Israeli company to take over the industry, Prizm Advanced Solutions, UAE Exchange. Discussions related to this are in progress. Employees are also hopeful that crucial decisions will be made in the coming weeks. The UAE Exchange, owned by businessman BR Shetty, had about 100 branches in the UAE. Financial irregularities are detected in this and follow-up action is in progress. An investigation is underway into how the $ 1 billion bank loan disappeared from the company’s accounts.
Employees say most of the branches have been closed since March and customers are still communicating with them on the spot. Despite the pay cuts and the late payment of salaries, the employees who remain here are looking forward to the arrival of the Israeli company. If the UAE Exchange-Prism deal materializes, the company will resume operations with major reforms. In addition, the liabilities of Finabbler and its subsidiaries, the provision of working capital, and the reorganization of the Company Board may be implemented.
Prism officials said they were happy with the deal with Finabler and that it would be the first major financial deal between the UAE and Israel. She said it was a challenging endeavor and with the help of everyone, she hoped to be able to bring Finabbler back to its old glory.