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Egypt Kuwait Holding reports robust FY 2024 results, demonstrating resilience amid macroeconomic headwinds and operational challenges

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Sahfy Sahfy
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Egypt Kuwait Holding reports robust FY 2024 results, demonstrating resilience amid macroeconomic headwinds and operational challenges
Egypt Kuwait Holding reports robust FY 2024 results, demonstrating resilience amid macroeconomic headwinds and operational challenges

Egypt Kuwait Holding Company (EKHO.CA and EKHOA.CA on the Egyptian Exchange and EKHK.KW on Boursa Kuwait), one of the MENA region’s leading investment companies, reported today its consolidated results for the quarter ended 31 December 2024.

EKH recorded revenues of USD 167 million for 4Q 2024, growing 9% over the previous quarter, driven by top-line growth across the portfolio, reflecting the sustained market recovery. The Group maintained robust margins amid ongoing headwinds, recording gross profit and EBITDA margins of 41% and 42%, respectively. Meanwhile, net profit amounted to USD 46 million, with net profit margin expanding 5pp y-o-y to 28%. Net profit increased 20% q-o-q, supported by strong revenue performance and bottom-line growth at AlexFert, while attributable net income came in at USD 39 million.

In FY 2024, EKH recorded revenues of USD 642 million, with gross profit and EBITDA margins coming in at 40% and 39%, respectively. Net profit amounted to USD 185 million, translating into a 2pp y-o-y expansion in net profit margin to reach 29%, while EKH’s attributable net income totaled USD 163 million for 2024.

Loay Jassim Al-Kharafi
Loay Jassim Al-Kharafi

Commenting on the Group’s performance and business outlook, EKH Chairman Loay Jassim Al-Kharafi: “I am pleased to report that we delivered solid fourth quarter results, capping off a strong year defined by remarkable growth and expansion across key business segments.”

“Despite navigating significant headwinds throughout 2024, including currency fluctuations, gas supply disruptions, and other operational challenges, our resilience and strategic foresight have enabled us to overcome these extraordinary operating conditions and emerge stronger, laying the foundation for sustainable growth and long-term success. Our year-end results highlight several encouraging trends, including recovering prices and volumes for our core products, highlighting the resilience of our portfolio companies.”

“We remain focused on our priorities of boosting foreign currency generation, growing export potential, and strengthening our financial position, while contributing to broader regional development. In line with this objective, EKH’s first investment in Saudi Arabia is expected to commence commercial operations in the coming months. In addition, we are making solid progress on our investment pipeline and expect to make our first strategic investment beyond the MENA region this year, further expanding EKH’s global footprint. These milestones reaffirm our commitment to managing currency exposure, expanding to high-growth markets, and diversifying our portfolio across sectors and geographies.”

“In keeping with our commitment to our shareholders, we are pleased to propose a distribution composed of both cash and stock dividends. Delivering sustainable returns to investors remains a core pillar of our strategy as we continue to balance shareholder distributions with reinvestments for future growth.”

“Looking ahead to 2025, we will continue to optimize our capital deployment and prioritize investments that align with our strategic objectives, to maximize returns for our stakeholders.”

Jon Rokk
Jon Rokk

Commenting on the Group’s performance in FY 2024, EKH CEO, Jon Rokk: “I am proud to share that despite a challenging year marked by macroeconomic headwinds and external pressures, EKH has demonstrated remarkable resilience and adaptability, delivering a robust set of results. This achievement is a testament to the dedication and hard work of our people across all levels of the Group, whose commitment and agility have enabled us to navigate uncertainty, capitalize on opportunities, and drive growth.”

“Our fourth quarter results demonstrate strong sequential growth, with revenues and net profit up 9% and 20% q-o-q, respectively. At AlexFert, revenue grew by 26% q-o-q in 4Q 2024, driven by export urea prices continuing along their upward trajectory, coupled with rising volumes, with its plant now operating at full capacity enabled by a stable natural gas supply. Similarly, NatEnergy’s revenue grew by 15% q-o-q in 4Q 2024, while Kahraba’s distribution volumes surged 62% y-o-y in 4Q 2024, driven by growth from the recently introduced concession zone at 10th of Ramadan. To support this growth, we are investing in a second substation within the concession area, enabling us to effectively meet future capacity needs. Meanwhile revenues at ONS grew by a stellar 32% y-o-y in 4Q 2024, a direct result of production commencing at our two recently drilled wells, Aton-1 and KSE2.”

“Building on this solid foundation, our upcoming projects will be key to advancing our regional and international expansion, supporting both growth and diversification.”

“As part of our continued progression, we will be undertaking a corporate rebrand and identity transformation in 2025. This will not just be a facelift – it will be a bold statement of evolution. EKH is entering into a new phase, one that reflects our ambitions, our growth, and our relentless drive to build an even more dynamic and future-focused enterprise.”

Fertilizers | AlexFert

AlexFert booked USD 59 million in revenues during 4Q 2024, reflecting a 26% growth q-o-q, supported by sustained improvement in urea export prices, as well as government interventions to ensure natural gas availability, enabling AlexFert to operate at full capacity beginning December. Gross profit and EBITDA margins expanded by 1pp and 2pp y-o-y, respectively, in 4Q 2024, reflecting reduced expenses and enhanced operational efficiency. Net profit came in at USD 29 million, reflecting a 5pp y-o-y expansion in the net profit margin to 49% in 4Q 2024. 

