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EBRD extends €50 million guarantee to CIB for on-lending to Egyptian SMEs

EBRD extends €50 million guarantee to CIB for on-lending to Egyptian SMEs

The European Bank for Reconstruction and Development (EBRD) is extending an unfunded portfolio risk-sharing facility for up to €25 million to Commercial International Bank (CIB) to promote on-lending to small and medium-sized enterprises (SMEs) in Egypt. 

The EBRD facility will help cover up to 50 per cent of the credit risk on as much as €50 million in financing for Egyptian SMEs originated by CIB. The new facility will increase access to on-lending resources for SMEs, an underserved segment of the Egyptian economy, and address issues related to the limited availability of long-term financing and risk-sharing products.

The project benefits from a guarantee provided by the European Union (EU) under its European Fund for Sustainable Development Plus (EFSD+) to support the Egyptian SME sector – a financial tool that mitigates the financial risks associated with lending to small businesses, aiming to foster economic growth in the country.

CIB is a leading private-sector bank in Egypt, offering a broad range of financial products and services to its customers, which include more than 800 of Egypt’s largest companies, enterprises of all sizes, institutions and households. CIB is a valuable partner to the EBRD because of its country-wide banking franchise and its role in the development of the banking landscape in Egypt.

Francis Malige, EBRD Managing Director, Financial Institutions, said: “We are very pleased to sign this new guarantee agreement with CIB, supported by our key partner the European Union. We are committed to supporting the growth and sustainability of private businesses by enhancing access to finance for SMEs, which are vital to the country’s economic growth. Through innovative financial tools, we aim to engage with businesses from underserved areas in the country to empower the private sector in driving the development and resilience of the Egyptian economy.”

Amr El-Ganainy, Deputy Chief Executive Officer and Executive Board Member of CIB, said: “Our partnership with the EBRD marks a pivotal moment in our commitment to empowering SMEs. By expanding access to finance, we are enabling businesses to innovate, grow and contribute to Egypt’s economic prosperity. We are excited to support the next generation of entrepreneurs and contribute to a thriving entrepreneurial ecosystem. This strategic alliance with the EBRD is a catalyst for economic growth in Egypt and we are proud to be at the forefront of this initiative and to contribute to a more prosperous future for Egypt.”

Egypt is a founding member of the EBRD. Since the start of its operations there in 2012, the Bank has invested more than €12.5 billion in 186 projects across the country. The EBRD’s areas of investment in Egypt include the financial sector, agribusiness, and manufacturing and services, as well as infrastructure projects in the power, municipal water and wastewater services sectors, and contributions to upgrading the transport sector‎.

The European Fund for Sustainable Development Plus (EFSD+) was established in June 2021 and offers EU partner countries support for key investments through EU grants or financial guarantees. In this way, the EU mobilises additional financial resources for sustainable development from the public and private sectors. The EFSD+ has €39.8 billion in guarantee capacity for the 2021 to 2027 period globally, of which €22.5 billion will be used in the EU’s Enlargement and Neighbourhood regions.

Forbes Middle East Reveals Its 30 Under 30 2024

Forbes Middle East Reveals Its 30 Under 30 2024

Forbes Middle East has unveiled its seventh annual flagship 30 Under 30 list, celebrating the next generation of dynamic leaders, bold creatives, and champions of change in the region. 

The Class of 2024 features 120 entries across four categories: commerce and finance, sports and entertainment, science and technology, and social impact. Each category comprises 30 entries. To qualify, candidates had to be under 30 years old as of December 31, 2023, meaning they were born in 1994 or later. Applicants could be of any nationality but must have their primary ventures or initiatives focused on MENA residents.

If multiple cofounders from the same business qualified, they were counted as one entry. This year’s list highlights 153 individuals from 24 nationalities, with Egyptians leading the way at 48 honorees, followed by 20 Lebanese, 12 Tunisians, 10 Saudis, nine Jordanians, and seven Syrians. These achievers are based across 19 countries, highlighting the region’s immense and diverse talent pool of young strivers and disruptors. The UAE is home to 40 listers, followed by 35 in Egypt, 12 in Saudi Arabia, 10 in Tunisia, and eight in Lebanon.

