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HC: MPC Expected to Hold Interest Rates on December 26 to Sustain Carry Trade Appeal

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Sahfy Sahfy
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HC: MPC Expected to Hold Interest Rates on December 26 to Sustain Carry Trade Appeal
HC: MPC Expected to Hold Interest Rates on December 26 to Sustain Carry Trade Appeal

Financials analyst and economist at HC, Heba Monir commented: Egypt’s external position remains stable; however, USD liquidity was lower than the previous month, (1) with net international reserves (NIR) increasing by USD10.0m m-o-m in November to USD46.952bn from USD46.942bn in October, the lowest increase since September 2022, which can be due to Egypt’s scheduled commitment to repay USD3bn of green and Islamic financing to Gulf banks and USD1.32bn in matured Eurobonds during November, (2) the banking sector’s net foreign assets (NFA) position narrowing by 10.8% m-o-m to USD9.21bn in October from USD10.3bn in September, reversing a net foreign liability (NFL) position of USD27.2bn a year earlier, and an NFL of USD1.41bn, excluding the CBE, and (3) Egypt’s 1-year CDS dropping to 353 currently, from 857 bps on 1 January. On the economic activity front, the PMI index rose slightly for the second consecutive month to 49.2 in November from 49.0 in October, still below the 50.0 mark, with the report showing that contraction softened from the previous month, attributing this reading to the weak customer demand. For December’s inflation, we expect it to decelerate to 24.1% y-o-y and 0.2% m-o-m, on relatively lower to stable vegetable and fruit prices due to seasonality. Regarding the exchange rate, the EGP has depreciated by c2.5% since the start of December due to a strengthening of the USD against other currencies. The latest 12M T-bill auction yielded a positive real interest rate of 2.9% over the weighted average yield of 26.24%, net of 15.0% tax on US and UK investors and factoring in our inflation estimate one-year from now of 19.4%, with this real yield subject to increase further with the inflation deceleration. From the above, we expect the MPC to leave interest rates unchanged at its upcoming 26 December meeting to keep the carry trade attractive until inflation moderates.

It is worth mentioning that In its 21 November meeting, the Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) maintained the benchmark overnight deposit and lending rates unchanged at 27.25% and 28.25%, respectively, for the fifth consecutive times, after it hiked them by 600 bps in March, bringing total rate hikes to 1,900 bps since it started its tightening policy in 2022. Egypt’s annual headline inflation decelerated to 25.5% y-o-y in November from 26.5% y-o-y in October, according to the Central Agency for Public Mobilization and Statistics (CAPMAS) data. Monthly prices rose 0.5% m-o-m in November compared to a 1.1% m-o-m increase in October. On the global front, on 18 December, the US Federal Reserve cut the federal funds rate by 25 bps to 4.25-4.50%, bringing total cuts to 100 bps after it hiked rates by 525 bps since it started its tightening policy in 2022. Also, the European Central Bank (ECB) lowered the key ECB interest rates for the main refinancing operations, the marginal lending and deposit facility by 25 bps on 12 December to 3.15%, 3.40% and 3.00%, respectively, bringing total cuts to 100 bps, since it started cuts in June 2024 after it hiked rates by 250 bps since it started its tightening policy in 2022. Based on Egypt’s current economic situation

Forbes Middle East Reveals Its First Annual List Of The Region’s Top Venture Capitalists 2024

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Sahfy Sahfy
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Forbes Middle East Reveals Its First Annual List Of The Region’s Top Venture Capitalists 2024
Forbes Middle East Reveals Its First Annual List Of The Region’s Top Venture Capitalists 2024

 Forbes Middle East has unveiled its inaugural list of the region’s Top Venture Capitalists for 2024, recognizing the most active and influential venture capital (VC) firms driving innovation, growth, and success within the Middle East’s burgeoning startup landscape. This list celebrates the trailblazers who are not just financially backing startups but also shaping the region’s entrepreneurial future.

To compile the list, Forbes Middle East considered several key factors, including the number, impact, and value of successful deals, as well as each firm’s top five deals and their worth during funding rounds. Additional criteria included assets under management, the number of successful startups within each portfolio, and the number of successful exits. The entrepreneurial experience of each firm’s leader was also taken into account to provide a comprehensive evaluation of their contributions to the region’s growth. The listees are presented in alphabetical order, with firms led by multiple cofounders counted as a single entry.

