Banking, fintech, funds, capital markets and cross-border investment
Sharia-compliant fintech platform mamun has secured $3 million in seed funding led by Phaze Ventures. The Muscat-, Abu Dhabi-, and Hong Kong-based platform provides trade financing for SMEs across the Greater Bay Area–Oman–UAE corridor.
Sharia-compliant trade finance platform mamun has raised a US$3 million seed round led by Phaze Ventures with participation from Jasoor Ventures. The capital will expand its AI-native underwriting infrastructure across the Greater Bay Area–Oman–UAE trade corridor. Approximately 40% of the platform's settlements currently clear through Hong Kong-based entities.
The UAE Federal Tax Authority has clarified mandatory registration deadlines under the Domestic Minimum Top-up Tax framework. In-scope multinational entities must complete Top-up Tax registration by 30 November 2026 via the EmaraTax portal. Failure to comply can result in an administrative penalty of AED 10,000 per entity.
Major Chinese financial institutions have emerged as leading syndicated debt providers for prominent Gulf energy operators including ADNOC, QatarEnergy, and Saudi Aramco. Analysts note Gulf state champions are deliberately tapping Chinese capital to secure narrow credit margins and diversify financing pools. In the UAE, three Chinese banks joined a consortium delivering up to USD 11 billion for ADNOC's offshore gas project.
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