NBFS-

Al Ansari + Abhi to introduce early salary access, SNPL services: Al Ansari Financial Services partnered with Hub71 and Abu Dhabi Investment Office-backed fintech platform Abhi to roll out earned wage access (EWA) and send now, pay later (SNPL) services, according to a press release (pdf). The services, targeting underbanked communities, are expected to launch in 2Q 2025, pending regulatory approvals.

The details: Al Ansari will use Abhi’s platform to allow users to access earned wages before their scheduled payroll dates, as well as to instantly redeem international remittances while deferring payment.

ICYMI- Al Ansari Financial Services entered a similar partnership with Egyptian fintech firm MNT-Halan last month to launch EWA and SNPL services.

FINTECH-

Polish online broker XTB will now be able to scale up its operations in the UAE after it secured a 5th category license from the Securities and Commodities Authority, according to a press release. The license will allow XTB to expand its range of services in the region, boost its staff, and launch a new office outside of the Dubai International Financial Center. The Middle East is one of XTB’s fastest-growing regions, with operating revenues increasing 44.7% y-o-y in 3Q 2024.

INFRASTRUCTURE-

Drake & Scull join forces with El Amar Group for Egypt + KSA projects: Local MEP contractor Drake & Scull International partnered with Egyptian developer El Amar Group to collaborate on projects in Egypt and Saudi Arabia, according to a press release. The MoU will see them mull potential projects in real estate, infrastructure, EPC, water treatment, and district cooling, among others.

MANUFACTURING-

Sharjah gets the go-ahead to establish organic honey factory: Sharjah received the green light from the emirate’s Ruler Sheikh Sultan bin Mohammed Al Qasimi to set up an organic honey factory and lab in the Central Region, slated for completion in October, Wam reports. The facility is expected to produce 120 tons of honey annually in its first phase.

CRYPTO-

HashKey Mena secures preliminary approval for virtual asset services in Dubai: HashKey Mena, a subsidiary of Asian virtual asset financial services firm HashKey Group, received preliminary approval from Dubai’s Virtual Assets Regulatory Authority for a Virtual Asset Service Provider license, the parent company said in a statement. Upon receiving final approval, HashKey Mena will be able to provide virtual asset exchange and brokerage services from Dubai for both retail and institutional investors.

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