In FY 2024, revenues recorded USD 213 million, impacted by natural gas availability, while gross profit and EBITDA margins remained strong at 36% and 44%, respectively, coupled with a 2pp y-o-y expansion in the company’s bottom-line margin.

The company’s outlook remains optimistic, supported by steady natural gas supply secured by way of recent government interventions and sustained recovery in export urea prices, which increased 8% q-o-q in 4Q 2024 to reach USD364/ton. Global urea prices continued their upward trajectory in 2025, averaging USD387/ton during January 2025. 

Petrochemicals | Sprea Misr

Sprea Misr reported revenues of EGP 1.54 billion in 4Q 2024, reflecting increases of 50% y-o-y and 16% q-o-q, driven by higher volumes and price growth across key products. Gross profit stabilised at 32%, while EBITDA margin expanded to 31%. Net profit grew 92% y-o-y to EGP 546 million in 4Q 2024, with net profit margin expanding by 8pp y-o-y to 36%.

In FY 2024, revenues recorded EGP 5.84 billion in FY 2024, up 19% y-o-y. Net profit stood at EGP 2.64 billion in FY 2024, reflecting a 2pp y-o-y expansion in bottom-line profitability to 45%, driven by interest income and FX gains during the year.

Sprea is ideally positioned to benefit from recovering local prices post-EGP devaluation as well as increased demand for Sulfonated Naphthalene Formaldehyde (SNF) due to the resumption and the expected pick up in construction activities in Egypt. 

Utilities | NatEnergy

NatEnergy reported revenues of EGP 1.6 billion in 4Q 2024, marking a 46% y-o-y increase, primarily driven by Kahraba’s growing electricity distribution businesses, in addition to the high-pressure steel pipeline executed by Fayum Gas. In 4Q 2024, sequential results witnessed both gross profit and EBITDA margins climb up by 6pp q-o-q to land at 30%, with net profit for the quarter growing 49% y-o-y to EGP 505 million.

In FY 2024, revenues grew 30% y-o-y to reach EGP 5.3 billion, while net profit grew 21% to EGP 1.8 billion. 

Looking ahead, NatEnergy’s outlook remains positive, benefiting from recently implemented increases in electricity tariffs, while management continues to focus on more profitable “infill” clients to further enhance its profitability. Moreover, Kahraba is in the process of investing in a second substation in its 10th Ramadan concession area to support growing demand in the industrial zone.

Oil and gas | ONS

ONS reported revenues of USD 19 million in 4Q 2024, increasing 32% y-o-y and 25% q-o-q, driven by growing volumes owing to the commissioning of two new wells. Net profit for the quarter stood at USD 9 million, translating into a net profit margin of 47%, up 6pp y-o-y.

In FY 2024, ONS posted revenues of USD 62 million in FY 2024, up 7% y-o-y, while net profit totaled USD 31 million, yielding a solid net profit margin of 50%.

ONS is poised for growth, fueled by its recent expansions, including the commencement of production at Aton-1 and KSE2 within its expanded concession area, with the two new wells supporting sustained gas production rates at 55 MMSCFD until the end of 2026. Furthermore, ONS will capitalise on the 10-year extension of the Concession Agreement approved by the Egyptian General Petroleum Company’s (EGPC) during the year.

NBFS & Diversified  

In 4Q 2024, the Diversified segment reported attributable revenues of USD 25 million. Gross profit margin came in at 59%, up 4pp y-o-y and 10pp q-o-q, driven by the reassessment of insured asset values and premiums, as well as improved portfolio returns, supported by the high-interest rate environment. 

Both Delta and Mohandes Insurance reported net profit growth of 72% and 27% y-o-y respectively in EGP terms during FY 2024.  

Looking ahead, management is optimistic regarding the insurance sector’s ability to sustain its positive trajectory, driven by continued upward revaluation of insured asset values and stable premium growth. Furthermore, Nilewood is advancing towards the production of its first MDF board, with commercial operations set to begin in 1H25. 

EKH’s standalone and consolidated financial statements and full earnings release for the period ended 31 December 2024 are available for download at ir.ekholding.com

Abu Dhabi signs groundbreaking agreements with China to strengthen economic and business partnerships

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Sahfy Sahfy
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Abu Dhabi signs groundbreaking agreements with China to strengthen economic and business partnerships
Abu Dhabi signs groundbreaking agreements with China to strengthen economic and business partnerships

 

An Abu Dhabi economic delegation, led by the Abu Dhabi Department of Economic Development (ADDED), concluded a successful visit to China, which saw the signing of groundbreaking agreements to further enhance cooperation between government entities and private sector companies in Abu Dhabi and China, reaffirming the emirate’s efforts to build and cement partnerships with leading economies and trading partners.

The visit showcased the ‘Falcon Economy’s’ attributes, the ample growth opportunities available in Abu Dhabi, and the emirate’s commitment to transformative strategies to address new trends and changes in the global economy.

