Fintech PR
Fosun’s Global Operations Focus on the Middle East to Explore New Growth Prospects
HONG KONG, Oct. 9, 2024 /PRNewswire/ — Among many Chinese private enterprises, Fosun stands out for its early start in globalization, firm execution, and strong operational capabilities.
Recently, Fosun has been very active in the Middle East region. In September, Fosun’s subsidiary, Hainan Mining’s wholly owned subsidiary, Roc Oil, made a full offer to acquire Tethys Oil AB for approximately RMB 1.302 billion, aiming to acquire oil field rights in several blocks in Oman.
In July, Hainan Mining signed a memorandum of understanding with Ajlan & Bros Holding to explore the feasibility of a lithium salt plant project in Saudi Arabia. They also plan to establish an industrial fund focused on upstream lithium resources, local mineral exploration, and global investments in new energy metal resources and technology.
In the same month, FFT, a global leader in flexible automation production line solutions under Fosun, signed a joint venture agreement with Saudi family business Khaled Juffali Company (KJC). The plan is to establish a commercial technology entity in Saudi Arabia, and collaborate with Shanghai Easun Technology, FFT’s parent company under Fosun, to provide automated production line solutions for Saudi Arabia’s electric vehicle industry. The joint venture has already secured its first project in Saudi Arabia’s automotive sector.
Moreover, FFT plans to expand into other industries in Saudi Arabia that require automation and robotic assembly. With its extensive expertise in automation and robotics technology, FFT is expected to set new industry standards in Saudi Arabia.
In May, Club Med, a global leader in all-inclusive holidays, announced its entry into the Middle East market, launching its first project in Oman—Club Med Musandam. This project marks a deep collaboration between Club Med, the Royal Court Affairs of Oman, and Omran Group. The resort is set to begin construction in early 2026 and is expected to open in 2028.
“The Best Strategic Partner”
With its vibrant and robust economic growth, the Middle East is becoming a key frontier for Fosun’s global operations. Achieving multiple industrial and project results in such a short time demonstrates Fosun’s efficient execution and underscores its confidence and determination in the Middle Eastern market.
Fosun International Chairman, Guo Guangchang, stated: “Fosun looks forward to establishing long-term and stable strategic cooperation with more Middle Eastern partners. As a company with global operational capabilities and deep roots in the Chinese market, I believe Fosun is the best strategic partner. With our global operational capabilities and extensive experience, Fosun can achieve sustainable value growth with Middle Eastern partners and create a new win-win ecosystem.”
Under the guidance of Saudi Arabia’s “Vision 2030”, the country is quickly becoming a hub for sports, especially esports. At the recent Esports World Cup held in Riyadh, Fosun Sports’ Wolves Esports Club won two championships in “Teamfight Tactics” and “Honor of Kings.” With Saudi Arabia’s continued investment in esports and Fosun Sports’ excellent performance in both football and esports, further collaboration between the two sides is expected.
As one of the pioneers of Fosun’s global expansion, Fosun Pharma is accelerating its layout in the Middle East market. In June, Fosun Pharma’s Henlius’ biosimilar drug HANQUYOU was launched in Saudi Arabia, likely becoming the first domestic monoclonal antibody drug to enter the Middle Eastern market.
Global Operations Rooted in China
Fosun’s globalization began in 2007 when Fosun International was listed in Hong Kong, marking over 17 years of global operations. Its diverse industries cover pharmaceuticals, tourism, insurance, sports, energy, fashion, medical technology, intelligent manufacturing, and more. Through its “global operations + local organization” model, Fosun has facilitated mutual empowerment across different industries and countries, achieving rapid growth.
In the first half of 2024, Fosun’s total revenue reached RMB 97.84 billion, of which overseas revenue was RMB 45.87 billion, a year-on-year increase of 4%, accounting for 47% of the total revenue. Over the past ten years, Fosun’s overseas revenue has had a compound annual growth rate of 55%. Fosun now has an extensive business presence in more than 35 countries and regions globally.
Since Club Med joined Fosun in 2015, it has continuously expanded its global market, now operating nearly 70 premium resorts across six continents. It has also launched new product lines for the Chinese market, achieving rapid growth. In the first half of 2024, Club Med’s revenue reached RMB 8.89 billion, a year-on-year increase of 10.3%, further consolidating its global leadership in mountain resorts.
In 2014, Fosun acquired Fidelidade, the largest insurance company in Portugal. Over the past decade, through deep industrial operations and resource synergy, Fosun has successfully expanded Fidelidade’s business to 12 countries across Europe, Africa, and Latin America. In 2023, Fidelidade’s total international business premiums reached EUR 1.7 billion, a year-on-year increase of 11%. The share of international business has grown from 6% in 2017 to 17% in 2023.
Guo Guangchang, Chairman of Fosun International, said: “We are proud to have become one of the few Chinese companies rooted in China with global operational capabilities. Fosun will continue to advance its globalization strategy, transforming its global capabilities into sustained profit growth.”
In its global operations, Fosun excels at collaborating with local governments, accumulating rich experience and resources, and successfully aligning projects with national policies. With Fosun’s increased investment in the Middle East, its global network and operational capabilities provide strong support for the successful implementation of projects, ensuring alignment with national development goals and successful project execution.
With its global operational capabilities, Fosun not only deeply understands the Chinese market but also brings new opportunities to Middle Eastern enterprises and investors through its replicable global experience.
