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Finastra to sell treasury and capital markets unit to Apax Funds

The transaction is expected to close in the first half of 2026, pending customary closing conditions and employee consultations

Gulf Business
Gulf Business

19 May, 2025

Finastra to sell treasury and capital markets unit to Apax Funds
Image: Getty Images/ For illustrative purposes

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Financial software company Finastra has entered into an agreement to sell its treasury and capital markets (TCM) business unit to an affiliate of private equity advisory firm Apax Partners, the companies said on Monday.

The TCM unit, which serves more than 340 financial institutions globally, will be rebranded and operate as a standalone business following the transaction.

Finastra said the move would streamline its operations and allow it to reinvest in core areas of its financial services software portfolio.

“This sale marks an important milestone for Finastra that will help further launch our next phase of growth with a focused suite of mission-critical financial services software,” said Finastra CEO Chris Walters. “It will provide capital to accelerate our strategy and reinvest in our core business.”

Finastra TCM offerings

TCM’s software offerings — including Kondor, Summit, and Opics — support a range of front-to-back office functions in trade lifecycle management, risk, and regulatory compliance.

The unit is embedded within the global banking infrastructure and will now look to expand its technological capabilities under Apax ownership.

Apax said it sees long-term value in the platform and intends to support the business with investments in product development, marketing, and cloud infrastructure.

“TCM is a robust, mission-critical platform with leading functionality and an impressive customer base,” said Jason Wright, Partner at Apax. “We see significant potential to invest in technology, talent, and customer relationships to accelerate innovation and growth as a standalone company.”

Gabriele Cipparrone, partner at Apax, added: “With the backing of the Apax Funds, we expect TCM to benefit from accelerated innovation and enhanced operations, delivering even greater value to its clients.”

The transaction is expected to close in the first half of 2026, pending customary closing conditions and employee consultations.

Financial terms were not disclosed.

Finastra counts 45 of the world’s 50 largest banks among its clients

Finastra, owned by Vista Equity Partners, provides software applications to 8,100 financial institutions across lending, payments, treasury and capital markets, and digital banking. The company is active in over 135 countries and counts 45 of the world’s 50 largest banks among its clients.

Apax Funds have a history of investing in software firms, including Paycor HCM, Zellis Group, IBS Software and Azentio, and have completed several corporate carve-outs in the tech sector.

Evercore acted as lead financial advisor to Finastra and Vista, with Perella Weinberg Partners also advising Finastra. Deutsche Bank advised Apax. Legal counsel was provided by Kirkland & Ellis for Finastra and Simpson Thacher & Bartlett for Apax.

Read: Finastra’s Siobhan Byron on addressing financial inclusion, agility

Use public bus service in Dubai? Here’s what you should know

This year, the RTA will expand its dedicated bus and taxi lanes by adding six new lanes spanning 13 kilometres

Nida Sohail
Nida Sohail

19 May, 2025

Use public bus service in Dubai? Here’s what you should know
Image credit: WAM/Website

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Dubai’s Roads and Transport Authority (RTA) continues its drive to expand the use of smart systems and artificial intelligence in the public bus service, enhancing the overall efficiency of the emirate’s mass transit network.

Read-Dubai driver’s license: What you really need to know

This was highlighted in a statement by Mattar Al Tayer, Director-General and Chairman of the Board of Executive Directors of Dubai’s RTA, according to a WAM report.

Public Bus: Service coverage and daily trips

The integration of AI and smart systems has improved operational performance, reduced costs, enhanced adherence to schedules, and increased customer satisfaction. Currently, the bus service covers about 88 per cent of the emirate. A fleet of 1,390 buses completes 11,000 daily trips, covering approximately 333,000 kilometres.

Why should residents use public transport in Dubai?

RTA remains committed to enhancing the public bus system to encourage residents to choose public transport for their daily commutes. The authority aims to strengthen connectivity between residential, commercial, and industrial areas by integrating the bus network with the Dubai Metro. Buses serve as vital links to other transport modes, including the metro, tram, and taxis.

RTA’s plan for dedicated bus and taxi lanes

This year, the RTA will expand its dedicated bus and taxi lanes by adding six new lanes spanning 13 kilometres. With this addition, the total length of dedicated lanes will reach 20 kilometres. The expansion is expected to increase passenger numbers by 10 per cent, improve bus arrival times by 42 per cent, reduce journey times by 41 per cent, promote greater public transport usage, and help alleviate traffic congestion.

