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FedEx Drives Economic Impact Across the Middle East Through Large-Scale Investments

By
شمس سيف
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FedEx Drives Economic Impact Across the Middle East Through Large-Scale Investments

FedEx Corp. (NYSE: FDX) released its annual economic impact report, analyzing the company’s worldwide network and role in building prosperity in local communities during its 2024 fiscal year (FY 2024). Produced in consultation with Dun & Bradstreet (NYSE: DNB), a leading provider of business decisioning data and analytics, the study underscores the ‘FedEx Effect’—the impact FedEx has on accelerating the flow of goods and ideas that generate economic growth globally, including significant investments in the Middle East. 

“At FedEx, we have a vision to make supply chains smarter for everyone by leveraging advanced data and technology to better serve our customers and their customers, thereby extending our reach and impact,” said Raj Subramaniam, president and CEO, FedEx Corporation. “The ‘FedEx Effect’ represents our relentless commitment to excellence, economic growth, and the communities where we live and work.”

The report reveals that FedEx contributed more than US$85 billion in direct impact to the global economy in FY 2024, accounting for approximately 0.1% of the world’s total net economic output.  In the Middle East, Indian Subcontinent and Africa (MEISA), FedEx directly contributed 0.1% to the net economic output of the region’s Transportation, Storage, and Communications sector in 2024. In addition, FedEx indirectly contributed an estimated US$280 million to the region’s overall economy in FY 2024.

“At FedEx, we are committed to supporting the impressive growth and transformation happening across the Middle East,” said Kami Viswanathan, regional president, FedEx MEISA. “Our infrastructure and services in this region are designed to empower local businesses and connect them to global opportunities. By investing in seamless, multimodal logistics solutions and state-of-the-art facilities, we aim to enhance cross-border trade while contributing to overall economic and environmental progress across the region.”

A key highlight is the launch of the state-of-the-art FedEx hub at Dubai World Central (DWC) Airport in Dubai South, which marks the company’s long-term investment of more than US$350 million into the UAE economy through infrastructure and technological advancements in the facility. The 57,000-square-meter hub features automated sort systems that process packages more efficiently and accurately, sustainable technologies such as energy-efficient systems and electric charging stations for FedEx and employee vehicles, and a 170-square-meter cold storage area to accommodate temperature-sensitive shipments. These features position the hub to boost the aviation and logistics sectors while solidifying Dubai’s role as a critical center for regional and international trade. 

The company has also continued to expand its regional network with the signing of a Memorandum of Understanding to establish a regional logistics facility in Qatar’s free zones, and the enhancement of intercontinental services between Vietnam and the Middle East through a new flight service that offers faster transit time for importers in the UAE and Saudi Arabia. 

In addition, FedEx introduced new solutions to help SMEs and businesses in the Middle East elevate their shipping strategies and expand global trade opportunities. This includes the FedEx Less-than-Container Load Priority multimodal service, which utilizes an integrated ocean and road network to provide faster and cost-effective shipping from Asia Pacific to key Middle East markets. Meanwhile, through FedEx® Regional Economy and FedEx® Regional Economy Freight services, the company also offers deferred, cost-effective, day-definite road services for less urgent shipments within the UAE, Saudi Arabia, Bahrain, Kuwait, Oman, and Jordan.

FedEx also contributed to the region’s sustainability initiatives by adding electric vehicles to its UAE fleet in FY 2024 and introducing FedEx® Sustainability Insights, a tool which allows customers to estimate the carbon footprint of their shipments within the FedEx network, supporting their own emissions reporting. FedEx team members also drove positive social impact by giving back to their communities through projects in 13 cities across MEISA. For example, in Ramadan, 100 FedEx team members in the UAE and Egypt packed more than 2,300 food hampers for those in need. 

Find out more about the FedEx Effect on communities and economies across the Middle East in the FY 2024 FedEx Global Economic Impact Report at fedex.com/economicimpact.

About FedEx Corp.

FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce, and business services. With annual revenue of $88 billion, the company offers integrated business solutions utilizing its flexible, efficient, and intelligent global network. Consistently ranked among the world’s most admired and trusted employers, FedEx inspires its more than 500,000 employees to remain focused on safety, the highest ethical and professional standards, and the needs of their customers and communities. FedEx is committed to connecting people and possibilities around the world responsibly and resourcefully, with a goal to achieve carbon-neutral operations by 2040. To learn more, please visit fedex.com/about.

HC: We expect JUFO to preserve its market share and margins.

By
شمس سيف
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HC: We expect JUFO to preserve its market share and margins.
  • We expect relative inflation easing to improve consumer demand and estimate JUFO’s volume to grow at a 2025–29e CAGR of c5%
  • Capitalizing on its leading dairy local market share, we expect JUFO to preserve its market share, margins, and increase exports. We estimate its 2025-29e EBITDA and EPS to grow at c19% and c24%, respectivel

In a recent report, HC Brokerage resumed their coverage of Juhayna Food Industries forecasting JUFO to preserve its market share and margins.

