CAB Global Markets, CAB Payments’ (CABP) Middle Eastern subsidiary, has received in-principle approval for a Category 2 Financial Services Permission licence from the Financial Services Regulatory Authority of ADGM (Abu Dhabi Global Markets). This licence will add to the group’s current licences and offices in the UK, Netherlands, and the USA. CABP specialises in moving money (both ways) between developed and emerging markets, with a focus on ‘hard to reach’ frontier markets. With huge volumes of cross-border flows to and from most parts of the world, the UAE is a significant opportunity. Once granted, the licence in Abu Dhabi will allow CABP to further ramp up relationships with ‘network partners’ and ‘in market’ sales efforts to attract new clients. The Abu Dhabi licence has been part of CABP’s strategy for some time and is accounted for in our existing forecasts and fundamental valuation of 90p / share.