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Gulf Capital Acquires a Strategic Stake in Geidea, one of the Largest Financial Technology Companies in Saudi Arabia

Gulf Capital Acquires a Strategic Stake in Geidea, one of the Largest Financial Technology Companies in Saudi Arabia
May 07, 2018

Total transaction value exceeding one billion Saudi Riyals

President and Founder of Geidea: Our goal is to transition to cashless cities by modernizing financial technologies and increasing transparency in line with Vision 2030

Gulf Capital, one of the largest and most active alternative asset managers in the Middle East, today announced that it has acquired a strategic stake in Saudi Geidea, the leading provider of electronic payment solutions and financial technologies in the Kingdom of Saudi Arabia, for a total transaction value exceeding one billion Saudi Riyals. The deal constitutes the largest acquisition in the Saudi Fintech sector to date.

The transaction comes just days after the launch of an initiative by the Saudi Arabian Monetary Authority aiming to promote financial technology in the Kingdom and to transform Saudi Arabia into a destination for Fintech innovation, by providing a booming ecosystem driven by local and global players. Saudi Fintech strives to achieve this goal by bringing together both public and private companies to encourage innovation and increase knowledge of Fintech and by supporting the growth of small and medium companies working in Fintech.

Dr Karim El Solh, Chief Executive Officer of Gulf Capital, said: “We are delighted to partner with Geidea, the leading payment solutions company in Saudi Arabia and to help support it on its ambitious growth and expansion plans.  In a relatively short period of time, Geidea has emerged as the market leader in the financial technology sector in Saudi Arabia, paving the way for more financial institutions and businesses in the Kingdom to adopt Saudi Arabia’s Vision 2030 of achieving far-reaching economic prosperity and moving towards a cashless society. Geidea’s digital technologies also fuel the growth of the banking sector and the retail sector by providing digital financial transactions and the rapid transitioning to electronic payment systems. I look forward to working with Geidea towards achieving its vision of becoming the leader in the payment technology sector in the GCC region.’

Abdullah Bin Faisal Al-Othman, founder and president of Saudi Geidea, said: “The reliance of financial institutions on financial technology in order to further develop and grow is a fundamental pillar for shaping the future of Saudi Fintech in light of the Kingdom’s clear goal of achieving cashless cities to drive economic growth. This deal is a major step in supporting investments in these areas with the aim of providing real digital transformation in financial services within Saudi Vision 2030’s targets. We are confident that financial technology will make financial services faster, easier and less costly.”

This deal is the fifth investment for Gulf Capital in the technology sector and is part of its efforts to develop the payment and digital financial transaction sector in the GCC.

Abdullah Hamad Al-Fozan, Chairman of KPMG Al Fozan & Partners, the business consultants for Saudi Geidea, said: “We are delighted with the success and growth of Geidea in the Fintech sector. We have always stressed that financial technology is an innovation enabler which will lead to tangible change in business models, one of the targets of Saudi Vision 2030. We are confident that this strategic partnership between the two companies will be effective and will contribute to improving the infrastructure of the Saudi economy.

Abdullah Shahin, Managing Director at Gulf Capital, added: “Geidea has been driving the transformation of banking and traditional retail towards electronic payment, with the full support of SAMA. The company is striving to drive the transformation towards a society that implements electronic payments rather than cash transactions. With this aim, it has developed affordable but high quality systems and devices. We look forward to working closely with Geidea and to supporting its ambitious growth and regional expansion plans.”

Geidea is a Saudi company established in 2008 with branches in Jeddah, Dammam, Abha and Tabouk in addition to 35 maintenance centers in different areas of the Kingdom. The company also has a research and development center in Bangalore, India and over 500 experts and specialists in providing IT solutions and was able in a short time to achieve substantial growth and to reach a leadership position in providing integrated financial solutions and to attract a large number of clients to its customer portfolio in the banking and retail sectors in the Kingdom, making it the primary provider of electronic payment solutions. Geidea also received a number of certificates of appreciation from SAMA, Visa Card and Mastercard for its exceptional products and its dedicated and always available technical support staff in Saudi Arabia.

Gulf Capital is one of the leading alternative asset management firms in the Middle East, investing across several asset classes including Private Equity, Private Debt and Real Estate and currently manages over AED 14.7 billion (US$4 billion) of assets across 10 funds and investment vehicles. Gulf Capital’s mission is to grow capital and build value with world-class expertise and best practices to generate sustainable superior performance for all stakeholders.

Download press release in Arabic

 
 
 
 
 

Fraud Alert

Fraud Alert - Important alert to Gulf Capital Investors,Shareholders, the Financial Services Community and the Public

Fraudsters are engaging in a fraudulent email and website scams whereby websites and communications are targeting members of the public and potential investors (victims) by fraudulently using the identity of legitimate members of Gulf Capital's Executive team or Gulf Capital's Board of Directors to solicit investments, fake job offers and other dealings, without authority, and for a malicious purpose. Neither Gulf Capital's Chief Executive Officer nor any members of its Board of Directors or other members of its Executive team have made any offers for investment partnership, offers of employment or other dealings through these channels and the names, and identities of such individuals are being used illegally and without their consent.

