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Zain KSA and Dell Technologies have entered into a strategic partnership aimed at revolutionising Saudi Arabia’s cloud ecosystem. The collaboration seeks to position Zain KSA as the premier provider of seamless cloud solutions for businesses across the Kingdom.

The Memorandum of Understanding was formalised during the LEAP 2025 technology conference in Riyadh. The agreement was signed by Mohamed Talaat, Vice President for Saudi Arabia and Egypt at Dell Technologies, and Fahad Alsahmah, Chief Business Officer at Zain KSA. This partnership is set to leverage Dell’s extensive expertise in Infrastructure-as-a-Service , Software-as-a-Service , and Anything-as-a-Service models to enhance Zain KSA’s cloud offerings.

Under the terms of the MoU, Zain KSA will utilise Dell’s advanced cloud solutions to develop an open cloud architecture. This architecture is designed to provide businesses with unparalleled flexibility and choice in managing their cloud requirements. The automated platform will enable customers to seamlessly onboard, access services, and manage invoicing through a user-friendly interface. This initiative aims to simplify cloud adoption for enterprises of all sizes, thereby accelerating digital transformation efforts within the region.

Fahad Alsahmah expressed enthusiasm about the collaboration, stating, “By leveraging Dell’s technical expertise, we are poised to create a transformative platform that streamlines cloud adoption for businesses. This unified marketplace will grant access to premier cloud solutions from leading providers, empowering enterprises to manage their cloud services with ease and advance their digital transformation journeys.”

Mohamed Talaat highlighted Dell’s commitment to supporting innovation and digitalisation in Saudi Arabia. He remarked, “Our profound understanding of cloud technologies, coupled with our consultancy prowess, positions us to furnish Zain KSA with a cutting-edge cloud platform. We are eager to collaborate closely with Zain KSA to define and establish a comprehensive framework for these transformative technological solutions.”

This partnership aligns with Saudi Arabia’s Vision 2030 objectives, which emphasise the importance of digital transformation and technological innovation. By enhancing the cloud infrastructure, Zain KSA and Dell Technologies aim to provide businesses with the tools necessary to navigate multi-cloud environments effectively. This will enable organisations to bolster their digital strategies, optimise operational efficiency, and reduce costs through a flexible, pay-as-you-go model.

The introduction of Zain Multi Cloud, as part of this collaboration, signifies a significant advancement in Saudi Arabia’s cloud services landscape. This unified platform integrates public, private, and hybrid cloud environments, offering businesses a centralised system to manage their diverse cloud needs. Compatibility with leading cloud providers—including Alibaba Cloud, Google Cloud, Microsoft Azure, AWS, Oracle Cloud, Huawei Cloud, and Zain Cloud—ensures that enterprises can select services that best align with their specific requirements.

The user-centric design of the platform features an intuitive control panel, simplifying the management process and strengthening governance over cloud infrastructures. This approach not only enhances the user experience but also reinforces security and compliance measures, which are critical in today’s rapidly evolving digital landscape.

As cloud computing becomes increasingly integral to the strategic operations of both public and private sectors, this partnership is poised to play a pivotal role in driving the Kingdom’s digital economy forward. By providing robust, scalable, and efficient cloud solutions, Zain KSA and Dell Technologies are set to empower businesses to innovate and thrive in an increasingly competitive market.

Sharjah and Neuchâtel have embarked on a collaborative venture to enhance manufacturing and innovation sectors. A business roundtable, organised by Invest in Sharjah in partnership with the Consulate General of the UAE in Geneva, served as the platform for this initiative. The event aimed to explore synergies and establish robust economic ties between the UAE and Switzerland.

The roundtable witnessed the participation of key stakeholders from both regions, including government officials, industry leaders, and representatives from academic institutions. Discussions centred on potential partnerships, knowledge exchange, and investment opportunities in advanced manufacturing technologies and innovative solutions.

Switzerland, renowned for its precision engineering and technological advancements, presents a valuable model for Sharjah’s burgeoning industrial sector. Conversely, Sharjah offers a strategic gateway to Middle Eastern markets, providing Swiss enterprises with avenues for expansion and collaboration.

