Finablr is the parent company of UAE Exchange.
PHOTO BY ARCHIVE
DUBAI – Financial services company Finablr is being sold to a UAE-Israeli consortium for only $1, the company announced on Thursday (December 17).
Finablr, the parent company of UAE Exchange, ran into financial difficulties after it was revealed in April that it has an undisclosed debt of about $1 billion.
Finablr’s shares are currently suspended from trading in the London Stock Exchange.
Meanwhile, Global Fintech Investments Holding (GFIH) has partnered with Abu Dhabi’s Royal Strategic Partners to buy Finablr.
GFIH will provide capital to enable Finablr to continue its operations.
The deal is considered one of the first biggest transactions between UAE and Israeli companies after the UAE normalized relations with Israel in August. ICA/Expat Media
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