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Jeddah - Yasmine El Tohamy - UAE In-Focus — ADNOC awards $1.53bn contract to expand offshore oil operations to 5m bpd
Dubai: Abu Dhabi National Oil Co. has awarded its subsidiary ADNOC Drilling a 5.62 billion dirhams ($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 provision 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 with lower carbon intensity oil and gas. ADNOC Drilling is a world leader in drilling and completion services.
Saudi ANB acquires stake in UAE-based Cashee
Arab National Bank announced an agreement with UAE-based tech startup Cashee to acquire equity in the latter, according to a statement.
However, neither the amount nor the value of the share it took over was disclosed in the Saudi lender’s press release.
ANB intends to enhance its banking services to target younger generations and broadens financial knowledge and inclusion through this deal.
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 boost financial inclusion for the youth in the Middle East and North Africa region.
ANB’s net profit increased 28.76 percent to SR1.35 billion ($3.59 million) in the first half of 2022, compared to SR1.05 billion a year earlier.
DIFC approves UAE fintech Mamo
Dubai International Financial Center has granted regulatory approval to Mamo, a UAE fintech and financial services platform for Small and Medium Enterprises, according to a statement.
The Dubai Financial Services Authority has granted the company a license to carry out regulated activities 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 program, 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.
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