In numbers: Public bus scenario in Dubai

In 2024, the number of public bus users reached 188 million, marking an 8 per cent increase compared to 2023. The current fleet of 1,390 buses operates across 187 routes, including 110 urban and rural routes, 64 metro link routes, 13 intercity routes, and seasonal services to destinations such as Global Village. These buses make 11,000 trips daily, cover more than 333,000 kilometres, and transport over 500,000 riders each day. The on-time arrival rate exceeds 77 per cent.

Reviews of bus service routes

The RTA conducts regular reviews of bus routes using operational data and passenger feedback. Last year, it introduced nine express routes, nine new metro link routes, and four taxi routes in high-demand areas. The activation of a bus priority system at key intersections also improved arrival times by up to 12 per cent.

New generation of bus stations

In recent years, RTA has launched a new generation of bus stations that feature modern designs and advanced engineering solutions to support high-quality transport services. These stations meet integration standards, improve connectivity, and ensure convenient, safe access for pedestrians and cyclists. They are also designed to be inclusive, with dedicated features for People of Determination.

How bus stations improve connectivity

The upgraded stations also enhance connectivity between transport hubs, development areas, and surrounding neighbourhoods. This includes addressing first- and last-mile travel needs and integrating key elements such as bus stops, cycling lanes, pedestrian crossings, landscaping, and bike racks—encouraging more walking and personal mobility.

Eco-friendly, accessible buses

RTA operates a modern fleet of buses that comply with European low-carbon emission standards (Euro 6). These buses offer spacious seating, advanced safety features, and user-friendly designs for optimal comfort and accessibility. Low-entry designs and designated spaces for People of Determination ensure ease of use for all passengers.

Mass transit system

Dubai’s mass transit system is characterised by its multi-modal integration, forming the backbone of daily transport for residents. This interconnected network has reshaped the city’s mobility culture, encouraging greater adoption of public transport across all demographics.

RTA’s strategic plans focus on expanding road networks, crossings, and the entire mass transit infrastructure—covering metro, tram, buses, marine transport, first- and last-mile solutions, and shared mobility options.

Efforts are also underway to enhance pedestrian and cycling facilities, improve connectivity, and optimise traffic and transport management systems to boost the efficiency of both road and public transit services.

Policies to reduce private vehicle dependence

Policies have been implemented to reduce reliance on private vehicles by promoting public transport and shared mobility solutions as sustainable, efficient alternatives.

ADNOC awards Dhs65.7bn in contracts to nearly 400 local suppliers in H1 2025

The contract awards span key sectors including drilling, logistics, operational support services, and engineering, procurement and construction (EPC)

Gulf Business
Gulf Business

19 May, 2025

ADNOC awards Dhs65.7bn in contracts to nearly 400 local suppliers in H1 2025
Image: ADNOC

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Abu Dhabi National Oil Company (ADNOC) has awarded contracts worth Dhs65.7bn ($17.9bn) to nearly 400 local suppliers, contractors, and service providers in the first half of 2025, the company announced on Sunday.

The contract awards span key sectors including drilling, logistics, operational support services, and engineering, procurement and construction (EPC).

They form part of ADNOC’s broader strategy to use its procurement power to stimulate private sector growth and reinforce national supply chains under its In-Country Value (ICV) programme.

“The award of commercial contracts valued at Dhs65.7bn to a wide range of local suppliers emphasises the extent to which ADNOC’s In-Country Value programme continues to propel economic and industrial growth for the UAE,” said Dr Saleh Al Hashmi, ADNOC’s Director of Commercial & In-Country Value Directorate.

“Our contract awards create a ripple effect across the economy, helping us to drive productivity, competitiveness and highly-skilled private sector jobs for local talent,” Al Hashmi added.

Key beneficiaries of the contracts include NMDC Energy, Target Engineering, Al Dhafra Co-operative Society, Arab Development Establishment, Excel Astra Engineering, Robt. Stone, GISCO, and Euro Mechanical & Electrical Contracting.

ADNOC to invest another Dhs200bn in ICV programme

ADNOC plans to inject a further Dhs200bn into the UAE economy over the next five years through its ICV programme. The company is also targeting Dhs90bn in local manufacturing of products within its procurement pipeline by 2030.

To improve supplier access, ADNOC recently launched the “Make it with ADNOC” mobile app, which provides visibility into its purchasing needs and enables local suppliers, small- and medium-sized enterprises (SMEs), and entrepreneurs to connect with its long-term commercial opportunities.