Pakinam El-Etriby, Consumers Analyst at HC commented that: “ JUFO navigating a challenging 2021–24 operating environment: In 2021, JUFO experienced a c3 pp y-o-y decline in gross profit margin (GPM) to c29% from a previous three-year average of c31%, impacted by the 2020 COVID-19 lockdowns, disrupting supply chains and energy and commodity prices. As economies began to reopen in 2021, the supply bottlenecks led to further inflationary pressures. In February 2022, the Russian-Ukrainian war worsened the situation, causing additional global supply chain disruptions, leading to higher commodities prices, with crude oil prices surging c40% y-o-y in 2022 after a c64% y-o-y increase in 2021, corn prices rising c19% in 2022 and c60% y-o-y in 2021, soybean prices increasing c13% y-o-y in 2022 and c44% y-o-y in 2021, sugar prices increasing by c5% y-o-y in 2022 and c39% y-o-y in 2021, and skimmed milk powdered (SMP) increasing c15% in 2022 and c23% y-o-y in 2021.  In 2023, while commodity prices began to normalize – with oil prices dropping by c17% y-o-y, corn c19%, soybean c9%, and SMP c31% – JUFO’s 2023 GPM remained below c30% due to the several EGP devaluation rounds in October 2022 of c19% and January 2023 of c18%, as JUFO imports more than c30% of its COGS, mainly packaging and SMP, and to a lesser extent concentrates. Nevertheless, in 1H24, JUFO’s GPM improved by c10 pp y-o-y to c35%, helped by the March 2024 economic reforms and the Ras El Hekma investment deal, allowing it to source its USD needs from banks at the official rate, c4% y-o-y lower SMP price, and higher exports margin from concentrates. JUFO’s concentrates revenue (c15% of 1H24 total revenue, up from c9% in 1H23) benefited from the global supply shortage of oranges (expected to last for three years) due to climate change and the March 2024 EGP devaluation, increasing its competitiveness and export margins.

“We forecast JUFO’s revenues to grow at a 2025–29e CAGR of c19% on higher volumes and prices: We expect a relative moderation in inflation in 2025 to a yearly average of c23% from c30% in 2024 to help consumer demand recover. We project JUFO’s volumes to grow at a CAGR of c5% and average selling prices at c13% over 2025–29e. In 2024e, we expect revenues to grow by c48% y-o-y to EGP23.9bn, largely due to a threefold y-o-y increase in concentrate exports to EGP3.24bn (c14% of total sales from c6% in 2023), partially hedging JUFO’s FX needs. In 2025e, we expect revenues to rise by c26% y-o-y to EGP30.0bn, mainly driven by a c25% y-o-y increase in blended selling prices to EGP61.7/liter and a c31% y-o-y increase in concentrates revenue to EGP4.70bn. Starting 2026e, we expect interest rate cuts, declining inflation, and salary adjustments to accelerate consumer demand recovery and drive revenue growth, leading us to estimate a 2025-29e revenue CAGR of c19%.” Pakinan added.

“We estimate JUFO’s EBITDA and EPS to grow at a 2025–29e CAGR of c19% and c24%, respectively, on healthy revenue growth and higher export rebates despite higher net interest expense: In the absence of any external shocks, we generally expect the company to pass additional costs onto consumers to preserve its margins. We expect JUFO’s GPM to expand to 32.5% in 2024e from 26.2% in 2023, despite higher transportation costs in 4Q24 due to the c17% increase in diesel price on 18 October. However, in 2025e, we project a slight c1 pp y-o-y decline to 31.4% and to increase slightly to c32% in 2026e. In 2024e, we forecast EBIT margin to expand by c7 pp y-o-y to 19.8% on the GPM expansion and c4x y-o-y higher export rebates to EGP392m, and project EBIT margin to average c19% over our 2025–29e forecast period, with export rebates growing at a 2025–29e CAGR of c17%. Accordingly, we estimate JUFO’s EBITDA to grow at a 2025–29e CAGR of c19%. Despite expected higher net interest expenses in 2024e and 2025e due to JUFO’s higher EGP-denominated debt – reporting a net debt of EGP2.14bn as of June 2024, up from EGP1.21bn as of 30 March 2024 and EGP150m as of December 2023 – we expect net profit margin (NPM) to expand by c5 pp y-o-y to 11.3% in 2024e, and 12.2% in 2025e. However, starting 2026e, we forecast a gradual increase in NPM to 14.0% by 2029e, driven by easing interest rates. We estimate JUFO’s EPS to grow at a 2025–29e CAGR of c24%.” Consumers Analyst concluded.

Enersol to Acquire Deep Well Services, a Technology-Enabled Energy Services Company

By
شمس سيف
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Enersol to Acquire Deep Well Services, a Technology-Enabled Energy Services Company

ADNOC Drilling Company PJSC (“ADNOC Drilling” or the “Company”) (ADX symbol: ADNOCDRILL / ISIN: AEA007301012) and Alpha Dhabi Holding PJSC (‘’Alpha Dhabi’’) (ADX: ALPHADHABI) announced today that their joint venture Enersol (the “JV’’) has agreed to acquire a 95% equity stake in Deep Well Services (DWS), for approximately $223 million1 including performance-based payments. Completion of the transaction is subject to obtaining the necessary regulatory approvals and other customary conditions precedent.

