News

Hydrogen Vehicle Refueling Is Coming To The Middle East

Abu Dhabi National Oil Company is constructing a high-speed refueling station in Masdar City.

Published

1 year ago

July 20, 2023

Nour Nasir

hydrogen vehicle refueling is coming to the middle east

ADNOC

As the Middle East undergoes a significant transition away from oil-based energy production, new technologies are required to meet growing demands. At the forefront of this enormous task is clean hydrogen production and delivery.

In a bid to ramp up sustainable fuel distribution and aid decarbonization, the Abu Dhabi National Oil Company (ADNOC) has announced plans to construct the Middle East’s first hydrogen refueling station in Masdar City. The high-speed refueling station will produce clean hydrogen from water using an electrolyzer powered by renewable electricity.

ADNOC has also entered a strategic partnership with Toyota and Al-Futtaim Motors to test the refueling station using a fleet of hydrogen-powered cars. The collaborative effort aims to assess the performance of this eco-friendly fuel and gather data to support the development of a UAE-wide hydrogen infrastructure.

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His Excellency Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, said: “The need to reduce carbon emissions to address climate change is clear and urgent. ADNOC is placing sustainability and decarbonization at the heart of its strategy, and while we decarbonize our operations today, we are making robust investments to be a supplier of choice for the clean energies of tomorrow”.

The pilot program will help the Abu Dhabi National Oil Company gain insights into the potential of high-speed hydrogen refueling for mobility projects, aligning well with the UAE’s National Hydrogen Strategy, which will position the Emirates as a leading global producer of clean hydrogen by 2031.

News

Mamo Completes $3.4M Funding Round To Enhance Fintech Services

The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.

Published

2 days ago

July 25, 2024

Nour Nasir

Mamo

UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

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Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.