Kumar Mangalam Birla Set to Partner with Abu Dhabi Investment Authority to Invest in the Zand
Abu Dhabi -As per the Economic Times report, Kumar Mangalam Birla is set to partner with the Abu Dhabi Investment Authority (ADIA) to invest in the Zand, UAE’s first independent digital bank.
The Zand plans to launch both corporate and retail services later this year. Zand, the first time fully digital bank, aims to challenge the conventional banking competitors in the region.
ADIA is the Abu Dhabi Government’s most significant investment platform and one of the greatest sovereign wealth assets on the planet. Birla will be the first Indian to invest resources into a banking system in the Middle East.
The chief of the Court of Crown Prince Sheikh Hamed bin Zayed Al Nahyan was appointed as the managing director of ADIA in 2010.
Birla’s family watchers expressed that Al Nahyan is a vital figure in the Emirati region, and this venture will establish more profound, longer-term relations with the UAE. Thus, other than the business angle of backing a new investment, this is undeniably more strategic.
This investment possibly opens the route for similar partnerships to get popular across the GCC region. This isn’t an organization-to-organization deal, yet two leading family businesses are uniting, Birla spokesperson added.
The Emirate’s central bank is set to back the investment, making Birla, head of the $46 billion Aditya Birla Group, appropriate to add investments to the ADIA system. As per the Forbes billionaire entrepreneur list, Birla’s total assets were estimated at $16.4 billion as of October 20, making him the 10th wealthiest Indian businessman.
Al Hail Holdings, Al Nahyan’s famous investment vehicles and Birla will be the most high-profile venture supporters, the business daily reported.
In a first of its sort initiative, the Dubai government recently marked an MoU to build industrial parks and real estate in Jammu and Kashmir.
Olivier Crespin, former Citi head of operations private bank, will lead the Zand. Earlier, Crespin stated that solid technologies and bankers had supported the digital bank. We have created a bank that guarantees to address all requirements of our clients.