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Mobile operators to invest over $30 bn in open radio access networks

The Open RAN-compliant radio market to date has been dominated by Asian vendors Samsung, NEC and Fujitsu…reports Asian Lite News

Mobile operators are likely to invest more than $30 billion in open RAN networks globally by 2030, representing a CAGR of 24 per cent for the period, according to a latest report.

Open RAN stands for open radio access network. An open RAN is made possible by a set of industry-wide standards that telecom suppliers can follow when producing related equipment.

Open RAN network investments have increased steadily in recent years, driven primarily by greenfield network operators in the Asia-Pacific and North American regions, according to Counterpoint Research.

However, following this period of rapid network build-outs, greenfield operators are looking to lower capex in 2023 and 2024 and focus on network monetization.

Some Tier-1 operators, notably Vodafone, have announced major plans recently to deploy open RAN, but most brownfield network operators remain very cautious about additional investments in 5G infrastructure, particularly Open RAN, due to the uncertain macroeconomic climate.

As a result, the Open RAN market will stagnate during this and the next year.

“Investments will start to increase YoY after 2025 with network operators investing a cumulative total of more than $30 billion between 2022 and 2030,” the report noted.

Although the Asia-Pacific and North American regions will remain the largest Open RAN markets for most of the forecast period, Europe is expected to record the fastest growth with a CAGR of 108 per cent between 2023 and 2030 as its Tier-1s finally start commercial deployments at scale, driven partly by the need to replace legacy Chinese 3G and 4G networks.

The Open RAN-compliant radio market to date has been dominated by Asian vendors Samsung, NEC and Fujitsu.

However, Counterpoint Research expects that their market share will be impacted during the forecast period as other incumbents start offering Open RAN-compliant solutions.

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Tata Consumer Products Ventures into Energy Drink Market with ‘Say Never’

Shares of Tata Group firms surge after SC verdict against Mistry

This energy drink boasts two invigorating variants, namely, Red and Blue, each designed to provide a much-needed vitality boost for those who dare to pursue their dreams…reports Asian Lite News

Tata Consumer Products (TCP), a conglomerate unifying the Tata Group’s prominent food and beverage interests, has announced a bold foray into the rapidly expanding energy drink category with the introduction of ‘Say Never Energy Drink.’ In a strategic move to diversify its product range, this beverage aims to carve a niche in the dynamic world of energy drinks by celebrating the spirit of resilience and unwavering determination.

Priced affordably at just Rs. 10 for a 200 ml cup format, ‘Say Never Energy Drink’ is tailored for individuals who exemplify relentless determination and unwavering resolve in the face of adversities. The brand seeks to pay homage to those who persist, irrespective of the challenges they confront, and continue to push their limits.

This energy drink boasts two invigorating variants, namely, Red and Blue, each designed to provide a much-needed vitality boost for those who dare to pursue their dreams.

Speaking about the launch, Mr. Vikram Grover, Managing Director of NourishCo Beverages Limited, a subsidiary of Tata Consumer Products, stated, “With this launch, we aim to inspire and energize the doers, the dreamers, and the go-getters of the world. Say Never Energy Drink is not just a beverage; it’s a symbol of empowerment, a companion for those who dare to be different. The launch enhances and complements NourishCo’s overall product portfolio, and through this, we celebrate the heroes who chart their unique paths. This affordable caffeine-based energy drink is tailored for the younger generation, and we are here to fuel their journey.”

In its initial phase, ‘Say Never Energy Drink’ will be available at retail outlets in Karnataka and North Indian markets, priced at just Rs. 10.

Tata Consumer Products Limited is a focused consumer goods company that consolidates the principal food and beverage interests of the Tata Group. The company’s portfolio includes a wide range of products such as tea, coffee, water, ready-to-drink beverages, salt, pulses, spices, ready-to-cook and ready-to-eat offerings, breakfast cereals, snacks, and mini-meals. Some of its key beverage brands include Tata Tea, Tetley, Eight O’Clock Coffee, Tata Coffee Grand, Himalayan Natural Mineral Water, Tata Copper+, and Tata Gluco+. The company’s food portfolio comprises brands like Tata Salt, Tata Sampann, and Tata Soulfull. With a presence in over 201 million households in India, Tata Consumer Products leverages the Tata brand’s reputation in the consumer products sector. The company has achieved a consolidated annual turnover of approximately Rs. 13,783 crores, with operations spanning both domestic and international markets. For more information about the company, visit their website at www.tataconsumer.com.

