Latest news with #GargashGroup
Zawya
13-05-2025
- Business
- Zawya
Fueling the UAE's ambition for AI Excellence, Gargash Group hosts AI Hackathon UAE 2025
DUBAI: Gargash Group has successfully concluded its two-day AI Hackathon UAE 2025, held at the Mercedes-Benz Brand Center in Dubai Design District. The event brought together over 100 talented developers, coders, and technology enthusiasts tasked with designing smart, scalable solutions to enhance operational processes within the group. Aligned with the UAE Vision for a knowledge-based, innovation-driven economy, the hackathon served as a platform to foster local talent, encourage digital transformation, and accelerate the adoption of advanced technologies across industries. A total of 88 teams with 356 members registered, out of which 28 finalist teams comprising 114 participants were selected to take part in the live competition. Notable participants included 8-time hackathon champions, AI researchers from top global institutes, Emirati students, and early-stage tech founders. Over a challenging 24-hour sprint, teams worked intensively to address real-world operational challenges faced by Gargash Group, showcasing exceptional creativity, technical expertise, and collaborative spirit. A distinguished panel of jurors from various industries evaluated the projects based on innovation, practicality, and potential impact. The hackathon also featured an AI-focused panel discussion with leading voices in the field, covering topics such as the future of AI in business, responsible deployment, and how emerging technologies can be leveraged to solve regional challenges. The hackathon culminated in the awarding of an AED 30,000 cash prize to the winning team, whose solution was recognized for its groundbreaking approach and immediate applicability to Gargash Group's operations. Shehab Gargash, Managing Director and Group CEO of Gargash Group, commented: 'The UAE has always championed innovation as a catalyst for national progress, and at Gargash Group, we are proud to contribute to this vision by nurturing the next generation of tech talent. The AI Hackathon UAE 2025 empowered creative minds while allowing us to embrace transformative technologies that can keep us ahead of the curve in an increasingly digital world.' Walid Hizaoui, Group Chief Strategy Officer at Gargash Group, emphasized the significance of the event, stating: 'The AI Hackathon UAE 2025 is a pivotal step in our ongoing transformation journey. This event not only spotlighted brilliant local talent but also generated practical solutions that will directly contribute to elevating our operational excellence. We are committed to investing in technologies and initiatives that future-proof our business and empower the next generation of tech leaders, in line with the UAE's vision for innovation-driven growth and global leadership'. Strategic partnerships played a key role in enhancing the impact of the event. Gargash Group collaborated with leading tech enablers and innovation partners including: Adyen, Snowflake, Mesh, Transform UK, Villegas Recruitment Firm, Shorooq, and NextGenTechs. Through initiatives like the AI Hackathon UAE 2025, Gargash Group continues to reinforce its commitment to digital innovation, operational excellence, and the development of the UAE's technology ecosystem. About Gargash Group Established in 1918, Gargash Group is one of the UAE's leading business enterprises. Today, the group comprises a family of internationally renowned brands operating across four verticals: automotive, real estate, financial services, and Food & Beverage. It is recognized for its global expertise and deep understanding of local markets, enabling the group to deliver integrated, innovative, and competitive services. The group has introduced leading global automotive brands into the UAE, including Mercedes-Benz, Alfa Romeo, GAC MOTOR, SIXT Rent Car, SIXT Leasing & SIXT Limousine. Since 1998, Gargash Group's financial services arm, Daman Investments, has provided advisory, asset management, brokerage, and wealth management services in the UAE. Gargash Real Estate develops and manages high-quality residential, commercial, and industrial properties across the country. The group also includes several leading brands in the Food & Beverage industry.
CNBC
07-05-2025
- Business
- CNBC
Old days of boom and bust no longer norm, says Gargash Group
Monday - Friday: 12:00 - 13:00 SIN/HK | 0600 - 07:00 CET "The old days of boom and bust are no longer the norm," Shehab Gargash, chairman of Daman Investments and group CEO of Gargash Group, tells CNBC's Dan Murphy at the DFM Capital Markets Summit.
CairoScene
15-04-2025
- Business
- CairoScene
UAE's Deem Finance Secures $400 Million Debt Facility From JP Morgan
The financing will support Deem's expansion into consumer and SME lending, as demand for non-bank credit grows across the UAE. Apr 15, 2025 Deem Finance, a UAE-based non-bank lender backed by the Gargash Group, has secured a $400 million debt financing facility from JP Morgan. The asset-backed securitisation (ABS) deal is structured as a senior revolving facility and is backed by receivables from across Deem's existing portfolio, including credit cards and other consumer financial products. The funding is set to enhance Deem's balance sheet and support the company's ongoing expansion into consumer and small business lending. Deem currently offers a suite of products targeting underserved segments in the UAE, ranging from personal loans and credit cards to auto loans and SME financing. Daman Investments acted as Deem's financial advisor for the transaction. The facility marks a significant step in the lender's strategy to diversify its capital base and meet the growing demand for alternative financing solutions in the UAE. Founded in 2019, Deem Finance is fully owned by the Gargash Group, a family-run conglomerate with longstanding operations in both the automotive and financial services sectors. The deal aligns with a broader trend in the region, where non-bank financial institutions are tapping international capital markets to bolster lending capabilities and fuel fintech innovation.
