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Saudi Film Confex Returns for Its Second Edition This October

By
شمس سيف
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Saudi Film Confex Returns for Its Second Edition This October

The Saudi Film Commission will launch the second edition of Saudi Film Confex from October 9-12 in Riyadh. The event will be held under the patronage of His Highness Prince Badr bin Abdullah bin Farhan, Minister of Culture and Chairman of the Board of Directors of the Film Commission.

The event will bring together a group of specialists, decision-makers, industry leaders, and both Arab and international producers to strengthen and advance the film industry in Saudi Arabia. It also aims to align with Saudi Vision 2030 by enhancing investment and partnership opportunities within the sector. It seeks to create a vibrant future for the film and arts industry in the Kingdom by uniting all aspects of the film value chain, including production companies, technology providers, and more. Saudi Film Confex will provide opportunities for filming and production, build connections with global entities, enhance the industry’s infrastructure, support startups, and initiate innovative projects that add significant value.

Over the course of four days, Saudi Film Confex will feature 30 engaging panel discussions and workshops that delve into critical topics such as film financing and industry regulation. The event will include an exhibition featuring over 130 local, regional, and international entities specializing in production, smart studio construction, and cinematic technologies, highlighting the latest opportunities and innovations in the industry. Additional activities will enrich attendees’ experiences, highlighting various essential facets of the film industry.

The second edition of Saudi Film Confex 2024 builds on the success of the previous edition, reflecting the Film Commission’s ongoing commitment to emphasizing the economic significance of the expanding film industry in Saudi Arabia. The event seeks to attract global filmmakers and producers, encouraging an exchange of expertise with their Saudi counterparts to advance the local industry and strengthen its presence on the global cinematic stage. This initiative aligns with the ambitious cultural and artistic objectives set forth in Vision 2030.

Digital Cooperation Organization launches Digital Economy Navigator to bridge the digital economy gap

By
Sahfy Sahfy
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Digital Cooperation Organization launches Digital Economy Navigator to bridge the digital economy gap in countries worldwide
Digital Cooperation Organization launches Digital Economy Navigator to bridge the digital economy gap in countries worldwide

The Digital Cooperation Organization (DCO), a global multilateral organization committed to enabling digital prosperity for all by accelerating the inclusive growth of the digital economy, has launched its inaugural Digital Economy Navigator (DEN) that enables countries to better navigate the paths to digital economy maturity, find opportunities for growth, benchmark progress, and bridge the gap in digital economy maturity. The DEN was unveiled at the SDG Digital 2024, held during the 79th Session of the United Nations General Assembly in New York, from September 10 to September 27.

Drawing upon officially disseminated statistics, secondary data, and unique proprietary data from a DCO large survey, the DEN is a unifying framework that addresses digital economy maturity across 50 countries, including the DCO Member States. The framework provides a platform for nations, stakeholders, and decision-makers to harmonize efforts in advancing the global digital economy, enabling accessibility, sustainability, and shared prosperity across borders.

The Navigator evaluates the extent to which the factors contribute to economic prosperity, sustainability, and enhanced quality of life for people. This provides a common understanding for different stakeholder groups to work together in developing digital economy strategies to bridge gaps and allows for progress to be tracked over time.

Deemah AlYahya, Secretary-General of the DCO, said: “The Digital Economy Navigator aims to enhance accessibility, sustainability, and economic prosperity, ensuring that countries are not just keeping pace but leading in the digital era. As the first global framework to comprehensively address digital economy maturity from a user-centric perspective, DEN plays a pivotal role in advancing the Digital Cooperation Organization’s mission of supporting evidence-based policies and impactful outcomes in the digital economy. By providing reliable and detailed data, insights into current trends and emerging technologies, and strategic foresight into future challenges, DEN equips countries to achieve higher levels of prosperity, inclusion, and sustainability. We at the DCO are committed to empowering stakeholders with the knowledge they need to navigate and thrive in the ever-evolving digital landscape”.

The DEN holds relevance for policymakers, business executives, and other experts in aspects of the digital economy. Decision-makers are equipped with the research, data, and analysis necessary to cultivate a more inclusive digital economy and society, enhance digital innovation, spur job creation, accelerate GDP growth, amplify sustainability through digital technologies, and enhance overall wellbeing.

Uniquely among global tools, the DEN assesses the digital economy through the lens of three intersecting dimensions: Digital Enablers, Digital Business, and Digital Society. Within the three dimensions, 10 pillars synthesize and summarize key aspects of countries’ digital economy and use of digital technology application from 102 indicators gathered from respected secondary data sources, as well as primary data from a novel survey of more than 27,000 people across the 50 countries.

The DEN introduces a comprehensive maturity classification system with five categories based on pillars’ scores from 0 to 100, that can be used by stakeholders to better target and focus initiatives to drive digital advancement and innovation in their quest for sustainable and inclusive growth of their digital economy.

The DEN reveals a diverse picture of maturity across regions. North America for example leads in digital innovation, followed by ‘Europe and Central Asia’ and ‘East Asia and Pacific’. South Asia leads in digital work and training, followed by the Middle East and North Africa region. The ‘Sub-Saharan Africa’ and ‘Latin America and the Caribbean’ regions are advanced in the Digital education and health services. This pillar particularly “Digital for education and health” demonstrate substantial global maturity, with moderate variability in scores indicating a trend toward global convergence.

Audiences can access the DEN report, infographic, methodology, and data in Excel format by visiting the DEN online platform at https://den.dco.org/. The report provides an in-depth analysis of digital economy maturity from multiple perspectives. Additionally, users have the option to download the report for offline access.