Three teenagers made the list, all within the sports and entertainment category. At 17, Kaylia Nemour, an Algerian-French artistic gymnast, is the youngest honoree. She won a gold medal on uneven bars at the Paris 2024 Olympics, becoming the first Algerian and African gymnast to achieve this feat, and ranks first globally in her category. Najlah Imad, 19, is another athlete making historic feats. The Iraqi para table tennis player won a gold medal in the WS6 women’s singles category at the Paris 2024 Paralympics to become Iraq’s first female Paralympic gold medalist. And 19-year-old Lebanese content creator, Rayan Hayek, hosts Arab celebrities on his ‘Baynetna’ show on YouTube. The average age of those featured on the list is 26 years old. 

While each category has 30 entries, commerce and finance leads with the highest number of individuals at 45, followed by social impact with 42, sports and entertainment with 34, and science and technology with 32.

Entrepreneurs dominate the list, with over 68% of individuals representing founders. Commerce and finance reigns with 42 entrepreneurs, followed by 34 in social impact. Among the notable honorees are pilot Maya Ghazal; journalist, activist, and filmmaker Bisan Owda; Marwa Khost, Communications Manager at Google MENA; Muhammad BinGhatti, Cofounder & Chairman of BINGHATTI; modern pentathlete Ahmed ElGendy; and boxer Imane Khelif.

From hundreds of applications, Forbes Middle East conducted a rigorous evaluation process to select the final 120. Candidates were assessed based on their impact on industries, markets, and society, as well as their future potential. Metrics such as funds raised, revenues, awards, audience reach, and social media following were integral to the evaluation, which was supported by external judges with expertise in their respective fields.

Click here to view the Forbes Middle East 2024 Class of 30 Under 30.

The Forbes Middle East Under 30 Summit 2024 will be held in Abu Dhabi from December 10-11, which will gather the region’s esteemed Under 30 community, investors, and business heads. To find out more and secure your place, click here. 

JAHEZ RECEIVES APPROVAL TO TRANSFER TO THE MAIN MARKET (TASI) OF THE SAUDI EXCHANGE (TADAWUL)

JAHEZ RECEIVES APPROVAL TO TRANSFER TO THE MAIN MARKET (TASI) OF THE SAUDI EXCHANGE (TADAWUL)

 Jahez International Company for Information System Technology (“Jahez”, or the “Group”), is pleased to announce that the Saudi Exchange (Tadawul) has granted its approval for the Group’s transfer from the Parallel Market (Nomu) to the Main Market (TASI).

This transfer involves 209,836,060 ordinary shares, representing the total shares of the company. During the transition period, Jahez’s shares will continue to trade on Nomu, and a transfer document will be made available on both Tadawul and Jahez websites. 

Trading on Jahez’s shares will be temporarily suspended for a maximum of five trading sessions following the publication period to finalize the transfer procedures. The exact listing date on the Main Market will be disclosed once these steps are completed.

Ghassab Bin Salman Bin Mandeel, CEO of Jahez Group, said: 

“Transitioning to the Main Market represents another significant milestone for Jahez since our IPO in 2022. As Jahez continues to grow, our listing on the Main Market will elevate our visibility and strengthen our position in the regional capital markets. Our commitment remains firm to delivering an integrated ecosystem of on-demand services rooted in Saudi Arabia with regional reach, benefiting our customers, merchants, and partners. We are excited for this next phase as we drive value and reinforce our leadership in the Kingdom and beyond.

Since its IPO in 2022, Jahez has established itself as a leading Saudi-grown brand with strong profitability and growth. With a five-year GMV CAGR of over 60% and a diversified ecosystem extending beyond food delivery, Jahez is uniquely positioned to capitalize on Saudi Arabia’s growth as the largest and fastest-expanding market in MENA. Equipped with one of the Kingdom’s largest logistics fleet and powered by innovation, Jahez is set to continue growing market share across its key markets (KSA, Kuwait, Bahrain) while exploring new regional opportunities. For the nine months ending September 30, 2024, the Group reported record-high total orders and adjusted EBITDA, driven by over 30% growth in GMV year-on-year.”