A strategic cooperation agreement was signed between the Abu Dhabi Government and Shanghai Municipal People’s Government, covering wide-ranging areas including business, trade, finance, science, technology, education, culture, health, tourism, and ports. The Foreign Affairs Office of the Shanghai Municipal People’s Government and ADDED will lead efforts and initiatives to achieve the objectives of the agreement in line with the joint communiques and statements announced by the leaderships of the People’s Republic of China and the UAE.

Over the course of six days, the Abu Dhabi economic delegation actively engaged in bilateral meetings with top government officials, key businesses and investors in Beijing, Shanghai, Shenzhen, and Hong Kong. The meetings included H.E. Chen Jining, Member of the Politburo of the Chinese Communist Party and Party Secretary of Shanghai, H.E. Yin Yong, the Mayor of Beijing, H.E. Gong Zheng, Mayor of Shanghai and H.E. John Lee, Chief Executive of Hong Kong. 

The delegation also explored new opportunities with leading Chinese powerhouses including ByteDance, Xiaomi, Legend Holding, Xiaodong, BYD, CICC, and CATL.

His Excellency Ahmed Jasim Al Zaabi, Chairman of ADDED, said: “We are pleased with the outcomes of our visit to China, building on strong foundations to further enhance our partnership by exploring new opportunities in clusters with high-growth potential and emerging industries. The steady and impressive growth of bilateral trade and mutual investments between the UAE and China is a testament to our shared commitment to further strengthen the strategic cooperation, based on mutual trust, collaboration, and a common vision to address global economy’s challenges”.

“As economic cooperation is a key pillar in cementing relations, we are forging ahead with efforts to build bridges and enhance bonds with key economies, powerhouses, and trading partners around the world, guided by our leadership’s collaborative and proactive approach to shaping a better future for all,” H.E. Al Zaabi added. 

In recent years, economic ties between the UAE and China have seen outstanding growth rates; with bilateral trade growing from just USD2 billion (AED7.4 billion) in 2000 to nearly USD100 billion (AED 367 billion) in 2023. In the first nine months of 2024, trade between the UAE and China reached $74.5 billion (AED273.4 billion) and is projected to rise to $200 billion (AED734 billion) by 2030.  Chinese investments in the UAE rose 16% and UAE investments in China soared 120%.

The number of Chinese companies registered with the Abu Dhabi Chamber of Commerce and Industry grew by 38% in 2023 and 69.4% in 2024, reflecting the attractiveness of Abu Dhabi to Chinese businesses and investors. 

H.E Badr Al Olama, Director General of the Abu Dhabi Investment Office (ADIO), H.E Rashed Lahej Al Mansoori, Director General of the Abu Dhabi Customs, H.E Shamis Al Dhaheri, Second Vice Chairman – Managing Director of the Abu Dhabi Chamber, H.E Hamad Sayah Al Mazrouei, CEO of the Registration Authority ADGM, and Ahmad Ali Alwan, CEO of Hub71, as well as senior officials and executives from the government and private sector participated in meetings and events organised as part of the Abu Dhabi economic delegation’s visit to China.

The Abu Dhabi Investment Forum (ADIF), organised by ADIO and ADGM in Beijing and Shanghai, attracted Chinese investors and businesses to explore opportunities in the emirate and capitalise on its business-friendly ecosystem to grow and expand globally.

During the visit, ADIO and ADGM inked agreements with leading Chinese entities, including Fosun International Limited (HKEX stock code: 00656), a global innovation-driven consumer group; Hejun Group, one of China’s leading consulting firms; Wind Information, China’s leading financial information services provider; and Yicai, a leading Chinese financial media group and provider of reliable and insightful information and analysis of the economy, finance, tech, startups, and entrepreneurs.

The agreements aim to introduce Abu Dhabi’s investment opportunities to leading Chinese businesses and investors, enhance investment intelligence, support Chinese companies’ international expansion, and deepen economic ties between Abu Dhabi and China.

The Abu Dhabi Chamber of Commerce and Industry (ADCCI) signed a strategic cooperation agreement with the Shanghai Federation of Industry and Commerce to promote bilateral trade and mutual investment collaboration and streamline joint efforts to support Chinese companies seeking expansion in Abu Dhabi.

The Abu Dhabi-Shanghai Business Forum, organised by ADCCI, provided a suitable platform for businesses in China and the UAE to build relations and form agreements in B2B meetings.

Al Baraka Group Achieves Consolidated Net Income of US$309 Million for the Year Ending 2024, Setting a Record for the Highest in Its History, with Total Assets Exceeding US$26 Billion

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Sahfy Sahfy
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Al Baraka Group Achieves Consolidated Net Income of US$309 Million for the Year Ending 2024, Setting a Record for the Highest in Its History, with Total Assets Exceeding US$26 Billion
Al Baraka Group Achieves Consolidated Net Income of US$309 Million for the Year Ending 2024, Setting a Record for the Highest in Its History, with Total Assets Exceeding US$26 Billion

Al Baraka Group B.S.C. (C) (“Group”) has achieved a significant leap in its financial performance during the last three months of 2024 and for the year as a whole, compared to 2023.

