India Eyes UAE Deal for Supersonic BrahMos in Gulf Security Push

India has entered early-stage talks with the UAE to sell the supersonic BrahMos cruise missile, marking a potential breakthrough in Gulf defence cooperation, reported news agency Reuters. The discussions also cover India’s Akashteer air defence system, with negotiations reportedly progressing quickly.

Recently, during the Tri Commissioning ceremony of INS Agray, INS Dunagiri and INS Sanshodhak, Prime Minister Narendra Modi highlighted India's transformation in the defence sector conveying the defense exports milestone wherein India’s defence exports have reached a record ₹38,424 crore in FY 2025–26, supplying equipment to more than 80 countries worldwide.

India has successfully exported the BrahMos supersonic cruise missile to a few countries so far, with more deals under negotiation:

• Philippines – First foreign customer. Signed a $375 million deal in 2022 for three coastal batteries. Deliveries began in 2024.
• Vietnam – Signed a landmark $629 million deal in May 2026, including training and logistics support.
• Indonesia: Deal in final stages of negotiation, expected to be signed soon. 

India–UAE BrahMos Missile Talks

Key Details

• Stage of Negotiations: Initial but advancing rapidly
• Systems Discussed: Supersonic BrahMos missile and Akashteer air defence system
• Reason for UAE Interest: Iranian attacks during Middle East war; securing the Strait of Hormuz
• India’s Position: Expanding defence exports under Act East policy
• Russia’s Role: Approval required for BrahMos exports, but unlikely to be a hurdle

Technical Highlights

• BrahMos Missile: Speed Mach 2.8–3.0; Range ~290 km (export variant); Launch platforms: land, sea, air; Jointly developed by India and Russia
• Akashteer System: Automated air defence network; Developed by Bharat Electronics Ltd and Indian Army; Integrates multiple sensors

Strategic Significance

• For UAE: Diversifies suppliers beyond U.S., Italy, France; Enhances autonomy; Complements Patriot and THAAD systems
• For India: Strengthens defence export footprint in Gulf; Builds on deals with Philippines (2022) and Vietnam (2026); Positions BrahMos as deterrent in Asia & Middle East

Comparative Snapshot of BrahMos Exports

Country	Year Signed	Value	Systems Delivered	Strategic Role
Philippines	2022	$375M	3 coastal batteries	South China Sea deterrence
Vietnam	2026	$629M	Training + logistics	Coastal defence, maritime deterrence
UAE	Talks (2026)	TBD	Negotiations ongoing	Gulf security, Strait of Hormuz protection

Risks & Challenges

• Geopolitical Sensitivity: China and Iran may view UAE’s acquisition as escalatory
• Approval Requirement: Russia’s consent mandatory
• Competition: U.S., South Korea, Europe dominate Gulf arms sales
• Past Precedents: Some Indian arms deals did not materialize. 

These defence exports are strategically significant because they extend India’s defence footprint into Southeast Asia and now potentially the Gulf region, positioning BrahMos as a preferred coastal and maritime deterrent system.

OpenAI's Sam Altman May Visit UAE for Fundraising Discussion With Abu Dhabi Investment Group MGX

OpenAI CEO Sam Altman is planning to visit the UAE this week to discuss fundraising with Abu Dhabi's investment group MGX. The goal is to raise $40 billion to further AI development and compete with emerging alternatives like China's DeepSeek. This visit follows Altman's recent tour of Asia, where he announced a partnership with Japan's SoftBank for AI services.

This fundraising effort is part of a larger strategy to compete with emerging AI alternatives like China's DeepSeek.

The UAE is heavily investing in AI to position itself as a global leader in the technology. This visit follows Altman's recent tour of Asia, where he announced a partnership with Japan's SoftBank for AI services. The UAE's AI ambitions are led by state-backed entities such as G42 and MGX, with the $330 billion wealth fund Mubadala playing a significant role.

The fundraising round, if successful, could value OpenAI at $300 billion, making it one of the largest private investment rounds in history. The UAE's investment in AI is seen as a strategic move to diversify its economy and reduce reliance on oil.

SoftBank is leading the investment round with a potential investment of $15-25 billion. This would make SoftBank OpenAI's biggest financial backer. Discussions are ongoing with MGX for their participation in the fundraising.

Besides, Oracle is also part of the Stargate project, a joint venture with OpenAI and SoftBank to invest in AI infrastructure. The Stargate Project is a joint venture involving OpenAI, SoftBank, and Oracle, aiming to invest up to $500 billion in AI infrastructure in the U.S.

This fundraising effort is unprecedented in Silicon Valley history and signals the vast sums needed to build and maintain cutting-edge AI technology.

Further, OpenAI has also announced a strategic collaboration with Kakao, South Korea's tech company, to develop AI services in Korean.

Very recently, Altman has also visited India and met IT Minister Ashwini Vaishnaw and discussed the country's plan for creating a low-cost AI ecosystem.

Wipro Wins Multi-Million-Dollar Deal by Etihad Airways for IT Transformation and Cost Optimization

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology services and consulting company, today announced that it has been selected by Etihad Airways, the national airline of the United Arab Emirates, to lead its comprehensive technology modernization. Wipro will ensure seamless migration of legacy systems and improve operational efficiency across key areas, including workplace, network, infrastructure, and service management.

As part of the five-year contract, Wipro FullStride Cloud will deliver a customized cloud-based solution that will provide Etihad Airways real-time insights into their resource utilization and improve operational agility and scalability for their global operations.

Wipro will also integrate Generative Artificial Intelligence (GenAI) modules across the IT framework - from automation of data centers to conversational support to end-users. GenAI will also provide intelligent device management and insights that will optimize performance and resolve potential disruptions proactively.

Frank Meyer, Chief Digital Officer, Etihad Airways, said, "We look forward to working with Wipro to prepare for the AI era, with an emphasis on innovation, sustainability, and cost optimization. Together, we aim to elevate our customers' experiences through advanced automation, intelligent operations, and enhanced observability.”

Vinay Firake, CEO – Asia Pacific, Middle East and Africa (APMEA), Wipro Limited, said, “We are excited to embark on this journey with Etihad Airways and enable them to adapt to the dynamic needs of the aviation industry. Through our proven expertise in digital transformation and AI-powered solutions, we will deliver seamless, efficient and innovative services to their customers."

Additionally, Etihad Airways will gain access to Wipro's Innovation Lab in the UAE, which will play a pivotal role in enhancing their technology to meet the evolving demands of their global operations.

For more than two decades, Wipro has operated in the Middle East with thousands of employees and providing opportunities for local talent to effectively serve the clients in the region. The company brings its global expertise in the aviation industry and proven capabilities across cloud transformation to help clients unlock new opportunities.

Note: The deal was mentioned in Wipro Limited's financial results announcement press release, dated January 17th, 2025, for the quarter-ended December 31st, 2024, with a description of the company, but without naming it as Etihad Airways.

NPCI and Network International Partner to Enable Acceptance of QR Code-based UPI Payments Across Its Merchants in the UAE

• NPCI International partners with Network International to enable UPI QR payment acceptance across its merchants in the UAE
• Partnership to strengthen existing UPI merchant acceptance network in the UAE
• Facilitate seamless and secure cross-border merchant transactions for Indians travelling to the UAE

NPCI International Payments Limited (NIPL) in partnership with Network International (Network), a leading enabler of digital commerce across the Middle East and Africa (MEA) region, has enabled the acceptance of QR code-based Unified Payments Interface (UPI) payments via Network’s point-of-sale (POS) terminals in the UAE.

