RIYADH: Dubai’s Mashreq Bank is working with Goldman Sachs on a potential $500 million sale of its payments arm, Bloomberg reported, citing unnamed sources. The group is looking for potential buyers for the unit, mainly responsible for carrying out and processing debit and credit card transactions. Representatives for the lender and Goldman Sachs declined to comment to
(Bloomberg)
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Dana Gas PJSC’s $236 million deal to sell oil and gas blocks in Egypt to Texan company IPR Energy Group has fallen through.
The agreement between the two firms, announced in October, was terminated after they failed to finalize terms, Dana Gas said in a statement on Sunday to the Abu Dhabi stock exchange.
Dana Gas said it will now keep the assets, which accounted for output equivalent to 31,000 barrels a day of oil in 2019. The company, one of the Middle East’s biggest private-sector gas producers, will also drill an exploration well in the offshore Block 6 in the first quarter of 2023.
The move paves the way for Buna to continue expanding its network of participants and currencies, he said.
“Our focus will always be to offer modern payment solutions across the Arab region and beyond, within the highest standards of information security and in compliance with international standards.”
In February, the AMF rolled out Buna, a multi-currency platform that enables financial institutions, including commercial lenders and central banks in the Arab world, to send and receive cross-border payments.
Last week, Saudi Arabia s riyal was included as the third Arab settlement currency in Buna after the UAE dirham and Egyptian pound.
The kingdom s largest lender, National Commercial Bank, was nominated as a settlement bank for the Saudi riyal, the AMF and Saudi Arabian Monetary Authority said in a December 24 statement.