Established in the United Sates in 2008, DWS specializes in several advanced technologies and services within the energy sector. Its patented Hydraulic Completion Units (HCU) are designed for high-pressure, long lateral, and multi-well completion operations, enabled by its data analytics software, BoreSite® and its training and development, which offers globally accredited programs that enhance operational safety and efficiency. DWS has additionally established joint venture; AutoSep Technologies, which focuses on automating flowback operations. DWS works in numerous basins across North America and its services has been adopted by over 70 E&P companies ranging from small-private operators to large-cap national energy companies.

DWS, through Enersol, will play a role in contributing to the development of the UAE’s conventional and unconventional energy resources. Enersol companies will support the delivery of ADNOC Drilling’s recent $1.7 billion contract award to deliver 144 unconventional wells to ADNOC Group by leveraging the various technologies available to it.

For the full year 2023 DWS delivered strong financial performance, with revenue over $205 million. It also delivered a robust EBITDA margin and is expected to yield free cash flow of more than 10%. DWS’s attractive operational and financial profile is aligned with Enersol’s acquisition strategy to acquire, and invest in, multiple businesses and foster a scalable portfolio, enhancing market value and optimizing operational efficiencies.

The acquisition serves as an additional marker in building Enersol’s next-generation technology portfolio, which will present the JV with an additional avenue for growth across untapped markets as well as further upside potential in the long term.

This is Enersol’s fourth acquisition, having previously agreed to acquire, subject to regulatory approvals, EV, a downhole visual analytics company, a 51% stake of NTS Amega, a leading global manufacturer of advanced precision equipment and solutions provider for the energy sector, and a 67% stake in Gordon Technologies, a US-based provider of measurement while drilling services.

Lootah Biofuels Explores Collaboration with Vietnam’s SAVICO to Promote Sustainable Development

By
شمس سيف
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Lootah Biofuels Explores Collaboration with Vietnam's SAVICO to Promote Sustainable Development

Lootah Biofuels, a pioneer in the circular economy producing biofuels from used cooking oils, has announced discussing potential collaboration with SAVICO Group, one of Vietnam’s largest companies in the circular economy, green technology, and renewable energy sectors.

The discussions took place during Lootah Biofuels’ participation in the Vietnam–UAE Business Forum, organised by Vietnam’s Ministry of Planning and Investment and the Vietnamese Embassy in cooperation with Dubai Chambers. The forum included the participation of His Excellency Pham Minh Chin, Prime Minister of the Socialist Republic of Vietnam; His Excellency Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade; His Excellency Abdulaziz Al-Ghurair, Chairman of Dubai Chambers; His Excellency Mohammed Ali Rashid Lootah, Director General of Dubai Chambers; and a number of officials, business leaders, and investors from both nations.

At the forum, Mr Yousif bin Saeed Lootah, Founder and CEO of Lootah Biofuels, and His Excellency Dr Nguyen Thanh Hong, Chairman of the Board of Directors of SAVICO Group, discussed strategies to strengthen bilateral cooperation aimed at achieving sustainable development goals in the UAE and Vietnam.

Commenting on the collaboration, Mr Yousif bin Saeed Lootah said, “We are delighted to collaborate with SAVICO Group, recognised for its investment in green technology and renewable energy, including offshore wind projects, liquefied natural gas, hydrogen production, carbon certification, and sustainable aviation fuel production through alliances with leading international energy companies. We aim to deepen our partnership to contribute to advancing sustainable energy solutions, which aligns with the UAE’s strategic vision and energy diversification goals in support of Net Zero targets.”

He added, “The Vietnam–UAE Business Forum highlighted the importance of enhancing economic cooperation and promoting joint investments in critical sectors, with a focus on green economy opportunities, digital transformation, and innovation. We are committed to leveraging the opportunities presented by the sustainability and circular economy sectors as part of our ongoing efforts to support clean energy and advance the biofuel industry, contributing to the UAE Climate Neutrality Strategy 2050 and the Sustainable Development Goals.”

In its pursuit of innovative biofuel technologies and sustainable energy solutions, Lootah Biofuels has entered strategic partnerships with leading global organisations such as FatHopes Energy in Malaysia and Deasyl SA. These partnerships aim to develop and distribute sustainable aviation fuel, along with other advanced biofuel solutions.

Lootah Biofuels is also committed to supporting the UAE Circular Economy Strategy, which outlines sustainable practices for the private sector, and the National Biofuels Policy, which promotes sustainable fuel alternatives and energy diversification. The company has set a goal of increasing biodiesel’s share in the national fuel mix to 20% by 2050.

Founded in 2015, Lootah Biofuels began producing biofuels from used cooking oils to provide clean, sustainable energy sources. Through its collection and recycling initiatives, the company reduces pollution, conserves resources, and mitigates the environmental impacts of waste oil disposal. Currently producing 6 million litres annually, Lootah Biofuels is expanding capacity to meet the growing demand for clean energy in the transport sector. With a network of partners supplying used cooking oils, over 200 domestic clients now use Lootah’s biofuels in their transport fleets.

The company’s use of cooking oils offers the highest carbon reduction among biodiesel feedstocks and enhances vehicle performance with superior lubricants that extend engine life.

