Latest news with #Fawri
Daily Tribune
24-05-2025
- Business
- Daily Tribune
Fintech booms to billions
A 12-fold leap by 2032 positions Bahrain as Gulf's rising fintech force • Central Bank reforms and Gulf's first fintech sandbox boost growth • Real-time payments to hit 77% of transactions by 2028 Bahrain is all set to become a fintech powerhouse in the Gulf, with the sector poised for a twelvefold leap to BD10.4 billion by 2032. This meteoric rise from BD831 million in 2023, according to research firm DataCube, highlights Bahrain's growing dominance as a leading digital finance hub in the region. Powering up this transformation are bold regulatory reforms and a wave of innovation by the Central Bank of Bahrain. CBB's proactive stance has set the tone for the region. From launching the Arabian Gulf's first regulatory sandbox to establishing a specialised fintech unit, the CBB has laid the groundwork for a thriving digital ecosystem. New regulations now guide everything from digital banking and crypto-assets to open banking, crowdfunding, and online payment platforms. Instant payment services are surging ahead, with Mastercard forecasting the real-time payment market to hit BD564 million by 2028 — accounting for 77% of all financial transactions in Bahrain. Digital wallets and mobile payment apps are also expanding fast, expected to reach a market value of BD8.36 billion within the same timeframe. Highlighting Bahrain's fintech leadership, Forbes named four Bahraini companies among the Middle East's top 50 fintech firms in 2025: Tarabut Gateway (open banking), EazyPay (payments), and crypto platforms CoinMENA and Rain. Excluding Tarabut, these firms processed transactions worth over BD5.47 billion last year. Bahrain's Electronic Fund Transfer System (EFTS), alongside the widely used BenefitPay app and its services — including Fawri, Fawri+, and Fawateer — saw transaction volumes soar to BD33 billion in 2024 alone. According to DataCube, financial services, banking, and insurance are expected to generate around 21% of Bahrain's total fintech revenue by 2032, up from 17.2% of GDP today. The sector's growth is broad, spanning digital wallets, instant payments, lending platforms, and cryptocurrency transactions, serving everyone from individuals to major corporations. This rapid expansion is fuelling demand for fintech talent. According to Tamkeen's 2024 skills report, key roles include operations, AI and data specialists, software developers, sales and client support, as well as compliance and risk managers.
Emirates Woman
19-05-2025
- Business
- Emirates Woman
Launch your business in 60 minutes with Dubai's Meydan Free Zone instant licensing
In a city where ambition and innovation converge, Dubai's Meydan Free Zone has once again set a new standard for entrepreneurial agility. Introducing Fawri, a digital service that delivers a complete business license in just 60 minutes for AED 15,000. This isn't merely a convenience; it's a paradigm shift in business setup, designed for the modern founder who values speed, simplicity, and seamless execution. As the UAE's first fully digital free zone, Meydan has reimagined the licensing process with Fawri, eliminating traditional bureaucratic hurdles. The service caters to solo entrepreneurs, providing all essential legal documents, including the business license, certificate of formation, share register, memorandum and articles of association, and lease agreement, within an hour. The implications are profound: no more weeks of waiting or paperwork. Just a streamlined, digital-first approach that aligns with Dubai's vision of a frictionless business ecosystem. But efficiency is only part of the appeal. Once the license is issued, entrepreneurs can immediately proceed with visa applications and corporate bank account setup through Meydan's integrated digital platform. The flexibility extends further. Businesses can combine up to three activity groups under a single license, allowing founders to operate across multiple sectors without added complexity. Mohammad Bin Humaidan Al Falasi, Strategic Director of Free Zone Licensing at Meydan, underscores the transformative potential: 'Fawri ensures that business owners aren't just licensed—they're operational within the same day. This is about empowering founders with clarity, speed, and confidence from the very first step.' The benefits are compelling: 100% foreign ownership, no paid-up capital requirements, full repatriation of profits, and the freedom to lease office space anywhere in Dubai (with Department of Economy & Tourism approval). These features position Fawri as a magnet for global entrepreneurs seeking a competitive edge in the UAE's dynamic market. This launch follows Dubai's March 2024 announcement allowing free zone companies to operate on the mainland—a move that further enhances the emirate's appeal as a business hub. With Fawri, Meydan Free Zone not only accelerates the licensing process but also solidifies Dubai's reputation as a destination where innovation meets opportunity. – For more on luxury lifestyle, news, fashion and beauty follow Emirates Woman on Facebook and Instagram Images & Feature Image:
Business Recorder
16-05-2025
- Business
- Business Recorder
Dubai free zone launches instant, 60-minute business license
