@the_news_21
UAE-based Indian billionaire BR Shetty’s Finablr Plc Company is all set to be sold for $1 to an Israeli-UAE consortium. According to media reports, Finablr, the scandal-marred platform for payments and foreign exchange solutions, announced that it has entered into “a definitive agreement” with Global Fintech Investments Holding (GFIH), an affiliate of Prism Group of Israel, to sell to GFIH the entire issued share capital of Finablr Limited.”
Prism Group, linked to a former Israeli Prime Minister Ehud Olmert, has formed a consortium with Abu Dhabi’s Royal Strategic Partners (RSP) in connection with the transaction.
Reports mentioned that the deal is also among the first significant commercial transactions between UAE and Israeli companies after the countries signed a normalisation accord earlier this year. Since then, agreements have been signed in sectors ranging from banking to mobile phone services. Israel’s Finance Ministry sees potential for annual bilateral trade starting at $2 billion and building up to $6.5 billion.
