{"id":100915,"date":"2025-02-20T00:00:00","date_gmt":"2025-02-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/dragon-oil-taps-schlumberger-for-egypt-production-optimization-partnership\/"},"modified":"2025-02-20T00:00:00","modified_gmt":"2025-02-20T00:00:00","slug":"dragon-oil-taps-schlumberger-for-egypt-production-optimization-partnership","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/02\/20\/dragon-oil-taps-schlumberger-for-egypt-production-optimization-partnership\/","title":{"rendered":"Dragon Oil taps Schlumberger for Egypt production optimization partnership"},"content":{"rendered":"

ENERGY- <\/p>\n

Dragon Oil, Schlumberger partner on AI, seismic tech to boost E<\/strong>gypt <\/strong>oil output: <\/strong>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<\/a> reports. The signing took place at the Egypt Energy Show (EGYPS 2025), which concluded Tuesday in Cairo.<\/p>\n

ICYMI- <\/strong>Dragon Oil ramped up its Egypt investments<\/a> 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. <\/p>\n

CRYPTO- <\/p>\n

Mantra <\/strong>Finance secures Vara license to expand virtual asset services in D<\/strong>ubai: <\/strong>Shorooq-backed Mantra Finance<\/a> secured a Virtual Asset Service Provider license from Dubai\u2019s 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<\/a>. The company plans to scale its operations in the Middle East. <\/p>\n

Last month, <\/strong>Dubai\u2019s Damac Group partnered with Mantra<\/a><\/strong> to tokenize at least USD 1 bn worth of assets across real estate<\/strong>, hospitality, and data centers in the Middle East. The partnership builds on Mantra\u2019s 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.<\/p>\n

MANUFACTURING- <\/p>\n

Empower\u2019s ELIPS expands across Gulf and regional mark<\/strong>ets: <\/strong>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)<\/a>. <\/p>\n

TRADE- <\/p>\n

The <\/strong>Abu Dhabi Commerce and Industry Chamber inked a cooperation agree<\/strong>ment with the Shanghai Industry and Commerce Federation<\/strong> to support and ease the process for Chinese firms entering Abu Dhabi\u2019s market, state news agency Wam<\/a> reports. The partnership focuses on creating shared platforms for trade, data exchange, and investor support. <\/p>\n

CAPITAL MARKETS- <\/p>\n

DFM<\/strong>-listed brokerage and investment firm Al Ramz Corporation is expa<\/strong>nding into <\/strong>Bahrain<\/strong> after securing a market maker license on the Bahrain Bourse (BHB), according to a DFM disclosure (pdf)<\/a>. The move aligns with Al Ramz\u2019s strategy to broaden its regional footprint, targeting GCC financial markets, the company said.<\/p>\n

This marks Al Ramz\u2019s second market maker license this month<\/strong>, following its recent approval from the Muscat Stock Exchange (MSX)<\/a>. The firm also recently launched a new trading platform<\/a> that offers access to both regional and global markets.<\/p>\n

FINTECH- <\/p>\n

Careem <\/strong>Pay adds 18 new European remittance corridors: <\/strong>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<\/a>. The new corridors include Austria, Belgium, Croatia, Cyprus, Estonia, Finland, Greece, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Portugal, San Marino, Slovakia, and Slovenia \u2014 expanding on existing routes to Germany, France, Ireland, Spain, and Italy<\/a>.<\/p>\n

REFRESHER- <\/strong>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. <\/p>\n

RETAIL- <\/p>\n

Sharjah <\/strong>launches fashion lab: <\/strong>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<\/a> 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\u2019s fashion industry. <\/p>\n

Organizational structure: <\/strong>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. <\/p>\n

FOOD AND BEVERAGE- <\/p>\n

Gorilla<\/strong> Energy names the UAE as its global HQ:<\/strong> Gorilla Energy is setting up shop in the Middle East, designating the UAE as its global headquarters, according to a press release<\/a>. 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.<\/p>\n

MARITIME- <\/p>\n

Veson Nautical lands at DMCC: <\/strong>US-based freight management and maritime data provider Veson Natural has launched a new office in Dubai\u2019s Multi Commodities Centre (DMCC), according to a statement<\/a>. The facility \u2014 which will serve as a hub for client management, implementation support, and industry collaboration \u2014 is part of the firm\u2019s strategy in supporting its operations and client base in the region.<\/p>\n

BUSINESS- <\/p>\n

YesAgain launches AED 30 mn electronics refurbishment hub in S<\/strong>harjah\u2019s SAIF <\/strong>Zone: <\/strong>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<\/a> reports.The site aims to triple the company\u2019s annual refurbishment capacity from 100k to 300k devices, targeting regional demand for e-waste reduction.<\/p>\n","protected":false},"excerpt":{"rendered":"

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