Despite a challenging business environment, the Group managed to achieve a remarkable surge in net income attributable to the shareholders of the parent company, which increased by 92% to reach US$33 million in the last quarter of 2024, compared to US$17 million during the same period in 2023. The basic earnings per share stood at 2.03 US Cents in Q4 2024, compared to 0.71 US Cents for the same period in 2023.

Meanwhile, the Group reported a decline in total comprehensive income attributable to the shareholders of the parent company for Q4 2024, which dropped by 68% to US$7 million compared to US$22 million for the same period in 2023. This decrease was primarily due to a higher negative foreign currency translation reserve in 2024 compared to Q4 2023.

Additionally, the Group achieved a significant increase in total net income for the last three months of 2024, recording 80% growth to reach US$66 million, compared to US$37 million for the same period in 2023.

The total comprehensive income attributable to the shareholders of the parent company for 2024 jumped by 49% to US$47 million, compared to US$31 million in 2023. This increase was primarily driven by higher net income resulting from increased revenues from financing and investment income sources in 2024 compared to 2023.

This significant improvement in the Group’s performance reflects the strong growth of its business, with a focus on increasing high-quality assets, diversifying financing and investment products, and deposits, as well as maximizing returns from these products and assets.

The Group’s financial results for 2024 demonstrated a noticeable increase in business volume and income, highlighting its ability to successfully navigate regional and global economic and financial developments. This success is attributed to the extensive expertise of the Group’s subsidiaries (“Units”) in their local markets, which have developed a strong ability to manage market fluctuations, particularly currency volatility, rising interest rates, inflation, intense competition, and rapid technological transformations. The Group has achieved this by implementing necessary precautions and strategies while maintaining steady financial performance.

Net income attributable to shareholders grew by 10% to US$157 million in 2024, compared to US$144 million in 2023, driven by higher income from financing and investment activities. The basic earnings per share reached 10.09 US Cents in 2024, compared to 8.94 US Cents in 2023.

Total net income for the Group increased by 9% in 2024 to reach US$309 million, the highest in the Group’s history, compared to US$283 million in 2023, for the same reasons mentioned earlier. However, the increase in financing costs during most of the year impacted on total operating income and limited the growth in net income.

These results highlight the quality and efficiency of the Group’s income sources, supported by strategies aimed at maximizing returns, expanding fee-based income, diversifying financing and investment deposit products, and implementing sustained growth strategies despite a volatile business environment.

The total equity attributable to the parent company’s shareholders and sukuk holders amounted to US$1.24 billion by the end of December 2024, reflecting a slight decrease of 1% compared to US$ 1.25 billion at the end of December 2023, due primarily to higher foreign currency translation reserves. Meanwhile, total equity reached US$2.00 billion at the end of December 2024, marking an increase of 1% compared to US$1.97 billion in December 2023.

The Group’s total assets grew by 4% to reach US$26.19 billion at the end of 2024, compared to US$25.26 billion at the end of 2023. This growth was driven by an increase in the Group’s operational activities.

Commenting on these results, Shaikh Abdullah Saleh Kamel, Chairman of the Board, stated: “The Group and its banking Units faced highly complex conditions in 2024, which created significant uncertainty in our business environment. We had to tackle a dual challenge: maintaining our financial stability while also ensuring strong returns. 

Thanks to our strategic business initiatives, we successfully met this challenge and delivered strong financial and profitability results. We also focused on enhancing fee-based income, diversifying our product mix, particularly in financing, retail banking, and investment deposits.

Additionally, we supported risk management measures and financing policies to various business sectors to safeguard our portfolios while ensuring the protection of the local communities in which we operate, as part of our ethical responsibility toward them.”

Mr. Houssem Ben Haj Amor, Board Member and the Group CEO added: “The geopolitical and economic developments over the past year presented multiple challenges for our business environment, particularly the rising cost of financing and operations due to persistently high funding costs, increasing inflation rates, and currency depreciation. Additionally, some of our subsidiaries experienced business slowdowns due to local economic pressures.

In the face of all these challenges, and leveraging our extensive experience in the markets we operate in, we successfully developed business strategies capable of absorbing and efficiently managing these challenges, thus ensuring strong returns that reaffirm the resilience of our income sources. This is clearly reflected in the diverse components of our income statement and balance sheet.”

He further added: “We have particularly succeeded in utilizing our extensive geographic presence, alongside our banking expertise to introduce innovative products that enhance our competitiveness. among these products is the “Trade Finance Platform”, which enables exporters and importers who are clients of Al Baraka banks’ across different countries to connect and collaborate. 

Additionally, we launched the “Borderless Banking” initiative, enabling Al Baraka customers to open bank accounts in other countries within our banking network. We started this initiative through collaboration between Al Baraka Islamic Bank Bahrain and Al Baraka Turk Participation Bank, reflecting the strength of the international partnership between our subsidiaries.