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UAE’s Maritime Investments Expand Across 78 Countries

UAE was first elected to the International Maritime Organization (IMO) Council, category B, was re-elected in 2019, and received the highest number of votes in the 2021 elections…reports Asian Lite News

The United Arab Emirates (UAE) has further solidified its prominent position among the world’s premier maritime hubs, emerging as a key influencer in the global development of the maritime industry. The UAE’s practices, decisions, and legislative actions have been instrumental in the growth of the sector and the enhancement of international maritime safety standards, as well as the preservation of the global marine environment.

In 2017, the UAE was first elected to the International Maritime Organization (IMO) Council, category B, was re-elected in 2019, and received the highest number of votes in the 2021 elections. The UAE is looking forward to be re-elected for the fourth consecutive time in the elections that will take place from 27 November to 6 December 2023 in London. The UAE aims to continue its effective role in strengthening maritime legislation and regulations to serve the shipping sector and international trade.

Strengthening Global Leadership in Competitive Indicators

Commenting on the UAE’s role within the International Maritime Organization, H.E Suhail Mohamed Al Mazrouei, Minister of Energy and Infrastructure, said, “The UAE has become one of the world’s foremost maritime nations. In 2022, the maritime sector’s contribution to the UAE’s GDP surged to AED 129 billion, an impressive 18% increase compared to 2021. The country has achieved numerous accolades in global competitiveness indicators within the maritime sector. It was ranked 3rd globally in transport services trade and the Bunker Supply Index and claimed the 5th position as a major competitive maritime hub worldwide. The UAE’s ports are among the top 10 globally in terms of container handling volume. They handled over 19 million TEUs, with more than 25,000 port calls recorded in the UAE. Our concerted efforts in sea, land, railway, and air transport are harmonised towards achieving sustainability and reducing emissions. Globally, the UAE ranks seventh in the Logistics Performance Index.”

Al Mazrouei added, “Through the UAE’s membership in the IMO Council, we are committed to collaborating with other member states in advancing the global maritime sector and the shipping industry. Our collective mission is to promote the safety, security, and efficiency of maritime transport in clean oceans, in line with the IMO’s goals. The UAE has been actively engaged in introducing significant amendments to various decisions that contribute to the development and enhancement of the work system, ensuring alignment with global changes and modern technologies. These amendments are designed to alleviate the burden on ship owners and maritime companies, while also contributing to the safety, security, and protection of the marine environment worldwide.”

H.E Eng.Hassan Mohamed Juma Al-Mansoori, Undersecretary for the Infrastructure and Transport Sector at the Ministry of Energy and Infrastructure, said, “The UAE’s seaborne trade and transshipment efforts cater to most of countries such as China, India, the Gulf States, Central Asia, and extending to Eastern Europe. Our country is committed to fulfilling its responsibility in establishing a sustainable platform for sharing expertise among maritime nations and organisations, thereby promoting best practices and enriching technical and legal discussions within the IMO. We will continue to submit proposals aimed at enhancing regulations for safety, security, and the preservation of the marine environment.”

Al-Mansoori emphasised that the UAE’s dedication to the highest international standards, in its capacity as a major flag State, port State, and coastal State, enables it to address broader maritime issues on a global scale, providing support to the international maritime community.