This initiative ensures seamless and secure transactions for Indian tourists and Non-Resident Indians (NRIs) across Network International’s vast merchant network in the UAE. Network has over 200,000 POS terminals across 60,000+ merchants in sectors including retail, hospitality, transport, and supermarkets among others. UPI acceptance will be rolled out progressively, covering a wide range of establishments from retail stores and dining outlets, as well as tourist and leisure attractions including Dubai Mall and Mall of the Emirates.

The number of Indian tourists travelling to the Gulf Cooperation Council (GCC) countries is projected to increase to 9.8 million in 2024, with the UAE anticipating 5.29 million arrivals from India. The growth is driven by various factors including business and leisure. By enabling UPI acceptance through its POS terminals, Network will provide a QR-based safe and secure method for facilitating cross-border payments. This will allow Indian tourists and NRIs with Indian bank accounts to use UPI for payments across Network’s POS terminals in the UAE.

Ritesh Shukla, CEO of NPCI International, said, “Our partnership with Network International will deepen UPI’s presence in the UAE. By growing UPI payment acceptance across merchants in the UAE, we are not only providing Indian travellers with a seamless and familiar payment experience, but also promoting the use of innovative digital payment solutions internationally. This collaboration exemplifies our commitment to driving technological advancement and creating a more connected global payment ecosystem.”

Nandan Mer, Group CEO of Network International, said, “We are delighted to partner with NPCI International Payments Limited to strengthen the payments ecosystem for Indians visiting or working in the UAE. By enabling customers to pay in their preferred method, we are one step closer to realising our vision to empower businesses and merchants with the latest payment technologies and strengthening the vision of a digital UAE. We are confident that this partnership will drive a robust digital payments ecosystem in the country that will increase cashless transactions.”

Jamal Al Nassai, Group Managing Director for Merchant Services – Middle East and North Africa at Network International, commented, “The launch of this partnership is a milestone for our extensive merchant network, which stands to benefit immensely from the new payment method. As the leading acquirer in the region, Network will leverage its 30-years’ legacy of technological innovation to enable acceptance of UPI-based payment apps to its merchants to drive global interoperability.”

About Network International

Network International is the Middle East and Africa’s largest and leading digital payments company. Our purpose is to help businesses and economies grow by simplifying payments and commerce. We operate in 50+ countries serving governments, banks, fintechs, merchants and public sector companies. We have 2,000+ employees based in our markets serving over 200 financial institutions and 120,000+ merchants.

UAE's Zand Bank Subscribes To Infosys Finacle Corporate Banking Suite Hosted on Microsoft Cloud

Zand Bank Subscribes to Infosys Finacle’s Corporate Banking Suite on Microsoft Cloud to Deliver New-Age Banking Experiences

Zand Bank, the UAE's first digital-only bank, has chosen to subscribe to the Infosys Finacle Corporate Banking Suite hosted on Microsoft Cloud. This initiative is set to enhance the bank's corporate banking services by leveraging advanced cloud-native solutions and the latest in AI and predictive analytics.

The deployment of the Finacle Corporate Banking Solution Suite's modular framework and expansive suite of features will significantly accelerate the launch of innovative services by Zand Bank.

 

From left: Sriranga Sampathkumar (Regional Head of Business - MEA, Infosys Finacle); Vicky Bhatia (Chief Financial Officer, Zand); Sanat Rao (Strategic Advisor, Infosys Finacle); Michael Chan (Chief Executive Officer, Zand); Adam Woolford (Chief Technology Officer, Zand); Ganesh Premsankar (Business Head - MENAT, Infosys Finacle) at the signing ceremony held at the bank headquarters, in Dubai, UAE.

The alignment with Zand's cloud-native strategy will ensure exceptional performance, flexible scalability, and improved operational efficiency. The ability of Infosys Finacle to assimilate and process a vast array of data, partnering with sophisticated analytics platforms, will offer cutting-edge services to Zand Bank's customers.

This strategic move is expected to position Zand Bank at the forefront of the digital finance landscape, integrating emergent technologies like AI, blockchain, and digital asset management.

Zand is the digital bank for digital assets, with a high focus on accelerating the digital economy in the UAE and beyond. Zand was built to change the way the UAE banks, leveraging the power of advanced data capabilities, an agile operating model, and cutting-edge technologies to simultaneously simplify and upgrade the customer experience.

Zand adopts a distinctive approach to banking, providing products and services to help support businesses at every stage. Committed to providing secure, reliable, and innovative solutions through integration of blockchain and AI technologies Zand continues to pave the way for the adoption and integration of digital assets into mainstream finance.

Larsen & Toubro Wins Contract for Dubai's Largest Renewable Generation Plant

The Renewable EPC arm of Larsen & Toubro’s Power Transmission & Distribution business has been chosen as the turnkey Engineering, Procurement and Construction (EPC) contractor to establish a 1800 MWac Solar Photovoltaic Plant in Dubai, United Arab Emirates.

According to the company’s classification of projects, the value of the order is between ₹ 10,000 to ₹ 15, 000 crore.

The project is the sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park, Dubai, United Arab Emirates. This plant will reduce around 2.4 million tonnes of carbon emissions annually.

Spread over 20 sq km, the project will become operational in three phases. In addition to the Photovoltaic plant, the scope includes related evacuation and interconnection arrangements including two Gas Insulated Substations, high voltage underground cabling and medium voltage distribution networks.

Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy powerhouse, has signed the Power Purchase Agreement with Dubai Electricity and Water Authority (DEWA) to develop the project. DEWA will retain a 60% stake in the project and be the sole off-taker of the power generated from the plant.

The Mohammed bin Rashid Al Maktoum Solar Park is the largest single-site solar park in the world based on the Independent Power Producer (IPP) model. It has a planned production capacity of 5,000 MW by 2030 and when completed, it will save over 6.5 million tonnes of carbon emissions annually. The Solar Park is a crucial component in both the Dubai Clean Energy Strategy 2050 and DEWA’s strategic initiative for Net Zero emissions by 2050.

Commenting on the development Mr. T. Madhava Das, Whole-Time Director & Sr. Executive Vice President (Utilities), Larsen & Toubro said, “We thank Masdar and DEWA, who are our longstanding customers, for their support in this project. We are committed to bringing in our innovative renewable energy solutions and project management expertise to speed up energy transition in the region which is pursuing economic development combined with sustainable practices”.

Larsen & Toubro is a USD 23 billion Indian multinational engaged in EPC Projects, Hi-Tech Manufacturing and Services. It operates in over 50 countries worldwide. A strong, customer–focused approach and the constant quest for top-class quality have enabled L&T to attain and sustain leadership in its major lines of business for eight decades.

India and UAE Join Hands for Collaboration in Industry and Advanced Tech Including AI, Supply Chain, CleanTech, Space Systems and Industry 4.0

• UAE-India MoU to drive investment and collaboration in industry and advanced technologies
• UAE and India to collaborate in Industry and Advanced Technology, including Supply Chain Resilience, Clean Energy Technology, Healthcare, Space, Industry 4.0 and industrial standards
• Agreement also aims to accelerate development of technologies that can help decarbonize industry and advance renewable energy

The UAE and India will cooperate more closely in sustainable industrial development following a memorandum of understanding (MoU) signed on Thursday at Emirates Palace.

The MoU signed focuses on seven key areas, including supply chain resilience, renewable energy and energy efficiency, health and life sciences, space systems, AI, Industry 4.0 and advanced technologies, as well as standardization and metrology.

In the field of Artificial Intelligence (AI) , the UAE and India will cooperate in the deployment of AI technologies in the space sector, energy, healthcare and supply chains. Both countries will work together to advance capabilities in machine learning and data analytics across priority sectors.