The list features 30 of the region’s top venture capitalists, with Saudi Arabia and the U.A.E. taking center stage, with 11 and 10 firms, respectively. The list also includes four firms from Egypt, two from Jordan, and one from Kuwait, underscoring the growing entrepreneurial spirit across the region.

Among the firms recognized, Jabbar Internet Group, cofounded by Samih Toukan and Hussam Khoury in 2009, stands out as the oldest venture capital firm on the list. Known for its role in landmark acquisitions like Souq.com (acquired by Amazon for $580 million) and InstaShop (acquired by Delivery Hero for $360 million), Jabbar continues to back high-impact ventures. On the other hand, Egypt’s Beltone Venture Capital, founded in 2023 and led by Ali Mokhtar, represents the newest player in the market, making waves with six successful equity investments in just the first nine months of 2024.

Several firms on the list have played a pivotal role in backing some of the region’s most disruptive startups. Sarwa, a wealth management platform, was backed by 500 Global, MEVP, HALA Ventures and Shorooq Partners, while both Nuwa Capital and Plus VC are key investors in eyewear retailer eyewa. Foodics has been supported by STV, Vision Ventures, Plus VC, and Jabbar Internet Group.

Notably, 24 of the firms on the list are led by entrepreneurs who have successfully transitioned from founders to investors, further driving the region’s growth. Six of the listed VCs are led by non-founding executives.

Click here to view the full list of the Middle East’s Top Venture Capitalists 2024.

 

Careem Pay launches instant, affordable transfers to Lebanon

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Sahfy Sahfy
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Careem Pay launches instant, affordable transfers to Lebanon
Careem Pay launches instant, affordable transfers to Lebanon

Careem Pay, the digital wallet and fintech platform within the Careem Everything App, introduces a new international remittance service to Lebanon in partnership with the Purpl digital wallet.

Money can be transferred from AED into USD from a Careem account to a mobile number linked to a Purpl wallet in Lebanon, removing the need for a recipient bank account. Beneficiaries can withdraw cash from their Purpl wallets from Banque Libano-Francaise (BLF) ATMs without fees or from OMT stores with minimal fees of just 0.5%.

With a low sending fee of up to 1.5%, zero withdrawal fees at BLF ATMs, and transfer times averaging just 15  minutes, Careem Pay is committed to making remittances a more accessible and reliable service to communities in need. The service is designed to address the ongoing financial challenges faced by the Lebanese community, offering a solution for unbanked users as well as those with refugee documentation. 

Mo Elsaadi, VP of Careem Pay, commented: “We’re pleased to help make it easier for the Lebanese community in the UAE to transfer money to loved ones during such a challenging year. Our partnership with Purpl enables us to provide a fast, reliable, and inclusive solution for sending money home when it’s needed most.”

Wissam Ghorra, Co-founder and CEO at Purpl commented: “After all the challenges Lebanon faced in 2024, once again, the lebanese diaspora showed tremendous support to Lebanon and showed how important these resources are for the country. We at Purpl want to put all our capabilities to facilitate these transactions to Lebanon, and we are deeply convinced that this partnership with Careem will help us reach that.” 

Careem Pay launched its remittance service in 2023 and now offers instant transfers to India, Pakistan, the Philippines, the UK, and Europe. Careem Pay’s referral program for remittance users enables new customers who send money abroad through a referral link to receive up to AED 2,000 credited to their Careem Pay wallet. 

To initiate an international transfer, open the Careem app and select ‘Send money’ on the Careem Pay home screen. 

African Academy of Sciences Conference charts new path for continental scientific renaissance

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Sahfy Sahfy
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African Academy of Sciences Conference charts new path for continental scientific renaissance
African Academy of Sciences Conference charts new path for continental scientific renaissance

The African Academy of Sciences (AAS) 15th Bi-Annual General Assembly and Scientific Conference opened with powerful calls for African scientific sovereignty and renewed investment in the continent’s research capabilities. The four-day event, themed “Empowering and Advancing Africa’s Scientific Enterprise,” features prominent voices in African science and development policy.

The 15th Bi-annual General Assembly and Scientific Conference was held in Abuja, Nigeria, from December 9–12, 2024.

In opening remarks, Professor Kevin Chika Urama, Chief Economist and Vice President of the African Development Bank Group, highlighted Africa’s rich scientific heritage while emphasizing the urgent need for reform in how the continent approaches scientific enterprise.

