Nubank to launch HQ in ADGM

Brazilian neobank Nubank is pressing ahead with a regional HQ in ADGM: Abu Dhabi Crown Prince met with São Paulo-based digital bank Nubank’s founder and CEO David Vélez ahead of the Brazilian digital bank’s expansion in the UAE, according to the Abu Dhabi Media Office. The rollout is happening in partnership with several banking and financial institutions, including Abu Dhabi’s digital platform Wio Bank.

What we know: Although no timeline has been specified, the move establishes the capital as a launchpad for the bank’s expansion into the Middle East and North Africa region and Asian markets. The bank is the largest of its kind in Latin America and among the largest worldwide, with assets under management exceeding USD 78 bn across Brazil, Mexico, Colombia, Uruguay, the US, and Germany.

IN CONTEXT- Despite escalating regional tensions, the expansion of the NYSE-listed neobank is the latest in a string of international firms setting up shop in the UAE’s regulatory hub, including Hillhouse Investment and US-based public and private credit-focused investment firm Muzinich & Co.

UAE rolls out world’s first high-capacity upper 6GHz network for mobile operators

UAE activates world’s first upper 6GHz band: The Telecommunications and Digital Government Regulatory Authority (TDRA) launched the world’s first commercial upper 6GHz (U6GHz) network for mobile operators, in a bid to strengthen digital infrastructure for AI-intensive data usage, according to a press release. Industry giants, including SAMENA Telecommunications Council, Huawei, du, e&, GSMA, Nokia, HONOR, and Tozed, are also supporting the new infrastructure’s rollout for commercial deployment.

U6GHz? The new upper 6 GHz band — dubbed the golden spectrum — offers a high-capacity network that acts as a bridge between 5G-Advanced and 6G. While current 5G is optimal for downloads, the new infrastructure supports bigger loads needed for real-time AI processing.

Dragon Oil announces new Gulf of Suez discovery

Yet another oil discovery in Egypt: Emirates National Oil Company subsidiary Dragon Oil made a new oil discovery at the Egyptian South El Wasl B.B2 exploration well in the Gulf of Suez, state news agency Wam reports. The firm estimates some 8 mn barrels worth of original oil reserves, while initial testing suggests production rates could exceed 2k barrels per day.

ICYMI- Earlier this week, Dragon Oil reaffirmed its commitment to Egypt with some USD 3 bn in investments, with the firm bullish on its Gulf of Suez presence, pointing to a recent discovery at the North Safa field — the first in two decades — followed by another discovery at its East Crystal-1 well as evidence of the area’s investment potential.

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