Richer Countries Must Commit to Climate Payments at COP29 as Millions Displaced in Africa

By
Sahfy Sahfy
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Richer Countries Must Commit to Climate Payments at COP29 as Millions Displaced in Africa
Richer Countries Must Commit to Climate Payments at COP29 as Millions Displaced in Africa

With millions of people already displaced by climate change disasters in Africa, the richer countries most responsible for global warming must agree at the COP29 climate conference in Baku, Azerbaijan to fully pay for the catastrophic loss of homes and damage to livelihoods taking place across the continent, Amnesty International said. They must also fully fund African governments’ adaptation measures to prevent further forced displacement, stop human rights violations and help them achieve a fast and fair phaseout of fossil fuel production and use.

These same countries must then follow up on their agreement by urgently financing the Fund for responding to Loss and Damage, the main international fund addressing climate change’s unavoidable harms. So far, such countries have pledged less than USD 700 million of the 400 billion dollars that lower-income countries estimate they need for loss and damage by 2030. Meanwhile, adaptation may cost USD 30 to 50 billion per year in sub-Saharan Africa alone. International financial institutions must ensure equitable distribution of the money to African countries based on need.

“African people have contributed the least to climate change, yet from Somalia to Senegal, Chad to Madagascar, we are suffering a terrible toll of this global emergency which has driven millions of people from their homes. It’s time for the countries who caused all this devastation to pay up so African people can adapt to the climate change catastrophe,” said Samira Daoud, Amnesty International Regional Director for West and Central Africa.

Global crisis, African catastrophe

Amnesty International research shows that in every corner of the African continent, droughts, floods, storms or heat are displacing people within countries and across borders, resulting in human rights violations including loss of shelter, disrupted access to food, health care and education, plus risk of gender-based violence and even death.

While African governments are responsible for protecting human rights in this crisis, they cannot adequately do so unless richer countries provide the funds.

In Somalia alone, more than a million people have been displaced by protracted drought and recurrent floods which have decimated farms, killed livestock and destroyed houses, forcing communities already vulnerable from decades of civil war to flee to camps for internally displaced persons or to Kenya and Ethiopia.

In coastal Senegal, rising seas have destroyed entire villages, forcing thousands of people inland where they suffer lack of jobs and shelter without adequate support.

In Chad, rising temperatures have pushed livestock herders to the country’s southern agricultural regions to find grazing land and water, leading to deadly clashes with farmers in the absence of effective conflict management and support for both groups.

Many parts of the continent are suffering severe droughts, likely exacerbated by climate change.  A six-year drought in southern Madagascar has forced more than 56,000 Antandroy people off their ancestral lands to search for new land to settle, only to face a host of human rights violations in other parts of the country. People left behind struggle for food, water and health care.

Meanwhile, successive severe droughts in southern Africa have pushed people to the edge. In Angola, hunger has forced mostly women and children to migrate to Namibia in search of food, raising the risk of exploitation, trafficking, gender-based violence and disrupted education.

But even in Namibia, half the population is food insecure, and the government has declared a drought state of emergency, as have the governments of Lesotho, Malawi, Zambia and Zimbabwe. None of these countries have the money to address the drought.

“Across Africa, the worst effects of climate change are already here. Extreme droughts, floods, storms and heat are destroying livelihoods and local economies and forcing more and more people to flee their homes. In every instance Amnesty International has researched, national governments do not have the resources to properly respond. The countries that caused these rapidly escalating unnatural disasters must foot the bill to address them,” said Tigere Chagutah, Amnesty International’s Regional Director for East and Southern Africa.

Full and equitable financing

Mobilizing and providing the dollars needed is only the first step toward addressing the worst effects of climate change in Africa. The Fund for responding to Loss and Damage must equitably disburse the money so it reaches the countries who need it most, including through direct access by impacted African communities.

Likewise, international financial institutions and lending nations must grant debt relief to African countries that request it to help them invest in climate adaptation measures that protect human rights. In recent years, for instance, Ethiopia’s government has spent three times as much money on repaying debt than on adapting to climate change, while countries from Congo to Mozambique regularly spend far more on servicing debt than on climate change response.

“Given the scale of climate-induced displacement and human rights violations in Africa, half-measures and lip service are not enough from the richer countries who caused this crisis. But commitments at COP29 to fully and equitably pay for loss and damage and adaptation measures in Africa are just the start. The countries responsible for climate change, along with international finance institutions, must follow through and deliver the needed resources. Africa cannot wait any longer,” said Tigere Chagutah, Amnesty International’s Regional Director for East and Southern Africa.

Siemens and Emirates Smart Solutions Partner to Modernize Esna Barrage and Lock in Luxor

By
Sahfy Sahfy
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Siemens and Emirates Smart Solutions Partner to Modernize Esna Barrage and Lock in Luxor
Siemens and Emirates Smart Solutions Partner to Modernize Esna Barrage and Lock in Luxor

Siemens signed a contract with Emirates Smart Solutions (ESS), a subsidiary of Etimad Holding Group in the UAE, to renovate the Esna Barrage and Lock in Luxor. This project has been assigned to Emirates Smart Solutions by the Ministry of Water Resources and Irrigation.

Under the contract, Siemens will supply, design, install, test, and operate a SCADA system to control the movement of the Esna Barrage’s gates, in addition to providing a monitoring system for water levels, which will be integrated into the Distributed Control System (DCS) for the Esna Hydroelectric Power Station.

