UAE financial firm to open Bengaluru office
Minister Nirani says GII’s presence will boost investments in Karnataka
DUBAI:
In a big push to attract investments and boost trade, the government of Karnataka has signed an MoU with the Gulf Islamic Investment (GII) group. Present on the occasion were Large and Medium Industries Minister Murugesh Nirani and IT/Bt Minister Ashwath Narayan on Monday at the Karnataka pavilion at Dubai Expo 2020. GII will open its office in Bengaluru to further strengthen Indo-UAE investment ties.
GII is a leading UAE-based sharia-compliant financial services firm with over $2 billion of assets under management. “GII’s decision to foray into Karnataka and open its office in Bengaluru will further strengthen investment ties between India and the UAE. Our state is an ideal place to make investments as we ensure ease of doing business and an investor-friendly atmosphere,” Nirani said.
GII plans to invest $ 500 mn (Rs 3,500 crore) in India in the next 3 years. The company is also planning collaborations with Indian start-ups to boost their Middle East expansion plans.
‘Karnataka, start-up king’
Dr Aman Puri, Consul General of India in Dubai, termed Karnataka the start-up capital of Asia and added that Bengaluru is home to 40% of India’s unicorns.
In a joint statement, Mohammed Alhassan and Pankaj Gupta, founding partners and co-CEOs of GII, said, “We are delighted to officially announce our plans to establish a GII office in India’s technology capital of Bengaluru. Given the success of our preliminary investment rounds through the India Growth Portfolio series, valued at over Rs 1,000 crore, we look forward to expanding our footprint in India.”
The GII will open its office in Bengaluru to further strengthen Indo-UAE investment ties and plans to invest USD 500 mn in India in the next 3 years. It is also exploring opportunities to collaborate with Indian startups to boost their Middle East expansion plans.
— Dr. Ashwathnarayan C. N. (@drashwathcn) October 18, 2021
Minister Nirani succeeded in convincing several companies to make investments in Karnataka, including the LuLu group, Ducab and Electric Way. He also held meetings with Gaurav Khanna, Vice-President, Group Corporate Finance and Business Development of DP World, Atheeqe Ansari, CEO of Electric Way, Mohammad al Qurashi, General Manager, Government Affairs, Ducab, and Sreenath P Reddy of Aster DM Healthcare.
ಇಲ್ಲಿ ಓದಿ: ಬೆಂಗಳೂರಿನಲ್ಲಿ ತಲೆ ಎತ್ತಲಿರುವ ಗಲ್ಫ್ ಇಸ್ಲಾಮಿಕ್ ಹೂಡಿಕೆಯ ಕಚೇರಿ
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