Egypt: EFG Hermes advises on $190mln DPI investment in Alameda
This was in partnership with a consortium of institutional investors and development finance institutions.
The deal, one of the largest foreign direct investments in Egypt's healthcare sector, involves a capital increase and is expected to close in the third quarter (Q3) of 2025, pending regulatory approvals.
Fahad Khater will remain the majority shareholder of Alameda following the transaction.
The investment is set to boost Alameda's growth across Egypt and the GCC, with proceeds entering the local banking system to support the expansion of hospital operations and clinical capacity in key regional markets.
This marks one of several major transactions led by EFG Hermes this year, reinforcing its leadership in M&A, DCM, and ECM advisory across Egypt, the UAE, Saudi Arabia, and Oman.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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Khaleej Times
27 minutes ago
- Khaleej Times
Dubai: Rohit Sharma-fronted cricket academy shuts down; parents, unpaid staff in lurch
What began as a dream opportunity for young cricketers to train under the brand name of Indian cricket star Rohit Sharma has turned into a disappointment for around 35 families in Dubai. Grasport Sports Academy (GSA), launched in September 2024 under the CricKingdom by Rohit Sharma brand, ended operations abruptly in May this year, leaving parents demanding refunds and office staff and coaches unpaid. Started by Suhas Pudota across four Dubai schools, it enticed parents with promises of world-class training, promoting its affiliation with Rohit Sharma and leveraging CricKingdom's international reputation. "We joined with high expectations because of the Rohit Sharma name," said Jithil, one of the first to enrol his child. Pratap, a long-time Dubai resident, added, "The marketing was built entirely around Rohit, with his pictures prominently featured during promotions and trials. We thought the brand would ensure quality." Signs of trouble emerged in early 2025, with the situation worsening in Term 3 (April–June). Despite full-year fees paid by many, classes became irregular, and by mid-May, the academy had effectively shut down. "On May 28, parents were informed through WhatsApp by Sushil Sharma, CricKingdom's global operations head, that Grasport would no longer run the academy and would handle refunds for the remaining sessions," Jithil said. Since then, Suhas has repeatedly promised to clear all dues, as seen in chat messages by Khaleej Times, but no payments have materialised, parents claimed. Coaches, too, were left in distress. Salaries were delayed as early as December 2024, and by May 2025, coaches stopped working altogether. "I have no money to pay my rent, and my landlord has asked me to vacate the room. I have nowhere to go," said assistant coach Tiran Sandun Wijesuriya. "I haven't been paid since May. I pleaded with him multiple times, but all I received were empty promises," Tiran said, sharing proof of their conversations. CricKingdom appointed the coaching team after interviews conducted by Sushil, who flew in from the company's Singapore HQ. They hired six ICC-certified coaches, including former international cricketers. Sushil stayed closely involved, regularly checking in with staff and coaches and monitoring operations. Assistant coach Ayo Mene Ejegi, who played for the Serbian and Nigerian cricket teams, said he is struggling financially, having not received his salary since April. "I stopped asking... He kept reassuring me, but nothing came of it," he said. Coach Chamani Seneviratne, a former Sri Lankan player, said she flagged salary issues to Sushil but got no resolution. "Since I joined in September 2024, I have faced issues with salary transfers. Sometimes, I wasn't paid in full, and since May, the payments have stopped entirely. Almost every week, I ask Suhas to transfer at least a partial amount," Chamani said. How it all unravelled Grasport was operating under a franchise agreement with CricKingdom signed on July 30, 2024. But CricKingdom CEO Chetan Suryawanshi now claims that Suhas failed to pay monthly dues beyond the initial one-time amount. An invoice raised on October 1 remains unsettled despite multiple extensions. "During a subsequent call, Grasport requested time until December to make the payment," Chetan told Khaleej Times. "In January (2025), management considered terminating the agreement due to non-payment. However, after receiving positive feedback from parents and coaches, we decided to give them another chance. "By the first week of March, coaches reported they had still not been paid. Upon escalation — and after sending a closure email on March 14 — Mr Suhas cited financial difficulties and requested time until April to settle the dues. He later requested yet another extension." 