“Columna Media Consultancy” Launches Strategic Communications Operations in the UAE

“Columna Media Consultancy” Launches Strategic Communications Operations in the UAE
Columna Media Consultancy has officially commenced its operations in the United Arab Emirates, offering strategic advisory and digital communications services across the Middle East region.
With a focus on establishing a diverse portfolio of clients across various industries within government, corporate and private sectors, the company’s mission is to provide innovative, digital services that contribute to strengthening the profile and reputation of leading brands in the UAE and the wider region.
Columna offers a comprehensive range of services designed to meet client needs, through execution of creative campaigns and implementation of social and online media strategies in line with the highest global standards and practices. The company’s services span strategy development, crisis communications planning, spokespersons coaching and training, content creation as well as digital, creative and social media management.
Additionally, Columna provides technical services, including design and production, event support, thought leadership programme development and issues monitoring.
Samir Hammad, Founder and CEO of Columna Media Consultancy, stated, “The UAE’s rapid growth and development provides an ideal opportunity to establish a new, independent communications consultancy, headquartered in the UAE’s capital. At Columna, we aim to provide a new customised, tailored approach to strategic communications, with the capabilities to support a wide range of organisations across many industries and verticals. We will be a partner that understands the evolving needs of our clients and provide services that create positive business impact, whilst strengthening reputation.”
Columna’s leadership brings more than 20 years of experience in managing strategies and integrated communications campaigns across many sectors including energy, infrastructure, healthcare, technology, aerospace, business and financial services. In addition, Columna’s leadership is actively supporting industry associations and contributing to initiatives aimed at creating a better future and addressing the challenges faced by professionals. Samir Hammad holds the position of MEPRA Executive Board Member and has been named one of the region’s most influential PR and communications professionals in PRWeek’s Middle East Power Book 2024.
included in PR Week’s Middle East Power Book 2024 as one of the region’s most influential PR and communications professionals
The company’s corporate identity is inspired by the Latin word Columna, meaning “pillar,” symbolising the strategic pillars upon which the agency’s specialised communications and strategic plans are built and developed.

Saudi Unemployment Rate Drops Amid Economic Expansion

Saudi Unemployment Rate Drops Amid Economic Expansion: Jadwa Investment Report
Saudi Arabia’s labor market continues to demonstrate significant improvements, with unemployment rates hitting new lows, according to the latest report by Jadwa Investment. The Saudi Labor Market Update, based on data from the General Authority for Statistics (GaStat), highlights robust growth in employment and labor force participation during the first half of 2024 (H1 2024).
The unemployment rate fell to 7.1 percent at the end of H1 2024, down from 8.5 percent a year earlier. This improvement is largely attributed to a notable drop in female unemployment, which declined to 12.8 percent from almost 16 percent in Q2 2023. Male unemployment also saw a reduction, falling to 4 percent from 4.6 percent.
The number of Saudi workers in the private sector grew by 4.1 percent, increasing from 2.2 million in Q2 2023 to 2.3 million in Q2 2024. This marks a continued trend of Saudization in various industries.
Overall labor force participation rose from 50.4 percent at the end of 2023 to 50.8 percent at the end of H1 2024. This increase reflects higher engagement among both men and women.
The largest increases in Saudi employment were recorded in the ‘manufacturing’ and ‘construction’ sectors, showcasing the Kingdom’s focus on diversifying its economy and expanding non-oil industries.
The number of expatriates in the Saudi labor market surged to nearly 9 million in H1 2024, up from 8.1 million at the end of 2023. A significant portion of these workers joined the construction sector, accounting for around one-third of the new additions.
Employment in Saudi Arabia has expanded consistently, with 1.4 million new jobs added in 2022, 0.9 million in 2023, and 0.8 million in H1 2024 alone.
Jadwa Investment anticipates continued growth in job opportunities for Saudi nationals, driven by robust economic expansion and the Kingdom’s ongoing localization efforts. Sectors such as manufacturing, construction, and other non-oil industries are expected to lead this progress.
Saudi Arabia’s labor market reforms are part of its Vision 2030 initiative, which aims to diversify the economy away from oil dependence and increase Saudi participation in the workforce. Key measures include the Nitaqat program, which incentivizes private sector companies to hire more Saudis, and investments in education and training programs tailored to align with market demands.
The Kingdom’s non-oil economy has grown rapidly in recent years, bolstered by investments in infrastructure, technology, and green energy projects. These efforts have not only created new jobs but also enhanced the quality and diversity of employment opportunities for Saudi nationals.
As these reforms continue to take shape, Saudi Arabia’s labor market is expected to remain a key driver of its broader economic transformation.