“Africa had great beginnings in shaping global science and technology,” Professor Urama noted, citing historical achievements from early toolmaking to astronomical observations. “However, the current state of STI in Africa raises many questions. Less than 1 percent of all patents granted worldwide in 2023 were for African individuals or enterprises.”

The conference comes at a crucial time, with AAS President Professor Lise Korsten reporting a 135% increase in African scientific publications between 2014 and 2022. Despite this progress, Urama emphasized several substantial challenges facing the continent.

He pointed to the continued marginalization of African scientific knowledge and voice in global discourse, coupled with the persistent underfunding of research institutions. Most African countries still fall short of the African Union’s 1% GDP investment target for Research and Development. The situation is further complicated by significant brain drain, with annual losses of approximately $2 billion in the health sector alone in the continent, according to the Mo Ibrahim Foundation.

Urama explored strategies to enhance the productivity and relevance of Africa’s scientific enterprise to Africa’s development. He emphasized the importance of restoring confidence in African science and scientists while accelerating public and private investments in R&D and scientific infrastructure to enhance factor productivity in Africa. His recommendations include reforming monetary and fiscal policies to make scientific investments more attractive, reorienting research toward practical solutions for African development challenges, leveraging brain circulation and international partnerships, and mobilizing domestic savings and capital for science and innovation.

AAS Secretary-General Professor Friday Okonofua emphasized the conference’s comprehensive approach to rebranding the Academy and enhancing its impact on Africa’s development.

“Together we can make African Scientists work for Africa’s development,” Urama concluded, emphasizing the need for Africa to build its scientific and technological capabilities to avoid remaining “an impoverished appendage to the global economy.

ADNOC Drilling, SLB and Patterson-UTI Close Turnwell Joint Venture

By
شمس سيف
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ADNOC Drilling, SLB and Patterson-UTI Close Turnwell Joint Venture
ADNOC Drilling, SLB and Patterson-UTI Close Turnwell Joint Venture

Turnwell successfully delivers first wells to ADNOC in under 20 days, setting new benchmark

Turnwell unlocking Abu Dhabi’s world-class unconventional energy resources to meet growing global demand for affordable, accessible energy

ADNOC Drilling Company PJSC (“ADNOC Drilling” or the “Company”) (ADX symbol: ADNOCDRILL / ISIN: AEA007301012) has today announced the closing of the Turnwell Industries LLC OPC (Turnwell) joint venture (JV) between ADNOC Drilling, SLB and Patterson-UTI TW Holdings LLC (“Patterson-UTI”).

Commenting on the completion of the JV agreement, Abdulrahman Abdulla Al Seiari, Chief Executive Officer, ADNOC Drilling, said: “Closing the Turnwell JV with SLB and Patterson-UTI advances our plans to unlock the UAE’s world-class unconventional energy resources, reinforcing the UAE’s position as a global leader in the responsible supply of energy.

“This joint venture is a groundbreaking achievement and is already paying dividends through the significant reduction in well delivery time as seen through the first wells being delivered in record time.”

The JV cements a powerful partnership that will lead the UAE’s new unconventional energy journey. ADNOC Drilling holds a 55% majority equity stake, SLB, the world’s largest oilfield services provider, holds a 30% equity stake and Patterson-UTI, a leading provider of drilling and completions services in the United States, holds the remaining 15% equity stake.

Turnwell announced the acceleration of its initial 144 unconventional wells earlier this year, following the successful operational startup, enabled by the resources, expertise, and strategic guidance of ADNOC Drilling, SLB and Patterson-UTI. Turnwell is also exploring the significant potential for future opportunities in unconventional energy resources in the UAE.

Turnwell, successfully delivered the fastest well time so far, in their 144 well drilling campaign of a record 19.9 days, with an expectation for further significant efficiency gains. On the initial wells they achieved a 13% improvement in well delivery time compared to the previous record and a 53% reduction in well delivery over the 4 wells in the pad.

Turnwell used advanced measurement while drilling technology, advanced drill bit designs, and new generation rotary steerable systems, to reduce costs and time. The key to success for Turnwell is deliver low-cost wells and this record sets them firmly on track to achieve this.