This project holds strategic significance for Egypt as Siemens delivers integrated solutions for monitoring and controlling critical barrages along the Nile, aligning with the Egyptian government’s efforts to maximize water utilization efficiency in the country. The contract also includes Siemens supplying a gate movement control system that utilizes a new motor and variable speed drives, alongside fiber optic networks.

Siemens’ SCADA system effectively controls and monitors industrial processes in real-time, collecting data from sensors and devices and presenting it through a user-friendly interface. This software enables operators to manage equipment and machinery remotely and make data-driven decisions. SCADA also enhances operations, increases efficiency, and ensures safety across various sectors, including manufacturing, energy, and utilities.

Commenting on this significant project, Mr. Mostafa El-Bagoury, CEO of Siemens Egypt, stated: “We are excited about our partnership with Emirates Smart Solutions, tasked with executing the renovation project for the Esna Barrage and Lock on behalf of the Ministry of Water Resources and Irrigation. This project will enhance Egypt’s water resource infrastructure and contribute to improved water resource management, a key focus for the Egyptian government at this time. Siemens’ advanced solutions, particularly the SCADA monitoring and control system, will play a crucial role in enhancing the barrage’s performance, increasing its efficiency, and reducing the need for frequent maintenance and repairs, thereby achieving substantial long-term cost savings. Together, these benefits will improve the operational capabilities of the Esna Barrage and extend its productive lifespan.”

Dr. Mohamed Al-Naqbi, Chairman and Managing Director of Emirates Smart Solutions, added that the company has been operating in Egypt and many African countries for years in the fields of infrastructure, vital utilities, information technology, and systems and technological programs, including artificial intelligence. He noted: “This project is part of our collaboration with the Ministry of Water Resources and Irrigation, following our provision of the optimal solution for monitoring, control, and management systems for the Esna Barrage and Lock through advanced technological solutions offered by Siemens. This will enable the Ministry to monitor and control water levels and flow rates through the Barrage. Furthermore, this project marks the beginning of a series of initiatives to integrate the operational processes of all dams, reservoirs, and barrages along the Nile, providing decision-makers and operators with real-time key performance indicators and allowing for significant improvements in the operational efficiency of Egypt’s water resources.”

Siemens’ scope of work for this project will include the supply and installation of necessary equipment and systems, encompassing assembly and installation of equipment, engineering services, detailed design and planning, and oversight of the installation to ensure compliance with required standards and specifications. Additionally, operational tests will be conducted on the installed systems to verify their effectiveness, ensuring they operate at full capacity and meet project requirements. Furthermore, Siemens will provide training for Ministry of Irrigation employees through courses designed to enhance their knowledge of smart solutions for operating and maintaining the installed systems.

MultiBank Group and Al Ansari Exchange Launch Innovative Cash Payment Services

By
Sahfy Sahfy
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MultiBank Group and Al Ansari Exchange Launch Innovative Cash Payment Services
MultiBank Group and Al Ansari Exchange Launch Innovative Cash Payment Services

MEX Global, a subsidiary of MultiBank Group, the world’s largest financial derivatives institution headquartered in Dubai, has launched cash payment services in partnership with Al Ansari Exchange, a subsidiary of Al Ansari Financial Services P.J.S.C. and the largest outward personal remittance and foreign exchange company in the UAE. This innovative service enables clients in the UAE to conveniently deposit and withdraw funds through Al Ansari Exchange’s extensive branch network.

The new integrated service is exclusively available to users in the UAE who are onboarded through MEX Global, which is regulated by the Securities and Commodities Authority (SCA). By leveraging Al Ansari Exchange’s established presence with over 260 branches across the UAE, this agreement seeks to enhance the client experience, providing them with more flexibility and access to their funds.

In his comments, Naser Taher, Founder and Chairman of MultiBank Group, said: “Navigating financial transactions should be seamless and accessible. Our collaboration with Al Ansari Exchange reiterates our commitment to providing cutting-edge financial solutions that empower our clients and facilitate their banking needs in a secure and efficient manner. At MultiBank Group, we are continuously expanding our offerings and enhancing our services through strategic partnerships and innovative solutions, driven by our dedication to excellence and ensuring the highest level of customer satisfaction.”

MultiBank Group, established in California, USA, in 2005, serves over 1 million clients in more than 100 countries and maintains a daily trading volume surpassing $15.6 billion. Known for its forward-thinking trading solutions, strong regulatory oversight, and outstanding customer support, the Group offers a comprehensive range of financial services, including brokerage and asset management. MultiBank Group is regulated across five continents by over 16 of the most esteemed financial regulatory bodies worldwide.

Global Trade and Infrastructure Summit at Logimotion to highlight connectivity and sustainable infrastructure

By
شمس سيف
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Global Trade and Infrastructure Summit at Logimotion to highlight connectivity and sustainable infrastructure

The upcoming Global Trade and Infrastructure Summit (GTIS), taking place from 10-11 December at Logimotion, will explore the complexities of global trade and infrastructure, bringing together experts from around the world. 

Based on the theme: “Fostering Connectivity, Propelling Growth”, GTIS, will offer an international perspective on the strategies and challenges influencing the movement of goods and people. The event will focus on sustainable trade practices and examine the transformative role of technology in shaping global infrastructure.