Dubai Investments reports net profit after tax of AED 650.51 million for the nine-month period ended September 30, 2024

Dubai Investments reports net profit after tax of AED 650.51 million for the nine-month period ended September 30, 2024

Dubai Investments PJSC, the leading diversified investment company listed on the Dubai Financial Market (DFM), announced net profit after tax attributable to shareholders of AED 241.31 million for the three-month period ended 30 September 2024 compared to AED 236.54 million during the corresponding period in previous year. 

Further, the Group reported a net profit after tax attributable to shareholders of AED 650.51 million for the nine-month period ending September 30, 2024. 

The net profit attributable to the shareholders after tax for the current period is significantly higher by 80% and 78% respectively for the nine-month period ended September 30, 2024 and for the three-month period ended September 30, 2024, if adjusted for the one-off gain on the fair valuation of investment properties.

The Group’s total assets grew to AED 21.81 billion as at 30 September 2024 compared to AED 21.44 billion as at 31 December 2023. The equity attributable to the shareholders of the company is recorded at AED 13.58 billion compared to AED 13.46 billion as at 31 December 2023.

Khalid Bin Kalban, Vice Chairman and CEO of Dubai Investments, commented: “Dubai Investments’ financial performance for the nine-month period ended September 30, 2024, reflects the Group’s strategic commitment to sustainable growth and thoughtful portfolio diversification. This achievement showcases the enduring strength and resilience of the Group’s core business operations. The Group is encouraged by the dynamic momentum in the real estate sector, complemented by the improved performance of its investment portfolio. Dubai Investments will continue to monetize its real estate assets as part of the Group’s strategic objectives. By strategically capitalizing on emerging opportunities and implementing forward-looking investment strategies, the Group remains well-positioned to drive long-term value for the shareholders.”

Key business highlights

The off-plan sales for Violet Tower at Jumeirah Village Circle have been robust, with construction progressing on track for completion by Q4 2026. Meanwhile, the Danah Bay project is making significant headway, with villas slated for completion in Q1 2025, followed by the Beachfront Villas in Q3 2025 and the Danah Bay Residential Tower in Q4 2026. Additionally, the Group, exemplified by Al Mal Capital REIT, now holds five income-generating assets. These key developments play a pivotal role in reinforcing the Group’s real estate portfolio and enhancing its contribution to sustainable income streams.

The Group’ geographical expansion efforts are also gaining momentum, marked by the commencement of construction for DIP Angola, the Group’s ambitious mixed-use economic zone in Africa. This project demonstrates Dubai Investments vision of establishing integrated hubs that catalyze economic and social progress.

Dubai Investments is dedicated to creating long-term value for its shareholders and this strategic diversification across different emirates and market segments underscores the Group’s commitment to risk mitigation and portfolio resilience.

Sony launches Alpha Femme in Kuwait to engage and empower female content creators

Sony launches Alpha Femme in Kuwait to engage and empower female content creators

Sony has launched Alpha Femme in Kuwait, in collaboration with AAB World, marking a significant step in empowering female content creators to fulfil their creative ambitions. The workshops were held in Kuwait from 27 October to 1 November, featuring over 50 prominent female content creators from across the region and beyond, discussing their craft – from food photography to film-making and fine arts at Symphony Mall, Salmiya, AAB World Academy, in Kuwait City.

True to its legacy of celebrating creativity, inspiration, and the incredible talent of women in photography and cinematography, Alpha Femme hosted celebrated female content creators, including Zainab Alkhayat and Meera Fathima to name a few. Zainab, a Saudi specialist in capturing the essence of weddings and creating breathtaking wedding films, conducted a workshop on mastering beauty shots for wedding cinematography. Renowned food stylist and photographer based in Dubai, Meera, conducted a workshop on the basics of food styling providing a comprehensive overview of layering, arranging and styling to build a delicious culinary presentation. Other topics of discussion also included filmmaking and how to translate one’s ideas into tangible and artistic vision. 

