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The acquisition will enable acquisitions to restart and secure the future of the group, which is a major provider of cross border financial services in . ....
Dubai: The consortium of Prism Group AG (Prism) and Abu Dhabi’s Royal Strategic Partners (RSP) has appointed independent investment bank Moelis & Company to advise on the restructuring and transformation of the Finablr Ltd and its subsidiaries, the global payment solutions group it agreed to acquire in December 2020. Prism formed a consortium with RSP to complete the purchase of Group at the end of last year - since when the Consortium and Finablr Plc have been working in conjunction with regulators and stakeholders to conclude the formalities of the acquisition. In addition, the consortium has been funding urgent working capital needs to stabilise the business and to preserve value and is seeking to restart operations and develop a business plan for the Group going forward. ....
Global Fintech Investments Holding, an affiliate of the Prism Group, formed a consortium with RSP to complete the purchase of Finablr in October. In December, a sale for a nominal $1 was announced, but the buyers will also pay 25 per cent of any funds recovered from third parties in respect of possible historic wrongdoing at the company, up to a maximum of $190 million. The consortium and Finablr have since been working with regulators and stakeholders to conclude the formalities of the acquisition. “We are committed to implementing a long-term group-wide transformation programme at Finablr so that it can better serve its customers, strengthen its balance sheet and play a leading role in driving economic growth in the UAE,” Amir Nagammy, co-founder of Prism, said. ....
Dubai: The UAE Ministry of Education has signed an agreement with ‘Hala China’ to promote the ‘Study in the UAE’ initiative in China. The agreement mandates the two sides to promote the ‘Study in the UAE’ initiative among relevant Chinese governmental and private entities and step up two-way communication between the UAE Ministry of Education and Chinese governmental and private bodies. Dr Hassan Al Mheiri, Assistant Undersecretary for the Accreditation and Educational Services sector, Ministry of Education, stressed the importance of cooperation with China’s Ministry of Education, as highlighted in the agreement, towards boosting the UAE’s credentials as a leading higher education hub globally. He added that the “synergy” with Hala China is an important step that will open more channels of communication with China and make the UAE higher education sector more competitive. ....
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