To build supply chain resilience, the UAE and India will collaborate to identify opportunities to supply raw materials. The two countries will also share best practices on industrial enablement and incentivization for industrial growth and development, for instance in areas such as energy, land, CAPEX, OPEX, technology, and labor.

In the energy sector, the UAE and India will collaborate in advancing energy storage technologies, Smart Grid and IoT deployment, and R&D in renewable energy and energy efficiency.

Similarly, in health and life sciences, the countries will collaborate in the development of pharmaceuticals, the use of biotechnology, and R&D.

Under the MoU, the UAE and India will also collaborate in the deployment of 4IR (4th Industrial Revolution) Technologies in industry, real-time data processing, the development of machine-to-machine control systems, the development of autonomous robotics, equipment and vehicles, as well as the deployment of additive manufacturing in key Industries.

With this MoU, both the countries will collaborate in the commercial development, launch and use of small satellites for communication and Earth observation, as well as space exploration. The countries will also collaborate in the development of licensing of space-related materials, in addition to R&D in the Space Technology sector.

The final area of collaboration is standardization, metrology, conformity assessment, accreditation, and Halal certification. The countries will exchange information including procedures, guidelines, and lists of regulated products. The countries will also cooperate to harmonize standards with international requirements and work towards the mutual recognition of the conformity assessment results.

The MoU was signed by His Excellency Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and His Excellency Mr. Piyush Goyal, India’s Minister of Commerce and Industry, with the presence of His Highness Sheikh Hamed bin Zayed Al Nahyan, Member of the Abu Dhabi Executive Council.

Focusing on facilitating industrial investments, technology transfer and enabling the deployment of key technologies in industries, the MoU will benefit both countries through joint industrial and technological developments.

Commerce Minister Mr Goyal commented: “This MoU opens new doors to develop cooperation efforts and build an institutional framework in the fields of emerging technologies. It would help in promoting and developing bilateral cooperation in sectors such Space, healthcare, renewable energy, artificial intelligence, and many other vital areas.”

HE Al Jaber said: “In line with the UAE leadership’s vision, we are committed to strengthening bilateral relations to enhance sustainable and economic growth. Given the UAE’s strong relationship with India across the economic, technological, and social domains, we are pleased to sign this MoU to further develop the industrial sector in line with advanced technology and sustainability standards. This aligns with the objectives of the national industrial strategy, and ‘Make it in the Emirates’ initiative, aimed at transforming the UAE into a global hub for advanced industry, especially industries of the future.”

Under the MoU, cooperation includes industrial and academic collaborations as well as collaborative research and development projects. The countries will also share best practices relating to science and technology policies.

Holistic Web3 Digital Assets Platform Mint Valley Launched for NFT Enthusiasts in the Middle East

NFT Minting made Easy with Mint Valley, powered by MOI

Launched for NFT enthusiasts in the Middle East at the Dubai Design Week 2022

Mint Valley, a holistic web3 Digital assets platform, was launched in UAE on the sidelines of the Dubai Design Week 2022 held from November 8 to November 12. Mint Valley is powered by MOI (My Own Internet), the world’s first context-aware p2p network enabling sustainability, scalability, and personalization in the Metaverse. In collaboration with their Middle East partner MetaDecrypt, Mint Valley also presented the participants at the Design Week with Proof of Attendance tokens and personalized NFT certificates.

Mint Valley is a personalized ecosystem for artists, creators, technologists to create, list, sell, and share digital assets. A holistic NFT and Metaverse platform, Mint Valley allows users to create, customize, and sell Digital with no transaction fees, easy wallet access, and a simple and fast user experience. The platform supports buying and selling of Digital Assets completely in fiat currencies in a regulatory friendly manner.

NFTs have become significantly popular among art lovers and investors in recent years. As per the Dapp Radar report, NFT sales volumes totaled roughly $24.9 billion in 2021 which was a tremendous rise from roughly $94.9 million in 2020. With the considerable increase in usage, Mint Valley provides a platform for smooth execution of minting and trading digital assets while keeping the user experience simple and easy to navigate.

Mint Valley is built on top of MOI (My Own Internet), a decentralized global web3 network that supports humanized interactions on the internet enabling true P2P value transfers and personalized digital interactions. It is a user-centric personalization protocol for the emerging digitally interacting world . With MOI, billions of transactions can be sustainably and securely executed across millions of nodes.

“We are delighted to have Mint Valley, a one stop destination for listing, selling, and sharing of digital assets, as part of the MOI eco-system. Through this product, users will get personalized experience at lightning fast speed with absolutely zero transaction cost in all of their interactions on the platform. The process for minting NFTs varies a lot depending on the platform. All one needs is a distinctive digital asset, a non-custodial hot wallet, and a renowned and trusted NFT marketplace and Mint Valley is the primary solution to that.” - Anantha Krishnan, CEO, Sarva Labs

About Mint Valley:

Powered by MOI, Mint Valley is a personalized ecosystem for artists, creators, technologists to create, list, sell, and share digital assets. A holistic NFT platform, Mint Valley allows users to create, customize, and sell NFTs with no transaction fees, easy wallet access, and a simple and fast user experience.

For more, visit: https://mintvalley.ai/

About My Own Internet (MOI):

MOI, the primary offering of Sarva Labs, is a decentralized global web3 network that supports humanized interactions on the internet enabling true P2P value transfers and personalized digital interactions. MOI is built using Interaction State Machine (ISM), a revolutionary new computational model created by Sarva Labs for the web3 world. Using the ISM technology, MOI delivers a simple, secure, and sustainable web3 experience for users by enabling a single web3 network capable of hosting millions of nodes to support billions of transactions with complete user privacy, ownership and control. With a practical and equitable governance model, the value generation in MOI is democratic, while offering flexibility to support the regulatory norms of respective environments.

For more, visit: https://moi.technology/

About Sarva Labs:

Sarva Labs is a DeepTech web3 startup focused on simplifying digital interactions by developing user-centric technologies in blockchain and AI. Sarva ‘s vision is to help build an equitable, sustainable, and happy digital society and is doing foundational research to create new computational models, design methodologies, and governance frameworks to make the emerging web3 ecosystem practical, personalized and useful.


For more, visit: https://www.sarva.ai/

Airline Launches NFTs for Sustainable Fuel

A couple of months back, the world's first NFT flight ticket was sold by Spanish airline Air Europa and TravelX - a blockchain-based distribution protocols company. Now in a latest, Etihad Airways, the national airline of the United Arab Emirates, has announced the upcoming release of the airline’s first non-fungible token (NFT) collection, ‘EY-ZERO1’.

Etihad airline is launching NFTs to raise money for sustainable aviation fuel. 

Etihad will be giving away 20 NFTs to people who pre-register on etihad.com/zero1 by 16 July. Each NFT will be priced at US$349 plus tax on etihad.arcube.io, and the sale will close on 18 August at 6pm UAE time.

The NFT series, to be launched on 21 July 2022, will be digital 3D aircraft models showcasing Etihad Airways' ten special liveries across its Dreamliner fleet. Each NFT comes with immediate Etihad Guest Silver status as well as other benefits.

 
Being on the energy-efficient Polygon blockchain, the NFT 'EY-ZERO1' is set to be minted sustainably, and the Airways will be partnering with Aerial.is to track the CO2 emissions of the NFTs. Aerial.is is a sustainability platform that track and offset the carbon emissions of individuals, enterprises, and blockchains for brands, artists, among others.

In addition to offsetting the entire carbon footprint of the project, the airline will allocate all proceeds from the collection to purchase sustainable aviation fuel in 2022.

NFT owners will also be given advance access to upcoming NFT collections as well as future metaverse products which the airline has planned as part of its Web3 strategy.