Shaping the Future of Fertility: Dr Razan Jawdat’s Breakthroughs in Genetic Screening

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Sahfy Sahfy
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Shaping the Future of Fertility : Dr Razan Jawdat’s Breakthroughs in Genetic Screening
Shaping the Future of Fertility : Dr Razan Jawdat’s Breakthroughs in Genetic Screening

Dr Razan Jawdat is a renowned scientist at King Faisal Specialist Hospital & Research Centre (KFSHRC), specialising in reproductive genetics. With a background in molecular genetics, her work focuses on Preimplantation Genetic Testing (PGT). This cutting-ِِِedge technique enhances reproductive outcomes and prevents hereditary diseases. Dr. Jawdat’s expertise in genomic testing at the embryology level has placed KFSHRC at the forefront of reproductive medicine, ensuring healthier future generations.

Her work is particularly impactful in regions with high consanguinity, where the prevalence of genetic disorders is significantly elevated. By integrating Single Nucleotide Polymorphisms (SNP) array analysis by key mapping and next-generation sequencing technology into IVF protocols, she has contributed to the refinement of genetic screening techniques, reducing the burden of inherited conditions. Her work supports families facing repeated pregnancy loss for unknown reasons and genetic risks, empowering them with precise reproductive choices.

With her contribution, KFSHRC has established itself as a centre of excellence in reproductive health and genetic medicine, which aligns with Saudi Arabia’s Vision 2030 healthcare objectives. Through her and her team’s pioneering efforts, the institution has gained national and international recognition as a leader in genomic medicine and IVF. Dr. Jawdat’s clinical focus ensures that PGT is applied selectively to cases such as Recurrent Implantation Failure (RIF) of unknown causes and Repeated Miscarriages (RM), maximizing its efficacy through an evidence-based approach.

Her colleagues at KFSHRC include a wide range of IVF consultants, embryologists, PGT technologists, and clinical scientists, including Dr Wafa Qubbaj and Dr Serdar Coskun. Their collective expertise has progressed the field of reproductive genetics, establishing new benchmarks in patient care and scientific advancement. Additionally, her work goes beyond clinical applications to include training programs and academic initiatives to foster local expertise in genetics at the preimplantation stages.

Committed to driving advancements in reproductive genetics, Dr. Jawdat actively collaborates with leading global research institutions to refine methodologies and improve patient outcomes. Her participation in international conferences reflects her dedication to knowledge-sharing and interdisciplinary cooperation. At LEAP 2025, she underscored the transformative role of PGT, particularly in addressing the challenges of inherited disorders in consanguineous populations, reinforcing the importance of genetic innovations in reproductive medicine.

Dr. Jawdat envisions a future where Saudi Arabia continues to lead in genomic medicine, ensuring that PGT is more accessible and sustainable. Her work aligns with the country’s long-term healthcare objectives, driving precision medicine and genetic counselling advancements. “No family should have to face the uncertainty of genetic disease, repeated pregnancy loss, or unexplained implantation failure without answers. PGT empowers families with solutions—helping them select the healthiest embryos for a successful pregnancy. Carrier screening before pregnancy is essential, especially for consanguineous couples, to identify risks early and make informed choices. With these advances, we are not just improving fertility care—we are shaping a future of healthier generations.

EBRD and EU strengthen Jordan’s power grid

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Sahfy Sahfy
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EBRD and EU strengthen Jordan’s power grid
EBRD and EU strengthen Jordan’s power grid

The European Bank for Reconstruction and Development (EBRD) and the European Union (EU) are stepping up their support for Jordan’s energy sector by providing a €67.1 million financing package to the country’s National Electric Power Company (NEPCO).

This financing package consists of a sovereign-guaranteed EBRD loan of up to US$ 56.5 million (equivalent to €54.7 million), plus an EU investment grant of up to €12.4 million. These funds will finance the construction of a new high-voltage electricity substation in northern Jordan in order to improve the grid’s capacity, enabling it to handle existing and new generation in the north of the country. In addition to the new substation, four new overhead transmission lines will be constructed: two 400 kV lines providing connections to the existing Samra and Amman West substations, and two 132 kV lines connected to the Hasan Industrial and Jerash substations.

As Jordan pursues its ambitious renewable energy targets for 2030, the strengthening of transmission infrastructure is crucial to support the growing share of renewables. This new substation will not only improve the grid’s ability to handle additional generation capacity, but also facilitate cross-border interconnections, as well as reduce transmission losses by optimising power flows across the national grid.

The financing will be complemented by a comprehensive technical cooperation package, which will provide access to high-quality vocational training for men and women who want to work as electrical technicians, equipping them with market-relevant digital skills and energy efficiency competences. An EU-funded technical cooperation grant of €2.2 million will also be provided with a view to appointing a project implementation consultant for NEPCO.

The EBRD’s Head of the Eastern Mediterranean, Gretchen Biery, said: “We are proud to support NEPCO, in collaboration with the European Union, in developing vital transmission infrastructure that strengthens Jordan’s power sector. This project enhances regional interconnectivity and supports the country’s green transition, in line with its Economic Modernisation Vision.”

The EU’s Ambassador to Jordan, Pierre-Christophe Chatzisavas, said: “Jordan can count on the European Union as it advances its green transition. By connecting renewable energy projects, this new infrastructure will not only help Jordan to address domestic needs, but also open additional avenues for regional cooperation.”

