ENERGY-

Dragon Oil, Schlumberger partner on AI, seismic tech to boost Egypt oil output: Dragon Oil, a subsidiary of Emirates National Oil Company (Enoc) and owned by the Dubai government, signed an MoU with oilfield services giant Schlumberger Middle East (SLB) to enhance collaboration on exploration and production technologies. The agreement covers advancements in artificial intelligence, machine learning, production optimization, and advanced seismic surveying in Egypt, Al Bayan reports. The signing took place at the Egypt Energy Show (EGYPS 2025), which concluded Tuesday in Cairo.

ICYMI- Dragon Oil ramped up its Egypt investments last year, committing USD 500 mn in 2024 to maintain 61k barrels per day (bpd) of production and boost output from the North Safa oil field in the Gulf of Suez to 8k bpd by 2025. The firm also kicked off production at the Al Wasl field and earmarked USD 200 mn to drill seven new wells by 2026 to double its output from 3k bpd.

CRYPTO-

Mantra Finance secures Vara license to expand virtual asset services in Dubai: Shorooq-backed Mantra Finance secured a Virtual Asset Service Provider license from Dubai’s Virtual Assets Regulatory Authority (Vara), allowing it to operate as a Virtual Asset Exchange and provide broker-dealer and investment management services, according to a press release. The company plans to scale its operations in the Middle East.

Last month, Dubai’s Damac Group partnered with Mantra to tokenize at least USD 1 bn worth of assets across real estate, hospitality, and data centers in the Middle East. The partnership builds on Mantra’s growing presence in asset tokenization, following its USD 500 mn real estate tokenization deal with MAG Property Development and its MoU with Zand Bank to facilitate blockchain-based investments.

MANUFACTURING-

Empower’s ELIPS expands across Gulf and regional markets: Empower Insulated Pipe Systems (ELIPS), a subsidiary of Emirates Central Cooling Systems Corporation PJSC (Empower), has expanded its footprint across the Gulf and Middle East, and is now operating in Saudi Arabia, Bahrain, Oman, Qatar, Kuwait, and Egypt, according to a DFM disclosure (pdf).

TRADE-

The Abu Dhabi Commerce and Industry Chamber inked a cooperation agreement with the Shanghai Industry and Commerce Federation to support and ease the process for Chinese firms entering Abu Dhabi’s market, state news agency Wam reports. The partnership focuses on creating shared platforms for trade, data exchange, and investor support.

CAPITAL MARKETS-

DFM-listed brokerage and investment firm Al Ramz Corporation is expanding into Bahrain after securing a market maker license on the Bahrain Bourse (BHB), according to a DFM disclosure (pdf). The move aligns with Al Ramz’s strategy to broaden its regional footprint, targeting GCC financial markets, the company said.

This marks Al Ramz’s second market maker license this month, following its recent approval from the Muscat Stock Exchange (MSX). The firm also recently launched a new trading platform that offers access to both regional and global markets.

FINTECH-

Careem Pay adds 18 new European remittance corridors: UAE residents can now transfer money instantly to 18 additional European countries using Careem Pay, the fintech arm of the Careem Everything App, according to a press release. The new corridors include Austria, Belgium, Croatia, Cyprus, Estonia, Finland, Greece, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Portugal, San Marino, Slovakia, and Slovenia — expanding on existing routes to Germany, France, Ireland, Spain, and Italy.

REFRESHER- The platform allows customers to send up to AED 150k per transaction and up to AED 450k a month to any valid IBAN in said countries, with eight out of 10 transfers processed in under 30 minutes via SEPA transfers, at rates 50% cheaper than banks.

RETAIL-

Sharjah launches fashion lab: Sharjah Ruler Sultan bin Mohammed Al Qasimi issued a decree establishing the Sharjah Fashion Lab (SFL), an independent center aimed at helping local designers expand into global markets, Wam reports. Based in the Sharjah Creative Quarter, the lab will provide designers with advanced machinery, consulting services, and production support, as well as educational programs, market access, and industry collaborations, including partnerships with local factories to strengthen the UAE’s fashion industry.

Organizational structure: The SFL will operate with financial and administrative independence and will be overseen by a director appointed by the head of the Sharjah Creative Quarter.

FOOD AND BEVERAGE-

Gorilla Energy names the UAE as its global HQ: Gorilla Energy is setting up shop in the Middle East, designating the UAE as its global headquarters, according to a press release. The company is planning a production facility in Jebel Ali to target the Middle East and Africa energy drink market by producing energy blend concentrates locally. The company has formed UAE entities, including Gorilla Beverages Holding, to oversee global operations.

MARITIME-

Veson Nautical lands at DMCC: US-based freight management and maritime data provider Veson Natural has launched a new office in Dubai’s Multi Commodities Centre (DMCC), according to a statement. The facility — which will serve as a hub for client management, implementation support, and industry collaboration — is part of the firm’s strategy in supporting its operations and client base in the region.

BUSINESS-

YesAgain launches AED 30 mn electronics refurbishment hub in Sharjah’s SAIF Zone: YesAgain, a Microsoft-authorized electronics refurbisher, opened a 9k sqm facility in Sharjah Airport International Freezone (SAIF Zone) with an initial investment of AED 30 mn, Wam reports.The site aims to triple the company’s annual refurbishment capacity from 100k to 300k devices, targeting regional demand for e-waste reduction.

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