Mohammed Khamis Al Kaabi, UAE Permanent Representative at the IMO, said, “The UAE is among the first countries in the region to declare a national climate neutrality strategy, with the aim of reducing emissions by 40% by 2030 and achieving net-zero carbon emissions by 2050. This will be achieved through a sustainable, science-based approach that involves government organisations, national ship operators, sea ports, shipyards, and research centres, in line with the Paris Agreement and the UAE’s 50-Year Charter. The Port of Fujairah is a significant provider of low-sulphur bunker fuel and offers facilities for liquefied natural gas bunkering in accordance with the MARPOL Convention, to combat air pollution from ships and align with the IMO’s objectives. Additionally, the UAE has established the Emirates Centre for Reducing Carbon Emissions, the first of its kind in the region and fourth globally. The UAE is a key proponent of developing clean alternatives and green hydrogen fuel. It has emerged as a global hub for conferences that bring together experts in clean energy from around the world, in pursuit of innovative solutions and advanced technologies to achieve the IMO’s goals of decarbonising the maritime shipping sector.”

Al Kaabi added, “Through its membership in the IMO, the UAE contributes to the development of strategies, policies, agreements, and standards governing the maritime sector. The UAE actively participates in all of the IMO’s activities, including the Council, main technical committees, sub-committees, and related working groups. We have also hosted several regional workshops and capacity-building activities to assist member states in implementing international maritime regulations and standards.”

Fostering a Comprehensive Investment Environment

H.E Eng.Hessa Al Malek, Advisor to the Minister for Maritime Transport Affairs at the UAE Ministry of Energy and Infrastructure, remarked, “The UAE’s role extends beyond the development of its internal maritime sector. It is one of the most significant contributors to the international maritime shipping sector through its maritime investments and active involvement within the IMO. The UAE has also supported the maritime sector, global trade, and supply chains through various projects, including the Blue Pass Project and the World Logistics Passport. The UAE’s national maritime investments span across 78 countries worldwide. These investments by leading UAE companies contribute to the development of ports and marine facilities in the countries where they operate, fostering trade connections, and advancing automation and digitisation within the maritime shipping sector and supply chain operations. These maritime projects are instrumental in establishing an integrated maritime business community, where everyone can serve as a service provider, fostering an environment where both orders and top-notch facilities are readily available. This will undoubtedly reshape the investment landscape in the UAE’s maritime sector and the wider region, offering attractive incentives for investors.”

Al Malek added, “Hence, the UAE is seeking to renew its membership in the IMO Council as it serves as a comprehensive model of a flag State, a port State, and a coastal State, and is one of the world’s largest energy producers. The UAE remains committed to upholding its role, dedicating its capabilities and unique resources to serve the maritime sector and support the objectives of the IMO.”

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‘Rs 10 lakh cr investment to be signed during Maritime India Summit’

The third version of the International Maritime India Summit 2023 will be a lot larger and more inclusive than the earlier two summits organized in 2016 and 2021 by way of scale and participation…reports Asian Lite News

Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal on Tuesday said that the 3rd Global Maritime India Summit is going to begin in Mumbai today under the guidance of Prime Minister Narendra Modi and expected investment of Rs 10 lakh crore and more than 300 MoUs are likely to be signed during Summit.

Sonowal said that this is the 3rd edition of the Global Maritime India Summit 2023 before this it was also organized in 2016 and 2021. Under the leadership of the world’s most popular leader, PM Narendra Modi, the country has started moving rapidly on the path of development. Under the leadership of PM Modi, India has woken up today because of the strength, courage and guidance given by the capable leadership to strengthen the country.

“Through Global Maritime India Summit, Bharat is definitely going to become a leading maritime nation in the coming times and the progress that has been achieved, the development that has been possible in the Ministry of Ports Shipping and Waterways in the last 9.5 years are under the guidance of PM Modi”, he added.

Union Minister Sonowal further said that overall, more than 50 countries are going to participate and our expectation is that around Rs 10 lakh crore will be invested and more than 300 MoUs (Memorandum of Understanding) will be signed. “I think the ports, shipping and waterways sectors, it is certain that India will play a major role in the coming days,” he said.

“Many senior ministers of the Government of India will participate in this 3-day Summit in different discussions and global CEOs of major maritime companies from different countries will also participate”, he added.

The Minister added that under the leadership of the Prime Minister, India is going to become the third-largest economy in the world within a short time and in order to take this direction forward, our three-day Global Maritime India Summit is starting today in Mumbai. This program will be inaugurated by PM Modi.

