Network International, one of the top payment processing firms in the Middle East and Africa, appointed Nandan Mer as its new chief executive to lead the company through its next phase of growth.
Mr Mer, currently strategy head for international markets at global payment processor Mastercard, will take the helm at Dubai-based Network International on February 1, the company said in a statement on Tuesday.
He will replace Simon Haslam – a veteran of the financial services industry, with four decades of experience – who has decided to retire. He will step down as chief executive and board member at the end of this month but will remain with the company during a six-month notice period to ensure a smooth transition.
Mr Haslam, who took charge of Network International in 2017, led the company through its $1.4 billion initial public offering on the London Stock Exchange in 2019.
Mastercard became a cornerstone investor through the offering, taking a 10 per cent stake in the company and pledging to invest a further $35 million in the business over the next five years.
“During his tenure, Simon has led the company’s transformation into the largest payment solutions provider in the UAE and the leading enabler of digital commerce throughout the Middle East and Africa, and delivered significant growth across all our markets,” Ron Kalifa, chairman of Network International, said.
“He leaves behind a strong business and a legacy of success.”
Mr Mer, who has more than 30 years of payments industry experience, has worked with a number of global financial institutions including American Express, Citigroup, United Bank for Africa and most recently at Mastercard.
“My focus will be on delivering for all stakeholders in the business while continuing to deliver strong financial returns to investors,” Mr Mer said.
Network International narrowed its revenue decline to 17 per cent during the third quarter of 2020 as trading performance improved amid an easing of pandemic-related restrictions.
The firm is planning to enter the Saudi Arabian market, which has an addressable payments revenue pool of about $1bn, it told investors in November.
Zayed Sustainability Prize
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How Filipinos in the UAE invest
A recent survey of 10,000 Filipino expatriates in the UAE found that 82 per cent have plans to invest, primarily in property. This is significantly higher than the 2014 poll showing only two out of 10 Filipinos planned to invest.
Fifty-five percent said they plan to invest in property, according to the poll conducted by the New Perspective Media Group, organiser of the Philippine Property and Investment Exhibition. Acquiring a franchised business or starting up a small business was preferred by 25 per cent and 15 per cent said they will invest in mutual funds. The rest said they are keen to invest in insurance (3 per cent) and gold (2 per cent).
Of the 5,500 respondents who preferred property as their primary investment, 54 per cent said they plan to make the purchase within the next year. Manila was the top location, preferred by 53 per cent.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
On sale: Now
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Martin Sabbagh profile
Job: CEO JCDecaux Middle East
In the role: Since January 2015
Lives: In the UAE
Background: M&A, investment banking
Studied: Corporate finance
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
UAE currency: the story behind the money in your pockets
The Written World: How Literature Shaped History
Martin Puchner
Granta
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
If you go
The flights
There are various ways of getting to the southern Serengeti in Tanzania from the UAE. The exact route and airstrip depends on your overall trip itinerary and which camp you’re staying at.
Flydubai flies direct from Dubai to Kilimanjaro International Airport from Dh1,350 return, including taxes; this can be followed by a short flight from Kilimanjaro to the Serengeti with Coastal Aviation from about US$700 (Dh2,500) return, including taxes. Kenya Airways, Emirates and Etihad offer flights via Nairobi or Dar es Salaam.
