Dubai-based payments company NEOPAY has signed a definitive agreement to acquire a 65 per cent controlling stake in noon payments, the e-commerce payments arm of the online retailer noon. The deal, announced on Monday, combines NEOPAY’s merchant acquiring infrastructure with noon payments’ embedded payments platform and merchant network spanning the UAE, Saudi Arabia and Egypt. Completion remains subject to regulatory and antitrust approvals, and the companies have not disclosed the price.
The strategic logic runs through the merchant base. NEOPAY, launched by Mashreq in 2022 and majority-owned since 2025 by a consortium led by Arcapita and Dgpays, brings card acceptance, point-of-sale and payment orchestration used by more than 10,000 merchants in the UAE. Noon payments adds integrations with marketplace sellers and online stores in some of the region’s fastest-growing e-commerce markets. Together, the two sides say they can offer merchants a single proposition across online checkout, in-store acquiring, faster settlements, instalments and other alternative payment methods.
For NEOPAY, the acquisition is also a geographic leap. The company’s business has been concentrated in the UAE; noon payments’ footprint gives it direct entry into Saudi Arabia and Egypt, two of MENA’s largest e-commerce markets. NEOPAY chief executive Vibhor Mundhada said the deal would “reinforce our leadership in the UAE, expand our footprint into Saudi Arabia and Egypt”. Noon chief executive Faraz Khalid said NEOPAY brings “deep local expertise and strong infrastructure” to noon’s payments business.
The deal also marks a further step in the consolidation of Gulf payments infrastructure. Arcapita and Dgpays bought their majority stake in NEOPAY from Mashreq in a transaction that valued the business at about $385 million, completed in January 2025. NEOPAY reported processing more than 400 million transactions in 2023.
Two details still need to be filled in before the deal’s value can be judged: the purchase price, and the regulatory review. The companies say the transaction is subject to applicable regulatory and antitrust approvals; the completion timeline has not been published.
