden is […] 3 hours ago
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EXCLUSIVE Aviation Wizz Air increases flights from UAE to Israel after ceasefire The budget carrier Wizz Air is increasing the number of flights between Abu Dhabi and Tel Aviv after the ceasefire agreement between Israel and Hamas. The airline had previously scaled back its Tel Aviv-Abu Dhabi service to four flights a week because of the conflict, down from its pre-crisis schedule of two flights a day. […] 44 mins ago