Since launching the ICV programme in 2018, ADNOC has helped create over 17,000 private-sector jobs for Emiratis.

The energy giant is showcasing its procurement and commercial opportunities at the Make it in the Emirates Forum, taking place from May 19 to 22 at ADNEC in Abu Dhabi.

IPO news: United Carton Industries retail tranche oversubscribed 8.91 times

The final offer price was set at SAR 50 per share — the top of the previously announced price range — implying a market capitalisation of SAR2bn

Gulf Business
Gulf Business

18 May, 2025

IPO news: United Carton Industries retail tranche oversubscribed 8.91 times
Image: UCIC

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United Carton Industries Company (UCIC), the Middle East and North Africa’s largest corrugated carton manufacturer, announced the successful completion of its retail subscription period, with the tranche oversubscribed 8.91 times and participation from 396,601 individual investors.

The retail offering, comprising up to 2.4 million shares or 20 per cent of the total 12 million shares on offer, concluded on May 13.

The company said the total demand reached SAR1.069bn (approx. $285m).

United Carton Industries IPO: Offer price set at SAR50 per share

Each subscriber will receive a minimum of six shares, with the remaining shares allocated on a pro-rata basis.

The average allocation factor for additional shares was 0.107 per cent.

The final offer price was set at SAR50 per share — the top of the previously announced price range — implying a market capitalisation of SAR2bn ($533m) at the time of listing.

The 12 million shares represent 30 per cent of UCIC’s total issued share capital. The offering marks a significant step for the company as it looks to expand its profile in the regional capital markets.

Read: 54 IPOs raised $12.6bn in 2024 in MENA region, shows report

Expedia Group’s Rob Torres on the company’s growing focus on the Middle East

The SVP of Expedia Group Media Solutions shares the company’s vision, evolving traveller trends, and what’s next for Expedia in the region

Neesha Salian
Neesha Salian

18 May, 2025

Expedia Group’s Rob Torres on the company’s growing focus on the Middle East
Image: Supplied

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At the 2025 Arabian Travel Market in Dubai, Expedia Group unveiled a series of strategic initiatives aimed at deepening its presence in the Middle East. From the launch of its Travel Agent Affiliate Program (TAAP) in the UAE to expanded partnerships with Emirates and Adeera, the global travel platform is doubling down on technology, B2B solutions, and destination marketing to fuel regional tourism growth.

We spoke with Rob Torres, SVP of Expedia Group Media Solutions, about the company’s vision, evolving traveller trends, and what’s next for Expedia in the region.

What did Expedia Group showcase at this year’s Arabian Travel Market (ATM)?

At ATM, we showcased a range of initiatives reflecting our growing commitment to the Middle East, particularly in the UAE. Our focus was on expanding our advertising business, strengthening partnerships with tourism boards, and launching key B2B programs like the Travel Agent Affiliate Program (TAAP). This forms part of our Private Label Solutions and is a powerful tool designed to support the region’s traditional travel agents with access to Expedia’s global inventory.

Tell us more about the launch of the Travel Agent Affiliate Program (TAAP).

Yes, TAAP officially launched this week in the UAE. It’s a dedicated platform that enables local travel agents to earn commission on the total booking value. With intuitive tools and marketing support, agents can now book more efficiently and expand their reach. This is particularly important in a market where traditional, brick-and-mortar agencies still play a significant role in travel bookings.

What travel trends did you highlight during ATM discussions?

One of the strongest trends is the influence of social media in destination selection. According to our latest survey, 63 per cent of respondents said they consult social channels when deciding where to travel. Our advice to destinations is clear: use storytelling, influencers, and dynamic content to highlight the unique local experiences that make your destination worth visiting.

How does Expedia support agents and customers in a region where booking habits differ from Western markets?

Simplicity and flexibility are key. Many people may complete bookings offline but conduct research online first. We support both through rich content and seamless tech. Whether it’s through TAAP or our online platforms, we want to ensure the right content reaches the right audience — when, where, and how they need it. The end goal is always to inspire travel, regardless of the booking channel.

Tell us about your recent airline and hospitality partnerships in the region.

We’ve deepened our long-standing relationship with Emirates through New Distribution Capability (NDC) integration, allowing us to offer travellers dynamic fares, ancillaries, and personalised options on our platforms. On the hospitality side, we’re collaborating with Adeera, a Saudi Public Investment Fund (PIF)-backed company.