Today, Abu Dhabi holds an estimated 220 billion barrels of unconventional oil and 460 TCF of unconventional gas in place. The recovery of these resources will require many thousands of wells to be delivered, over and above the initial 144 wells.

Turnwell will leverage cutting-edge innovations in AI smart drilling design, completions engineering, and production solutions to responsibly deliver and secure the UAE’s unconventional energy needs and resources. Turnwell also benefits from a direct relationship with ADNOC Drilling’s JV with Alpha Dhabi, Enersol, which is investing in, and acquiring the IP of, innovative energy services technology companies that bring greater operational efficiency.

Saudi Arabia Inaugurates Supply Chains Conference 2024 to Strengthen Global Trade and Logistics

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شمس سيف
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Saudi Arabia Inaugurates Supply Chains Conference 2024 to Strengthen Global Trade and Logistics
Saudi Arabia Inaugurates Supply Chains Conference 2024 to Strengthen Global Trade and Logistics
  • Al-Jasser Highlights the Kingdom’s Advancements in Logistical Capabilities and Export Facilitation
  • Saudi Ports and Logistics Infrastructure Attract Over 10 Billion Riyals in Investments
  • Global Experts Gather to Share Best Practices and Innovations in Supply Chain Management

His Excellency the Minister of Transport and Logistic Services, Eng. Saleh bin Nasser Al-Jasser, inaugurated today, Sunday, the activities of the Supply Chains Conference 2024, which is hosted by the Hilton Granada Hotel in the capital, Riyadh, in the presence of Their Excellencies the Ministers, senior officials, and heads of companies operating in the supply chains and logistic services sector, with the participation of international and local organizations, in addition to heads of bodies and institutions in promising fields from both the public and private sectors.

In his speech during the opening ceremony, His Excellency the Minister of Transport and Logistic Services said: “The sixth edition of the Supply Chain Conference comes in light of the prosperity and great growth witnessed by the logistic services sector and the supply chain movement in the Kingdom, thanks to the unlimited support that the transportation and logistics services system receives from the wise leadership, to achieve the ambitions and aspirations that embrace the sky, inspired by the directives of my master, the Custodian of the Two Holy Mosques, and His Highness, my master, the Crown Prince – may God protect them.”

His Excellency added: “The Kingdom of Saudi Arabia, with the support of the wise leadership, has maintained its readiness in global supply chains through the significant development witnessed by the logistics sector, which has played a major and distinctive role during the challenges and crises that the world has witnessed and is witnessing in multiple places,” stressing that the Kingdom has played an effective role in enhancing the efficiency of global supply chains and establishing the necessary components to ensure the flow of goods and commodities in the region, by taking advantage of its strong and growing logistical capabilities including an advanced network of regional and international airports, a solid chain of highly efficient ports with high performance, and modern networks of railways and advanced roads which contribute to accelerating shipping, handling, export movement and connectivity in global markets.

His Excellency the Minister of Transport and Logistic Services stated that during the current year 2024, the Kingdom continued its progress in the international classification in handling the number of containers. The Kingdom’s ports recorded an additional 231.7 points in the maritime navigation network connectivity index according to the UNCTAD report during 2024. 30 new shipping lines was added since the beginning of 2024, which reflects the Kingdom’s major role in facilitating the movement of global trade and supporting the logistics services sector, noting that the launch of the general plan for logistics centers, as well as the national initiative for supply chains by His Highness the Crown Prince – may God protect him – reflects the great interest that this strategic sector receives from the wise leadership. He noted that due to such support, the Kingdom has succeeded – praise be to God – in enhancing its logistical capabilities to support the national economy. Major international companies have continued their interest in investing in the logistics sector, from the local and global private sector, to invest and establish a number of logistics areas by signing contracts to establish 18 logistics areas in ports, with total investments exceeding 10 billion Riyals.
His Excellency stressed that the Kingdom will continue to enhance its logistical capabilities to facilitate exporting movement and support supply chains. It will also continue to progress in the global logistical performance indicators, enhance maritime shipping lines, expand air freight movement, increase rail freight rates via trains, activate logistical centers to support sustainable development, and consolidate the Kingdom’s position as a global logistical center and a vital link in global supply chains.

The opening session witnessed a ministerial discussion panel, in which His Excellency the Minister of Transport and Logistic Services, His Excellency the Minister of Investment, and His Excellency the Minister of Industry participated. It was entitled: “The Role of Logistics Prosperity in Enhancing Supply Chain Business and Achieving Global Competitiveness.”