Earlier in March this year, India's travel portal MakeMyTrip  had launched NFTs of popular destinations in India. The idea was for travellers to own digital collectibles of their favourite destinations.

Signzy Enters the UAE in Strategic Partnership with the Seed Group

Bangalore, 30 August 2021: Seed Group, a company of the Private Office of Sheikh Saeed bin Ahmed Al Maktoum, has entered into a strategic partnership with Signzy, a Bangalore-based banking workflow automation company, for financial services, to give further push to digital transformation of businesses across the UAE. With the support of Seed Group, Signzy aims to triple its growth in the region by the end of fiscal 2022.

The partnership comes at a time when the UAE is expediting tech transformation across government services and industries, as per the goals of the UAE Digital Government Strategy 2025.

Under the partnership, Seed Group will help Signzy expand its operations in the Emirates and the wider Middle East, reach the right audience, access top decision-makers in government as well as private sectors, and market their products effectively in the region. The AI startup, on the other hand, will bring the best products and technologies to the region and help companies automate their back office operations, create security and data protection infrastructure and speed up digitisation of their processes.

Hisham Al Gurg, CEO of Seed Group and The Private Office of Sheikh Saeed bin Ahmed Al Maktoum, said, “The UAE is taking giant strides to meet the objectives of the UAE Digital Government Strategy 2025 and double the size of the digital economy in the next 10 years. Businesses are going through a phenomenal digital transformation and are on a lookout to adopt affordable smart technologies.”

“Having Signzy as our strategic partner will give the country’s digitisation agenda the much-needed push. Signzy has been successfully providing to various institutions cutting-edge digital solutions. We see a huge potential for their services in the UAE and the Middle East,” he added.

Signzy Co-founder and CEO Ankit Ratan said, “Seed Group brings a wealth of experience and regional access to the MENA region which will power us to rapidly grow market share. Businesses, especially banks, financial institutions, and fintechs across UAE and Middle East are doubling efforts to digitize and automate services to build a robust digital financial infrastructure that improves access, transparency, and speed of delivery. We are pleased to partner with Seed Group to fulfil UAE’s vision of digital transformation.”

Signzy, a company that works with over 100 financial institutions, including the four largest banks in India and the top three banks in the US, and various other businesses, seeks to help financial institutions automate their back-office operations, create security and data protection infrastructure, and speed up digitization for faster customer onboarding and real-time verification and fraud detection. With over 240 fintech API pre-integrated on the platform, Signzy assists banks become digital ready from day one and expedite customers’ digital journey.

Seed Group is a notable force in the technology, healthcare, hospitality, and telecommunications landscape in the Middle East. Over the past 16 years, it has formed successful strategic alliances with leading global companies representing diverse regions to accelerate their sustainable market entry and presence within the Gulf Cooperation Council countries.

About Seed Group

Over the past 16 years, Seed Group has formed strategic alliances with leading global companies representing diverse regions and industries. These companies have propelled their business interests and goals in the Middle East and North Africa region through the support and strong base of regional connections of the Seed Group. The Group’s goal is to create mutually beneficial partnerships with multinational organisations and to accelerate their sustainable market entry and presence within the MENA region. Seed Group has been a key point in the success of all its partners in the region, helping them reach their target customers and accelerate their businesses. The Private Office was established by Sheikh Saeed bin Ahmed Al Maktoum to directly invest in or assist potential business opportunities in the region, which meet The Private Office’s criteria. For more information, visit www.seedgroup.com.

About Signzy

Signzy is a leading provider of AI-based digitalization and automation solutions to the BFSI industry and counts globally leading banks and NBFCs as its clients. As one of the leading bank workflow automation players, we are helping more than 200 institutions make their digital regulatory processes simple, secure and compliant. For more information, visit https://signzy.com/.

India's FuelBuddy To Provide Doorstep Fuel Delivery Services in the UAE and The Kingdom of Saudi Arabia

SK Narvar promoted, FuelBuddy, the first company to start fuel delivery services in India and a market leader in technology and market share, today announced that it has started to providing doorstep fuel delivery services in The United Arab Emirates and The Kingdom of Saudi Arabia.

The Delhi based company FuelBuddy which was established in 2016 is an app based, IoT and cloud enabled fuel delivery service that enables customers to use advance analytics to control and monitor data. It is a tech enabled platform, which provides doorstep fuel delivery along with various value-added services. The service offers a safe & secure experience, accurate quantity and pure fuel at prevailing market prices ensuring customer convenience. It follows a 5-axis approach – cashless transactions, convenience, quality & quantity, safety & environment with technology as its backbone.

FuelBuddy has entered into a joint venture with Sudhir Power for Gulf countries. Sudhir Power is a big construction equipment and power generator rental business company. This foray in the UAE and the Kingdom of Saudi Arabia provides FuelBuddy with an access to newer geographies and customers as part of its Global expansion plan.

Mr. Narvar said that "These are exciting times for FuelBuddy. We have a few more strategic projects lined up which should take shape over the next 4-6 months in the African and South Asian Countries. Coupled with the Expansion into the Middle East, these strategic projects will lead to huge value creation for all the stakeholders of FuelBuddy.

Mr. Rahul Seth, Managing Director, Sudhir Power Limited added that, "The joint venture will help us expand our offerings to customers by also delivering them fuel at their doorstep, hence covering the entire eco-system around our business."

Signzy Wins Second Place in UAE’s Yalla Fintech 2020 Hackathon

Signzy takes home 2nd Major FinTech Award in the UAE in less than a month

Bangalore/Mumbai, December 21, 2020: No code AI platform Signzy today said that it has won the second place in UAE's prestigious Yalla Fintech 2020 - Innovation Challenge for Financial Inclusion. Signzy won the recognition for its Video KYC solution under the category, 'Electronic KYC for Simplified Customer On-boarding into the Financial System'.

The hackathon win also marks Signzy's second major recognition in the UAE region in less than a month. The company was named among the only two Indian FinTechs to qualify for Fintech100 Abu Dhabi, Middle East and North Africa region's leading FinTech festival, held last month.

Commenting on these back-to-back wins, Ankit Ratan, co-founder of Signzy said, "Our second place win in Yalla Fintech 2020 hackathon is testament to our team's outstanding technology capabilities. Also, this win comes close on the heels of our inclusion in the prestigious Fintech100 Abu Dhabi, which not only marks a a growing recognition of Signzy's vision and innovation, but also underlines Signzy's strong commitment to the Middle-east market."

The Yalla Fintech 2020 Innovation Challenge was jointly organized by FinTech Galaxy, a UAE based FinTech marketplace and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), a German development agency, in the form of an online hackathon. 72 teams from 40 countries around the world competed in the hackathon, which focused on developing tools that can expand financial inclusion for businesses and individuals in the Arab world. The event sought to empower innovators, regulators, and other ecosystem partners from the Arab region to remotely collaborate and crowd-source solutions for key issues in financial inclusion in the digital space.

About Signzy

Signzy is a 'no code AI platform' for financial services. No matter how complex a workflow or operation may be, Signzy is able to completely automate the back-office operations decision-making process into a real-time API. This is possible due to a combination of Nebula — a no-code AI model builder (our product) and a Fintech API Marketplace of over 240+ APIs. Today, Signzy works with over 140 banking and financial services companies globally including the 4 largest banks in India and a Top 3 acquiring Bank in the US.

Dr. Sabah al-Binali Joins OurCrowd as UAE-Based Venture Partner & Head of Gulf Region

Business Wire India

OurCrowd, the world’s largest global venture investing platform and Israel’s most active venture investor, today announced the appointment of Dr. Sabah al-Binali as UAE-based venture partner and head of the Gulf region.