Zawya
13-04-2025
- Automotive
- Zawya
Sayarti Rental expands fleet with the addition of the luxurious 2025 GAC M8
Muscat, Oman – In line with its commitment to providing advanced, reliable, and sustainable transportation solutions, Sayarti Rental, a part of the Automotive sector of The Zubair Corporation and a leader in the nation's transportation and equipment rental sector — has announced the latest expansion of its fleet with the addition of the 2025 GAC M8. This strategic addition comes through a partnership with Gargash Group, the exclusive distributor of GAC vehicles in the Sultanate of Oman. The integration of the premium 2025 GAC M8 reflects Sayarti's ongoing efforts to offer cutting-edge transportation solutions that meet the evolving needs of both government and private sector clients, as well as individual customers. The new model combines luxury, technology, and practicality — positioning it as an ideal choice for business and leisure users alike. Commenting on this milestone, Sohraab Hasnain, General Manager of Sayarti Rental and Used Cars, said, "This expansion aligns with Sayarti's strategic vision to continuously enhance its fleet with technologically advanced vehicles, in line with the company's growth and expansion plans. The addition of the GAC M8 marks a significant step forward in providing high-end vehicles with advanced features and low operating costs, reinforcing our commitment to offering best-in-class mobility solutions across the Sultanate. We are confident that our partnership with Gargash Group will further strengthen our ability to meet the diverse needs of our customers." Assim Shaikh, Business Manager at GAC Oman, also expressed his enthusiasm for the collaboration, stating, "We are delighted to partner with Sayarti to provide vehicles that exceed market expectations in terms of quality, performance, and competitive pricing. The 2025 GAC M8, with its distinctive design, spacious interior, and advanced technology, offers an exceptional experience for both corporate and family users." Designed with three rows of seating to comfortably accommodate up to seven passengers, the GAC M8 boasts a bold and sophisticated exterior, alongside a technology-rich cabin that caters to the comfort and convenience of both drivers and passengers. Established in 1992 as Al Zubair Leasing, Sayarti has evolved into a leading provider of vehicle rental and used car sales services in Oman. The company continues to reinforce its market leadership by aligning its offerings with international standards and industry best practices, including compliance with the Oman Energy Association (OPAL) requirements. With a steadfast focus on customer satisfaction, innovation, and operational excellence, Sayarti Rental and Used Cars remains committed to providing high-quality transportation solutions that cater to the diverse needs of both individuals and businesses. For more information, please visit:
Web Release
18-03-2025
- Automotive
- Web Release
Blacklane Launches Business-Class Service in Dubai with All-Electric Mercedes-Benz Fleet supplied by Gargash Group
Blacklane, the global chauffeur service, is proud to announce the launch of its Business Class service in Dubai with an initial fleet of all-electric Mercedes-Benz EQE vehicles supplied through its strategic partnership with Gargash Group, a leading UAE enterprise and Blacklane investor since December 2022. This first installment is part of a longer-term strategy to expand Blacklane's luxury electric vehicle fleet and address the growing demand for sustainable mobility solutions in the region. The signing ceremony was held at the prestigious Mercedes-Benz Brand Center in Dubai Design District. This launch marks a significant step in Blacklane's mission to redefine mobility. The all-electric Mercedes-Benz models offer a blend of elegance, advanced features, and exceptional comfort, embodying the premium quality and reliability that Blacklane guests expect. With their electrified powertrain, these vehicles will accelerate Blacklane's mission to deliver refined and sustainable travel experiences. Specifically designed to meet the needs of the hospitality sector, particularly business travelers, the all-electric fleet provides a discreet, luxurious, and efficient mobility solution for Blacklane's Business-Class service. Dr. Jens Wohltorf, CEO and Co-Founder of Blacklane shared his insights at the event, stating: ' Gargash Group, we have secured a long-term strategic partner who shares our vision for industry-leading mobility and sustainability. Introducing the Business Class service with the all-electric Mercedes-Benz is a pivotal evolution of our offering in Dubai. This move will strengthen our market position and enable us to cater to diverse customer needs, from corporate clients to the hospitality industry'. Shehab Gargash, Managing Director and Group CEO of Gargash Group commented: ' continued investment in Blacklane underscores our commitment to advancing premium and sustainable mobility solutions. Supporting Blacklane with all-electric Mercedes-Benz vehicles for the launch of their Business Class service in Dubai aligns perfectly with our vision to bring innovative and customer-centric offerings to the market while supporting Dubai's sustainability goals'. The announcement underscores Blacklane and Gargash Group's shared commitment to sustainability and innovation. Following Gargash Group's initial investment in Blacklane during the Series F financing round in December 2022, this latest support marks the continuation of their collaboration This initiative also reflects Blacklane's heightened focus on the Middle East. Between 2022 and 2023, rides in the UAE tripled, contributing to a 25% increase in Blacklane's overall revenue. Moreover, in October 2024, Blacklane successfully concluded its Series G financing round, raising €60 million (USD 65 million). This round marked a 25% increase in Blacklane's valuation compared to its September 2023 financing round, signaling its continued growth. Given this momentum, the introduction of Business Class in Dubai further enhances Blacklane's portfolio, which includes airport transfers, hourly rides, city-to-city journeys, and on-demand chauffeur services. With its focus on sustainable and refined travel, Blacklane continues to set the benchmark for luxury mobility across the region and beyond.