The UAE and Switzerland have a history of strong bilateral relations, with the UAE being Switzerland’s most significant trading partner in the Middle East. The annual trade volume between the two nations stands at approximately CHF 15 billion, encompassing sectors such as precious metals, jewellery, and pharmaceuticals. This collaboration seeks to build upon existing ties, fostering economic growth and technological innovation.

Invest in Sharjah, the investment promotion agency of the emirate, has been instrumental in facilitating such international partnerships. By organising events like the business roundtable, the agency aims to position Sharjah as a hub for innovation and industry, attracting foreign investments and fostering a conducive environment for business growth.

The Consulate General of the UAE in Geneva has also played a pivotal role in bridging the gap between Emirati and Swiss entities. Through diplomatic channels and economic forums, the consulate strives to enhance mutual understanding and cooperation, paving the way for successful collaborations.

Participants at the roundtable expressed optimism about the prospects of this partnership. They highlighted the complementary strengths of Sharjah and Neuchâtel, emphasising that combined efforts could lead to significant advancements in manufacturing processes and innovative practices.

This initiative aligns with the UAE’s broader vision of economic diversification and technological advancement. By leveraging international collaborations, the nation aims to reduce its reliance on traditional industries, embracing a knowledge-based economy driven by innovation and sustainability.

As Sharjah and Neuchâtel embark on this collaborative journey, both regions anticipate a fruitful exchange of ideas, resources, and technologies. This partnership not only strengthens economic ties but also fosters cultural and academic exchanges, enriching the social fabric of both communities.

Abu Dhabi National Oil Company has announced plans to sell approximately 3.1 billion shares, equating to a 4% stake, in its subsidiary ADNOC Gas. This strategic move is projected to raise up to $3 billion, marking one of the most significant share sales in the Middle East and North Africa region since Saudi Aramco’s $12.3 billion offering in June of the previous year.

The offering is set to commence immediately and is expected to conclude on Friday, February 21, 2025. It will be open to qualified institutional and other investors across various countries, including the United Arab Emirates. The final number of shares to be placed and the offering price will be determined at the close of the book-building process, in accordance with the Block Trade Rules of the Abu Dhabi Securities Exchange .

ADNOC currently holds a 90% majority stake in ADNOC Gas. At the last closing price of AED 3.58 per share, the offering is valued at approximately AED 11.1 billion . This initiative aligns with ADNOC’s strategic objectives to enhance the liquidity and free float of ADNOC Gas, while providing a pathway to a more diversified shareholder base and potential inclusion in major indices.

Khaled Al Zaabi, Group Chief Financial Officer at ADNOC, stated, “Since its IPO in March 2023, ADNOC Gas has consistently delivered strong growth, robust financial performance, and superior shareholder returns. As a world-class integrated gas processing company, ADNOC Gas is ideally positioned for further expansion.”

The offering will be subject to a customary 180-day lock-up period for both ADNOC and ADNOC Gas, subject to certain exceptions and unless waived by the joint global coordinators. Major financial institutions, including BofA Securities, Citi, EFG-Hermes, First Abu Dhabi Bank, HSBC, and International Securities, are acting as joint global coordinators and joint bookrunners for this offering.

This move follows ADNOC Gas’s initial public offering in March 2023, which raised approximately $2.5 billion, marking one of the region’s largest IPOs at that time. The company was formed earlier that year by consolidating various gas processing operations into a single entity, aiming to streamline operations and enhance efficiency.

In May of the previous year, ADNOC also raised $935 million by selling a 5.5% stake in its drilling unit to institutional investors, reflecting the company’s ongoing strategy to monetize assets and attract foreign investment.

ADNOC Gas operates an extensive network, managing over 3,000 kilometers of pipeline infrastructure and 26 processing trains. The company plays a crucial role in processing and distributing natural gas within the UAE and to international markets. The funds raised from this stake sale are expected to support ADNOC Gas’s ambitious growth plans, including expanding its processing capacities and exploring new markets.

