Latest news with #ShehabGargash
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.
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.
Mid East Info
17-03-2025
- Automotive
- Mid East Info
Blacklane Launches Business-Class Service in Dubai with All-Electric Mercedes-Benz Fleet supplied by Gargash Group
A strategic initiative to address the growing demand for premium and sustainable mobility solutions DUBAI – UAE, March 17, 2025 — 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: 'In 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 : 'Our 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.
Mid East Info
06-03-2025
- Business
- Mid East Info
Deem Finance and J.P. Morgan partner with a milestone $400 million securitization facility - Middle East Business News and Information
To support consumer and SME lending in the UAE Dubai, United Arab Emirates: Deem Finance LLC ('Deem'), a Gargash Group company and a leading consumer finance provider regulated by the UAE Central Bank, has partnered with J.P. Morgan in a pioneering asset-backed securitization (ABS) to support its lending activities for consumers and SMEs. J.P. Morgan will be providing up to $400 million through a senior revolving facility backed by a diversified pool of receivables originated by Deem across various asset classes. The transaction is structured to provide significant flexibility, allowing funding to adjust to growth in the portfolio size and composition to support Deem's dynamic growth strategy. This collaboration marks a milestone in Deem's mission to enhance financial accessibility and inclusion. The transaction successfully diversifies Deem's funding sources with long-term institutional financing, enhancing its ability to address underserved customer segments. This initiative not only reinforces Deem's balance sheet and growth but also contributes to the advancement of the UAE's non-bank financial sector, aligning with the nation's vision for a dynamic and well-regulated financial ecosystem. Daman Investments acted as financial advisor for Deem and played a pivotal role in structuring and executing Deem's inaugural ABS facility. Leveraging its expertise in structured finance, Daman provided comprehensive advisory support across structuring, collateral analysis, cashflow modeling, regulatory matters, legal documentation and operational implementation. Shehab Gargash, Chairman of Deem Finance, stated: 'This landmark transaction showcases our deep belief in the UAE's financial landscape. By leveraging our expertise and partnering with J.P. Morgan, we are enabling Deem's expansion while enhancing access to credit for consumers and SMEs. We also extend our sincere appreciation to the UAE Central Bank for its unwavering support and regulatory guidance, which has been instrumental in fostering an innovative yet robust and resilient financial ecosystem.' Ahmed Khizer Khan, CEO of Daman Investments, commented: 'This milestone transaction underscores the strength of collaboration between local expertise and global financial leadership. We are proud to have played a pivotal role in this strategic financing, aligning with the UAE's remarkable growth journey and its ambition to lead as a global economic hub.' 'This financing reinforces our commitment to addressing the needs of underserved communities in the UAE,' said Chris Taylor, CEO of Deem Finance. 'The transaction validates the significant strategic and operational progress the team has made at Deem and supports our balance sheet and growth ambitions over the coming years.' George Deves, Co-Head of Northern Europe ABS, at J.P. Morgan said: 'We are pleased to be collaborating with Deem on this strategic transaction. Access to credit is vital for the local economy and we are pleased to work with Deem on this initiative to support consumers and small businesses in the UAE.' Mamoun Bennani, Head of MENA Markets (public side) and Türkiye Sales, at J.P. Morgan said: 'This is a landmark transaction for both J.P. Morgan and Deem. We are looking forward to the next steps of our partnership.'
Gulf Business
06-03-2025
- Business
- Gulf Business
Deem Finance lands $400m J.P. Morgan deal to fuel UAE lending
Credit: Getty Images Financial services provider Deem Finance has partnered with J.P. Morgan in a $400m securitisation facility to support its lending activities for consumers and SMEs in the UAE. The asset-backed securitisation (ABS) structure will provide Deem with long-term institutional financing to strengthen its balance sheet and funding strategy. Deem Finance, which forms part of the UAE's Gargash Group and is regulated by the UAE Central Bank, will receive up to $400m through a senior revolving facility backed by a diversified pool of receivables. The structure is designed to offer flexibility, allowing funding to adjust based on the company's portfolio growth and composition. 'This landmark transaction showcases our deep belief in the UAE's financial landscape,' said Shehab Gargash, chairman of Deem Finance. 'By leveraging our expertise and partnering with J.P. Morgan, we are enabling Deem's expansion while enhancing access to credit for consumers and SMEs,' Gargash added. The agreement aligns with Deem's strategy to enhance financial inclusion and accessibility. By diversifying its funding sources through the deal with J.P. Morgan, Deem also seeks to strengthen its ability to serve underbanked segments. The funding will also support Deem's range of financial products, including credit cards, personal and auto loans, merchant financing, and corporate investments. According to its website, Deem offers personal loans to individuals earning at least Dhs5,000, with interest rates ranging from 15.99 per cent to 34.99 per cent per year. J.P. Morgan executives emphasised the deal's role in expanding credit access across the UAE. 'We are pleased to be collaborating with Deem on this strategic transaction. Access to credit is vital for the local economy, and we are pleased to work with Deem on this initiative to support consumers and small businesses in the UAE,' said George Deves, co-head of Northern Europe ABS at J.P. Morgan.