“GTIS offers a deep dive into the multifaceted aspects of international trade and infrastructure, spotlighting the strategies, challenges and innovations in both emerging and developed economies,” said Dishan Isaac, Exhibition Director of Logimotion. 

He added: “The mission of the two-day summit is to provide a comprehensive platform for dialogue, knowledge exchange, and collaborative growth, and will bring together ministers of transport and infrastructure, industry leaders, strategists and academics.”

Prominent figures who will be contributing their leadership insights at the conference include H.E. Dr Mohamed Al Kuwaiti, Head of Cyber Security, UAE Cyber Security Council, UAE; Thuraya Al-Harthi, Director – Government Digital Services Unified Portal, Ministry of Transport, Communications and Information Technology, Oman; Bunthorn SOK, Deputy Director-General, Ministry of Commerce, Cambodia; and Dr Stéphane Graber, Director General, FIATA International Federation of Freight Forwarders Associations, Switzerland. 

The summit will open with a keynote address on ‘The UAE’s vision for sustainable and smart infrastructure’, outlining the country’s focus on reducing carbon emissions, implementing green building standards and moving towards renewable energy sources. 

On the opening day, Abdulla M. Alashram, Group Chief Executive Officer, 7X, UAE, will address the UAE’s role in shaping the future of international trade. His keynote speech will focus on how the UAE strengthens global trade by investing in state-of-the-art infrastructure, providing seamless trade routes and promoting innovative trade policies. 

A highlight of the launch day of GTIS is a panel discussion on ‘Building resilient supply chains through sustainable practices’, which will explore how implementing a circular economy can enhance supply chain resilience. The discussion will also delve into sustainable sourcing practices and emphasise the importance of stakeholder collaboration in driving sustainable supply chain initiatives. 

  1. The international panel of experts featured in this session includes Cristina Albuquerque, Director of Global Electric Mobility, WRI Ross Center for Sustainable Cities, Brazil; Louis Yaw Afful, Group Executive Director, African Continental Free Trade Policy Network Group (APN Group), Ghana; and Dr. Ayad Aldaijy, Former Advisor, Ministry of Environment, Water and Agriculture, KSA, among others.

Later on day one, experts will take the stage to discuss the global impact of evolving trade policies, including the effects of the ‘great decoupling’ on traditional trade routes. Panelists from Egypt, the UK, Nigeria, and the US will examine evolving trade policies and their global impacts, while also addressing regulatory challenges in cross-border digital trade.

The final day of GTIS will begin with a focus on cutting-edge innovations in transport infrastructure, featuring a panel discussion on ‘Advancing global connectivity through innovative approaches in transport and mobility infrastructure’.  

This session will delve into integrating multimodal transport networks to provide seamless connectivity while examining the effectiveness of high-speed rail and transit solutions in reducing travel times.

With the recent launch of Etihad Rail for commercial operations, the discussion gains added significance, underscoring the impact of this important development on the UAE’s transport and logistics sector. The session will also touch on sustainable and eco-friendly mobility options.

Panelists include Luis Felipe de Oliveira, Former Director General and CEO of Airports Council International (ACI World), Canada; Nadia Abdul Aziz, President of the National Association of Freight and Logistics (NAFL), UAE.

Held in the dynamic hub of Dubai, Logimotion is a pioneering event that unites global leaders in the mobility and logistics sectors. Designed to access a dynamic market, the event is tailored to showcase technologies and solutions within the industry and provide valuable insights through immersive conference sessions.

Logimotion will take place at the Dubai World Trade Centre from 10-11 December. 

e& announces Q3 2024 earnings with consolidated revenue growth of 10% to AED 14.4 billion

By
شمس سيف
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e& announces Q3 2024 earnings with consolidated revenue growth of 10% to AED 14.4 billion

e& today announced its Q3 2024 consolidated financial results, reporting consolidated revenue of AED 14.4 billion, growing 10 per cent year-over-year in constant currency, while consolidated revenues for the first nine months of year 2024 recorded AED 42.7 billion, growing 9 per cent YoY, reflecting continued growth across most verticals.

e& completed an important milestone by closing the transaction of PPF Telecom that will enhance the group portfolio diversification while it continues to grow its digital services across enterprise solutions, fintech, and media and entertainment sectors. This diversification will allow it to pursue its strategic ambition of transitioning to a global technology player.

e&’s total subscriber base witnessed a YoY increase of 6 per cent, reaching 177.3 million. The total number of e& UAE subscribers reached 14.7 million, representing a YoY growth of 5 per cent.

Financial Highlights

  Q3 2024 Q3 2023 9M 2024 9M 2023
Revenue AED 14.4 billion AED 13.4 billion AED 42.7 billion AED 40.0 billion
Net Profit AED 3 billion AED 3 billion AED 8.5 billion AED 7.7 billion
EBITDA AED 6.5 billion AED 6.9 billion AED 19.4 billion AED 19.6 billion
Earnings per Share AED 0.34 AED 0.34 AED 0.97 AED 0.88

 

Hatem Dowidar, Group Chief Executive Officer, e&, said: “e& continued its strong momentum in the first nine months, with consolidated revenue growing 9 per cent in constant currency to AED 42.7 billion.