The energy sector in the UAE has seen significant foreign direct investment in recent years. In 2019, ADNOC attracted major investments from U.S. asset managers BlackRock and KKR, as well as Italian firm Eni, collectively bringing in billions of dollars. These investments have been pivotal in expanding ADNOC’s infrastructure and operational capabilities.

The decision to divest a portion of ADNOC Gas aligns with the company’s broader strategy to optimize its portfolio, enhance capital efficiency, and provide attractive opportunities for global investors. As the global energy landscape continues to evolve, ADNOC remains committed to adapting its business model to meet emerging challenges and capitalize on new opportunities.

The Abu Dhabi Investment Office has entered into a strategic partnership with China’s leading financial information services provider, Wind Information, to enhance investment intelligence and deepen economic relations between Abu Dhabi and China. This collaboration was formalized during the Abu Dhabi Investment Forum held in Shanghai, underscoring Abu Dhabi’s commitment to strengthening its economic connections with China’s financial sector.

As part of the agreement, Wind Information will serve as ADIO’s preferred knowledge partner in China, offering investors improved access to the dynamic investment landscapes of both regions. The partnership aims to facilitate the exchange of financial market intelligence and investment insights, providing Chinese investors and family offices with comprehensive research and analysis on key market opportunities. Wind Information will actively link ADIO with prominent investors and financial institutions in China, while ADIO will assist Abu Dhabi-based investors in exploring prospects within the Chinese market. Additionally, both organizations plan to co-host investment forums in the UAE and China to promote opportunities and strengthen bilateral ties.

His Excellency Badr Al Olama, Director-General of ADIO, emphasized the significance of this partnership, stating that it reinforces Abu Dhabi’s dedication to enhancing economic ties with China and creating a seamless investment ecosystem. He highlighted that by providing access to market data and financial insights, Abu Dhabi ensures an environment where investors can thrive, make informed decisions, and contribute to the sustainable growth of both economies.

Li Zhou, Co-Founder of Wind Information, expressed commitment to connecting capital markets and investment opportunities between China and the world. He noted that the collaboration with ADIO would empower investors with data-driven insights, enhancing the investment corridor between China and the UAE.

In a related development, ADIO has also signed a strategic partnership with Fosun International Limited, a global innovation-driven consumer group, to expedite the expansion of Fosun’s subsidiaries into Abu Dhabi and the broader Middle East. This agreement, announced at the same forum in Shanghai, aims to strengthen economic ties and reinforce Abu Dhabi’s position as a global investment hub.

Under this partnership, ADIO will offer tailored investor support, streamlined market access, and strategic guidance to accelerate Fosun’s presence in key growth sectors within Abu Dhabi, including wealth management, fintech, premium residential real estate, and healthcare innovation. Fosun International, with a revenue of approximately $13.4 billion in the first half of 2024 and a global workforce exceeding 110,000 employees, operates across various industries such as pharmaceuticals, healthcare, tourism, insurance, financial services, and intelligent manufacturing. By establishing Abu Dhabi as a regional gateway to the Middle East, Africa, and Southeast Asia, Fosun aims to leverage the emirate’s dynamic business ecosystem and substantial investor base.

ADIO has entered into a strategic partnership with Hejun Group, one of China’s leading consulting firms, to accelerate Chinese investment in Abu Dhabi. This agreement, also announced at the Abu Dhabi Investment Forum in Shanghai, paves the way for high-growth enterprises to expand into Abu Dhabi’s thriving business environment.

Hejun Group, operating both consulting and capital activities under Hejun Capital, manages more than $2 billion in cumulative assets. The firm will introduce Abu Dhabi’s investment opportunities to its network of over 2,000 publicly listed companies and leading private enterprises in China. ADIO will provide dedicated support to these Chinese companies, facilitating their business setup and long-term growth in Abu Dhabi.