NEPCO’s Managing Director, Sufian Al-Bataineh, said: “We welcome the support of the EBRD and the EU in enhancing transmission infrastructure, in line with Jordan’s Economic Modernisation Vision to build a more resilient and sustainable power sector. This project will strengthen regional interconnectivity and advance the green transition. We look forward to continued collaboration to boost economic growth, energy security and sustainability.”

NEPCO is a state-owned public company. It is the owner and operator of Jordan’s transmission system, as well as the single buyer of electricity.

Since the start of its operations in Jordan in 2012, the EBRD has invested almost €2.3 billion across 74 projects, providing more than €815 million to projects in the country’s energy sector through 14 loans.

The Saudi Exchange Company announces the launch of the capital management system on the sidelines of the Capital Markets Forum

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Sahfy Sahfy
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The Saudi Exchange Company announces the launch of the capital management system on the sidelines of the Capital Markets Forum
The Saudi Exchange Company announces the launch of the capital management system on the sidelines of the Capital Markets Forum

On the sidelines of the Capital Markets Forum, the Saudi Exchange announces the launch of its new Capital Management System (“CMS”), marking a transformative shift in access to offerings on the Saudi capital market.

Following the implementation of the first phase in managing IPOs in Nomu – Parallel Market, and after the success of the pilot phase in the Main Market, the system will now be fully launched to receive subscriptions for a wide range of securities. This expansion aims to further develop the Saudi capital market and increase its attractiveness to investors.

The new system provides investors with a seamless subscription experience, allowing them to subscribe directly through their investment portfolios without the need to open new accounts. This simplifies the process, saving time and effort while expanding access to a broader range of investment opportunities, thereby enhancing their investment flexibility and decision-making.

For issuers, CMS significantly shortens the time required to access the market, enabling them to list their financial securities more efficiently. It also allows them to reach a broader investor base, increasing the likelihood of a successful offering and boosting demand for IPOs.

For financial institutions and subscription managers, including Capital Market Institutions (CMIs), CMS will provide them with greater flexibility in managing IPO processes, reducing administrative burdens and streamlining the subscription workflow. Additionally, it reinforces their strategic role in the Saudi capital market by improving their operational efficiency and execution speed.

Mohammed Al Rumaih, CEO of the Saudi Exchange, commented: “The rollout of the new Capital Management System, by Saudi Exchange, to all market participants is another demonstration of our commitment to strengthening the Saudi capital market, in alignment with the goals of the Financial Sector Development Program and Vision 2030. This system simplifies the investment process by allowing subscriptions through single access points, thereby enhancing accessibility and efficiency for both issuers and investors. The CMS not only facilitates broader engagement with diverse investment opportunities but also embodies our mission to position Saudi Exchange as a globally connected and innovative capital market. We recognize the significant value this creates in bridging investors’ aspirations with market opportunities, and we strongly encourage all market participants to activate their preferred CMI accounts to fully benefit from what CMS has to offer.”

There will be 15 participating CMIs in the new CMS initially; AlBilad Capital, Alistithmar Capital, AlJazira Capital, AlKhabeer Capital, Alinma Capital, AlRajhi Capital, ANB Capital, BSF Capital, Derayah Financial, GIB Capital, Riyad Capital, SAB Invest, Sahm Capital, SNB Capital, and Yaqeen Capital.

For more information on the CMS by Saudi Exchange, please visit [Link].

Arabian Company for Agricultural and Industrial Investment Announces Final Offer Price of Its Initial Public Offering

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Sahfy Sahfy
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Arabian Company for Agricultural and Industrial Investment Announces Final Offer Price of Its Initial Public Offering
Arabian Company for Agricultural and Industrial Investment Announces Final Offer Price of Its Initial Public Offering

Arabian Company for Agricultural and Industrial Investment (the “Company” or “Entaj”), one of the leading poultry brands in the Kingdom of Saudi Arabia (the “Kingdom”), announces the successful completion of the book-building process for institutional investors (“Participating Parties”) and the final offer price (the “Final Offer Price”) for the Company’s initial public offering (the “IPO” or “Offering”).

The Final Offer Price for the Offering has been set at SAR 50 per share, which is at the top end of the previously announced price range for the IPO, implying a market capitalization of SAR 1.5 billion (approximately USD 400 million) at listing. The books were covered within hours of opening and the orders recorded during the institutional book-building exceeded SAR 93 billion (approximately more than USD 25 billion), representing a coverage of 208.4 times.

The subscription period for individual investors will commence on Wednesday, 26 February 2025G (corresponding to 27/08/1446H), and ends at 2:00pm KSA time on Thursday, 27 February 2025G (corresponding to 28/08/1446H).

