Abbas Hashmi, a capital strategy advisor working primarily with family offices, founders, and investment funds, has released his selection of the top chief investment officers in Saudi Arabia, highlighting the leading investors shaping Saudi Arabia’s economic future. These executives control vast pools of capital and play a decisive role in determining which companies get funded, which industries take off, and where global partnerships are forged. They represent organizations like Saudi Arabia’s Public Investment Fund (PIF), Aramco Digital, and Saudi Investment Group, managing capital pools tied to national strategic goals, and directing investments that drive diversification beyond oil and into sectors…

Ruya and Ignyte have formalised their strategic partnership, bringing together ruya’s digital‑first Islamic banking expertise and Ignyte’s government‑backed, all‑in‑one start-up ecosystem to accelerate innovation across the UAE. The UAE’s startup scene remains the region’s most active, recording 188 funding rounds in 2024—the highest in MENA and Dubai is now recognised as one of the top five cities worldwide for FinTech. Launched in early 2024 and licensed by the Central Bank of the UAE, ruya has quickly redefined banking with a fully Shari’ah‑compliant digital platform and community centres that blend cutting‑edge technology with a commitment to fairness, transparency and social responsibility.…

The Dubai International Financial Centre (DIFC) Innovation Hub and the Dubai Land Department (DLD) have announced the launch of the Dubai Proptech Hub, located within the DIFC Innovation Hub. This marks the first proptech-focused innovation hub in the Middle East, Africa, and South Asia (MEASA) region. The initiative is intended to bring together stakeholders across the real estate value chain and promote the use of technology in the sector. The hub will support over 200 proptech start-ups and scale-ups, with targets to create more than 3,000 jobs and attract over $300 million in investment by 2030. It will provide tailored…

The Gulf Cooperation Council (GCC) is set to introduce a unified tourism visa, as announced by GCC Secretary General Jassem Al Budaiwi on Wednesday (July 2). According to The Gulf News, Al Budaiwi commended the collaborative efforts of the Gulf states in progressing the initiative, which aims to facilitate easier travel across the region. Once implemented, the single visa will allow tourists to move freely between the six GCC member countries: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE. “The unified visa reflects the vision of our leaders to strengthen integration and cooperation,” said Al Budaiwi. He added that…

PetroApp, a Saudi Arabia-based independent digital platform for fuel payments, fleet management, and vehicle services, has closed a US$50 million funding round. The investment was led by Jadwa Investment through its GCC Diversified Private Equity Fund, with additional participation from Bunat Ventures. Established in 2018, PetroApp is Saudi Arabia’s first standalone provider of cashless fuel payment and fleet management solutions. The platform eliminates the need for cash transactions, reduces fraud risk, and offers real-time cost control for corporate and government fleet operators. Over time, the company has expanded its services to include car washes, oil changes, and tyre and battery…

Venture capital firm EQIQ has made a US$3 million anchor investment in InstaBank (registered as Al Fawr Digital Bank), as part of a wider US$15 million funding round to support the bank’s launch and early-stage development. EQIQ is led by founding partners with experience in deploying over US$500 million in technology investments, achieving returns exceeding 3.3 times. InstaBank aims to address gaps in Iraq’s financial services sector by adopting a digital-first banking model. The bank plans to leverage AI and other digital tools to enhance financial access and service delivery, with a focus on underserved segments in Iraq, the fourth…

Zodia Custody, a London-based institution-focused digital assets platform backed by Standard Chartered Ventures, Emirates NBD, Northern Trust, SBI Holdings, and National Australia Bank Ventures, has announced the completion of its acquisition of Tungsten Custody Solutions, a regulated digital asset custodian based in the UAE. This follows an earlier announcement in April regarding Zodia Custody’s intent to acquire Tungsten. The acquisition strengthens Zodia Custody’s capacity to provide secure digital asset custody services in jurisdictions considered central to the development of digital finance. The transaction also transfers Tungsten’s regulatory license under the Financial Services Regulatory Authority (FSRA) to Zodia Custody. Additionally, Zodia…

Emirates NBD has confirmed that its DirectRemit money transfer service will remain free of charge for transfers to six key countries, despite the introduction of a new international transfer fee from 1 September 2025. This clarification follows a recent communication to customers stating that a fee of AED 26.25 (inclusive of VAT) would be applied to international transfers made via the bank’s app or online banking. However, in a statement to Khaleej Times, a spokesperson for the bank assured that DirectRemit transfers to India, Pakistan, Egypt, Sri Lanka, the Philippines, and the UK will continue to be free for all…

Swift, a Belgium-based member-owned cooperative and provider of secure financial messaging services, has announced the host cities for its flagship Sibos conference through to the end of the decade, naming Dubai as the 2029 host, marking the first time the event will be held outside the traditional rotation of Europe, North America, and Asia-Pacific. The announcement signals a strategic shift in Swift’s approach to the global event, with an expanded focus on financial inclusivity across emerging markets. Starting in 2029, Sibos will rotate every fourth year to regions in Asia, the Middle East, Africa, and Latin America. Swift stated that…

Mashreq has opened a representative office in Türkiye, signalling a continued commitment to supporting Turkish financial institutions and corporates. As one of the most active correspondent banks operating in the country, Mashreq has facilitated risk capacity and capital flows to Turkish banks and businesses. The bank has also served as a lead bookrunner for major bond issuances by Turkish borrowers, including capital-raising efforts by well-established local banks. This involvement has reinforced Mashreq’s role in improving access to international capital markets and deepening financial links between Türkiye and global partners. The establishment of the new office follows increased collaboration with Turkish…

