Ireland-based fintech Global Shares has set up its Middle East headquarter in Riyadh, the capital of the Kingdom of Saudi Arabia, media reports said. The fintech is also partnering with NCB Capital, the investment arm of the National Commercial Bank, also known as AlAhli Bank.
John Meehan, who serves as the Global Shares Business Development Director said that the Middle East is a region of huge strategic importance to Global Shares as more and more companies recognise the importance of equity-based compensation.
Global Shares, which has 16 offices across the globe, has appointed Abdulhadi Alherz as the new managing director of the Middle East. With regard to his appointment, he told the media, “I am really excited to join Global Shares, a global fintech leader, which has reimagined technology solutions in the employee ownership space. It’s a niche market, where I get to continue working with software and fintech, while delivering digital transformation and a really great customer experience, which is core to business success.”
It is also reported that Saudi Arabia-based fintech Hakbah has raised around $1.2 million in its seed funding round. The fintech received approval from the central bank, the Saudi Central Bank (SAMA) to launch its commercial services in the Kingdom in July last year. Last month, telecommunication company Virgin Mobile entered the fintech space in the Kingdom by acquiring a banking agent license through a strategic agreement with The Saudi Investment Bank (SAIB).