Offer Details 

  • The Final Offer Price for the Offering has been set at SAR 50 per share, with an implied a market capitalization of SAR 1.5 billion (approximately USD 400 million) at listing.
  • The Offering consist of 9,000,000 ordinary shares (the “Offer Shares”), representing 30% of the Company’s total issued share capital, by way of a sale of existing shares by the Selling Shareholder.
  • 100% of the Offer Shares have been provisionally allocated to the Participating Parties that took part in the institutional book building process. In the event of sufficient demand from retail investors, the Financial Advisor, in coordination with the Company, shall have the right to reduce the number of Offer Shares allocated to Participating Entities to a minimum of eight million, one hundred thousand (8,100,000) ordinary Shares, representing 90% of the Offer Shares. 
  • The Offer Shares will be listed and traded on the Saudi Exchange’s Main Market following the completion of the Offering and listing formalities with both the CMA and the Saudi Exchange.
  • The Company appointed SNB Capital (“SNB Capital”) as the lead manager (“Lead Manager”), financial advisor (“Financial Advisor“), bookrunner (the “Bookrunner“), and underwriter (the “Underwriter“). 
  • SNB Capital, SAB Invest, Al Rajhi Capital, Saudi Fransi Capital Company, Alinma Capital Company, Riyad Capital Company, AlJazira Capital Company, Alistithmar for Financial Securities and Brokerage Company , AlBilad Capital Company, ANB Capital Company, Derayah Financial Company, Yaqeen Capital Company, Alkhabeer Capital Company, GIB Capital Company, and Sahm Capital Financial Company to act as receiving agents (collectively, the “Receiving Agents”) for retail investors.

For more information on the Offering, visit https://ipo.entaj.com/

Dubai Investments Signs 2 Key MOUs as Part of MoIAT’s Regional Industrial Partnership

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Sahfy Sahfy
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Dubai Investments Signs 2 Key MOUs as Part of MoIAT’s Regional Industrial Partnership
Dubai Investments Signs 2 Key MOUs as Part of MoIAT’s Regional Industrial Partnership

Dubai Investments, a leading diversified investment company listed on the Dubai Financial Market (DFM), announced that its subsidiaries, GlobalPharma and Emirates Float Glass (EFG), have signed strategic Memorandums of Understanding (MOUs) during the 5th Higher Committee Meeting of the Integrated Industrial Partnership for Sustainable Economic Development, held in Doha, Qatar. These agreements, supported by MoIAT (Ministry of Industry and Advanced Technology), align with regional efforts to accelerate industrial growth, enhance economic collaboration, and drive sustainable development across key sectors.

The meeting, attended by industry ministers from the UAE, Egypt, Jordan, Bahrain, Morocco, Qatar, and Turkey marked a significant milestone, further expanding cross-border cooperation and investment.

Signing the MOUs on behalf of Dubai Investments, Mohammed Saeed Al Raqbani, General Manager, Dubai Investments Industries and Masharie, said, “The signing of these MOUs reflects Dubai Investments’ commitment to fostering industrial integration, strengthening regional supply chains, and driving sustainable economic development. By leveraging the expertise and capabilities of the Group’s subsidiaries, we are not only contributing to the region’s industrial growth but also enhancing the competitive edge of the Group’s partners across key sectors.”

As part of the expanding pharmaceutical collaboration within the region, GlobalPharma, a leading generics partner and a subsidiary of Dubai Investments, signed an MOU with Morocco’s Zenith Pharma. The agreement focuses on technology transfer, licensing, and local manufacturing of critical medications, including injectable biologics, cholesterol treatments, and diabetes solutions. With an investment exceeding $50 million, the partnership aims to bolster pharmaceutical security and enhance local production capabilities across member countries. The commitment to industrial integration was further recognized during the event, as GlobalPharma was honored by the attending ministers for its significant contributions to pharmaceutical research and development within the partnership.

In a move to reinforce industrial cooperation in the glass manufacturing sector, Emirates Float Glass (EFG), a well-known global leader in the float glass industry and a wholly owned subsidiary of Dubai Investments, signed an MOU to supply high-quality float glass to a regional manufacturing company specializing in glass and silver mirror production. This agreement strengthens the industrial integration partnership between the UAE and Bahrain, supporting manufacturing efficiency and raw material supply within the sector. Under the terms of the MOU, EFG will leverage its advanced production capabilities to ensure a steady and high-quality supply of glass, aligning with broader efforts to enhance regional supply chains and industrial self-sufficiency.

Invest Bank Drives Ongoing Transformation Agenda with Strategic Leadership Appointments

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شمس سيف
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Invest Bank Drives Ongoing Transformation Agenda with Strategic Leadership Appointments
Invest Bank Drives Ongoing Transformation Agenda with Strategic Leadership Appointments

 Invest Bank announced the appointment of four senior leaders to head its core departments, marking a significant step in the bank’s transformation journey. The strategic appointments across Corporate Affairs & Marketing, Retail, Digital, and Operations divisions reflect the bank’s commitment to delivering next-generation banking solutions while strengthening its position in Sharjah’s growing financial ecosystem.

This reorganization supports Invest Bank’s vision of combining deep local insights with innovative capabilities to create enhanced value for customers and communities across the United Arab Emirates. The appointments come as part of the bank’s broader strategy to build an agile, digital-first organization that sets new benchmarks in customer-centric banking.

“This transformation marks a pivotal moment in Invest Bank’s evolution,” said Edris Al Rafi, Invest Bank’s Chief Executive Officer. “We are creating an agile organization while also integrating advanced digital capabilities that will set new standards, reimagining the future of banking in the region. These appointments strengthen our leadership team, driving scale and technology-enabled solutions for enhancing operational excellence while prioritizing customer value. Positioning us to deliver secure, personalized services that meet the sophisticated needs of our customers while contributing to Sharjah’s growing financial ecosystem.” 