The conference also witnessed the signing of 86 agreements on the sidelines of its activities, with the aim of enhancing the performance of supply chains. The conference included 12 keynote lectures, an accompanying exhibition that included 65 international and local companies in addition to 8 specialized workshops. It also featured an entrepreneurship corner, and an innovation corner that includes technologies such as the launch of a solar-powered car, and unified platforms used by e-commerce business owners and retailers to deliver shipments. The innovation corner aims to empower operational teams by managing harmonious sales channels, warehouse management and shipping companies.

The Kingdom plays an active role at the global level in the logistics and supply chains sector, as the sector has witnessed the implementation of a package of structural reforms and operational achievements during the past period, in order to achieve the targets of the National Strategy for Transport and Logistic Services whereas the Kingdom jumped 17 ranks in the World Bank’s Global Logistics Index. Major global logistics companies have invested in Saudi ports due to their strategic and economic attractiveness, which enhances the efficiency of the logistics sector and supply chains in the Kingdom.

Worth mentioning is that the conference hosts an elite group of international experts and specialists, with the aim of presenting experiences on the best methods and latest practices to improve the performance of supply chains and raise their efficiency. The conference program also includes a group of dialogue sessions, in addition to accompanying workshops and the entrepreneurship corner. A platform was also developed in order to empower Saudi women in the supply chain sector. Such platforms provide training and development opportunities to enhance women’s contribution to the Saudi economy and open new horizons for them in vital fields.

Saudi Arabia to Host Forbes Middle East Women’s Summit 2024

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شمس سيف
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Saudi Arabia to Host Forbes Middle East Women’s Summit 2024
Saudi Arabia to Host Forbes Middle East Women’s Summit 2024

The second edition of Forbes Middle East’s Women’s Summit will take place on December 18-19, 2024, in Riyadh, highlighting the achievements of women. This event will bring together prominent leaders and influential figures from across the region and the world, celebrating success across diverse sectors and fostering dialogue, collaboration, and empowerment.

The summit will showcase inspiring discussions and panels, featuring a distinguished group of prominent figures. Confirmed speakers include H.R.H. Princess Lamia Bint Majed Saud Al Saud, Secretary General and member of the Board of Trustees at Alwaleed Philanthropies; H.H. Princess Prof. Mashael Bint Mohammed Al Saud, Senior Earth Scientist and Chairwoman of the Celiac Association Board of Directors (KSA); H.H. Princess Doaa Bint Mohammed, CEO of the Al Mahra Education Company and Former Supreme President of the Arab Women’s Authority; H.E. Ambassador Christophe Farnaud, Ambassador of the European Union to the Kingdom of Saudi Arabia, the Kingdom of Bahrain, and the Sultanate of Oman; H.E. Rym Abdulla Al Falasy, Secretary General at the Supreme Council for Motherhood & Childhood; H.E. Laila Rahhal El Atfani, Goodwill Ambassador and Founder and CEO of the Woman Business Circle and Business Gate – Dubai; H.E. Dalia Khorshid Group CEO and Managing Director at Beltone Holding; and  Shouq Alfawaz, General Manager of Governance, Risk, and Compliance at the Ministry of Economy and Planning.

Additional prominent speakers include Tariq Chauhan, Group CEO at the EFS Facilities Services Group; Hala Kazim, life educational coach, mentor, and Founder of the Journey Through Change Program; and Kaswara Al-Khatib, Chairman of the Board at UWG (UTURN Webedia Group). The event will also feature notable celebrities, including actress Sulafa Memar; actress and digital entrepreneur Noor Al Shaikh; actor Samer Ismail; cofounder of Mama Rita, Jessica Kahawaty; and actress and TV anchor Sacha Dahdouh.

“Women across the Middle East are achieving impressive success across all sectors in the public and private domains. While the journey to true equality continues, this region is home to ambassadors and advocates that are showing that progress is moving forward every day,” said Khuloud Al Omian, CEO and Editor-in-Chief of Forbes Middle East. “The second edition of our Women’s Summit will showcase the stories and visions of some of the region’s most prominent and powerful female leaders, evidencing an enduring evolution in the women’s movement in the Middle East.”

