Irish FinTech firms leading the charge with innovation in FinTech globally are increasingly looking to the Middle East to invest in and expand their services. One such firm, internationally leading Global Shares has boosted its investment in the region and opened an office in Saudi Arabia’s capital, Riyadh.
The company – which manages the employee share plans of some of the world’s biggest companies – is headquartered in Ireland but has 16 other offices across Europe, America and Asia. The Riyadh office houses the hub region’s service team and is a base for its new Managing Director of the Middle East, Abdulhadi Alherz, who has more than 15 years’ experience in digital transformation, innovation and financial services, and has previously worked with Saudi Aramco, Cisco and Oracle.
Mr Alherz commented: “I am really excited to join Global Shares – a global FinTech leader, which has reimagined technology solutions in the employee ownership space.
“It’s a niche market, where I get to continue working with software and fintech, whilst delivering digital transformation and a really great customer experience, which is core to business success.”
He added: “The arrival of a global FinTech leader in the employee ownership sector is great news for Saudi Arabia and the wider region, and it’s also exciting for Global Shares. Saudi Arabia has a large, strong economy with a population of 33.7 million and a GDP of $790,000,000,000. Our country is highly diverse: 32% of the population is made up of ex-pats, and 66% of the population is youthful, both of which will help form a long-term incentive plans perspective”.
Global fintech leader and Irish firm Global Shares looks to the Middle East for increased investment; opens new office in Riyadh to grow employee-ownership sector
The concept of sharing the company’s wealth with its employees through share ownership is being examined by an increasing number of businesses in the Middle East.
Originating in Silicon Valley in California, employee ownership and equity compensation are used to attract, retain, and engage employees. Share ownership allows employees to share in the success of the company for which they work. It encourages productivity and helps align goals. This, combined with Saudi Arabia’s efforts to diversify its private sector economy further, has meant that Saudi businesses now offer share plans to their employees more than ever.
John Meehan, Global Shares Business Development Director, commented: “The Middle East is a region of huge strategic importance to Global Shares as more and more companies recognise the importance of equity-based compensation.”
The new Global Shares office is located in downtown Riyadh and, in total, the company has on boarded 20 Arabic speaking staff so far. Its opening follows the company’s rollout of the Arabic version of its online portal and mobile app.
Global Shares has also partnered with NCB Capital – the largest investment bank in Saudi Arabia – which is providing the required custody and dealing services as part of the Global Shares offering.
Existing partnership with NCB – largest investment bank in the kingdom, to support the firm’s offering in the capital.
“It is very encouraging to see Global Shares, an Enterprise Ireland backed company, expand its footprint into the Middle East by establishing a presence in Riyadh, Saudi Arabia. The FinTech scene across the Middle East is both vibrant and thriving with plenty of opportunities. Irish FinTech is well received in this region for its innovative tech and ability to solve complex problems. The Riyadh office becomes the 17th site for the business with offices spanning the globe and an incredible feat for a FinTech located in West Cork, Ireland, said Enterprise Ireland’s Stephen Twomey, Senior Market Advisor for MENA.
“Global Shares is a great example of why Ireland has forged out its role and reputation as a global hub for finance, technology, and leading FinTech innovation,” he added.
As well as Saudi Arabia, Global Shares is focusing on Kuwait, Bahrain, Oman, Qatar, UAE, Jordan, Tunisia and Egypt. Its products are suitable for emerging, early stage or large permanently private as well as publicly listed companies.
The company has plans for continued recruitment, training, on boarding new clients and strategic partnerships in the region for 2021.