  • Humaida Al Khalsan, joins as Head of Corporate Affairs & Marketing, leading the bank’s strategic communications and brand evolution while focusing on strengthening stakeholder relationships across the UAE’s dynamic financial landscape. 
  • Venkatesh Srikantan, assumes the role of Head of Retail Banking, leading the transformation of our retail banking division to deliver innovative, customer-first solutions that set new standards in personal banking excellence. 
  • Brian Jamieson, takes charge as Head of Digital, driving the bank’s digital transformation agenda to create seamless, integrated banking experiences that anticipate and exceed customer expectations. 
  • Krishnakumar Venkatraman, steps in as Head of Operations, orchestrating operational excellence through advanced technology integration and process optimization to ensure superior service delivery.

These appointments are part of a broader reorganization to create a dynamic and agile organizational structure that will revolutionize the bank’s operation, enhance its digital capabilities, and foster a stronger connection with the Sharjah community and UAE. 

Invest Bank’s transformation is one of the strategic priorities defined by its new CEO, Edris Al Rafi, who joined the bank in September 2024.  

Edris said, “In an era where banking differentiation has become increasingly crucial, Invest Bank’s transformation strategy directly addresses the growing demand for personalized, efficient banking services. The initiative represents a fundamental reimagining of customer experience through a further agile, customer-centric model. We are creating an institution capable of responding swiftly to market changes and customer needs through simplified organizational frameworks. This transformation integrates advanced technology across all our services while maintaining the personal touch that has long been the bank’s hallmark.”

Invest Bank’s strategic priorities:

  • Customer excellence & innovation: Implementing next-generation banking solutions that combine technological innovation with personalized services.
  • Digital transformation: Accelerating digital capabilities across all touchpoints to create seamless, integrated banking experiences.
  • Enhanced efficiency: Optimizing processes and systems to deliver faster, more reliable services.
  • Community impact: Strengthening our role in Sharjah’s economic development through targeted financial solutions and community engagement.

The newly appointed leaders bring extensive global and regional experience to Invest Bank. Their collective expertise will drive the bank’s vision of delivering personalized, value-driven solutions that resonate with customers’ evolving needs and preferences while maintaining strong connections with the communities it serves and setting new standards for banking excellence in Sharjah and across the UAE.

Qme Closes $3 Million Seed Round Led by AHOY to Advance AI-Driven Customer Journeys in MENA

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شمس سيف
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Qme Closes $3 Million Seed Round Led by AHOY to Advance AI-Driven Customer Journeys in MENA
Qme Closes $3 Million Seed Round Led by AHOY to Advance AI-Driven Customer Journeys in MENA

 Qme, an emerging B2B SaaS startup based in Egypt, has raised $3 million in a seed funding round led by AHOY, a multisector technology company, along with a group of angel investors from the GCC.

Qme is an AI-driven platform addressing a critical issue in MENA, where inefficient queuing systems and outdated appointment booking methods cause individuals to lose an average of six months of their lives standing in line. Moreover, the reliance on phone bookings, which account for 92% of appointments in key sectors, leads to a no-show rate of 31%, creating further inefficiencies.

As a regional tech pioneer aspiring to become a decacorn, AHOY provides advanced solutions in logistics, aviation, and traffic management. Through this collaboration, Qme will gain access to cutting-edge technology and extensive market expertise.

“Our partnership with AHOY is a major milestone, as it strengthens our ability to optimize movement in dynamic, real-world scenarios while transforming customer experiences. AHOY’s operational excellence and robust tech stack are invaluable as we scale in vibrant markets,” said Maged Negm, CEO and Co-Founder of Qme. “I’m super excited to have Jamil Shinawi, AHOY’s CEO, joining Qme Advisors Committee. Our partnership with AHOY marks a pivotal moment in our journey.”

Since its commercial launch in Q4 2023, Qme has made remarkable strides. The company has already served over 100,000 customers in the healthcare, banking, and government sectors, reducing waiting times from 116 minutes to just 14 minutes. Qme has also slashed phone booking no-show rates to below 1%, while transitioning paper-based queuing systems to digital alternatives, saving an estimated 50,000 square meters of paper.

“Qme’s platform aligns perfectly with our ethos of reducing friction in everyday processes,” said Jamil Shinawi, CEO and Co-Founder of AHOY. “Their ability to streamline the customer journey resonates with AHOY’s mission of solving real-world inefficiencies through innovation. The collaboration leverages AHOY’s multi-sector expertise and visionary approach to help Qme penetrate complex markets across the GCC and African regions and advance globally.”

Qme is also a part of AHOY’s Startup Builder Initiative, a program that aims to empower 10,000 entrepreneurs and support 30,000 software developers across the Middle East and North Africa (MENA) region by 2030. The strategic technological framework for the initiative aims to catalyze exponential innovation across critical infrastructure sectors such as transportation, aviation, and smart city development.

The new funding will allow Qme to enhance its technology stack, expand its operational reach, and forge deeper partnerships. Together with AHOY, Qme aims to redefine how businesses and governments interact with customers, paving the way for a future where inefficiencies are a thing of the past.

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