The third version of the International Maritime India Summit 2023 will be a lot larger and more inclusive than the earlier two summits organized in 2016 and 2021 by way of scale and participation.

The ministry’s greatest maritime occasion is scheduled from October 17 to 19 at MMRDA Grounds, BKC, Mumbai. (ANI)

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FIRST PERSON: Sukhvinder Gill

The transition from derivatives trading to venture capital was quite an extraordinary journey for me. I thrived on the intraday volatility and the adrenaline rush that comes with trading; however, the strategic thinking and the long term vision required to build successful businesses as a VC investor pulled me in. Why did I do it?

1. Passion for Innovation: Being a visionary- working with RedCloud Technologies to raise their funding round has given me first-hand foray into the journey that founders endure in raising funds for a tech startup. Venture capital is a natural outlet for my strong interest in using technology and innovation to solve real-world problems.

2. Long-Term Investment: Derivative trading often involves short-term speculation and can be highly volatile. Venture capital, on the other hand, involves long-term strategic thinking. This aligns perfectly with the wealth of experience I have gained in my 30-year career.

3. Diversification: transitioning to venture capital allows me to diversify my investment portfolio. It has allowed me to spread my interest across a range of companies rather than being heavily reliant on one market or asset class.

Sukhvinder Gill

4. Desire for hands-on involvement: in venture capital you have the opportunity to work closely with your portfolio companies, providing strategic guidance and mentorship. I maintained a more hands-on role when building and running trading floors As an investor I am able to take this to the next level.

5. Aligning Personal Values: venture capital allows you to support and invest in companies that align with your personal values and interests. I am passionate about tech, and AI, particularly around the B2B and commerce space.

7. Potential for High Returns: venture capital has the potential for significant returns – if you believe in your ability to identify and build on winning ideas and companies.

The Big Apple

I am choosing New York City to set up my investment firm (think of it as VC reinvented) for several reasons:

1. Access to a Diverse Ecosystem: New York City is a global business hub with a diverse and thriving ecosystem that includes finance, media, technology, healthcare, fashion, and more. This diversity allows access to a wide range of industries, talent, and capital.

2. Strong Financial Sector: New York City is the world’s financial capital, with a concentration of investment banks, private equity firms, and hedge funds, allowing for strategic partnerships and capital raising.

4. Media and Advertising Expertise: New York knows how to use the media and advertising which are crucial for many tech startups.

5. Diverse Talent Pool: New York’s population is incredibly diverse, making it easier for startups to find talent from various backgrounds and skill sets. This diversity can be a competitive advantage for startups looking to build teams with different perspectives and experiences.

6. Exit Opportunities: New York City provides access to a robust ecosystem of potential exit opportunities, including mergers and acquisitions (M&A) and initial public offerings (IPOs). The presence of major stock exchanges like the NYSE and NASDAQ facilitates access to public markets.

7. Quality of Life: New York City offers a high quality of life with diverse cultural amenities, a vibrant social scene, and a thriving arts and culture scene. This can be appealing to entrepreneurs and investors looking for an exciting and enriching environment.

The proverb “fortune favours the bold” has been a Northstar for me. The vision is clear.

(Sukhvinder Gill is an investor and venture capitalist)

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UAE, Philippines Explore Trade, Investment Ties

The two sides focused on the importance of joint work through the private sector by benefiting from the chambers of commerce and industry in the two countries, as well as joint and local business councils…reports Asian Lite News

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, today received a high-level delegation from the Philippines at the headquarters of the Ministry of Economy in Dubai.

The delegation included Benjamin Diokno, Secretary of Finance; Amenah Pangandaman, Secretary of Budget and Management; Arsenio Balisacan, Secretary of the National Economic and Development Authority; Francisco G. Dakila, Jr., Deputy Governor of the Central Bank of the Philippines; Rosalia V. de Leon, National Treasurer; and Alfonso Ferdinand A. Ver, Ambassador of the Philippines to the UAE, in addition to several officials.