Dubai's Meydan Free Zone has launched Fawri, a service that enables entrepreneurs to obtain a complete business license in 60 minutes for AED 15,000. According to a statement published on Wednesday, 'this innovative platform redefines the speed and simplicity of company formation in Dubai, empowering founders to launch their businesses with unprecedented efficiency.' Meydan's website states it is the only 100% digital free zone in Dubai. Dubai 'removes walls' for free zone companies, allows them to operate in mainland Fawri is a digital licensing solution designed for solo entrepreneurs. Eligible individuals can receive all 'core legal documents' — including the business license, certificate of formation, share register, memorandum and articles of association, and lease agreement — within the hour. Upon issuance of the license in under 60 minutes, entrepreneurs can immediately begin the visa application and corporate bank account setup process through Meydan Free Zone's integrated digital ecosystem. The initiative 'reflects our deep belief that the entrepreneurial journey should begin with clarity, speed, and confidence,' said Mohammad Bin Humaidan Al Falasi, Strategic Director of Free Zone Licensing at Meydan Free Zone. Entrepreneurs can combine up to three activity groups under one license, with the freedom to operate across different industries. 'With Fawri, we are setting a new benchmark for business setup in the UAE — one that is digital, founder-first, and globally competitive.' 'Fawri ensures that business owners are not just licensed but operational within the same day,' he added. Fawri offers 100% foreign ownership, zero paid-up capital requirements, full repatriation of capital and profits, and freedom to lease office space anywhere in Dubai with Department of Economy & Tourism approval. 'The launch of Fawri reinforces Meydan Free Zone's commitment to driving digital transformation, enabling founder-led businesses, and making Dubai the destination of choice for global entrepreneurship,' its statement said. Back in March, Dubai announced new rules allowing companies set up inside its many free zones to operate outside of them in a move that was hailed as 'a gateway to growth'.
CairoScene
15-05-2025
- Business
- CairoScene
Dubai's Meydan Free Zone Now Issues Business Licences in 60 Minute
The new Fawri service offers fast-track licences with 100% foreign ownership and no capital requirements. May 15, 2025 Dubai's Meydan Free Zone has launched a new initiative called Fawri, a fully digital platform that enables entrepreneurs to receive a complete business licence in just 60 minutes. Aimed at solo founders and small enterprises, the service offers a simplified, all-in-one process that includes a business licence, certificate of formation, and lease agreement. Priced at Dh15,000 (approximately $4,100), Fawri covers up to three activity groups per licence and includes one free amendment within the first year. The platform supports over 1,800 business activities across sectors like e-commerce, education, consulting, trading, and fintech. In addition to speedy setup, the package allows for 100% foreign ownership, no paid-up capital requirements, and full repatriation of profits and capital. Entrepreneurs can also initiate visa applications and corporate bank account openings directly through the platform's integrated digital system.
Arabian Business
14-05-2025
- Business
- Arabian Business
Dubai free zone launches 60-minute business licence service
A free zone in Dubai is offering entrepreneurs an express business licence service to get up and running in one hour. Meydan Free Zone officially launched Fawri, a new service that enables entrepreneurs to obtain a complete business licence in just 60 minutes. Meydan Free Zone says the platform redefines the speed and simplicity of company formation in Dubai, empowering founders to launch their businesses with unprecedented efficiency. Dubai free zone licence Fawri is a fully digital, all-in-one licensing solution designed specifically for solo entrepreneurs. With a seamless application process, eligible individuals can receive all core legal documents in an hour, including Business licence Certificate of formation Share register Memorandum and articles of association Lease agreement Mohammad Bin Humaidan Al Falasi, Strategic Director of Free Zone Licensing at Meydan Free Zone, said: 'Fawri is more than a product — it's a statement of intent. It reflects our deep belief that the entrepreneurial journey should begin with clarity, speed, and confidence. 'With Fawri, we are setting a new benchmark for business setup in the UAE — one that is digital, founder-first, and globally competitive. Upon issuance of licence under 60 minutes, entrepreneurs can immediately begin the visa application and corporate bank account setup process through Meydan Free Zone's integrated digital ecosystem. 'Fawri ensures that business owners are not just licensed but operational within the same day.' Available for more than 1,800 approved business activities across diverse sectors such as e-commerce, consulting, trading, education, and fintech, Fawri provides unmatched flexibility. Entrepreneurs can combine up to three activity groups under one licence, with the freedom to operate across different industries. Built for speed, simplicity, and security, Fawri includes automatic eligibility checks and a transparent pricing model with no hidden fees. Priced at AED15,000 ($4,100), the license includes one complimentary amendment in the first year, giving entrepreneurs room to evolve as their business grows. Fawri also offers 100 per cent foreign ownership, zero paid-up capital requirements, full repatriation of capital and profits, and freedom to lease office space anywhere in Dubai with DET approval. Meydan Free Zone's offers excellent service and a time-bound money-back guarantee — a first in the region. The launch of Fawri reinforces Meydan Free Zone's commitment to driving digital transformation, enabling founder-led businesses, and making Dubai the destination of choice for global entrepreneurship.
