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Monday, 26 December 2022

UAE’s Fintech Galaxy acquires Underlie + O7 gears up for a GCC expansion in 2023

STARTUPS-

UAE-based open banking platform Fintech Galaxy has acquired Egyptian API provider Underlie for an undisclosed sum, according to a press release. The acquisition comes as part of the Emirati fintech’s expansion plans, capitalizing on Underlie’s local expertise to enter the Egyptian market, Fintech Galaxy Chairman Riyadh Al Zamil said in the statement. Underlie’s employees and tech will be integrated into Fintech Galaxy’s operations, Underlie founder Akram Abdouby told Enterprise.

DIPLOMACY-

Inaugural filling of Elsewedy + Arab Contractors’ dam in Tanzania: Foreign Minister Sameh Shoukry and Housing Minister Assem El Gazzar attended the first filling of the Egyptian-built Julius Nyerere Dam in Tanzania on Thursday, according to a Housing Ministry statement. The Egyptian delegation included representatives of Arab Contractors and Elsewedy Electric, who jointly built the dam under a USD 2.9 bn contract, and a number of government officials. Also in attendance were Tanzanian President Samia Hassan and Tanzania Electric Supply Company (TANESCO), which owns and manages the project.

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