DUBAI: Abu Dhabi Global Market (ADGM) on Thursday said that it has received 166 applications from start-ups for its inaugural financial technology innovation challenge.
Majority of the applications, sent in from 39 countries, were from major international fintech markets and emerging centers including the UK, Singapore, India, US, Hong Kong, China, Australia, and the UAE.
The ADGM initiative is being undertaken in partnership with KPMG Digital Village, where participants will take part in a five-week program to contextualize and present market-ready solutions that address problems in the financial industry.
The finalists will showcase their products and solutions on October 22 during the Fintech Summit in Abu Dhabi, where two winners would also be chosen by a panel of industry experts. The winners would also demonstrate their products and solutions at the Singapore FinTech Festival in November.
“We are excited to have received such strong support from the global fintech community in response to our call for innovative solutions to address real business challenges in this region,” Wai Lum Kwok, the Executive Director of Capital Markets, Financial Services Regulatory Authority of ADGM, said in a statement.
“Fintech is about integrating the latest cutting-edge technologies into everyday financial services, and normalizing them. At ADGM, we want to walk the talk when it comes to innovation.”
Abu Dhabi Global Market attracts 166 global start-ups for fintech innovation challenge
Abu Dhabi Global Market attracts 166 global start-ups for fintech innovation challenge
Closing Bell: Saudi main index rises to 10,894
RIYADH: Saudi Arabia’s Tadawul All Share Index extended its upward trend for a third consecutive day this week, gaining 148.18 points, or 1.38 percent, to close at 10,893.63 on Tuesday.
The total trading turnover of the benchmark index stood at SR6.05 billion ($1.61 billion), with 144 listed stocks advancing and 107 declining.
The Kingdom’s parallel market Nomu also rose by 81.35 points to close at 23,668.29.
The MSCI Tadawul Index edged up 1.71 percent to 1,460.89.
The best-performing stock on the main market was Zahrat Al Waha for Trading Co., with its share price advancing 10 percent to SR2.75.
Shares of CHUBB Arabia Cooperative Insurance Co. increased 8.27 percent to SR23.04, while Abdullah Saad Mohammed Abo Moati for Bookstores Co. saw its stock climb 6.17 percent to SR50.60.
Conversely, the share price of Naseej International Trading Co. declined 9.90 percent to SR31.48.
On the announcements front, Arabian Drilling Co. said it secured three contract extensions for land rigs with energy giant Saudi Aramco, totaling SR1.4 billion and adding 25 active rig years to its backlog.
In a Tadawul statement, the company said one rig is currently operational, the second will begin operations by the end of January, and the third — currently suspended — is expected to resume operations in 2026.
Since November 2025, Arabian Drilling has secured seven contract extensions amounting to SR3.4 billion, representing 55 committed rig years.
The three contracts have durations of 10 years, 10 years, and five years, respectively.
“Securing a total of SR1.4 billion in new contracts and expanding our backlog by 25 rig-years demonstrates both the trust our clients place in us and our ability to consistently deliver quality and reliability,” said Ghassan Mirdad, CEO of Arabian Drilling, in a statement.
Shares of Arabian Drilling Co. rose 3.15 percent to SR104.70.
Separately, Alkhorayef Water and Power Technologies Co. said it signed a 36-month contract valued at SR43.35 million with National Water Co. to operate and maintain water networks, pumping stations, wells, reservoirs, and related facilities in Tabuk.
In October, Alkhorayef Water and Power Technologies Co. announced it had been awarded the contract by NWC.
In a Tadawul statement, the company said the financial impact of the deal began in the fourth quarter of 2025.
The share price of Alkhorayef Water and Power Technologies Co. declined 0.49 percent to SR120.70.