During the meeting, the two sides discussed avenues of enhancing trade and investment relations, highlighting the latest updates of the Comprehensive Economic Partnership Agreement (CEPA) between the two countries, which began after the two sides announced the beginning of talks during February 2022, with the aim of enhancing investment flows, facilitating intra-trade movement, and creating new opportunities for business communities in the two countries.

They also reviewed developments related to boosting bilateral relation and ways to develop joint economic projects across sectors of mutual interest, such as clean energy, artificial intelligence, transportation and logistics, as well as financial and banking services.

The two sides focused on the importance of joint work through the private sector by benefiting from the chambers of commerce and industry in the two countries, as well as joint and local business councils.

Non-oil intra-trade between the UAE and the Philippines continued to flourish in the first half of 2023, recording US$ 506.1 million, an increase of 19.4 percent compared to the same period in 2022, while intra-non-oil trade in 2022 totalled over US$ 1.850 billion, up from US$ 830.3 million and US$ 715.6 million in 2021 and 2020, respectively.

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Perfios Reports Strong Growth with 100% YoY Revenue Increase

Perfios has displayed strong financial standing by achieving revenue targets of 100 per cent YoY growth and constantly improving its bottomline…reports Asian Lite News

Global B2B software-as-a-service (SaaS) company Perfios on Monday announced to raise $229 million in its Series D funding from leading private equity investor Kedaara Capital.

The fundraise, through the combination of a primary fund raise and a secondary sale, is one of the largest investments in an Indian B2B SaaS company this year.

Perfios, a market leader in India with a strong footprint in the Middle East and Southeast Asia, said it plans to deploy the funds in fuelling its continued global expansion plans in North America and Europe. 

The company also plans to invest in new-age technologies to enhance its comprehensive stack of Decision Analytics SaaS products to solve the entire end-to-end customer journey across banking, insurance and embedded commerce.

“Led by one of the strongest teams in the space, Perfios has created truly the best-in-class fintech SaaS business that plays on the strong secular growth and increasing digitization levels in the financial services sector in India and globally,” said Nishant Sharma, Founder and Managing Partner, Kedaara Capital.

Perfios has displayed strong financial standing by achieving revenue targets of 100 per cent YoY growth and constantly improving its bottomline. 

With a current footprint in 18 geographies, Perfios continues to expand their business in global markets.

“This investment will help us in strengthening the digital transformation journey of our partners, thereby powering financial inclusion and providing access to financial services to billions across the globe,” said Sabyasachi Goswami, CEO, Perfios.

“This funding underscores not just our achievements and the tireless dedication of our employees, but also our commitment to employee wealth creation through ESOPs,” added VR Govindarajan, Co-Founder and Chairman, Perfios.

With Bessemer Venture Partners joining in 2017 during the Series A round and Warburg Pincus in 2019’s Series B, Perfios has garnered significant backing from leading investors over the years. 

Founded in 2008, Perfios is serving the banking, financial services and insurance industry in 18 countries, empowering more than 1,000 financial institutions. 

Perfios delivers 8.2 billion data points to banks and financial institutions every year to facilitate faster decisioning, and processes 1.7 billion transactions a year with an AUM of $36 billion.

ALSO READ-Indian Markets Rally Towards New All-Time Highs

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Indian Markets Rally Towards New All-Time Highs

The Indian Rupee was under some pressure and lost 22 paisa or 0.27 per cent to close at Rs 82.94 to the US Dollar. Dow Jones gained on two of the four trading sessions, losing on the remaining two. It lost 261.12 points or 0.75 per cent to close at 34,837.71 points…reports Arjun Kejriwal

Markets were in a very aggressive mood last week and gained on all five trading sessions. Something like this has not happened in a long time and they now seem set to make a new lifetime high and cross Mount 20K on NIFTY.

BSESENSEX gained 1,211.75 points or 1.85 per cent to close at 66,548.91 points while NIFTY gained 384.65 points or 1.985 to close at 19,819.95 points. The broader market saw BSE100, BSE200 and BSE500 gain 2.11 per cent, 2.37 per cent and 2.36 per cent respectively. BSEMIDCAP gained 3.93 per cent while BSESMALLCAP was up 2.26 per cent. The top performing sectoral index was the BSEPSU index which gained a massive 5.52 per cent. With less than 180 points to go for NIFTY to touch the magical mark of 20K its now or never.

