FINTECH-

E-finance looks to enter Saudi market: State-owned fintech player e-finance has signed an MoU with Saudi-based Thiqah Business Services that could see them partner to provide digital solutions and e-payments services in Egypt and Saudi Arabia, it said in a statement (pdf) on Thursday. The partnership would be the company’s first step into the Saudi market and comes as part of its strategy to expand into new markets overseas.

The Saudi connection: Saudi sovereign wealth fund PIF became the single-largest shareholder in e-finance last year after it acquired a 25% stake. The partnership with Thiqah “reflects the PIF’s first efforts in catapulting [e-finance] into foreign markets,” said e-finance Chairman Ibrahim Sarhan.

ENERGY-

The military is building the country’s first biogas-powered plant: A subsidiary of the military’s National Service Projects Authority has signed an agreement withAl Mawarid Industrial Products Company to establish the first plant in the country to generate electricity using biogas, according to Al Mal. The plant will produce 1 MWh of electricity by processing 85k tons of livestock manure.

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