Baker McKenzie has advised Bahrain-based Ahli United Bank (“AUB”) on its acquisition of Citi’s consumer banking business in Bahrain. The transaction, which signed earlier this year and received regulatory approval from the Central Bank of Bahrain, includes the retail banking, credit card and unsecured lending businesses of Citi throughout Bahrain. Citi’s consumer banking employees have […]
Fintech startup Blnk has raised USD23.7 million in equity and debt funding, and USD8.3 million in securitized bond issuance to accelerate financial inclusion within underserved communities across the country. The funds will support further development
Banking & Finance
News
United Arab Emirates
Swiss digital asset bank Sygnum expands its services to Abu
Swiss digital asset bank Sygnum leverages its oversubscribed USD 90m Series B to expand internationally into Abu Dhabi’s high-growth crypto-hub. The bank “has received an in-principle approval from the Abu Dhabi Global Market’
Banking & Finance
Saudi Arabia
Transport
Neom invests USD 175M in Urban Air Mobility Company Volocopter
Neom, the smart and sustainable regional development project in northwest Saudi Arabia, has made a USD 175 million Series E investment in Volocopter, the pioneer of Urban Air Mobility. Neom will take a significant equity stake
Baraka, a commission-free online brokerage platform based in the Middle East, has raised USD20 million in a Series A funding round, led by Peter Thiel’s Valar Ventures with participation from global investment firm Knollwood. &
Global law firm Freshfields Bruckhaus Deringer (“Freshfields”) has advised Sohar International Bank (Sohar International) on its merger with HSBC Bank Oman (HSBC Oman), whereby all assets and liabilities of HSBC Oman will be transferred to
Banking & Finance
Deal & transactions
United Arab Emirates
Abu Dhabi Global Market signs MoU with Abu Dhabi Islamic
Abu Dhabi Islamic Bank (“ADIB”) signed a Memorandum of Understanding (“MoU”) with Abu Dhabi Global Market (“ADGM”), the international financial centre of the UAE capital, collaborating to support the growth needs of the financial community
Banking & Finance
Deal & transactions
United Arab Emirates
Al Khayyat Investments acquires Growthcap’s distribution business
Regional conglomerate Al Khayyat Investments (“AKI”) has completed the acquisition of Growthcap Investments’s distribution business in the UAE in respect of over 30 brands including Tippys, Natures Kitchen, Enviro Guard, Resona Organics and Huy Fong.&
Saudi-based Retail enablement company Zid has raised USD50 million in Series B funding round (~188 million SAR). The round was led by IMPACT46 with participation from investors including Aramco venture capital arm (Waed Ventures) and Endeavour
Banking & Finance
Deal & transactions
Other
Trowers & Hamlins advises on the establishment of Venture Studio
Trowers & Hamlins has successfully advised on the establishment of the MENA region’s first FinTech Venture Studio (the “Venture Studio”). The Venture Studio is a joint venture project between the firm’s client Al