  
 

Dr. Sabah al-Binali, Emirati investor and seasoned executive, has been appointed as UAE-based venture partner and head of the Gulf region for Jerusalem-based OurCrowd. (Photo: OurCrowd)

Dr. al-Binali will oversee the development of OurCrowd’s business in the region. OurCrowd plans to meet the growing demand for meaningful ties with Israel expressed by the investment and entrepreneurial communities in the UAE and neighboring states following the signing of the Abraham Accords.

 

Dr. al-Binali is a seasoned financial services executive with 22 years of experience in investments and an entrepreneurial leader with a track record of financing, building and exiting companies in the MENA region. He was instrumental in facilitating the sale to Credit Suisse of a Saudi investment bank and the acquisition of the Zawya news agency by Thomson Reuters.

 

OurCrowd CEO Jon Medved said: “Just two weeks after the Abraham Accords were signed, we are pleased to appoint Dr. al-Binali as head of the region for OurCrowd. Dr. al-Binali is one of the first senior Emiratis to be hired by an Israeli firm as a partner. Dr. al-Binali brings incredible energy and skills to our growing business. He will effectively build bridges between the tech and financial communities in the UAE and Israel.”

 

“I look forward to leading OurCrowd’s expansion in the UAE and the Gulf region at this historic turning-point in Middle East diplomacy,” said Dr. al-Binali, OurCrowd Venture Partner and Head of Gulf Region. “OurCrowd’s global platform provides a perfect meeting-point for startups, entrepreneurs and investors from the vibrant tech ecosystems in Israel and the UAE. There are already signs that OurCrowd’s success in Israel, the U.S. and other markets will be extended to include the Gulf region.”

 

Dr. al-Binali has rich experience in governance and company leadership at the highest levels. He previously served as Vice Chairman of the Board and Chairman of the Investment and Strategy Committee of The National Investor, Chief Investment Officer and CEO of Credit of Shuaa Capital, Director of the Board at Credit Suisse Saudi Arabia, Vice Chairman of Shuaa Capital Saudi Arabia, Vice Chairman of Gulf Finance Co., Chairman of Gulf Installments Co., Chairman of Zawya, Director of the Board at Visa International CEMA Region, founding CEO and CIO of Saffar Capital and Head of the Treasury and Investment Division at Union National Bank.

 

Dr. al-Binali received his Ph.D. from Columbia Universityand his B.S.E from Princeton University.

 

Founded by Jonathan Medved, OurCrowd, Israel’s most active venture investor, is a global leader in equity crowdfunding with $1.5B of committed funding. OurCrowd will support UAE-based startups seeking growth and development in Israel, as well as leverage its diverse portfolio to enhance business development for UAE startups seeking to collaborate on innovative solutions. OurCrowd plans to open an office in the UAE by the end of 2020.

 

Dr. al-Binali will speak at the UAE Tech Investment Landscape: Introduction for the Israeli Ecosystem on October 13, hosted by OurCrowd and Emirates Angels.

 

About OurCrowd: OurCrowd is a global venture investment platform that empowers institutions and individuals to invest and engage in emerging companies. The most active venture investor in Israel, OurCrowd vets and selects companies, invests its capital, and provides its global network with unparalleled access to co-invest and contribute connections, talent and deal flow. OurCrowd builds value for its portfolio companies throughout their lifecycles, providing mentorship, recruiting industry advisors, navigating follow-on rounds and creating growth opportunities through its network of multinational partnerships. With $1.5 billion of committed funding, and investments in 220 portfolio companies and 22 venture funds, OurCrowd offers access to its membership of 55,000 individual accredited and institutional investors, family offices, and venture capital partners from over 183 countries to invest alongside, at the same terms. OurCrowd’s portfolio is diversified across sectors and stages, ranging from seed and series A through late stage and pre-IPO firms. Since its founding in 2013, OurCrowd portfolio companies have been acquired by some of the most prestigious brands in the world, including Microsoft, Uber, Canon, Oracle, Nike, and Intel. To register and get involved, visit http://www.ourcrowd.com/.

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20201005005723/en/

OurCrowd & Abdullah Saeed Al Naboodah Create Partnership to Develop Tech Investment Ties Between Gulf Region & Israel

• First announced major alliance between Israeli VC firm and top tier UAE business group
• Jonathan Medved, CEO of Israeli VC firm OurCrowd, signs first partnership MOU in OurCrowd’s UAE expansion strategy
• Abdullah S Al Naboodah, Chairman of Al Naboodah Investments LLC, to lead Phoenix Capital LLC, an entity for development and bi-directional investment

  
OurCrowd, the world’s largest global venture investing platform, today signed a memorandum of understanding with Phoenix, a business development company, to increase business and tech ties between Israel and the United Arab Emirates. This is the first announced alliance between a top-ranked UAE corporation and a major Israeli venture investment firm. 

Founded by Jonathan Medved, OurCrowd is a global leader in equity crowdfunding and Israel’s most active venture investor with $1.5B of committed funding. OurCrowd will identify and support UAE-based startups seeking growth and development in Israel, as well as leverage its diverse portfolio of 220 companies to enhance business development for UAE startups seeking to collaborate on innovative solutions. OurCrowd’s UAE expansion will be led by Dr. Sabah al-Binali, newly appointed Venture Partner and Head of the Gulf Region for OurCrowd.

Phoenix, spearheaded by Abdullah S Al Naboodah, Chairman of Al Naboodah Investments LLC, will serve as an investment platform for individuals and family offices located in the Gulf seeking opportunities to invest in the Israeli tech ecosystem. Phoenix will enable investors to access OurCrowd’s vast array of tech investment opportunities across a variety of sectors including AgriTech, EdTech, HealthTech, Artificial Intelligence, Robotics and more. Phoenix will also introduce OurCrowd to Gulf-based startups with the aim of raising investment through OurCrowd’s platform. Leveraging its cross-industry reach, Phoenix will also assist Israeli-based startups with potential partners in the Gulf region.

Phoenix Chairman Abdullah S Al Naboodah said: “Phoenix will be a bridge, a two-way conduit for both Israeli and UAE investors, as well as startups seeking strategic, business and investment partners in these powerhouse tech nations. This first of its kind major alliance will pave the way for the rapid expansion of business between our two countries.”

OurCrowd CEO Jon Medved said: “OurCrowd is pleased to associate itself with Al Naboodah, a leading and well-regarded business group in the UAE. The signing of OurCrowd’s first MOU in the UAE less than a month after formal normalization between the UAE and Israel shows our deep commitment to building relationships, and growing business in the UAE and beyond.”

Phoenix Chairman Abdullah S Al Naboodah will speak Oct. 13th at OurCrowd and Emirates Angels’ online event: UAE Tech Investment Landscape: Introduction for the Israeli Ecosystem. Click here to register.

About OurCrowd: OurCrowd is a global venture investment platform that empowers institutions and individuals to invest and engage in emerging companies. The most active venture investor in Israel, OurCrowd vets and selects companies, invests its capital, and provides its global network with unparalleled access to co-invest and contribute connections, talent and deal flow. OurCrowd builds value for its portfolio companies throughout their lifecycles, providing mentorship, recruiting industry advisors, navigating follow-on rounds and creating growth opportunities through its network of multinational partnerships. With $1.5 billion of committed funding, and investments in 220 portfolio companies and 22 venture funds, OurCrowd offers access to its membership of 55,000 individual accredited and institutional investors, family offices, and venture capital partners from over 183 countries to invest alongside, at the same terms. OurCrowd’s portfolio is diversified across sectors and stages, ranging from seed and series A through late stage and pre-IPO firms. Since its founding in 2013, OurCrowd portfolio companies have been acquired by some of the most prestigious brands in the world, including Microsoft, Uber, Canon, Oracle, Nike, and Intel. To register and get involved, visit http://www.ourcrowd.com/.