“Diversity, equity, and inclusion are deeply ingrained in how we operate at ROSHN Group,” said ROSHN Group’s Acting Group CEO, Dr. Khalid Johar. “Our approach to gender equality has made us more agile and adaptable, aligning with Vision 2030’s objectives. By empowering women and fostering inclusivity, we contribute to the Kingdom’s sustainable development goals, ensuring a thriving economy and a more balanced, innovative society.”

Shouq Alfawaz, General Manager of Governance, Risk, and Compliance at the Ministry of Economy and Planning, will draw from her extensive professional journey and share perspectives on navigating challenges while emphasizing the importance of authenticity, emotional intelligence, and staying aligned with a clear personal branding strategy.

A variety of interactive workshops and activities will engage participants and enhance their skills. These hands-on experiences will focus on practical approaches to professional growth, ensuring attendees leave empowered and equipped for future success. The event will also host a fashion show celebrating Saudi culture and heritage and will culminate in a ceremony honoring outstanding female leaders who have successfully translated their visions into reality. 

Forbes Middle East is collaborating with a variety of distinguished partners, including presenting partner, ROSHN Group; associate partner, Binghatti Developers; event partners, Dr. Hamid Suliman Al Ahmadi Hospital, Vi Markets, Porsche, Bissell, Innoventure Educational Investment, EFSIM Facilities Management Company (KSA), and Jamjoom Pharma; furniture partner, Electra; gift partner, Barriya and Humanity Code; travel partner, ITL World; fitness partner, Jeem Gym; exhibition partner, Aida Murad; and media partner, Rominds Production.

To register and find out more about the Women Summit, please visit the Forbes Middle East website.

ADGM FSRA Highlights ESG-Focused Investment Vehicle Guidance and Sustainability-Related Initiatives at ADSFF 2024

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شمس سيف
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ADGM FSRA Highlights ESG-Focused Investment Vehicle Guidance and Sustainability-Related Initiatives at ADSFF 2024
ADGM FSRA Highlights ESG-Focused Investment Vehicle Guidance and Sustainability-Related Initiatives at ADSFF 2024

The Financial Services Regulatory Authority (FSRA) of ADGM showcased its sustainability-related initiatives, including the issuance of its guidance for ESG-focused investment vehicles, during the Abu Dhabi Sustainable Finance Forum (ADSFF) 2024, hosted as a flagship event of Abu Dhabi Finance Week (ADFW). The published guidance acts as a significant step in reinforcing ADGM’s unwavering commitment to fostering sustainable finance and combating greenwashing practices in the financial sector.

Reflecting the FSRA’s dedication to aligning with global best practices, the latest guidance ensures transparency, accountability, and the integrity of ESG-focused investment products. It forms a key component of ADGM’s broader sustainable finance vision, aimed at supporting investors, issuers, and market participants in driving positive environmental, social, and governance outcomes.

Commenting on the issuance of the guidance, Emmanuel Givanakis, CEO of the FSRA of ADGM said, “The issuance of our guidance for ESG-focused investment vehicles marks an important step in ADGM’s journey to establishing leading sustainable finance practices within its ecosystem. Through initiatives like this, we aim to strengthen the trust that the financial services sector and investors have placed in our robust regulatory framework, while also empowering stakeholders to contribute meaningfully to the global sustainability agenda.”

Over the past few years, the FSRA has undertaken a number of initiatives to further ADGM’s leadership in sustainable finance. These include the implementation of a comprehensive Sustainable Finance regulatory framework and the release of the UAE Sustainable Finance Working Group’s Third Public Statement. Besides the aforementioned guidance to address risks of greenwashing, ADGM’s robust regulatory framework for sustainable finance includes the region’s most comprehensive ESG disclosure requirements for appropriate entities within ADGM, a markets framework that includes Environmental Instruments and designations for green and climate transition funds and portfolios, green and sustainability-linked bonds and sukuks.

By leveraging ADSFF’s premier platform, which facilitates dialogue by bringing together policymakers, industry leaders, and innovators to explore actionable strategies for addressing pressing environmental and social challenges, the FSRA has underlined ADGM’s collective efforts and proactive role in advancing the UAE’s sustainability agenda and supporting the global transition to a low-carbon economy.

