Dutch payments company, Adyen (AMS: ADYEN) announced on Tuesday about the expansion of its service in the Middle East and opened a regional office in Dubai to closely manage its business in the region.
“We’re very excited to open our Dubai office, this is an incredibly dynamic market,” Adyen’s Head of Middle East, Sander Maertens, said in a statement. “For us, it’s important to be able to offer local expertise to our merchants — that’s why opening a local office is essential.”
The company is optimistic that with Adyen’s presence in the Middle East, its existing customers from other markets can easily enter the new region.
Adyen offers an end-to-end payment infrastructure to its clients, with direct connectivity to payment gateways like Visa, Mastercard and other major players. Its clients’ list includes major global brands like Facebook, Uber, Spotify, Casper, Bonobos and L’Oréal.
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Building Local Partnerships
Additionally, to get a better grip on the Middle Eastern market, the payment company partnered with several major local payment providers, including Fawry, Mada, Meeza, KNET, NAPS, BENEFIT and OmanNet.
“Investing in our global reach to support our merchants is something we’re constantly working on — and this is a very interesting region for them,” Pieter van der Does, Co-founder and CEO of Adyen, said on the expansion. “There’s a lot happening in the Middle Eastern market, and we’re excited to be a part of it.”
The company is expanding its territory as its business saw significant growth this year. Its revenue for the first half of 2020 jumped 27 percent to 280 million euros while the pre-tax profits came in at 141 million euros.
Several top executives of Adyen, including its CEO, former CTO, CFO, and COO, earlier decided to sell a significant portion of their holdings to the company. They wanted to reduce the risk of having a single stock on their investment portfolio.