Kumar Mangalam Birla to partner Abu Dhabi wealth fund for digibank bet in UAE: Report

  • Date: 21-Oct-2021
  • Source: Money Control
  • Sector:Economy
  • Country:UAE
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Kumar Mangalam Birla to partner Abu Dhabi wealth fund for digibank bet in UAE: Report



The investment is expected to be from Birla’s private family office, the report stated.





October 21, 2021 / 04:09 PM IST





File photo of Aditya Birla Group Chairman Kumar Mangalam Birla



Kumar Mangalam Birla is set to partner with Hamed bin Zayed Al Nahyan, the Managing Director of Abu Dhabi Investment Authority (ADIA) and invest in Zand, UAE’s first digital only independent bank, people aware of the deal told Economic Times.

As per the report, the plan was initially to deploy $50-$100 million but the quantum may go up in future as the business scales up.

The investment is expected to be from Birla’s private family office, the report stated.

The central bank of the Emirate is set to bless the investment, making Birla the first Indian to invest in its banking system.

As per the report, Zand plans to service both retail and corporate customers.

Emaar Properties founder Mohamed Alabbar, the developer behind The Dubai Mall and Burj Khalifa, has invested in the company and will serve as chairman.

Al Nahyan’s investment vehicle Al Hail Holdings and Birla will be the latest high profile backers of the venture.

“This would set the foundation for a deeper long term association,” Birla family