Gulf Capital and its management have taken and will continue to take legal action against anyone found misusing Gulf Capital's name or the names or identities of any members of the Board of Directors of Gulf Capital or Gulf Capital's Executive team illegally or without consent for whatever reason.

Report Scams

We invite you to immediately contact fraud-detection@gulfcapital.com* if any of the following occur:

  1. You have received any unsolicited correspondence or investment advice or you think you have been contacted in relation to a possible scam (whether by telephone, email or courier) by sources fraudulently impersonating Gulf Capital's Board of Directors or any members of Gulf Capital's Executive team.
  2. You have received notice from anyone outside of Gulf Capital informing you or raising concern regarding the fact that they may have been contacted by any sources fraudulently impersonating Gulf Capital's Board of Directors or any members of Gulf Capital's Executive team.
  3. You have received any communications referencing any of Gulf Capital's Board of Directors that you consider are suspicious or which you are not sure how to respond to.
  4. You have any concerns about the authenticity of any website passing itself off as a website operated by Gulf Capital or referencing the names and identities of the Board of Directors of Gulf Capital or any of its Executive team without authority.
*Note: When forwarding suspicious e-mails to fraud-detection@gulfcapital.com:
  1. Do not modify the original subject line or contents enclosed, and do not include any personal or confidential information.
  2. Forward the full internet headers of any suspicious emails to fraud-detection@gulfcapital.com before deleting as this information willhelp Gulf Capital to track the true origin of the correspondence. The internet headers can be found through your e-mail system from within the e-mail. For example, in Microsoft Outlook, you can find the internet headers by opening the e-mail, then choosing "View" and "Options". Depending on the e-mail system that you use, the process for locating the internet headers will vary. We recommend you either copy and paste the internet header and message into a new e-mail or scan the e-mail and full headers and send as a PDF attachment to ensure it is received by fraud-detection@gulfcapital.com.

Protect Yourself

  1. We recommend that you avoid getting into a conversation with any fraudsters or revealingany personal or identifying information, but you should endeavor to record thepurported name of the person and organisation along with any other information they give you (e.g., telephone number, address etc.) and then forward all such information to fraud-detection@gulfcapital.com.
  2. You should obtain independent legal and financial and professional advice before handing over any funds or entering into any agreements in relation to such solicitations.
  3. We recommend that you not respond or open any attachments or links associated with any suspicious e-mails.
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Illegal Use of Gulf Capital's Name

Phishing Email Alert

Gulf Capital Pvt. JSC has recently become aware of a spate of fraudulent emails purporting to offer financing from, and employment at, Gulf Capital and Gulf Capital Credit Partners (DIFC) Ltd. and misusing the official Gulf Capital logo and trade name. These emails do not originate from Gulf Capital or any of our affiliates. If you have received any such email, do not click any links in the email or provide any personal information (e.g. your bank details or copies of identity documents).

There are a number of illegal advance fee scams in operation where our name and those of our Board of Directors and Senior Management are being impersonated and abused.

The Gulf Capital name, and sometimes the names of individual employees within our firm, have been used in various fraudulent scam emails, letters and phone calls. These communications typically seek to attract a victim by suggesting that project funding or a job can be obtained by paying an upfront fee. Sometimes fake documents are sent to the victim and websites mimicking the Gulf Capital name and brand are used.

Common themes include:

  • the use of similar domain names designed to appear legitimate; examples include using phishing email accounts from domains such as: @gulfcp.com, @gullfinvest.com, board members name@outlook.com, @gulfunioninvestment.com, name@gullfcapital.com
  • offers of work/visa services related to employment in the Middle East upon payment of administrative, medical and other fees;
  • offers of project financing upon payment of a fake surety bond and due diligence fees;
  • forged Board of Directors resolutions approving loans, MOUs, loan agreements claiming "100% refundable" professional service fees;
  • bogus look-alike websites;
  • fake profiles on LinkedIn and My Opportunity purporting be Directors or Management of Gulf Capital;
  • "signed" and stamped contracts purporting to be provided by us regarding project financing; and
  • use of our UAE telephone numbers by criminal impersonators.

This is not an exhaustive list of scams. New schemes designed to steal the business public's money or personal data are being invented all the time or for use in other illegal activities. Please act prudently and sensibly for your own protection and take note of our Fraud Alert on our website. The perpetrators may not always request money or personal details on initial contact, but often wait until the victim has responded.

Please note that Gulf Capital and its Management and Directors have no involvement in these or any other scams, and will vigorously prosecute any violators in tandem with the concerned authorities. Our name is being used in an unauthorized and illegal way. Note that we do not use Gmail, Hotmail, Outlook or Yahoo addresses.

We recommend you delete scam emails and do not reply to scam letters, emails, calls or faxes, and do not send money to strangers. If you need to confirm with us whether a communication is genuine, please contact us at fraud-detection@gulfcapital.com.

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