About Abdullah Saeed Al Naboodah:

Abdullah Saeed Al Naboodah is the Chairman of Al Naboodah Investments Company and Executive Board Member of Saeed and Mohammed Al Naboodah Group. His key responsibilities are managing subsidiary companies and investment allocation in different global funds across several geographies including the UAE, Saudi Arabia, Oman, Egypt, the UK, and the US. Further, he is responsible for creating the vision, strategy, and direction for the Al Naboodah group in various sectors like Construction, Transportation, Travel, and other investments. Abdullah also served on various boards such as the Board Member of the Commercial Bank of Dubai, Board Member of Dubai Chamber of Commerce, Board Member of Dar Al Takaful Insurance Company, Board member of Al Rawabi as well as the Chairman of Al Ahli Club in Dubai and the Vice Chairman of the UAE Golf Federation.

Founded in 1958 by two brothers, the Saeed & Mohammed Al Naboodah Group is among the most well-respected family company names in the UAE. Employing around 10,000 people of almost 50 different nationalities, the Al Naboodah Group’s core business focus covers civil engineering, building and MEP, in addition to representing a diverse portfolio of global brands in the automotive, transportation, travel, electrical, logistics, agriculture, smart cities, real estate and renewable energy sectors.

Saeed & Mohammed Al Naboodah Holding LLC is the parent company of the Group, and Al Naboodah Group Enterprises was established to oversee the management of the Group’s two main operating divisions – Al Naboodah Construction Group (ANCG), and Al Naboodah Commercial Group (ACG).

Al Naboodah is a trusted brand renowned for the delivery of world-class projects and services and exceeding the quality demanded by its clients. We wholeheartedly engage in sustainability at every level in our organisation, starting from the very top, and we acknowledge the vital role it has to play in any organisation looking to a successful future. For more information visit: https://www.alnaboodah.com/

In its 8th Deal within 2 Mths, Jio Platforms Raises Rs 5,683.50 Cr from AIDA of UAE

Reliance Industries on Sunday said it sold 1.16 per cent stake in its digital unit to Abu Dhabi Investment Authority (ADIA) for Rs 5,683.50 crore, taking the cumulative fund raising to Rs 97,885.65 crore that will help pare debt at the oil-to-telecom conglomerate.

"This investment values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. ADIA's investment will translate into a 1.16 per cent equity stake in Jio Platforms on a fully diluted basis," the company said in a statement.

With this investment, Jio Platforms has raised Rs 97,885.65 crore from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala and ADIA in less than seven weeks.

The AIDA deal comes within days of Abu Dhabi sovereign wealth fund Mubadala Investment Co picking up 1.85 per cent in Jio Platforms for Rs 9,093.60 crore on June 5. On that day, private equity fund Silver Lake invested another Rs 4,546.80 crore for additional 0.93 per cent stake in Jio Platforms.

With these investment, Reliance has sold all of the targeted 21 per cent equity in Jio Platforms ahead of a potential IPO.

Jio Platforms, a wholly-owned subsidiary of Reliance Industries Ltd, is a next-generation technology company. Reliance Jio Infocomm Ltd, with 388 million mobile subscribers, will continue to be a wholly-owned subsidiary of Jio Platforms.

The deals follows Facebook picking up a 9.99 per cent stake in the firm that houses India's youngest but largest telecom firm on April 22 for Rs 43,574 crore. Within days of that deal, Silver Lake - the world's largest tech investor - bought a 1.15 per cent stake in Jio Platforms for Rs 5,665.75 crore on May 4.

On May 8, US-based Vista Equity Partners bought 2.32 per cent stake in Jio Platforms for Rs 11,367 crore. On May 17, global equity firm General Atlantic picked up 1.34 per cent stake in Jio Platforms for Rs 6,598.38 crore. This was followed by US private equity giant KKR buying 2.32 per cent for Rs 11,367 crore.

On June 5, Silver Lake made an additional investment to take its stake to 2.08 per cent.

Established in 1976, ADIA is a globally-diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation. It manages a global investment portfolio that is diversified across more than two dozen asset classes and sub-categories.

Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, "I am delighted that ADIA, with its track record of more than four decades of successful long-term value investing across the world, is partnering with Jio Platforms in its mission to take India to digital leadership and generate inclusive growth opportunities. This investment is a strong endorsement of our strategy and India's potential".

The transaction is subject to regulatory and other customary approvals.

"Jio Platforms is at the forefront of India's digital revolution, poised to benefit from major socio-economic developments and the transformative effects of technology on the way people live and work.

"The rapid growth of the business, which has established itself as a market leader in just four years, has been built on a strong track record of strategic execution. Our investment in Jio is a further demonstration of ADIA's ability to draw on deep regional and sector expertise to invest globally in market leading companies and alongside proven partners," Hamad Shahwan Aldhaheri, Executive Director of the Private Equities Department at ADIA, said.

Morgan Stanley acted as financial advisor to Reliance Industries and AZB & Partners, and Davis Polk & Wardwell acted as legal counsel.

Ambani, 63, chairman and managing director of Reliance, had in August last year set a target of March 2021, to make his conglomerate net debt-free. But thanks to the Facebook deal, a Rs 53,125 crore rights issue, private equity investments, and more stake sale to companies such as Saudi Aramco, the target is likely to be achieved by December.

At the end of March quarter, Reliance had an outstanding debt of Rs 3,36,294 crore and cash in hand of Rs 1,75,259 crore. After adjusting cash, the net debt came to Rs 1,61,035 crore.

Of the outstanding debt, Rs 2,62,000 crore is on Reliance books and Rs 23,000 crore is with Jio.

UAE based Kaydence & Kianna to Launch Virtual Incubation hub for Media Startups

Kaydence Media Ventures, the media arm of the UAE based Kaydence & Kianna is all set to launch its innovative news and virtual incubation hub platform focused on startups - Incubees - in India and Middle East & North Africa and Asia-Pacific.

The ‘Incubees' initiative and a prototype of its platform was recently displayed at the Investor Demo Day held at Forum of Innovation Incubation Research and Entrepreneurship (FIIRE) Hub in Goa this week.

Commenting on the new initiative, Savio Rodrigues, Founder, Kaydence Media Ventures stated, “Our aim is to find an idea, nurture it and give it winds beneath its wing to fly. India, MENA and Asia-Pacific are regions bustling with new ideas, energetic young minds and purpose-driven innovations to make their regions and the world a better place. We need to encourage the process of ideation and give them a platform to shares their ideas, find mentors to help take an idea and build it into an enterprise; find partners and investors that can make the idea into a reality. Incubees - is that angel in the media space that helps the idea find a reality."

In highly competitive and vibrant startup markets in India, MENA and Asia-Pacific, the Incubees team believes its unique focus on individuals, ideas and markets will carve a niche for its platform, “Most news portals in India, MENA and Asia-Pacific tell you stories of startups in the Seed or Growth or Scaling Stage and Maturity, Exist, IPO or M&A Stage but we are focused on the Concept or Idea Stage, Pre-see or Validation Stage and Seed or Early Traction Stage. More importantly the platform has an inbuilt service of a Virtual Incubation Hub to reach out to young minds at their homes and garages where their ideas are germinating,” expressed Rodrigues.