The Abu Dhabi Investment Forum in Shanghai, organized by ADIO in partnership with Abu Dhabi Global Market , served as a platform for in-depth discussions on investment opportunities in Abu Dhabi. The forum, themed “Invest with Abu Dhabi,” brought together business leaders and investors to explore the emirate’s growth potential. As one of the fastest-growing economies in the Middle East and North Africa, Abu Dhabi has increasingly become a key destination for international investments.

During the forum, participants engaged in discussions on Abu Dhabi’s role as a global financial, trade, and technology hub. Experts analyzed the emirate’s economic competitiveness and highlighted its strategic position in global capital flows, emphasizing its stable economic environment, flexible regulatory framework, and well-developed financial infrastructure, which make it an attractive destination for investors worldwide.

The discussions also addressed Abu Dhabi’s expanding role in facilitating international trade and strengthening global supply chains. Participants explored the emirate’s rapid advancements in technological innovation, particularly in financial technology, artificial intelligence, blockchain, and digital transformation.

Argentina’s National Securities Commission has declared it lacks the authority to intervene in the ongoing LIBRA token controversy, citing the absence of a regulatory framework governing token sales on decentralized platforms. This announcement comes amid escalating concerns over the cryptocurrency’s dramatic rise and fall, which has led to significant financial losses for investors and political turmoil for President Javier Milei.

The CNV’s position highlights a regulatory gap in Argentina’s approach to digital assets. Despite the passage of Law N°27,739 on March 15, 2024, which aimed to reform the country’s financial oversight and appointed the CNV as the regulatory body for the crypto industry, comprehensive guidelines for decentralized token offerings remain undeveloped. This legislative shortfall has left investors vulnerable and authorities without clear mandates to address disputes arising from such activities.

The LIBRA token saga began when President Milei promoted the cryptocurrency on social media, suggesting it would bolster small Argentine businesses. His endorsement led to a meteoric increase in LIBRA’s market value, reaching approximately $4.5 billion. However, the token’s value plummeted shortly thereafter, erasing over $4 billion and leaving a majority of investors facing substantial losses. Reports indicate that eight wallets associated with LIBRA’s creator withdrew around $99 million worth of cryptocurrency during this period, intensifying suspicions of fraudulent activity.

In response to the debacle, President Milei has faced mounting criticism and legal challenges. Over 110 investors have filed complaints, alleging fraud and seeking redress for their financial losses. Opposition politicians have called for his impeachment, labeling the incident an “unprecedented scandal.” President Milei has denied any wrongdoing, stating that he merely shared information about LIBRA and was not involved in its creation or management.

The cryptocurrency platform Pump.fun has experienced a significant decline in daily trading volume, coinciding with the controversy surrounding Argentine President Javier Milei’s endorsement of the LIBRA memecoin. Data indicates that Pump.fun’s daily trading volume decreased by 27%, falling from $184 million to $134 million, following the promotion of LIBRA on February 14, 2025.

President Milei’s endorsement of LIBRA led to a rapid surge in the token’s market capitalization, reaching approximately $4 billion. However, the token’s value plummeted shortly thereafter, resulting in substantial financial losses for investors. This incident has sparked widespread criticism and calls for President Milei’s impeachment. He has defended his actions, stating that he was not fully informed about the token and acted in good faith.

The LIBRA memecoin was launched on February 14, 2025, with the intention of supporting small and mid-sized businesses in Argentina. President Milei promoted the token on his social media account, describing it as a promising investment opportunity. The token’s value experienced a brief surge before collapsing, leading to allegations of fraud and a significant financial impact on investors.

In the aftermath of the LIBRA incident, Pump.fun’s trading activity has notably declined. The platform’s daily trading volume fell by 27%, from $184 million to $134 million, as of February 19, 2025. This downturn reflects a broader trend of decreased activity in the memecoin market, possibly influenced by the negative publicity surrounding the LIBRA scandal.

Further complicating the situation, blockchain researchers have reported that approximately $99 million worth of cryptocurrency was withdrawn from the LIBRA marketplace by eight digital wallets linked to the token’s creator. These withdrawals have raised questions about the legitimacy of the token and the intentions of its creators.