We scaled up e&’s telecom footprint to 20 countries, bringing our overall reach to 38 markets. This growth, coupled with our solid performance in both local and international markets, drove our consolidated net profit to reach AED 8.5 billion growing 10 per cent during the first nine months. Furthermore, consolidated EBITDA reached AED 19.4 billion, resulting in EBITDA margin of 45 per cent, while our telecom EBITDA margin remained resilient at 49%”.

“Now that we have completed the acquisition of a controlling stake in PPF Telecom Group, we look forward to the opportunities that will arise as we expand our global horizon, impacting the lives of over 1 billion people across the Middle East, Asia, Africa, and now Central and Eastern Europe—marking our first operational foothold in Europe. By combining our expertise with PPF Telecom’s strong local presence, we’re well-positioned to drive digital transformation and empower societies across this region,” added Dowidar.

He concluded, “e& remains dedicated to championing the UAE’s leadership vision as the country continues to advance its digital agenda as a role model of digitalisation. Our investment in cutting-edge infrastructure and strategic partnerships will ensure that we continue to deliver futuristic solutions and digital services that drive sustainable progress and transformation.”

 

Key Operational Highlights

e&

e& successfully completed its landmark partnership with PPF Group, acquiring a controlling stake (50 per cent plus one economic share) in the service and infrastructure companies of PPF Telecom Group (“PPF Telecom”) across Bulgaria, Hungary, Serbia and Slovakia. This acquisition marks a significant step in e&’s ongoing global expansion ambitions, diversifying and growing its geographical presence to 38 countries. This milestone is poised to transform the telecom landscape in the Central and Eastern Europe (CEE) region and deliver enhanced value to over 10 million customers across the four markets.

e& signed a US$ 1 billion-plus (AED 3.7 billion) agreement with Amazon Web Services (AWS) over the next six years to accelerate the impact of cloud-driven innovation and digital transformation across the Middle East region. The alliance will focus on delivering core cloud services like storage, computing, networking, cybersecurity, and AI and machine learning (ML). Part of this investment will be dedicated to training and certifying up to 60,000 individuals—including 6,000 UAE nationals—in cloud technologies and AI.

e& and the United Nations Development Programme (UNDP) have partnered to promote digital inclusion and sustainable development in the Arab States region. The collaboration will focus on bridging digital divides, supporting MSMEs, using AI for climate resilience, and fostering public-private partnerships for digital cooperation.

e& has become one of the first telecom operators to the GSMA’s Responsible AI (RAI) Maturity Roadmap. The roadmap enables telcos to assess where they currently stand in terms of their existing maturity in using AI responsibly against where they want to go. It then provides clear guidance and measurement tools to help fulfil those ambitions while ensuring industry-wide best practice in the responsible use of the technology.

A new year-long partnership between e& and Nokia’s research arm, Nokia Bell Labs, will see both parties collaborating on research and development to create AI-based use cases for strategic industrial sectors. The goal is to develop responsible AI solutions for sustainable enterprise and industrial automation applications and accelerate innovation concepts toward real world deployments.

e& UAE

The opening of the second AI-powered autonomous store, EASE (e& Autonomous Store Experience), at Dubai Mall set  new standards in customer experience. The store powered by state-of-the-art AI technology, offers a unique and seamless shopping experience with more advanced features, such as FastPass and visitor line activation via biometrics or the e& UAE app.

e& UAE launched the Fibre-To-The-Room (FTTR) service, which enhances the performance of Wi-Fi networks. This innovative service is ideal for smart homes, gamers, and other tech-dependent users who require high-speed internet connections with minimal latency to ensure optimal performance.

The introduction of the self-activated instant eSIM with 10GB of complimentary data for visitors gave them a Free Visitor Line eSIM immediately upon passing through immigration by scanning a QR code and completing a quick facial recognition step, thereby eliminating queues and streamlining the process.

e& UAE achieved Platinum status in TM Forum’s Open API certification, making it the first telecommunications operator in the MENA region to receive this level of accreditation for 20 unique APIs.

Building on Smiles’ position as the UAE’s leading everyday rewards SuperApp, a new subscription model was introduced. Called “Smiles Unlimited,” it is the only super subscription that unifies all the benefits of unlimited free food and grocery delivery, service fee waiver for home services, and unlimited Buy-One-Get-One on thousands of brands into one subscription package.

e& UAE unveiled ‘Care Plus,’ a support service designed specifically for business customers, a pioneering offering that empowers businesses to tailor their support levels precisely to their unique requirements and critical priorities.

e& enterprise

e& enterprise successfully completed its 100 per cent acquisition of GlassHouse, a leading Türkiye-based provider of managed cloud, business continuity and SAP Infrastructure services. The acquisition strengthens e& enterprise’s capabilities in private cloud and managed services, bolstering its overall value proposition with the addition of SAP capabilities and vertical expertise within the banking and financial services sector. It also marks a significant milestone in e& enterprise’s international growth strategy, following successful market entries into Saudi Arabia in 2019, Egypt in 2023, and now Türkiye, Qatar and South Africa.

e& enterprise launched its Utility Co-Pilot, an innovative utility virtual assistant, available in the Microsoft Marketplace. This cutting-edge solution leverages Generative AI (GenAI) and advanced data management techniques to revolutionise utility management, offering unprecedented efficiency, transparency, and customer satisfaction.

e& enterprise’s “end to end (E2E)” digital transformation team successfully completed Emirates Transport’s consulting engagement, helping define their digital transformation roadmap and positioning it as a preferred tech partner for its implementation. This involved providing consulting services to define technical requirements through its “3+1” transition model, bridging the gap between digital strategy and execution.

