ISLAMABAD: Hub71-backed ABHI, an embedded finance platform founded in Pakistan, has established its global headquarters in Abu Dhabi with support from the Abu Dhabi Investment Office (ADIO) to grow its international operations, ADIO said in a statement this week.
ABHI joined Hub71, Abu Dhabi’s global tech ecosystem, in 2022 and is now working with Hub71’s strategic partner ADIO as the fintech company scales up its operations to capture growth opportunities in emerging markets.
“We are thrilled to establish our global headquarters in Abu Dhabi, a decision that marks a significant milestone in ABHI’s journey. This move is not just about expanding our geographical footprint; it’s a strategic alignment with Abu Dhabi’s vibrant tech ecosystem and the forward-thinking vision of ADIO,” Omair Ansari, CEO & Co-Founder of ABHI, said.
“Our presence in Abu Dhabi will enable us to leverage the dynamic business environment and robust support system to accelerate our growth and innovation. This partnership with ADIO is a testament to our commitment to delivering cutting-edge financial solutions and reaffirms our position as a leader in the embedded finance sector. We look forward to contributing to and benefiting from the thriving tech landscape of the UAE and beyond, furthering our mission to empower employers and employees with efficient financial solutions.”
Founded in 2021, ABHI was named among the World Economic Forum’s 2023 Technology Pioneers, making fintech history in the MENAP region. Recently, ABHI has been selected as one of the Future 100 companies in the UAE.
The firm provides Earned Wage Access (EWA) to employees, which allows them to withdraw their earned salary any day, and offers employers payroll solutions and SME financing. It is currently servicing more than 500 companies across the globe. ABHI has also been selected as one of the Future 100 companies in the UAE, an initiative by the Ministry of Economy and the Government Development and the Future Office.
“ABHI is a great example of how fast companies can start, scale and succeed in Abu Dhabi. By being part of the Hub71 tech ecosystem for a year, the company is now collaborating with ADIO to rapidly accelerate its growth and expansion beyond Abu Dhabi,” Badr Al-Olama, Director General of ADIO, said:
The Abu Dhabi Investment Office enables local, regional and international investors to thrive and grow in the UAE capital through its close collaboration with government partners, sovereign investors, and national champions.
According to Startup Genome and the Global Entrepreneurship Network, Abu Dhabi is one of the fastest-growing technology ecosystems in the Middle East and North Africa (MENA) region and sixth fastest globally. It is fast becoming the region’s top tech startup destination with over 260 startups raising over AED 5.1 billion in funding and generating AED 3.5 billion in revenues since inception, the ADIO statement said.
“As a pioneer in the SME lending solutions space, ABHI has the potential to support growth across the wider UAE economy. The company is currently in discussions with multiple UAE banks about rolling out its solutions,” ADIO said.
Pakistani fintech sets up global headquarters in Abu Dhabi to expand international operations
https://arab.news/jacjz
Pakistani fintech sets up global headquarters in Abu Dhabi to expand international operations
- ABHI was named among World Economic Forum’s 2023 Technology Pioneers, making fintech history in MENAP region
- Abu Dhabi Investment Office enables local, regional and international investors to thrive and grow in the UAE capital
Sindh assembly passes resolution rejecting move to separate Karachi
- Chief Minister Shah cites constitutional safeguards against altering provincial boundaries
- Calls to separate Karachi intensified amid governance concerns after a mall fire last month
ISLAMABAD: The provincial assembly of Pakistan’s southern Sindh province on Saturday passed a resolution rejecting any move to separate Karachi, declaring its territorial integrity “non-negotiable” amid political calls to carve the city out as a separate administrative unit.
The resolution comes after fresh demands by the Muttahida Qaumi Movement (MQM) and other voices to grant Karachi provincial or federal status following governance challenges highlighted by the deadly Gul Plaza fire earlier this year that killed 80 people.
Karachi, Pakistan’s largest and most densely populated city, is the country’s main commercial hub and contributes a significant share to the national economy.
Chief Minister Syed Murad Ali Shah tabled the resolution in the assembly, condemning what he described as “divisive statements” about breaking up Sindh or detaching Karachi.
“The province that played a foundational role in the creation of Pakistan cannot allow the fragmentation of its own historic homeland,” Shah told lawmakers, adding that any attempt to divide Sindh or separate Karachi was contrary to the constitution and democratic norms.
Citing Article 239 of Pakistan’s 1973 Constitution, which requires the consent of not less than two-thirds of a provincial assembly to alter provincial boundaries, Shah said any such move could not proceed without the assembly’s approval.
“If any such move is attempted, it is this Assembly — by a two-thirds majority — that will decide,” he said.
The resolution reaffirmed that Karachi would “forever remain” an integral part of Sindh and directed the provincial government to forward the motion to the president, prime minister and parliamentary leadership for record.
Shah said the resolution was not aimed at anyone but referred to the shifting stance of MQM in the debate while warning that opposing the resolution would amount to supporting the division of Sindh.
The party has been a major political force in Karachi with a significant vote bank in the city and has frequently criticized Shah’s provincial administration over its governance of Pakistan’s largest metropolis.
Taha Ahmed Khan, a senior MQM leader, acknowledged that his party had “presented its demand openly on television channels with clear and logical arguments” to separate Karachi from Sindh.
“It is a purely constitutional debate,” he told Arab News by phone. “We are aware that the Pakistan Peoples Party, which rules the province, holds a two-thirds majority and that a new province cannot be created at this stage. But that does not mean new provinces can never be formed.”
Calls to alter Karachi’s status have periodically surfaced amid longstanding complaints over governance, infrastructure and administrative control in the megacity, though no formal proposal to redraw provincial boundaries has been introduced at the federal level.