The LIBRA incident has also prompted legal and political repercussions. Over 100 complaints have been filed against President Milei in Argentina’s supreme court, alleging financial misconduct and fraud. Opposition parties are calling for his impeachment, accusing him of irresponsibly promoting a fraudulent investment scheme. President Milei has denied any wrongdoing, asserting that he did not benefit financially from the promotion and was unaware of the token’s potential risks.

Azizi Developments has officially commenced sales for Burj Azizi, poised to become the world’s second-tallest tower at 725 meters. The grand launch event took place at Dubai’s Coca-Cola Arena on February 18, 2025, attracting over 15,000 attendees, including government officials, investors, and media representatives. The evening featured a performance by American singer Jennifer Lopez.

Global sales events are scheduled for February 19, 2025, at prestigious venues worldwide, including the Conrad Hotel in Dubai, The Peninsula in Hong Kong, The Dorchester in London, JW Marriott Juhu in Mumbai, Marina Bay Sands in Singapore, Four Seasons Hotel in Sydney, and the Palace Hotel in Tokyo.

Burj Azizi, set for completion by 2028, will feature over 131 stories comprising residential, hotel, retail, and entertainment spaces. The residential section offers luxurious one-, two-, and three-bedroom apartments, with prices starting at AED 10,000 per square foot. Notably, it will be the only freehold property on Dubai’s Sheikh Zayed Road.

Amenities include wellness centers, swimming pools, saunas, cinemas, gyms, mini markets, resident lounges, and a children’s play area. The tower will also house a seven-floor vertical retail center, a luxury ballroom, a beach club, an observation deck, an adrenaline zone, and various high-end dining options.

Mr. Farhad Azizi, Group CEO of Azizi Developments, expressed pride in the project, stating, “Burj Azizi is not just a structure; it is a tribute to the emirate’s ever-growing prominence on the global stage.”

The tower is designed to set multiple records, including the highest hotel lobby on the 111th floor, the highest nightclub on the 126th floor, and the highest restaurant on the 122nd floor. A museum at the pinnacle will showcase the building’s development through multimedia exhibits.

Every 20 floors will feature dedicated amenity spaces, including swimming pools, saunas, steam rooms, fully equipped gyms, yoga centers, spas, game rooms, business centers, children’s play areas, cinemas, restaurants, coffee shops, and supermarkets.

Azizi Developments, with a portfolio of over 30,000 delivered homes, aims to redefine luxury living and architectural innovation with Burj Azizi, further enhancing Dubai’s iconic skyline.

The project represents a significant investment, with sales now open to buyers worldwide. Interested parties can attend the global sales events or visit the official website for more information.

Burj Azizi is poised to become a landmark destination, offering unparalleled luxury and contributing to Dubai’s status as a global metropolis.

The development underscores Dubai’s commitment to pushing architectural boundaries and setting new standards in luxury real estate.

As construction progresses, Burj Azizi is expected to attract significant interest from investors and residents seeking a prestigious address in one of the world’s most dynamic cities.

The tower’s strategic location on Sheikh Zayed Road offers residents and visitors easy access to Dubai’s key attractions and business districts.

With its blend of luxury, innovation, and prime location, Burj Azizi is set to become a symbol of Dubai’s ambitious vision and growth.

Alibaba Cloud, the cloud computing division of Alibaba Group Holding, has inaugurated its first data centre in Mexico, marking a significant expansion of its services into Latin America. This development aims to accelerate digital transformation and foster innovation across the region by providing secure, resilient, and scalable cloud services to businesses, startups, developers, and organizations.

The new facility, launched on February 18, 2025, in Mexico City, extends Alibaba Cloud’s global infrastructure to 87 availability zones across 29 regions. Selina Yuan, President of International Business at Alibaba Cloud Intelligence, emphasized the company’s commitment to the Latin American market, stating, “We are not only bringing world-class cloud technology to support local businesses, but also building an inclusive and thriving ecosystem in Mexico together with our local partners, developers, and customers to foster innovation, collaboration, and sustainable growth across Latin America.”

