Dubai – TechLine, a company that provides consulting and technological solutions in the financial technology sector, has negotiated with two UAE entities to become its investors. The deal would give the UAE entities a minority stake of up to 30% in TechLine’s ownership structure.
Haytham Abbas, the CEO of TechLine, said that he is planning to meet with one of the officials of the two UAE entities in the next few days at the GITEX Dubai 2023 exhibition and conference. However, he added that TechLine prefers to focus on financing its expansion plans for now and postpone the deal for later.
Abbas made these statements to Daily News Egypt on the sidelines of the 43rd edition of GITEX Dubai 2023, which is held from 16 to 20 October. The event features 6,000 companies from various fields of technology and innovation, covering an area of two million square meters at the Dubai World Trade Center.
Abbas also said that TechLine is participating in GITEX Dubai to increase its presence in the Gulf region markets and to launch its office in the UAE, which has been under preparation for about eight months. He said that his company currently has agents from Libya and Morocco, as well as major clients from Egypt, such as Fawry and Al Ahly Momken for electronic payments.
He revealed that his company is aiming to enter the Saudi market soon, as the Saudi Central Bank is offering licenses to companies in the financial technology sector. He also said that his company plans to attend the Middle East conference in the UAE in May 2024 and its counterpart in Cairo in July of the same year.
He estimated that his company’s business volume in the UAE would reach $1m in the first year of its operation there. He also said that TechLine has agreed in principle with one of the UAE entities to provide them with cyber security systems for three years.
Abbas emphasized that TechLine’s competitive edge lies in offering an integrated package of products at affordable prices that meet the needs of customers based on thorough market research. TechLine was established in 2020 and specializes in providing consulting and technological programs, infrastructure network management, and business analysis in the financial technology solutions sector.