The Indian Rupee was under some pressure and lost 22 paisa or 0.27 per cent to close at Rs 82.94 to the US Dollar. Dow Jones gained on two of the four trading sessions, losing on the remaining two. It lost 261.12 points or 0.75 per cent to close at 34,837.71 points.

In the markets, momentum is being built to cross the obstacle of 20K on NIFTY. We had strong sustained gains during the week and on expected lines, the rally saw HDFC Bank finally participating. It gained Rs 49 or 3.11 per cent to close at Rs 1,649. This helped the BSEBANKEX chip in with decent gains of 1.32 per cent. This leaves just Reliance as the non-participating heavyweight stock in the benchmark indices. Though it did gain 1.49 per cent or Rs 36 during the week, one expects much more from the heaviest of stocks. It may be expected that in the coming week markets have their best chance of making a new high with HDFC participating, Reliance close to a momentum setup and markets less than 1 per cent away from a new life-time high. Conversely God willing, if the move fails, we could see a sell-off. FPIs are sellers and the market is driven by Domestic institutions buying and individual investors participating in the Smallcap and midcap space.

In primary markets we saw the shares of Vishnu Prakash R Punglia Limited listed on the bourses. The company has issued shares at Rs 99 and was very well received. The share debuted at Rs 164.45 and closed under selling pressure at Rs 145.93, a gain of Rs 46.93 or 47.40 per cent. By the end of the week, the share recovered lost ground and closed at Rs 172.75, a gain of Rs 73.75 or 74.49 per cent.

SEBI has introduced new norms for listing in T+3 days which would be mandatory from December 1, 2023. Two recent issues would be doing the same voluntarily and would list on Monday the 11th of September. The first is the main board issue from Ratnaveer Precision Engineering Limited, which had tapped the markets and was open for subscription between Monday (September 4) and Wednesday (September 6). The price band was Rs 93-98. The issue was subscribed 93.94 times overall with the QIB portion subscribed 133.05 times, HNI portion subscribed 135.19 times and Retail portion subscribed 53.92 times. There were 20.77 lakh applications in all. The other issue is from the SME platform, Basilic Fly Studio Limited. This issue has garnered over Rs 15,000 crore subscription and would also list on Monday.

The issue from Jupiter Lifeline Hospital Limited was subscribed 65.42 times overall with the QIB portion subscribed 187.96 times, HNI portion subscribed 36 times and Retail portion subscribed 8.00 times. The issue was open from Wednesday (September 6) through September 8 and the price band was Rs 695-735. There were 14.6 lakh applications.

The issue from EMS Limited has opened on Friday (September 8). The price band is Rs 200-211 and the issue would close on Tuesday the 12th of September. The issue at the end of the first day was subscribed 3.71 times overall with QIB portion subscribed 0.09 times, HNI portion subscribed 5.97 times and Retail portion subscribed 4.72 times. There are 2.90 lakh applications so far.

In primary market news we have an issue opening on Wednesday (September 13) and closing on Friday (September 15). The issue is from R R Kabel Limited which is into the business of making cables and wires and a small but emerging ‘FMEG’ business which contributes around 9 per cent of the revenues currently. The price band is Rs 983-1,035 and consists of a fresh issue of Rs 180 crore and an offer for sale of 172.36 lakh shares. The issue size would be around Rs 1,950 crore.

There is plenty of action in the primary markets currently and until and unless we have a substantial correction in markets or a debacle in the primary markets, this action would continue.

Coming to the markets, it’s a week where history is likely to be made with markets getting into a mood which borders euphoria or is already there. Expect the inevitable to happen with a rider, that if it fails there would be a short-term disaster in the form of a correction or they would cross the new high. Once they do so, the next target would become 3 per cent higher or another 600 points on NIFTY and about 1,800 points on BSESENSEX. These levels would be after gaining or mounting 20K.

The strategy would be to ride the wave and bet on the heavyweight stocks in the benchmark indices to perform. Continue to book profits and sell those stocks from the midcap and Smallcap space which have outperformed. Keep your back covered and both eyes on the markets as corrections would also come without notice. Trade cautiously.