The establishment of the data centre is poised to strengthen Mexico’s position as a regional tech hub. Manola Zabalza, Secretary of Economic Development of the Government of Mexico City, highlighted the city’s role in technological advancement, noting, “Mexico City is the technological, financial, economic, investment, and innovation engine in the world, and we are setting a benchmark in the digitalization process. With the arrival of Alibaba Cloud, we are getting closer to the consolidation of becoming a cutting-edge digital metropolis, which increasingly provides more advanced tools for startups, entrepreneurs, and companies in strategic sectors.”

Alibaba Cloud’s expansion into Mexico is part of a broader strategy to enhance its presence in key international markets. The company recently commenced operations at its second data centre in Thailand, reflecting its commitment to meeting the growing demand for cloud services and supporting generative artificial intelligence applications in the region.

The Mexican data centre offers a range of cloud computing products and services, including elastic computing, cloud storage, and network services. These offerings are designed to cater to both local customers and Chinese enterprises seeking to expand their operations in Latin America. Early adopters of Alibaba Cloud’s services in the region include Limac, a Mexican IT company. José Limón, CEO of Limac, expressed enthusiasm about the partnership, stating, “With Alibaba Cloud’s reliable infrastructure and security solutions, we’ve accelerated our growth while ensuring compliance. The launch of the Mexico Region enables us to deploy local resources and expand our IT solutions across Latin America, empowering millions of SMBs in their digital transformation. With cutting-edge technology and cost-effective solutions, Alibaba Cloud is the ideal partner to drive this evolution.”

The launch of Alibaba Cloud’s data centre in Mexico comes amid increasing competition among global cloud service providers in the Latin American market. Amazon Web Services inaugurated its cloud region in Mexico in January 2025, while Google established its presence in December 2024. Microsoft entered the Mexican market with its Azure cloud region in May 2024 and has since announced plans to invest an additional $1.3 billion to enhance AI infrastructure in the country. Oracle also launched its first Mexican cloud region in June 2022, followed by a second facility in September 2022.

The growing presence of these cloud service providers underscores the rising demand for digital infrastructure in Latin America. Businesses across various sectors are increasingly adopting cloud computing solutions to enhance operational efficiency, scalability, and innovation capabilities. Alibaba Cloud’s entry into the Mexican market is expected to provide local enterprises with more options and foster a competitive environment that could lead to improved services and pricing.

In addition to offering cloud services, Alibaba Cloud is committed to building a robust ecosystem in Mexico by collaborating with local partners, developers, and customers. This approach aims to drive innovation, facilitate knowledge exchange, and support sustainable growth across the region. By leveraging its global network, Alibaba Cloud enables Mexican companies to tap into other markets, particularly in Asia, thereby expanding their global footprint.

Metaplanet Inc., a Tokyo Stock Exchange-listed company, has expanded its Bitcoin holdings to over 2,100 BTC. The firm acquired an additional 68.59 bitcoins at an average price of $96,335 per coin, totaling approximately $6.6 million. This purchase elevates Metaplanet’s total Bitcoin assets to 2,100 BTC, representing 0.01% of the 21 million bitcoins that will ever exist.

This acquisition follows a significant purchase earlier this month, where Metaplanet bought 269.43 bitcoins for around $26 million, averaging $97,985 per coin. These strategic investments are part of Metaplanet’s broader plan to amass substantial Bitcoin reserves. The company aims to hold 10,000 BTC by the end of 2025 and 21,000 BTC by the close of 2026. To support this ambitious goal, Metaplanet has announced plans to raise approximately ¥116 billion through the issuance of 21 million shares.

Metaplanet’s strategic shift towards Bitcoin began in 2024, inspired by MicroStrategy’s approach of utilizing Bitcoin as a primary treasury reserve asset. This pivot has significantly impacted Metaplanet’s financial standing and market perception. In 2024, the company reported unrealized gains of approximately $36 million from its Bitcoin holdings. Additionally, Metaplanet’s shareholder base expanded by 500% to 50,000 investors during the same period.