Jobin Joejoe, Managing Director at Sony Middle East & Africa, said, “The Alpha Femme series in Kuwait was a platform that brought together leading female content creators to share their knowledge and expertise with aspiring creators. This initiative highlights Sony’s ongoing commitment to empowering female content creators and providing opportunities for them to grow. We recognized the growing need for female-centric workshops in the region, and the overwhelming response we received demonstrates how much support there is for women pursuing creative careers. Alpha Femme is just the beginning, and we plan to host more initiatives like this to help women hone their craft, connect with industry leaders, and pursue their creative passions.”

Following the success of the workshops, Sony plans to conduct at least one workshop each month to support women on their creative journeys fueling creativity, inspiration and talent. 

DHL Express appoints Abdulaziz Busbate as CEO for MENA Region

DHL Express appoints Abdulaziz Busbate as CEO for MENA Region

DHL Express has appointed Abdulaziz Busbate as the new Chief Executive Officer (CEO) of DHL Express MENA (Middle East and North Africa), effective January 1, 2025. He will succeed Nour Suliman, who recently stepped into a non-executive advisory role within DHL Group as President MENA. Abdulaziz Busbate will be based in Bahrain and will report directly to John Pearson, CEO of DHL Express.

Bringing 24 years of management experience at DHL Express to the role, Busbate began his journey in Saudi Arabia, leading various commercial teams and contributing significantly to the organization’s profitable growth. In 2014, he transferred to Bahrain as Country Manager, where he focused on service improvement and commercial development. In 2021, Busbate returned to Saudi Arabia as Managing Director, successfully driving forward the company’s strategy, including significant enhancements to service quality, investments in infrastructure and capacity, and development of the local workforce.

“We are excited to welcome Abdulaziz Busbate to this pivotal role,” said John Pearson, CEO of DHL Express. “His extensive experience, proven track record, and deep understanding of the region will be invaluable as we continue to drive growth and innovation in the Middle East and North Africa market, which continues to be a strategically important market for our customers and a source of talented, motivated employees for our global organization.”

“I’m honored to lead this great team and build upon our strong foundations in this diverse, dynamic, and entrepreneurial region,” said Abdulaziz Busbate. “My focus will remain on expanding DHL’s leadership position in the Middle East and North Africa, enabling growth and delivering exceptional service to our customers. We will continue to invest in making DHL a Great Place to Work for our people and a pioneer of sustainable logistics, delivering a positive contribution to the communities we serve.”

British Council announces the launch of the ELTons Festival of Innovation: a global celebration of English language teaching and learning

British Council announces the launch of the ELTons Festival of Innovation: a global celebration of English language teaching and learning

The British Council’s prestigious awards recognising excellence and innovation in English language teaching, the ELTons, has announced an exciting new chapter for this year’s programme with the launch of the ELTons Festival of Innovation.

Once primarily focused on recognising achievements from sector innovators and ed-tech companies, a new two-day festival around the ELTons Innovation Awards will open its doors to teachers, learners and businesses, welcoming new audiences and sparking vibrant new discussions across the entire English language education community.

The festival, scheduled for 19 – 20 November 2024, aims to bring together around 10,000 innovators, business and education leaders, researchers, educators, and students from 100 countries worldwide, making it a major event in the field of English language education. 

The first day of the festival will take place online, spanning global time zones, taking place on Tuesday 19 November, and is free to join from anywhere in the world. The festival provides an inclusive opportunity for everyone to be a part of this unique experience. Interested attendees can register now using this link here

The festival will feature a comprehensive programme with a total of 20 sessions, including headliner presentations, interactive debates and roundtables, lightning talks, and workshops. Key topics to be addressed include:

  • Will technological advances reduce the need to learn languages in the future?
  • How can we best prepare students for a complex and ever-changing world?
  • Is virtual learning now better than learning in real life?

In a special guest speaker session, the British Council will also present ‘The evolution of English: exploring innovation through language’. This session marks the organisation’s 90th anniversary with a unique exploration of the English language and its development over the past nine decades, with a focus on the ‘Future of English’ and how the language we use will define the next generation.

On the following day, Wednesday 20 November, the ELTons 2024 winners will be revealed on the festival website and a celebration of the finalists will take place at the British Council’s headquarters in Stratford, London  

For the first time, a set of eight Outstanding Achievement Award winners will be revealed from across regions and continents worldwide.