The OPEC Fund for International Development (OPEC Fund) approves close to US$1 billion in new development financing

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Sahfy Sahfy
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The OPEC Fund for International Development (OPEC Fund) approves close to US$1 billion in new development financing
The OPEC Fund for International Development (OPEC Fund) approves close to US$1 billion in new development financing

The OPEC Fund for International Development (OPEC Fund) (www.OPECFund.org) has approved close to US$1 billion in new development financing over the last quarter of 2024, including during its 190th Governing Board meeting in Vienna today. These projects will benefit countries across the globe and aim to bolster infrastructure, food security, renewable energy, economic resilience and governance in partner countries.

OPEC Fund President Abdulhamid Alkhalifa said: “2024 has been a landmark year for the OPEC Fund, marked by a significant increase in project approvals and commitments across key sectors, helping to build resilience, develop sustainable infrastructure and address climate change. Our latest round of financing reflects the OPEC Fund’s ongoing dedication to delivering impactful solutions that drive meaningful change for millions of people. We remain focused on working with partners worldwide to tackle today’s challenges and build a better tomorrow.”

The OPEC Fund most recently approved projects since September 2024 (in alphabetical order):
Public Sector Operations:
Bangladesh: A €96.1 million loan will co-finance the Strengthening Economic Management and Governance Program with the Asian Development Bank (ADB). This initiative supports the government’s reform agenda to strengthen private sector development, trade logistics and governance. It aims to improve domestic resource mobilization, enhance public sector transparency and promote the diversification of exports.
Burkina Faso: A US$30 million loan will support the Human Capital Protection Project, which aims to provide 17 million free healthcare consultations, immunize one million children under age five and improve education for 91,000 teachers and 748,000 students. The initiative is co-financed with the World Bank.
Chad: A US$16 million loan will promote the Rice Farming Development Project in Chari-Logone, co-financed with BADEA. The project will benefit 2,000 households, with half the beneficiaries being women and youth, by enhancing agricultural productivity, rural infrastructure and agribusiness practices in selected provinces.
Comoros: A US$17.5 million loan will support the First Fiscal Management and Resilient Growth Development Policy. This program aims to improve debt management, enhance disaster resilience and strengthen the country’s economic stability and governance frameworks.
El Salvador: A US$30 million loan will co-finance the Rural Adelante 2.0 Program in partnership with the International Fund for Agricultural Development (IFAD). The program will support 74,000 smallholder farmers and rural families by improving agricultural practices, market access and climate resilience, ultimately boosting incomes and food security.
The Gambia: A US$20 million loan will fund the Rural Infrastructure Development Project (Phase 2), which will improve access to agricultural markets through enhanced rural infrastructure. The project will benefit local farmers and communities with interventions in agriculture value chains and improved connectivity to markets.
Honduras: A US$50 million loan will support the Women’s Empowerment and Social Inclusion Program promoting gender equality and empowering marginalized groups, including indigenous and Afro-descendant populations.
Kenya: A €60 million loan will co-finance the Economic Inclusion and Green Recovery Support Program with the African Development Bank. This initiative aims to create more inclusive and competitive markets, improve governance frameworks and promote green economic recovery.
Malawi: A US$20 million loan will co-finance the Mangochi–Mwanjati–Makanjira Road Project (Phase I). This project will benefit some 300,000 people by enhancing regional connectivity, reducing travel times and supporting economic development.
Mauritania: A US$40 million loan will help fund the Mauritania-Mali Power Interconnection and Related Solar Power Plants Development Project, alongside multiple development partners. The project will connect 80,000 households to electricity, promote renewable energy and reduce greenhouse gas emissions.
Montenegro: A €50 million loan, the OPEC Fund’s first engagement in the South-East European country, will support the Resilient Fiscal and Sustainable Development Program. The project focuses on improving fiscal sustainability, energy efficiency and waste management, while reducing greenhouse gas emissions.
Senegal: A US$60 million loan will fund the Senegal Food Sovereignty Strategy Support Project to enhance agricultural productivity, climate resilience and market access for 220,000 households with a focus on women and youth.
Sierra Leone: A US$30 million loan and a $2 million grant will support the Livestock and Livelihoods Development Program. This initiative will enhance livestock productivity, establish small and medium-sized enterprises and improve nutrition and income for rural communities. It is expected to create some 20,000 new jobs along the agricultural value chain and contribute to sustainable agricultural development.
Sri Lanka: A US$50 million loan will co-finance the Second Resilience, Stability, and Economic Turnaround Development Policy Operation to restore macroeconomic stability, improve fiscal governance and protect vulnerable populations.
Türkiye: A €50 million loan to the Climate Finance Facility Project will support investments in renewable energy, energy efficiency and climate adaptation. The project will be implemented by the Turkish Industrial and Development Bank (TSKB) and aligns with Türkiye’s net-zero target for 2053.
Uzbekistan: A €70 million loan will support the Second Inclusive and Resilient Market Economy Development Program. This initiative focuses on improving fiscal risk management, enhancing social inclusion and fostering private financing for climate action.
Private Sector Operations:
Côte d’Ivoire: A €35 million loan to a local bank will support on-lending to small and medium-sized enterprises (SMEs), addressing a financing gap for local companies. The loan will improve SMEs’ access to finance, fostering economic growth and job creation. Small enterprises represent nearly all businesses in Côte d’Ivoire.
Côte d’Ivoire: A €50 million participation in a trade finance facility will support the procurement and export of traceable cocoa, benefiting one million producers and five million people reliant on the cocoa sector.
Dominican Republic: A US$10 million loan to a local bank will support on-lending to micro, small, and medium enterprises (MSMEs) and women-led businesses, fostering economic growth and financial inclusion.
Egypt: A US$40 million loan will support the construction of two wind farms with a total capacity of 1.1 GW in the Gulf of Suez. This renewable energy project will provide clean energy to over 1.3 million households and contribute to Egypt’s goal of sourcing over 40 percent of electricity from renewables by 2035.
Ghana: A US$20 million participation in a secured trade finance facility will support the purchase, storage, and processing of cocoa beans. The facility will help expand access to premium cocoa in global markets.
Paraguay: A US$40 million syndicated loan to a local bank will support the growth of the bank’s SME loan portfolio and financing for agricultural projects, including women-led SMEs and green energy initiatives.
Uzbekistan: A US$30 million loan to Joint Stock Innovation Commercial Bank “Ipak Yuli” will expand lending to MSMEs, including women-owned businesses, fostering economic growth and job creation.
Technical Assistance Grant:
Regional (Asia and the Pacific): A US$1.5 million technical assistance grant will support the implementation of the Nature Solutions Finance Hub in partnership with the Asian Development Bank (ADB). The initiative aims to scale up investments in nature-based solutions to address biodiversity loss and climate change, targeting US$5 billion in financing flows by 2030.