India is currently home to over 14,600 startups, approximately 270 incubation & business acceleration programs according to the Startup India 2018-19 Report

Myrtle Rodrigues, Co-founder, Kaydence Media Ventures, expressed, “We want to focus on those bright minds that don't have the voice and opportunity to take forward their ideas from their homes to the world, connect them to strategic mentors and create an eco-system of ideation and implementation of ideas. In our first phase we are focusing on India and Middle East and in the second phase on the Asia-Pacific markets.”

GREX and UAE Govt's AIM Startup Signs MoU to Bring the World's Leading FDI Platform Closer to Indian Startups

Pune-based private market platform GREX and AIM Startup, an initiative of UAE Government, have signed an MoU, on Thursday, to provide better access for Indian companies to the markets in MENA region (Middle East and North Africa region), and forge meaningful relations with business leaders, investors and international Government entities.

Launched in 2017, AIM Startup, an initiative of the UAE Ministry of Economy, aims to connect promising startups with investors and business partners from all around the world. It is set in the heart of UAE's Annual Investment Meeting that happens in Dubai, the World's Leading FDI Platform for Emerging Markets.

GREX is a private market platform, and its associated ecosystem, that help companies access multiple financial products as they grow from Incubator to IPO. This initiative endeavors to provide more growth opportunities to companies on GREX.

This partnership between AIM Startup and GREX is going to open a large set of opportunities for the companies not only on GREX but also all the other companies looking for growth in the Middle East.

[caption id="attachment_126375" align="aligncenter" width="700"] MoU Signing between GREX and AIM Startup[/caption]

Mr. Dawood Al Shezawi, President, AIM Startup said “We believe that the local ecosystems can benefit from international cooperation. The market in the region can certainly accommodate companies and innovators that will not only benefit from doing business in GCC but will also bring in know-how and best practices. This is where we have the pleasure to welcome our partner GREX for the 3rd Edition of AIM Start-up with whom we are looking to ensure India’s business leaders of tomorrow will take an active part in our platform as start-ups, investors and mentors.”

On this occasion Neera Inamdar, VP Strategic Alliances, GREX mentioned “This way we are trying to bridge a gap between an international finance hub and Indian startup ecosystem. We are very happy with this partnership and we look forward to cultivate it further.”

GREX is association with AIM Startup will conduct several events in various parts of India to create awareness among Indian companies and bring opportunities to expand their footprint in Middle East. Shortlisted companies will get a chance to showcase themselves during the AIM Startup Event in 2019.

Debashis Das, CEO of Bharati Robotic Systems added “It is an encouraging step for the companies in India looking to explore Middle East market for business growth. I would like to congratulate GREX and UAE Government for this positive step and believe that a number of companies will take advantage of this opportunity.”

To recall, in July Government of India’s official investment promotion agency 'Invest India' and the UAE Minister for Artificial Intelligence (AI) have signed a bilateral AI Bridge agreement that seeks to create economic benefits worth $20 billion during the next decade.

A month back, UAE-based OMA Emirates Group has launched a fintech Fund of $3 million to focus on emerging and potential financial technology companies and startups in India

Besides UAE, Bahrain is an another middle east nation looking at Indian Startup ecosystem as an oppurtunity. In July this year, Bahrain announced that it keen on welcoming startups and venture capitalists (VC) from India to access the country's startup ecosystem, said John Kilmartin, Executive Director, ICT at Bahrain's Economic Development Board (EDB).

GREX and UAE Govt's AIM Startup Signs MoU to Bring the World's Leading FDI Platform Closer to Indian Startups

Pune-based private market platform GREX and AIM Startup, an initiative of UAE Government, have signed an MoU, on Thursday, to provide better access for Indian companies to the markets in MENA region (Middle East and North Africa region), and forge meaningful relations with business leaders, investors and international Government entities.

Launched in 2017, AIM Startup, an initiative of the UAE Ministry of Economy, aims to connect promising startups with investors and business partners from all around the world. It is set in the heart of UAE's Annual Investment Meeting that happens in Dubai, the World's Leading FDI Platform for Emerging Markets.

GREX is a private market platform, and its associated ecosystem, that help companies access multiple financial products as they grow from Incubator to IPO. This initiative endeavors to provide more growth opportunities to companies on GREX.

This partnership between AIM Startup and GREX is going to open a large set of opportunities for the companies not only on GREX but also all the other companies looking for growth in the Middle East.

[caption id="attachment_126375" align="aligncenter" width="700"] MoU Signing between GREX and AIM Startup[/caption]

Mr. Dawood Al Shezawi, President, AIM Startup said “We believe that the local ecosystems can benefit from international cooperation. The market in the region can certainly accommodate companies and innovators that will not only benefit from doing business in GCC but will also bring in know-how and best practices. This is where we have the pleasure to welcome our partner GREX for the 3rd Edition of AIM Start-up with whom we are looking to ensure India’s business leaders of tomorrow will take an active part in our platform as start-ups, investors and mentors.”

On this occasion Neera Inamdar, VP Strategic Alliances, GREX mentioned “This way we are trying to bridge a gap between an international finance hub and Indian startup ecosystem. We are very happy with this partnership and we look forward to cultivate it further.”

GREX is association with AIM Startup will conduct several events in various parts of India to create awareness among Indian companies and bring opportunities to expand their footprint in Middle East. Shortlisted companies will get a chance to showcase themselves during the AIM Startup Event in 2019.

Debashis Das, CEO of Bharati Robotic Systems added “It is an encouraging step for the companies in India looking to explore Middle East market for business growth. I would like to congratulate GREX and UAE Government for this positive step and believe that a number of companies will take advantage of this opportunity.”

To recall, in July Government of India’s official investment promotion agency 'Invest India' and the UAE Minister for Artificial Intelligence (AI) have signed a bilateral AI Bridge agreement that seeks to create economic benefits worth $20 billion during the next decade.

A month back, UAE-based OMA Emirates Group has launched a fintech Fund of $3 million to focus on emerging and potential financial technology companies and startups in India

Besides UAE, Bahrain is an another middle east nation looking at Indian Startup ecosystem as an oppurtunity. In July this year, Bahrain announced that it keen on welcoming startups and venture capitalists (VC) from India to access the country's startup ecosystem, said John Kilmartin, Executive Director, ICT at Bahrain's Economic Development Board (EDB).

Policybazaar and Paisabazaar Forays into UAE; Appoints Neeraj Gupta as CEO of Policybazaar.ae

Gurgaon-based ETechAces Marketing and Consulting Pvt. Ltd. (“Policybazaar Group”), the parent company of India’s leading insurtech brand, Policybazaar.com and India’s leading lending marketplace, Paisabazaar.com and newly launched healthtech platform, docprime.com, has now forayed into the UAE market, with the launch of its new venture, Policybazaar.ae, an online financial products marketplace, that would list insurance and lending products on its platform, to begin with.

With Policybazaar.ae, it marks Policybazaar Group's first overseas venture as an online financial products marketplace, aimed at becoming a one-stop shop for consumers personal finance needs in the UAE market. Policybazaar.ae currently partners with more than 10 partners across lending and insurance categories with 50+ products on offer.

The international expansion marks a milestone moment in the decade-old journey of Policybazaar Group that has shortlisted Dubai to serve as a hub for the UAE operations. The group has appointed Neeraj Gupta as the CEO for its new venture, Policybazaar.ae, in an elevation from his earlier role at the group of leading the motor insurance business for the flagship brand, Policybazaar.com.

The new international set up was initiated in March earlier this year, and has sold over 2,000 policies and underwritten premium worth INR 6 crore (AED 3 million) through its partnership with 10+ insurance partners in the region, during its beta phase.