Mark Walker, Director English & Exams at the British Council said:

“For over 20 years, the ELT sector has led the way in global innovation in education. I am excited to see our ELTons programme expand and engage a broader audience of English language learners, teachers and organisations worldwide. We will be offering a series of thought-provoking sessions that are accessible across all time zones, enabling more people to participate.

“We are also pleased to continue celebrating the remarkable achievements of this vibrant global community of innovators through the ELTons Innovation Awards. Congratulations to all the finalists, and I look forward to meeting many of you during the festival this November.”

The British Council ELTons Awards for Innovation in English language education is now in their 22nd year.

This year the British Council received a record number of over 200 ELTons awards entries from 60 countries around the world.

Communications Powerhouses TRACCS and Accordience Announce Strategic Global Affiliate Partnership

Communications Powerhouses TRACCS and Accordience Announce Strategic Global Affiliate Partnership

TRACCS, the largest independent and homegrown communications consultancy in the MENA region, and Accordience, the parent company of global agency brands Grayling, Citigate Dewe Rogerson, Cirkle, Red Consultancy, and movement, announced a strategic global partnership bringing together decades of proven expertise and experience.

This affiliation enables access to integrated, reputation-building communications services and solutions for leading organizations, with a worldwide network of more than 100 offices.

This unique partnership addresses the growing demand from corporates and organizations for seamless local, regional, and global communications delivered through a single, integrated team.

By combining TRACCS’ unrivalled MENA presence and expertise with Accordience’s extensive international network, the alliance enables clients to reach and influence diverse audiences across multiple markets with cohesive, culturally resonant messaging.

Mohamed Al Ayed, CEO of TRACCS, said, “Communications is a game-changing industry, and for the past 27 years, TRACCS has had the privilege of playing a major role in inspiring, driving, and leading the evolution of the industry in the Middle East and North Africa. With the aspirations of all major global markets and businesses transcending borders, strategic communications plays a mission-critical role in ensuring unified messaging, positive brand reputation, and successful business outcomes. This partnership with Accordience is more than just a business affiliation; it is a three-way commitment that positively impacts our combined portfolio of clients, our teams, and the communications ecosystem as a whole. Together, we have the passion, dedication, and know-how to deliver multi-stakeholder and multi-market communications programs that hit the mark.”

Sarah Scholefield, Group CEO of Accordience, said, “In today’s connected world, businesses need communications partners who can think globally and act locally. This partnership with TRACCS addresses the critical need for organizations to maintain brand consistency across borders while adapting their messages to resonate in local markets. By combining Accordience’s global reach and diverse sector expertise with TRACCS’ breadth and depth across MENA, we’re creating a powerful alliance that will enable our clients to navigate complex international landscapes with confidence. Whether it’s a global brand looking to make an impact in the Middle East or a MENA-based company seeking to expand internationally, our partnership offers a unique, integrated approach to strategic communications.”

The joint offer to clients and new business targets will combine a comprehensive suite of services including brand communications, corporate and public affairs, financial communications, and digital and social media strategies.

It will serve clients across various sectors, including financial services, retail, FMCG, real estate, sport, energy, technology, infrastructure, and many more.

The TRACCS-Accordience affiliate partnership has already led to the successful delivery of multiple international client projects, showcasing the immediate value and seamless integration of the collaboration.

About TRACCS:

TRACCS has been at the forefront of the game-changing communications industry in MENA for over 25 years and remains the largest independent regional communications consultancy with over 200 professionals working across 11 countries and 12 offices.

TRACCS offers the full scope of integrated communications solutions delivered through the three main service streams of Advisory, Content, and Training to government, corporate and multinational clients.

TRACCS has the largest pool of Arabic-speaking communications professionals globally, with 85% of its team comprising native Arabic speakers. A multiple award-winning practice and member of PRCA, TRACCS is the only MENA-based agency to be featured in PRovoke Media’s Global Top 250 PR Agency Ranking (#155 in 2024).

About Accordience:

Accordience is a global strategic communications group with expertise in corporate affairs, crisis management, and brand communications.

With over 800 experts across 37 owned offices and 54 affiliate locations worldwide, Accordience delivers impactful communications solutions for the world’s leading brands through its agency brands Grayling, Citigate Dewe Rogerson, Cirkle, Red Consultancy, and movement.