View original content:https://www.prnewswire.co.uk/news-releases/fosuns-global-operations-focus-on-the-middle-east-to-explore-new-growth-prospects-302271268.html
Fintech PR
Wahed appoints Khalid Al Jassim as Executive Chairman of Wahed MENA to help guide the strategic growth of Wahed in the region
DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Wahed, a global Shariah-compliant fintech, has appointed Khalid Al Jassim as Chairman of Wahed MENA.
On this appointment, Khalid commented, ”I am excited to guide Wahed’s growth in the region. Wahed’s mission of furthering Islamic Finance is one I resonate with deeply and I look forward to supporting its growth ambitions.”
Khalid has over twenty five years of investment banking and corporate advisory experience gained with some of the most innovative and groundbreaking institutions in the world.
His career spans leading firms including SABIC, Arthur Anderson and Arcapita Bank in Bahrain, where he was instrumental in making it into one of the PE powerhouses in the region. His responsibilities started in the earlier years with establishing the Investment Placement Team and transforming it into one of the most robust teams in the industry. At the time that Khalid left Arcapita to build his personal business, he was an Executive Director. Today he is Chairman of Afkar Vision, a private advisory house specialized in mergers and acquisitions with offices in Manama, Dubai and Riyadh.
As well as being one of the earliest investors in Wahed, he is currently Chairman of the Audit Committee and Board Member at Bahrain Islamic Bank, the 4th oldest Islamic Bank in the World and Board Member at SICO Bank and SICO Capital in Saudi, an $8bn asset manager in the region.
Mohsin Siddiqui, Wahed CEO said, “We are delighted to announce Khalid’s appointment. His unique understanding of the financial landscape in the MENA region is unparalleled and we are excited to bring this expertise in continuing to grow our presence in the region.”
About Wahed
Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.
For more information, visit: www.wahed.com
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View original content:https://www.prnewswire.co.uk/news-releases/wahed-appoints-khalid-al-jassim-as-executive-chairman-of-wahed-mena-to-help-guide-the-strategic-growth-of-wahed-in-the-region-302314779.html
DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Qatar Development Bank (QDB) announces a strategic investment in Wahed, a global Shariah-compliant fintech.
Wahed currently manages over $1 billion in assets and has attracted over 400,000 clients worldwide. The company is built on the principles of democratizing access to financial services and offers clients access to Shariah-compliant investments in its mobile app. Wahed removes the barriers to sophisticated investment management services that have been traditionally reserved for high-net-worth investors.
Khalid Al Jassim, Executive Chairman of Wahed MENA said: ‘We are delighted to welcome our new shareholders, QDB. We believe Qatar is fully aligned with our mission in creating a technology-first Islamic finance leader that unlocks a financial ecosystem free from Riba. We look forward to supporting the Qatar National Vision 2030 of becoming a leading knowledge-based economy.
Ali Rahimtula, Partner at Cue Ball Capital said: “Qatar Development Bank’s strategic investment is a clear signal of the faith the industry has in Wahed and its ability to create the future of Islamic Finance.”
About Wahed
Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.
For more information, visit: www.wahed.com
About Qatar Development Bank
Qatar Development Bank’s mission is to advance the economic and innovation development cycle of Qatar, supporting and contributing to the nation’s economic diversification. As well as a focus on the development of Qatar’s private sector, QDB is a powerful catalyst for socio-economic development in the country, empowering the local economy and bettering living standards.
For more information, visit: https://www.qdb.qa/
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View original content:https://www.prnewswire.co.uk/news-releases/qatar-development-bank-announces-strategic-investment-in-global-islamic-fintech-wahed-302314778.html
DHAKA, Bangladesh, Nov. 23, 2024 /PRNewswire/ — With the popularity of electric vehicles in Bangladesh, the globally renowned AIMA brand has also arrived in Bangladesh. The esteemed DX Group has brought the AIMA F-626 to customers. This environmentally friendly battery-operated electric motorbike has already been approved by the Bangladesh Road Transport Authority (BRTA) now.
In light of the increasing popularity of electric motorcycles in the country, the internationally-leading brand AIMA has entered the market. By the end of 2023, AIMA electric two-wheelers had established a presence in over 50 countries worldwide, with 11 global production bases, including overseas factories in Indonesia and Vietnam. In 2022, AIMA collaborated with Rob Janoff, the designer of the Apple logo, to refresh the brand’s VI system with a youthful and fashionable image. In 2023, AIMA teamed up with PANTONE, the global authority in color expertise, to create the trending color of the year. As an industry leader, AIMA spearheads the electric two-wheeler sector and showcases the prowess of a leading electric two-wheeler brand on a global scale. As of March 31, 2024, AIMA’s total electric two-wheeler sales had reached 80 million units, earning certification from Frost & Sullivan, a globally recognized business growth consulting firm, as the “Global Leading Electric Two-wheeler Brand”.
Over the years, AIMA has always been a product trendsetter in the electric two-wheeler sector. As of March 31, 2024, the total sales volume of AIMA electric two-wheelers reached 80 million, and Frost & Sullivan, a world-renowned market consulting company, awarded AIMA with the market status certification of the “Global Leading Electric Two-wheeler Brand (by Sales)”.
AIMA adhere to the customer-centered product philosophy and technologies that support long-term innovation and breakthroughs. We believe that the efficiency and modern technology of the AIMA F-626 will present an excellent alternative means of communication for our customers.
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View original content:https://www.prnewswire.co.uk/news-releases/chinas-aima-brand-electric-motorbike-is-now-in-bangladesh-302314773.html
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