Ajman Bank and MENSA Technologies announce strategic alliance
This collaboration combines Ajman Bank's banking infrastructure with MENSA Technologies' digital payroll solutions to provide seamless and timely salary disbursements to a culturally diverse workforce while meeting all regulatory requirements.
The partnership introduces a next-generation WPS card solution tailored to the needs of today's representative global employee base. Designed to simplify payroll management, the solution empowers employees regardless of income level or banking access with secure, regulated financial services that extend beyond traditional cash-based systems.
Mustafa Al Khalfawi, CEO of Ajman Bank, said: 'This partnership reflects Ajman Bank's strategic focus on embedding innovation into core banking infrastructure to support national priorities. By integrating agile digital payroll solutions with Shariah-compliant financial services, we are enhancing the wage protection ecosystem in a way that is secure, compliant, and scalable. It enables employers to meet regulatory obligations efficiently, while expanding access to banking for underserved segments of the workforce. As the financial system evolves, Ajman Bank remains committed to delivering purposeful innovation that advances both customer value and economic resilience.'
This initiative reinforces the infrastructure for compliant, transparent, and inclusive salary disbursement—an essential pillar in the UAE's evolving financial ecosystem.
Dr. Mengsha Tan, Chairwoman of Mensha Group, added, 'This WPS Cards and Wallets initiative is a powerful testament to Mensha Group's commitment to advancing financial inclusion. Through MensaPay and Mensa Technologies' innovation, combined with Ajman Bank's trusted banking framework, we are providing individuals with the financial tools they truly deserve, contributing significantly to the UAE's ambitious journey.'
Muhammad Ashraf, CEO of MensaPay, commented: ' At MensaPay, we are immensely proud to enable this significant stride towards financial inclusion and a cashless society in the UAE, Our advanced technology underpins MensaPay's ability to deliver a compliant, efficient, and user-friendly solution with Ajman Bank, opening doors to essential financial services for the underbanked.'
This partnership marks a significant step in reinforcing the UAE's wage protection framework and ensuring financial accessibility for all.
By uniting the strengths of regulated Islamic banking and fintech innovation, Ajman Bank and MENSA Technologies are delivering a future-ready WPS model designed for scale, compliance, and inclusion. It demonstrates how cross-sector collaboration can unlock new channels for economic resilience, workforce empowerment, and sustainable growth across the region.
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Maaden maintains its full-year CAPEX guidance for 2025 at SAR 7.55 billion to SAR 9.55 billion, with around 70% allocated to growth CAPEX. For the Phosphate 3 Phase 1 expansion project, key contracts were awarded in January 2025, and construction continues to progress well. The project is expected to be completed by the end of 2026, with production commencing in 2027 and full capacity expected by the end of 2027. Maaden is making strong progress toward its long-term growth ambitions, targeting 8–10x EBITDA growth by 2040¹. In H1-FY25, the Company completed the acquisition of SABIC's stake in ALBA and Alcoa's interests in its Aluminum business. These strategic initiatives will strengthen Maaden's position by consolidating operations and ownership across its Aluminum portfolio, while capturing growing regional demand. In addition, the recently signed non-binding Heads of Terms for a joint venture with Aramco is expected to accelerate mineral transformation and unlock high-value critical minerals within the Kingdom. 1: Baseline comparison year for 8-10x EBITDA growth is 2020 GUIDANCE Maaden provides the following FY25 production and capital expenditure guidance: Production Guidance – FY25 CAPEX Guidance – FY25 Unit Lower Upper Unit Lower Upper DAP Equivalent KMT 5,900 6,200 Total CAPEX* SAR (mn) 7,550 9,550 Ammonia KMT 3,000 3,200 *Growth CAPEX allocated at 70-75% Alumina KMT 1,750 1,950 Aluminum KMT 850 1,100 Flat Rolled KMT 250 310 Gold Koz 475 560 ANALYST CALL AND EARNINGS PRESENTATION Maaden will be hosting an analyst call Thursday, 7 August 2025, at 17:00 KSA time to present its Q2-FY25 financial results. For conference call details, please email invest@ ABOUT MAADEN Maaden is the Middle East's largest multi-commodity mining and metals powerhouse and stands among the world's fastest growing, with a robust SAR32.5 billion (US$8.7 billion) in revenues for 2024. As a KSA-based, globally significant mining champion, Maaden is deploying technology and talent to accelerate the exploration and production of Saudi Arabia's vast mineral endowment to develop mining as the third sector of the Saudi economy. With a skilled workforce of more than 7,000 employees, Maaden operates 17 mines and sites, and its products are currently exported to 55 countries globally. For more information, please visit DISCLAIMER This document may contain statements that are, or may be deemed to be, forward looking statements, including statements about the beliefs and expectations of Saudi Arabian Mining Company (Maaden) (the "Company"). These statements are based on the Company's current plans, estimates and projections, as well as its expectations of external conditions and events. Forward-looking statements involve inherent risks and uncertainties and speak only as of the date they are made. As a result of these risks, uncertainties and assumptions, a prospective investor should not place undue reliance on these forward-looking statements. A number of important factors could cause actual results or outcomes to differ materially from those expressed in any forward-looking statements. The Company is not obliged to, and does not intend to, update or revise any forward-looking statements made in this presentation whether as a result of new information, future events or otherwise. This communication has been prepared by and is the sole responsibility of the Company. It has not been reviewed, approved, or endorsed by any financial advisor, lead manager, selling agent, receiving bank or underwriter retained by the Company and is provided for information purposes only. In addition, because this communication is a summary only, it may not contain all material terms and in and of itself should not form the basis for any investment decision. The information and opinions herein are believed to be reliable and have been obtained from sources believed to be reliable, but no representation or warranty, express or implied, is made with respect to the fairness, correctness, accuracy, reasonableness, or completeness of the information and opinions. There is no obligation to update, modify or amend this communication or to otherwise notify you if any information, opinion, projection, forecast, or estimate set forth herein, changes or subsequently becomes inaccurate. You are strongly advised to seek your own independent advice in relation to any investment, financial, legal, tax, accounting, or regulatory issues discussed herein. Analyses and opinions contained herein may be based on assumptions that if altered can change the analyses or opinions expressed. Nothing contained herein shall constitute any representation or warranty as to future performance of any financial instrument, credit, currency, rate, or other market or economic measure. Furthermore, past performance is not necessarily indicative of future results. The Company disclaims liability for any loss arising out of or in connection with your use of, or reliance on, this document. These materials may not be published, distributed, or transmitted and may not be reproduced in any manner whatsoever without the explicit written consent of the Company. These materials do not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. Non-IFRS financial measures Some of the financial information included in this document is derived from the Company's consolidated financial statements but are not terms defined within the International Financial Reporting Standards (IFRS) as applied In the Kingdom of Saudi Arabia. Such information is provided as the Company believes they are useful measures for investors.
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