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Islamic Coin Partners with Republic Crypto

Islamic Coin plans to conduct a Reg D public token offering facilitated by OpenDeal Broker on Republic’s retail investment platform in September 2023…reports Asian Lite News

Islamic Coin, a Shariah-compliant, ethics-first, digital money that has been featured globally, has announced it is working with Republic Crypto, the web3 advisory group within global digital finance leader, Republic. The collaboration includes white-glove support to promote Islamic Coin’s go-to-market strategy, along with advisory services focused on tokenomics, DAO governance, and long-term economic utility value. Republic Crypto will also help engage with potential strategic partners, exchanges, and market makers.

Fine-tuning the Islamic Coin value proposition, Republic Crypto advised on creating fair and Shariah-compliant allocation options, distribution, and other mechanisms aimed at adding to the sustainability features in the ecosystem.

Separately, Islamic Coin plans to conduct a Reg D public token offering facilitated by OpenDeal Broker on Republic’s retail investment platform in September 2023. Upon public launch, Islamic Coin’s international community will reap various advantages, including options to offer liquidity, stake their holdings, and gain tokens during the liquidity mining stage.

The Advisory Board of Islamic Coin is steered by members of ruling families of the UAE, including the grandson of UAE founder, Sheikh Dr. Hazza bin Sultan bin Zayed Al Nahyan, the country’s Navy Chief, Sheikh Saeed bin Hamdan bin Mohammed Al Nahyan (serving in a private advisory capacity), Sheikh Khalifa Bin Mohammed bin Khalid Al Nahyan, Sheikh Mohammad Bin Khalifa Bin Mohammad Bin Khalid Al Nahyan, His Highness Sheikh Juma bin Maktoum Al Maktoum, and Her Highness Sheikha Mariam Suhail Obaid Suhail Al Maktoum.

The Executive Board is also composed of experts from both traditional and Islamic finance. It humbly highlights Emaar’s Hussein Al Meeza (also a co-founder), an award-winning banker with over four and a half decades of experience across the Islamic banking, finance, and insurance industries. He was a key figure in the establishment of the Dubai Islamic Bank, one of the first fully operational Islamic Banks. The Executive Board is further strengthened by Khamis Buharoon AI Shamsi, the former Assistant Director of the Finance Division, and Assistant Director of the Internal Audit Division of the Central Bank of the UAE. Adding to the team’s robust profile, Greg Gigliotti, CEO, Chief Investment Officer, and Founding Partner of Xtellus Advisors. With a rich background at Goldman Sachs and other global institutions, Gigliotti has managed a portfolio exceeding $16 billion throughout his career.

The Reg D offering is slated for September 2023.

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J&K’s handloom industry set to flourish in global markets

L-G said that the growth potential of handloom and handicraft sector and the increasing demand for local products in global market…reports Asian Lite News

Jammu and Kashmir Lieutenant Governor Manoj Sinha on Monday inaugurated the international buyer-seller meet at University of Kashmir.

As many 24 International and many domestic buyers are participating in the two-day buyer-seller meet.

L-G appreciated the J&K Trade Promotion Organization (JKTPO) and Handloom Export Promotion Council (HEPC) for their endeavor to promote the export of handloom and handicraft products of J&K.

“The handloom and handicraft sector of J&K is ageless cultural asset of India, carrying a strong influence of our rich cultural diversity and spiritual traditions. It is the source of socio-economic growth to a large section of society and creating a rich pool of artisans,” he said.

L-G said that the growth potential of handloom and handicraft sector and the increasing demand for local products in global market.

“I see Jammu Kashmir as the principal handicraft, handloom market of the future. The creativity of our craftspeople, weavers, artisans and the indigenous skills is being recognized and admired by the world,” the L-G said.

He said that export is biggest source of revenue for handloom, handicraft and both Global North and Global South are major destinations to our handmade products.

“Our aim is to create a strong edifice of trade relationship to give a much-needed boost to our handloom and handicraft sector,” he said.

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