ARDCO and Agility Partner to Build SAR 227M Logistics Facility in Riyadh

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Sahfy Sahfy
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Riyadh Development Company and Agility Logistics Parks Sign Strategic Partnership Agreement to Develop SAR 227 million Logistics Facility in Riyadh
Riyadh Development Company and Agility Logistics Parks Sign Strategic Partnership Agreement to Develop SAR 227 million Logistics Facility in Riyadh

 Riyadh Development Company (ARDCO), a publicly listed Saudi real estate development and development management company, and Agility Logistics Parks (ALP), announced the signing of a strategic partnership to build a state-of-the-art warehousing facility at a prime location east of Riyadh.

The SAR 227m project involves construction of 58,000 SQM of Grade A warehousing on a 97,904 SQM parcel of land in the Rimal district of Riyadh. The integrated logistics center will be built by Agility, on land owned by ARDCO.

Construction is to begin in 2025, and the complex is expected to open in the first half of 2026.

On this occasion, Jehad AlKadi, CEO of ARDCO, said: “This partnership is part of our commitment to the ‘Invest to Grow’ strategy, which aims to invest in promising growth sectors, providing a sustainable source of income for the company while creating added value in priority sectors and maximizing overall shareholder returns. The ‘Logistics Facilities’ project, in collaboration with Agility Logistics Parks, marks the company’s first investment in high-quality logistics sector facilities. This contributes to strengthening Riyadh’s position as a vibrant capital and a regional hub for logistics services.”

Michel Saab, CEO of Agility Logistics Parks, also said: “We are proud to collaborate with ARDCO on this new project, which reflects our confidence in Saudi Arabia’s potential as one of the most exciting markets for logistics investment in the world today. Agility has been investing in building strategic logistics infrastructure in the Kingdom for over two decades, and we’ve witnessed first-hand how Riyadh is continuing to strengthen its position as a vital regional and global logistics hub. This project will further expand logistics capacity and resilience in the nation’s dynamic capital.

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