Through our B2B platform, we’re helping them distribute hotel rates for upcoming properties across Saudi Arabia. These partnerships enable us to provide better packaging, flight + hotel bundles, and flexibility to travellers.

What are some of Expedia’s advertising initiatives in the Middle East?

Our travel media network, Expedia Group Media Solutions, has launched several impactful campaigns in the region. For example, “Sunshine Pass” with Experience Abu Dhabi highlights year-round experiences and is running in 13 global markets. We’re also working with Visit Oman, integrating local tour providers and launching a campaign targeting the US, UK, and Middle East markets. And in Jordan, our “Super Supper Club” campaign celebrates culinary tourism and has already driven a 9 per cent increase in demand and 17 per cent growth in gross revenue.

What kind of global interest are you seeing in Middle East travel destinations?

Interest is very strong. Dubai has become both a stopover hub and a standalone destination, with growing demand from North America in particular. We’ve also seen increased outbound travel from the UAE to the US and beyond. Across the board, search interest for the region is up year on year, showing sustained global appetite for Middle East destinations.

What’s Expedia’s strategic outlook for the Middle East in 2024 and beyond?

We’re doubling down on partnerships, onboarding more hotels, and scaling our Arabic-language websites for the UAE and Saudi Arabia to enhance user experience. We’re also expanding our advertising footprint and building integrated campaigns across channels to promote travel to the region. Technology is central — whether it’s mobile price tracking or packaged deals, we’re building smarter, more localised experiences.

How is AI expected to transform the travel experience?

AI will dramatically enhance personalisation. It allows us to use data more effectively to tailor offers and recommendations to each user. This means more relevant content, better planning tools, and increased conversion. Ultimately, it’s going to inspire more people to travel because the experiences presented to them will be more aligned with their preferences.

This was your first time attending ATM. How was the experience?

It was fantastic. The energy was palpable. I’ve heard from past attendees that this year felt even bigger and more productive. Conversations weren’t just exploratory — they were about actual implementation and collaboration. What’s exciting is seeing regional destinations working together.

Any final thoughts?

The Middle East is a strategic growth region for us. We’re committed to empowering our partners — through tech, tools, content, and global reach — to connect with millions of travellers. We see our role as an enabler of growth, helping partners unlock new revenue and build stronger travel ecosystems.

When can you perform Umrah next? Saudi reveals dates

This is in accordance with the official Umrah calendar announced by the Ministry of Hajj and Umrah for the year 1447

Gulf Business
Gulf Business

18 May, 2025

When can you perform Umrah next? Saudi reveals dates
Image credit: Getty Images

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Foreign pilgrims will be allowed to arrive in Saudi Arabia for Umrah starting on Dhul Hijjah 15, corresponding to June 11, 2025.

Read-Umrah travel expansion: 2.5m airline seats targeted for pilgrims

This is in accordance with the official Umrah calendar announced by the Ministry of Hajj and Umrah for the year 1447, according to a Saudi Gazette report.

The Calendar

The calendar includes key information such as visa issuance dates, agreements with foreign agents, and deadlines for entry and departure of pilgrims coming from outside the Kingdom.

According to the ministry, Umrah visa issuance will begin on 14 Dhul Hijjah 1446 (June 10, 2025), followed by the official start of pilgrim arrivals on 15 Dhul Hijjah 1446. Contracts with foreign agents to define services for pilgrims must be finalized by 29 Dhul Qadah 1446 (May 27, 2025).

Preparations for the new Umrah season began on March 25 with the launch of the external agent qualification service via the “Nusuk” platform and the “Umrah Path” system. Agreements between Umrah companies and external agents began signing on April 14 during the Hajj and Umrah Services Forum 2025.

Key dates

The calendar also outlines key cut-off dates. The final deadline to issue Umrah visas is 1 Shawwal 1447 (March 20, 2026), while the last date for pilgrims to enter the Kingdom is 15 Shawwal 1447 (April 3, 2026). Pilgrims must depart by 1 Dhul Qadah 1447 (April 18, 2026).

Additionally, the ministry noted that the acceptance of external agent qualification requests will close by 1 Sha’ban 1447 (January 20, 2026), which is also the deadline for approving contracts with Umrah companies.

This timeline is part of the ministry’s strategic planning to ensure a smooth and well-organized Umrah season, enhancing services for pilgrims from around the world.

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