Commenting on the launch, Yashish Dahiya, Co-founder & CEO, Policybazaar Group, said, “We have been at the forefront of initiating the change in the way India consumes financial products, and the foray into the international market is a momentous occasion for us. Our expansion into the UAE market is based on the same philosophy of developing a strong tech-based platform that makes consumers the king in their ability to choose a gamut of financial products."

[caption id="attachment_126306" align="alignright" width="273"] Neeraj Gupta, CEO, Policybazaar.ae[/caption]Delighted with the official launch of operations, Neeraj Gupta, CEO, Policybazaar.ae, said, "We are very confident of replicating our success of the India market in this region. The initial business numbers have been very encouraging, and above of what our expectations were. We plan to further build on this start of our beta phase, by creating a strong product line for our consumers, as our platform is now fairly stable and evolved."

With Policybazaar.ae, PolicyBazaar Group intends to become a one-stop shop for consumer's personal finance needs in the UAE region. Over the next three years, Policybazaar.ae is looking to build an extensive network of local banking and insurance partners, and underwrite premium worth INR 500 crore (AED 250 million) from the region.

The initial products listed on the platform include motor insurance, travel insurance and soon will have life insurance and lending products added to its product line.

ETechAces is the parent company that holds India’s leading insurtech brand, PolicyBazaar.com, India’s leading lending marketplace, PaisaBazaar.com and newly launched health tech platform, docprime.com. The company has backing from a host of investors including the likes of Softbank, Temasek, Tiger Global Management, True North, InfoEdge (Naukri.com), Premji Invest, besides investments from other PE funds and family offices.

The group's flagship brand, PolicyBazaar.com started with a purpose to educate people on insurance products and has had a significant influence on how insurance is bought in India. It has helped in driving penetration of pure life insurance, health insurance, and such products which were barely bought earlier.

From receiving traffic of 180,000 visitors in 2008, PolicyBazaar.com has come a long way and today hosts over 100 million visitors yearly and records sale of nearly 300,000 transactions a month. Currently, PolicyBazaar.com accounts for nearly 25% of India’s life cover, and over 7% of India’s retail health business. It accounts for roughly half of all internet based insurance purchase in the country and is more than doubling annually.

In 2014, Policybazaar group started PaisaBazaar.com, an online financial marketplace for investment and lending products. Today, Paisabazaar.com is India’s largest online financial marketplace for loans and credit cards. It currently partners with more than 75 partners across lending and investment categories with 300+ products on offer. Since its inception in early 2014, the company has marked a staggering growth, and today disburses loans worth Rs. 360 crore in a month to more than 450 cities and towns.

We have received several accolades in India and globally. The most noteworthy being recognized as India’s top and world’s leading “Fin Tech Innovator” by the Global consultancy firm, KPMG and venture capital fund, H2 Ventures for 2015 & 2016. In fact, the brand has won a range of awards in the last couple of years, many of them consecutively. These include The Financial Express “Best Fintech Marketplace”, Internet & Mobile Association of India (IAMAI) Digital India Award for “Best Financial Website”, “Most Innovating Insurance Service”, IDC Iconic Award for “Tech Implementation leading to Operational Excellence”, to name a few.

[Source - Newsvoir]

Policybazaar and Paisabazaar Forays into UAE; Appoints Neeraj Gupta as CEO of Policybazaar.ae

Gurgaon-based ETechAces Marketing and Consulting Pvt. Ltd. (“Policybazaar Group”), the parent company of India’s leading insurtech brand, Policybazaar.com and India’s leading lending marketplace, Paisabazaar.com and newly launched healthtech platform, docprime.com, has now forayed into the UAE market, with the launch of its new venture, Policybazaar.ae, an online financial products marketplace, that would list insurance and lending products on its platform, to begin with.

With Policybazaar.ae, it marks Policybazaar Group's first overseas venture as an online financial products marketplace, aimed at becoming a one-stop shop for consumers personal finance needs in the UAE market. Policybazaar.ae currently partners with more than 10 partners across lending and insurance categories with 50+ products on offer.

The international expansion marks a milestone moment in the decade-old journey of Policybazaar Group that has shortlisted Dubai to serve as a hub for the UAE operations. The group has appointed Neeraj Gupta as the CEO for its new venture, Policybazaar.ae, in an elevation from his earlier role at the group of leading the motor insurance business for the flagship brand, Policybazaar.com.

The new international set up was initiated in March earlier this year, and has sold over 2,000 policies and underwritten premium worth INR 6 crore (AED 3 million) through its partnership with 10+ insurance partners in the region, during its beta phase.

Commenting on the launch, Yashish Dahiya, Co-founder & CEO, Policybazaar Group, said, “We have been at the forefront of initiating the change in the way India consumes financial products, and the foray into the international market is a momentous occasion for us. Our expansion into the UAE market is based on the same philosophy of developing a strong tech-based platform that makes consumers the king in their ability to choose a gamut of financial products."

[caption id="attachment_126306" align="alignright" width="273"] Neeraj Gupta, CEO, Policybazaar.ae[/caption]Delighted with the official launch of operations, Neeraj Gupta, CEO, Policybazaar.ae, said, "We are very confident of replicating our success of the India market in this region. The initial business numbers have been very encouraging, and above of what our expectations were. We plan to further build on this start of our beta phase, by creating a strong product line for our consumers, as our platform is now fairly stable and evolved."

With Policybazaar.ae, PolicyBazaar Group intends to become a one-stop shop for consumer's personal finance needs in the UAE region. Over the next three years, Policybazaar.ae is looking to build an extensive network of local banking and insurance partners, and underwrite premium worth INR 500 crore (AED 250 million) from the region.

The initial products listed on the platform include motor insurance, travel insurance and soon will have life insurance and lending products added to its product line.

ETechAces is the parent company that holds India’s leading insurtech brand, PolicyBazaar.com, India’s leading lending marketplace, PaisaBazaar.com and newly launched health tech platform, docprime.com. The company has backing from a host of investors including the likes of Softbank, Temasek, Tiger Global Management, True North, InfoEdge (Naukri.com), Premji Invest, besides investments from other PE funds and family offices.

The group's flagship brand, PolicyBazaar.com started with a purpose to educate people on insurance products and has had a significant influence on how insurance is bought in India. It has helped in driving penetration of pure life insurance, health insurance, and such products which were barely bought earlier.

From receiving traffic of 180,000 visitors in 2008, PolicyBazaar.com has come a long way and today hosts over 100 million visitors yearly and records sale of nearly 300,000 transactions a month. Currently, PolicyBazaar.com accounts for nearly 25% of India’s life cover, and over 7% of India’s retail health business. It accounts for roughly half of all internet based insurance purchase in the country and is more than doubling annually.

In 2014, Policybazaar group started PaisaBazaar.com, an online financial marketplace for investment and lending products. Today, Paisabazaar.com is India’s largest online financial marketplace for loans and credit cards. It currently partners with more than 75 partners across lending and investment categories with 300+ products on offer. Since its inception in early 2014, the company has marked a staggering growth, and today disburses loans worth Rs. 360 crore in a month to more than 450 cities and towns.

We have received several accolades in India and globally. The most noteworthy being recognized as India’s top and world’s leading “Fin Tech Innovator” by the Global consultancy firm, KPMG and venture capital fund, H2 Ventures for 2015 & 2016. In fact, the brand has won a range of awards in the last couple of years, many of them consecutively. These include The Financial Express “Best Fintech Marketplace”, Internet & Mobile Association of India (IAMAI) Digital India Award for “Best Financial Website”, “Most Innovating Insurance Service”, IDC Iconic Award for “Tech Implementation leading to Operational Excellence”, to name a few.

[Source - Newsvoir]