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Discussions with ESM, the local sports facilities provider, confirmed missed payments and restrictions to access facilities. ESM's operations director, David Robinson, declined to confirm this, citing confidentiality. On May 28, on a WhatsApp group with parents, Suhas agreed to settle the dues and assured Sushil that all payments would be cleared by June 30. On May 29, Sushil addressed the parents' group, outlining CricKingdom's plans to open a separate academy and commitment to continue operations independently. Despite stating it had no control over daily operations, CricKingdom acknowledged the reputational damage caused by its association with Grasport. It terminated its agreement with Grasport on June 30, citing unpaid dues and unauthorised use of Rohit Sharma's images. For many parents who chose the academy for their children based on the promise of quality cricket training under a respected brand, the experience has turned sour. Some have since filed complaints with Dubai's Department of Economy and Tourism (DED). One parent, Deep, said DED informed him on July 4 that Grasport's licence and bank accounts were frozen, with investigations ongoing. In his statement to Khaleej Times, Suhas said: "I should have planned the financials better according to the UAE market, of which I should've had better awareness. I intend to return everyone's pending payments within a week and close all financial matters." CricKingdom is now working to register a new company in the UAE, with plans to resume training in September. "We have assured (parents) that fees will either be refunded or adjusted," Chetan said. A few staff in Dubai have been offered roles in India until local operations are restored. But the academy faces the challenge of rebuilding trust. Khaleej Times spoke to at least a dozen parents, many of whom expressed deep frustration and disappointment. "CricKingdom has only offered assurances of refunds," said Indrajit, a parent. "We're tired of the apologies and assurances," said another parent. "We just want accountability."
The National
28 minutes ago
- The National
Sequoia Capital partner Maguire's posts on Mamdani leads to founder petition
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Zawya
an hour ago
- Zawya
Commercial Bank, QDB sign co-operation agreement to support SMEs in Qatar
Qatar - The agreement aims to enhance the banking and advisory ecosystem available to local businesses by combining the strengths and expertise of both institutions. As part of this initiative, the two entities will jointly offer a suite of value-added services tailored to SMEs, including advisory support in financial planning, marketing, succession planning, feasibility studies, restructuring, and risk management. Commercial Bank, a leader in innovative digital banking solutions, has entered into a strategic co-operation agreement with Qatar Development Bank (QDB) to empower and support small and medium-sized enterprises (SMEs) in Qatar. The agreement aims to enhance the banking and advisory ecosystem available to local businesses by combining the strengths and expertise of both institutions. As part of this initiative, the two entities will jointly offer a suite of value-added services tailored to SMEs, including advisory support in financial planning, marketing, succession planning, feasibility studies, restructuring, and risk management. Additionally, a jointly agreed calendar of workshops will be held throughout the year at either Commercial Bank's or Qatar Development Bank's premises, further supporting SME development and growth. Commenting on the collaboration, Fahad Badar, Executive General Manager and Chief Wholesale and International Banking Officer of Commercial Bank, said: 'This collaboration with QDB reflects our shared vision to cultivate a thriving SME ecosystem in Qatar. Through comprehensive advisory services and knowledge-sharing sessions, we are not only investing in the future of businesses but contributing meaningfully to the development goals of Qatar's 2030 National Vision.' Dr Hamad Salem Mejegheer, Executive Director, SME Development at Qatar Development Bank (QDB), emphasised the significance of the agreement, stating: 'Through this collaboration with our partners at Commercial Bank, we aim to harness our collective expertise to deliver greater impact in entrepreneurship, particularly in supporting SMEs, which form a cornerstone of Qatar's economic development. This agreement represents a new step toward achieving our strategy to enhance and develop the local enterprises, in alignment with the Third National Development Strategy of the State of Qatar (2024–2030).' © Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. (