Help AG, the cybersecurity arm of e& enterprise, has achieved significant recognition by winning the ‘Best Managed Security Provider Award’ at the Future Security Awards 2024, solidifying its position as a leader in the cybersecurity space. Additionally, Help AG has received Managed Security Service Provider (MSSP) authorisation for Zscaler, further enhancing its ability to deliver cutting-edge security solutions to clients and ensuring they remain protected in an ever-evolving digital landscape.

Beehive has achieved a significant milestone, surpassing AED 3 billion in total SME funding across the GCC. This achievement highlights the company’s success in supporting small and medium-sized enterprises in the region. Additionally, Beehive’s partnership with ADCB as its first key account banking partner further solidifies its position as a trusted partner in the financial services industry.

e& life

e& life delivered robust growth, driving the group’s expansion across all consumer digital verticals. e& money achieved substantial progress, tripling its Total Gross Transaction Volume (GTV) and increasing remittance GTV by 2.4x year-over-year. The platform has issued 703,000 cards to date and attracted 1.29 million registered users, further strengthening its position in the digital financial services market and aligning with e&’s strategic vision for fintech.

Careem demonstrated exceptional growth in Q3 2024, with GTV surging 177 per cent year-over-year and GTV per user rising by 122 per cent, underscoring a strong and engaged user base. Additionally, Careem Plus, its monthly subscription programme’s monthly active users now surpassed 50 per cent of the total active user base, reflecting all-time high user engagement and platform traction.

STARZ ON has quickly gained momentum in the GCC streaming market. Since its launch in January 2024, it has amassed over 4.1 million installs, becoming the most downloaded SVOD/AVOD app in the region. With over 1,000 hours of new content and an increase of 103,000 monthly active users compared to Q2 2024, STARZ ON has solidified its position as a leading OTT platform with 1.44 million active users. Through its partnership with evision, the group acquired premium new content, including The History Channel, History 2, and Crime+Investigation, and broadcasted the Cricket World Cup (ICC) exclusively across in MENA.

 

e& international

In Pakistan, Upaisa, the digital financial services platform of Ubank and Ufone, launched a new debit card in conjunction with Mastercard. The innovative offering is a step forward in advancing Pakistan’s digital economy, offering consumers a secure, convenient, and seamless way to conduct digital transactions both locally and globally.

PTCL announced the launch of Pakistan’s first-ever AI-enabled Customer Services platform, developed in collaboration with STech.ai, which sets a new benchmark in digital innovation and customer experience excellence. In addition, PTCL Flash Fibre (FTTH) crossed the milestone of 600,000 subscribers in September.

Transforming Egypt’s Mediterranean coast, e& Egypt has signed a landmark agreement with Modon Holding to spearhead the development of cutting-edge smart city infrastructure for the Ras El Hekma project. e& Egypt has also been awarded the “Best Workplace Environment in Diversity and Inclusion” by Global Business Outlook.

e& capital

e& capital and AT&T Ventures announced a strategic investment in Derq, the leading provider of real-time AI-powered intelligent transportation system (ITS) solutions. The investments will be used to expand Derq’s activities in the US, GCC, and beyond, and accelerate the company’s investments in product development and growing its intellectual property (IP) portfolio.

Al Baraka Group and Al Baraka Turk Participation Bank are the Golden Sponsor of the AAIOFI – IDB Bank 19th Conference

By
شمس سيف
-
Al Baraka Group and Al Baraka Turk Participation Bank are the Golden Sponsor of the AAIOFI – IDB Bank 19th Conference

Al Baraka Group (“the Group”) and its banking unit in Turkey, Al Baraka Turk Participation Bank, announced their gold sponsorship of the 19th Annual AAOIFI Conference on Islamic Banking and Finance. The conference is supported by the Central Bank of Bahrain and with cooperation of Islamic Development Bank (IDB) and will be held on 3-4 November 2024. This year’s conference revolves around: “Leveraging Islamic Finance to Build a Sustainable, Efficient and Resilient Halal Ecosystem for Muslim Economies”.

This annual sponsorship of the AAOIFI conference demonstrate the Group’s strong commitment to supporting the initiatives organized by AAOIFI as a leading institution in developing Islamic financial accounting and auditing standards and keeping pace with emerging global requirements, which enhances the position of the Islamic banking industry regionally and globally

The annual conference is considered as one of the most significant gatherings in the Islamic finance industry where Shari’ah scholars, policymakers and decision-makers convene to discuss pressing matters in the Islamic finance industry globally. 

The two-day conference will feature keynote addresses from distinguished dignitaries and policymakers, along with seven panel discussion sessions. These discussions will explore how Islamic finance can build a sustainable Halal ecosystem, covering topics such as transitioning from Halal finance to a Halal economy, enhancing supply chains and addressing governance and transparency in Islamic finance, among other relevant topics.

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