Dubai-based Codebase Technologies has announced a partnership with Fuze, a digital asset infrastructure firm headquartered in Abu Dhabi, to integrate crypto and digital asset capabilities into its Digibanc platform. The collaboration aims to support banks and fintechs in the region seeking to expand their service offerings to include digital assets. The partnership comes amid rising institutional interest in cryptocurrencies across the Middle East. “We’re not trying to ride a trend,” said Omar Mansur, Managing Director, APAC at Codebase Technologies. “Our clients are asking how to offer digital asset services in a way that fits into their existing systems and without…

The Central Bank of the UAE (CBUAE) has suspended the onboarding of new customers to the Islamic Window of a bank operating in the UAE for a period of six months and imposed a financial penalty of AED 3,502,214. This action was taken in accordance with Article 137 of Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organisation of Financial Institutions and Activities, as amended. The sanctions follow a Sharia supervision inspection by the CBUAE, which identified the bank’s failure to comply with the relevant instructions governing Sharia governance of its Islamic Window, as well as…

Altery, a UK-based fintech company, has confirmed that its MENA subsidiary, Altery MENA, has been granted a regulatory license by the Dubai Financial Services Authority (DFSA). The authorisation forms part of Altery’s broader strategy to develop regionally compliant financial hubs. The UAE, particularly noted for its high uptake of digital payments and forward-leaning regulatory environment, has been identified by Altery as a key location for regional operations. With the new license, Altery MENA is permitted to facilitate the collection and expenditure of funds in local currencies (AED/GCC) within the UAE. The license does not cover activities related to cryptocurrency or…

Oman has issued a royal decree to introduce a personal income tax, becoming the first Gulf nation to implement such a measure, its tax authority announced on June 22. The move is part of the country’s broader efforts to diversify revenue sources and reduce reliance on oil. As one of the smaller economies in the Gulf, Oman launched a medium-term fiscal plan in 2020 aimed at cutting public debt, expanding non-oil income streams, and supporting economic growth. These measures have contributed to an improvement in the nation’s public finances. Under the new law, a 5% tax will be levied on…

Mastercard has launched Account Intelligence Reissuance, an AI-driven tool designed to support card issuers in the Eastern Europe, Middle East, and Africa (EEMEA) region with managing card reissuance more efficiently and reducing fraud-related losses. The service uses Mastercard’s proprietary AI and network data to evaluate the risk associated with compromised cards. It provides automated recommendations on which cards should be monitored or replaced, aiming to streamline a traditionally manual and costly process. Card fraud remains a significant challenge for issuers and merchants, often requiring the replacement of large volumes of payment cards following data breaches or other compromises. The new…

Wealthbrix Capital Partners Limited, a newly established independent wealth management firm, has officially launched operations from the Dubai International Financial Centre (DIFC), the financial hub for the Middle East, Africa, and South Asia (MEASA). Founded by professionals from private banking and asset management backgrounds, the firm brings over 150 years of combined leadership experience, with a track record of managing more than US$30 billion in assets for clients across the Middle East, Asia, and Europe. Wealthbrix aims to provide a client-centric, independent approach to wealth management, targeting a growing group of globally mobile, self-made clients seeking tailored solutions beyond standardised…

U Consumer Finance, operating under the trademark Valu and a subsidiary of EFG Holding, has announced that Amazon has exercised its option to acquire a direct equity stake in Valu. This follows an agreement made in May 2022, when Amazon entered into an Option Agreement with EFG Holding, purchasing US$10 million worth of EFG Holding Global Depositary Receipts (GDRs). The agreement included an option to convert these GDRs into a direct stake in Valu, equivalent to 4.255% of its share capital, upon a qualified liquidity event. Following the recent listing of Valu on the Egyptian Exchange (EGX), Amazon has chosen…

The United Arab Emirates (UAE) is poised to become a regional leader in digital assets and stablecoin adoption. This is supported by progressive regulation, robust digital infrastructure, and booming crypto usage, according to a new report by PwC and Abu Dhabi-headquartered digital assets infrastructure provider Fuze. The report, released in May, looks at the state of digital asset and stablecoin adoption in MENA, highlighting the UAE’s growing prominence, and sharing emerging trends and opportunities. According to the report, the UAE ranks third in digital asset transaction volume in MENA, with US$34 billion recorded in the year ending June 2024 and…

The Saudi Central Bank (SAMA) has announced an overhaul of the Kingdom’s credit card regulations, aimed at improving transparency, reducing costs for consumers, and supporting the national transition towards digital payments. The new rules will be implemented within a period of 30 to 90 days. Under the revised framework, credit card holders can expect lower fees and clearer information on charges. Issuers are now required to notify customers via SMS of any changes to fees or charges. Customers will also have a 14-day window to cancel their credit card agreements without incurring penalties once notified of such changes. As part…

Justlife, a Dubai-based lifestyle services platform, has expanded its professional welfare programme with an enhanced focus on financial access, timely incentive disbursements, and broader well-being initiatives for its network of service professionals and drivers across the region. In collaboration with Edenred, Justlife launched the Justlife C3Pay Card in October 2022, allowing for direct incentive payments to professionals. To date, more than 5,000 active users, comprising 3,619 service professionals and 458 drivers, have received a C3Pay card upon onboarding. The system has improved the incentive payout process by removing reliance on third-party providers and offering secure, direct access to earnings. The…