The company’s stock performance has mirrored its aggressive Bitcoin acquisition strategy. Over the past year, Metaplanet’s share price has surged by 3,500%, reaching ¥5,880 per share. This remarkable growth has drawn parallels to MicroStrategy’s trajectory, earning Metaplanet the moniker “Asia’s MicroStrategy.”

Beyond its investment activities, Metaplanet is diversifying its business operations. The company manages a Bitcoin-themed hotel in Tokyo and holds the exclusive license for Bitcoin Magazine in Japan. These ventures align with Metaplanet’s mission to promote Bitcoin adoption and education within the region.

However, Metaplanet’s aggressive Bitcoin accumulation strategy is not without risks. The inherent volatility of cryptocurrency markets poses potential challenges. Analysts caution that a significant downturn in Bitcoin’s value could adversely affect the company’s financial health and stock performance. Moreover, geopolitical tensions and regulatory uncertainties add layers of complexity to Metaplanet’s investment approach.

Despite these challenges, Metaplanet remains steadfast in its commitment to Bitcoin. The company’s leadership believes that Bitcoin’s unique attributes, such as its scarcity and decentralized nature, position it as a valuable asset for long-term growth. As Metaplanet continues to execute its strategic vision, it stands as a prominent example of corporate Bitcoin adoption in Asia.

In the broader market context, Bitcoin’s price has experienced fluctuations. Currently, Bitcoin is trading at $97,225, reflecting a 2.15% increase from the previous close. The cryptocurrency’s intraday high reached $97,340, with a low of $94,997. These price movements underscore the dynamic nature of the cryptocurrency market, which companies like Metaplanet navigate in their investment strategies.

BENEFIT, Bahrain’s leading fintech and electronic financial transactions service provider, has formalised a partnership with haifin, an e& enterprise company from the UAE, aiming to revolutionise Bahrain’s banking sector. This collaboration is poised to enhance financial resilience and foster innovation across the industry.

Established in the UAE in 2021, haifin has a proven track record in de-risking trade finance lending. The platform employs advanced technologies, including blockchain and artificial intelligence, to detect and prevent fraud in real-time. To date, haifin has safeguarded over $150 million for its consortium members by identifying and mitigating fraudulent activities.

The strategic alliance between BENEFIT and haifin is set to bolster Bahrain’s banking industry’s ability to manage risks and combat fraud, particularly within trade finance. By integrating haifin’s cutting-edge solutions, Bahraini banks are expected to experience increased lending confidence, leading to higher revenues and improved access to liquidity for small and medium-sized enterprises and corporate borrowers.

The official signing ceremony took place at BENEFIT’s headquarters in Bahrain. Abdulwahed AlJanahi, Chief Executive of BENEFIT, emphasised the significance of this partnership, stating that it represents a pivotal step in strengthening Bahrain’s financial ecosystem through advanced technology. He noted that by providing banks with state-of-the-art tools to proactively combat fraud and streamline trade finance, the sector is empowered to operate with unparalleled efficiency and confidence. This collaboration aims to reinforce trust, security, and innovation at the core of the industry’s future, setting the stage for a more resilient and digitally advanced banking landscape in Bahrain.

Zul Javaid, Chief Executive of haifin, highlighted the importance of this partnership, noting that after their success in the UAE and ambition to address similar challenges across the Middle East and Africa region, this collaboration with BENEFIT marks a major milestone. Together, they aim to deliver advanced technology solutions that enhance risk management, ultimately driving growth for banks.

Since its inception, haifin has expanded its network from seven banks in 2021 to 15 lending institutions, including 13 major UAE banks and two fintech companies. The platform has processed transactions exceeding AED 200 billion and has identified potential frauds amounting to several million dirhams. Handling over 4 million data points monthly, haifin’s machine learning capabilities continue to evolve, offering robust solutions to its members.

This partnership aligns with Bahrain’s broader efforts to enhance its financial infrastructure. Earlier this month, the Ministry of Industry and Commerce signed a Memorandum of Understanding with BENEFIT to develop a corporate credit rating system. This initiative aims to provide accurate and transparent credit ratings, facilitating SMEs’ access to necessary financing and promoting investment across the country.