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News on Medial
BlackRock appoints MD for UAE, Oman, Bahrain
VCCircle
·
1y ago
Medial
BlackRock, the global asset manager, has appointed Mohammad Al Fahim as Managing Director and Head of the United Arab Emirates, Oman, and Bahrain. In his new role, Al Fahim will oversee BlackRock's client business and focus on delivering a diversified platform of investment solutions, including private markets capabilities. Al Fahim previously worked at Goldman Sachs, where he established the bank's office in Abu Dhabi and led their UAE business. BlackRock's move signals its commitment to expanding its presence and offerings in the region.
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Titan to acquire 67% stake in Gulf retailer Damas Jewellery for $283 million
Economic Times
·
1m ago
Medial
Titan Company Ltd, through its subsidiary Titan Holdings International FZCO, is purchasing a 67% stake in Damas LLC from Mannai Corporation for $283 million. This acquisition marks Titan's entry into the GCC region, expanding its presence in the UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain. The deal is part of Titan's strategy to strengthen its jewelry business globally, leveraging Damas' established brand in the Middle East. Completion is subject to regulatory approvals.
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MENA Digest: UAE’s Flow48, Saudi Arabian CQR, Bahrain’s Lola get funding
VCCircle
·
6m ago
Medial
Several Middle Eastern startups have received funding to support their growth. UAE's Flow48, a fintech startup, raised $69 million to expand its financial services in Saudi Arabia and the UAE. Saudi Arabian cybersecurity firm CQR secured $3 million to enhance its AI capabilities. UAE-based SaaS provider Journify obtained $4 million for growth, and Omnispay, a fintech startup, raised $1.5 million. In Bahrain, foodtech startup Lola received $1.3 million to expand in Saudi Arabia and the Gulf region.
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MENA Digest: Two startsups secure fat cheques
VCCircle
·
1y ago
Medial
During the past week, two startups in the Middle East and North Africa (MENA) region received significant funding. UAE-based Web3 startup Sentient Labs, led by Sandeep Nailwal, and Oman-based Climatech startup 44.01 secured high double-digit investments to support their growth. Additionally, there were also two acquisitions reported in the region, one involving Majarra, a...
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UAE mein UPI karo: PM Modi launches UPI, Rupay services in Abu Dhabi
IndianStartupNews
·
1y ago
Medial
Prime Minister Narendra Modi launched UPI (Unified Payments Interface) and RuPay services in Abu Dhabi, enabling easy money transfers between India and the UAE. This move is part of India's plan to extend its UPI payment system globally, following its successful adoption within the country. The UPI system has been widely used in India, especially during the COVID-19 pandemic. Various countries, including Sri Lanka, Mauritius, Bhutan, France, UAE, Oman, Singapore, and potentially Nepal, have already adopted or are planning to adopt UPI payments.
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Most Gulf central banks follow US Fed in cutting key interest rates
VCCircle
·
8m ago
Medial
Following the US Federal Reserve's decision to cut interest rates, most central banks in the Gulf Cooperation Council (GCC) countries have also lowered their key interest rates. Saudi Arabia, the largest economy in the region, reduced its repo and reverse repo rates by 25 basis points. The United Arab Emirates decreased its base rate on the overnight deposit facility by a quarter of a percentage point. Other countries, such as Oman, Qatar, and Bahrain, also implemented rate cuts. These moves align with the GCC's practice of pegging their currencies to the US dollar.
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NPCI to roll out cross-border bill payments service for NRIs living in the UK
IndianStartupNews
·
1y ago
Medial
The National Payments Corporation of India (NPCI) is extending the Bharat Bill Payment System (BBPS) to Non-Resident Indians (NRIs) in the United Kingdom (UK). This move allows UK-based NRIs to directly pay bills for their family members in India, simplifying the process. Previously, NRIs had to transfer money to their family's Indian accounts for bill payments. The service was initiated by the Reserve Bank of India in September 2022 and is already operational for NRIs in Oman, Kuwait, Bahrain, and the United Arab Emirates. The NPCI plans to expand this service to other countries with significant NRI populations, like Canada and Singapore.
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India initiates anti-dumping probe into import of polyethylene from 6 countries
Economic Times
·
1m ago
Medial
The Directorate General of Trade Remedies (DGTR) has begun an anti-dumping investigation into polyethylene imports from Kuwait, Malaysia, Oman, Qatar, Saudi Arabia, and the UAE. This action follows a complaint from the Chemicals and Petrochemicals Association of India, which claims that these imports are damaging the domestic industry. If evidence of injury is confirmed, the DGTR may recommend imposing duties, reflecting efforts to ensure fair competition for local producers against foreign imports.
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Jio BlackRock Mutual Fund Appoints Leadership Team to Drive Operations
OutlookIndia
·
2m ago
Medial
Jio BlackRock Asset Management, a joint venture between Jio Financial Services and BlackRock, has appointed a leadership team to drive operations. The team, led by Managing Director and CEO Sid Swaminathan, includes Amit Bhosale as Chief Risk Officer, Amol Pai as Chief Technology Officer, and Biraja Tripathy as Head of Product. With SEBI approval, the firm aims to transform investing in India, making it more accessible and affordable through digital innovation and a customer-centric approach.
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MENA Digest: Bahrain’s Sellou, Moroccan startup PayTic, others secure funding
VCCircle
·
4m ago
Medial
Early-stage startups in the Middle East and North Africa (MENA) region led fundraising activities recently. Notable companies include Moroccan fintech PayTic, securing $4 million for expansion in Africa, and Bahrain-based social commerce platform Sellou, raising seed funding for regional growth. Saudi AI startup STUCK? and UAE proptech Rentify also secured pre-seed investments. Additionally, Saudi B2B marketplace Sary merged with Bangladesh's ShopUp, forming SILQ Group and raising $110 million led by Sanabil Investments and Valar Ventures.
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Investcorp appoints former Tech Mahindra exec as senior operating partner
VCCircle
·
6m ago
Medial
Investcorp, a Bahrain-based alternative investment firm, has appointed former Tech Mahindra executive Vivek Agarwal as its Senior Operating Partner for India. Agarwal will lead the expansion into software and software services sectors and join the board of NuSummit, a digital transformation and cybersecurity services firm acquired by Investcorp for $120 million. With over 25 years of experience, Agarwal will enhance Investcorp's private equity and M&A activities, particularly focusing on the mid-market technology sector.
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