The DEN will continue to evolve over time to capture the rapidly changing nature of the digital economy. While DEN’s overall objective will remain in future editions, technologies and applications will evolve and be measured by how they contribute to the digital economy.

Qalaa Delivers Strong 1Q24 Results, Net Profit Up 45% YoY to EGP 7.2 Billion

By
شمس سيف
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Qalaa Delivers Strong 1Q24 Results, Net Profit Up 45% YoY to EGP 7.2 Billion

Qalaa Holdings, a leader in energy and infrastructure (CCAP.CA on the Egyptian Exchange), released today its consolidated financial results for the three-month period ending 31 March 2024. During the quarter, Qalaa recorded revenue of EGP 37.6 billion, a 45% y-o-y expansion, mainly driven by ERC’s USD-denominated revenue, and was further boosted by broad-based growth across most subsidiaries. On the profitability front, the Group’s EBITDA stood at EGP 7.7 billion, down from the EGP 9.7 billion reported in 1Q23. Meanwhile, net income reached EGP 7.2 billion compared to the EGP 73.0 million achieved during the same period last year. 1Q24 operating profitability was down mainly because of the normalized margins at ERC, as well as the negative impact of the war in Sudan on the operations of Al Takamol Cement. Meanwhile, the year-on-year increase in the Group’s bottom-line was a result of the substantial gains associated with the FHI settlement.

Excluding ERC, Qalaa’s 1Q24 revenue rose by 26% y-o-y to EGP 3.2 billion, driven by strong performances across most subsidiaries. ASEC Holdings recorded revenue of EGP 1.1 billion in 1Q24, a 10% y-o-y decline owing to the negative impact of the war in Sudan on the operations of its subsidiary Al Takamol Cement. Meanwhile, the rest of ASEC Holdings’ subsidiaries witnessed remarkable growth at both the revenue and profitability levels.

Dina Farms Holding Company recorded a 79% y-o-y increase in revenue to EGP 734.0 million in 1Q24, driven by improved operations at Dina Farms, as well as ICDP’s revenue benefiting from an uptick in sales volumes combined with higher selling prices and new product launches. In 1Q24, ASCOM recorded a 53% y-o-y increase in revenue to EGP 760.0 million, as the improved performance of ASCOM’s two largest USD-denominated revenue generators: ACCM and GlassRock was further augmented by the EGP devaluation.

CCTO’s transportation and logistics business delivered a 25% y-o-y revenue increase to EGP 163.4 million, on the back of improvements in the coal storage service of its Egyptian arm NRPMC. Finally, TAQA Arabia’s revenue grew 22% y-o-y to EGP 3.6 billion in 1Q24. Revenue growth for the quarter was primarily driven by a strong performance at TAQA Gas, fueled by an expansion in CNG volume sold due to additional CNG stations becoming operational, and further boosted by the company’s new operations in Africa, which have recently come online. Positive contributions from foreign currency-linked power generation prices and the implementation of new photovoltaic projects under TAQA Power, in addition to increases in fuel and lube prices and volumes at TAQA Petroleum, further supported growth. TAQA Arabia is accounted for as an investment in associate using the equity method and revenues are not included in Qalaa’s consolidated revenues.

“I am proud of the strong performance reported by Qalaa during the first quarter of the year, which saw the Group deliver impressive top- and bottom-line growth,” said Qalaa Holding Chairman and Founder Ahmed Heikal. “During the quarter, Qalaa’s revenue expanded by 45% y-o-y, with top-line growth coming largely on the back of the solid results achieved at the Egyptian Refining Company, and further supported by broad-based growth across most subsidiaries. Additionally, despite the year-on-year decline in EBITDA witnessed during the quarter, Qalaa achieved an exponential year-on-year increase in its bottom-line to EGP 7.2 billion during the quarter. Qalaa’s results during 1Q24 are a testament to the Group’s strength and resilience and reflect the considerable efforts undertaken to reduce the Group’s outstanding debts through several settlement and restructuring agreements.”

“Throughout 2023 and during the first half of 2024 we have taken huge strides and concluded a number of agreements aimed at bringing down the Group’s senior debt through various settlement and restructuring agreements. On that front, and with regards to our Egyptian lenders, we have successfully closed an in-kind settlement agreement with a group of four Egyptian banks to which Qalaa was indebted for the settlement of the entirety of Qalaa’s debt. Additionally, we were able to reach a 10-year restructure and settlement plan with another Egyptian bank (AIB), further bolstering our debt settlement and restructuring efforts. As for our debt to foreign lenders, we have established Qalaa Holding Restructuring I Ltd. (QHRI), a company set up by Qalaa’s shareholders for the purpose of purchasing that debt. The purchased debt will be extinguished in the form of a capital increase by Qalaa, where shareholders who purchased a share of Qalaa’s debt will be able to swap their debt for an equity stake in Qalaa. Our continued efforts in bringing down the Group’s debt levels have seen our overall liabilities come down during the quarter, placing Qalaa in a stronger and more favorable financial position,” Heikal added.

“While the domestic economy continues to go through a challenging period, where the difficulties faced at home are further exacerbated by the current state of global macroeconomic uncertainty as well as the armed conflicts taking place around us, Qalaa remains well-positioned to overcome these challenges, thanks to our resilience, flexibility, and efficiency, which are ingrained into the core of our DNA. Additionally, and despite the challenges, Egypt remains an attractive destination for both local and regional investors, and I am confident that the country’s long-term economic prospects remain positive,” Heikal stated.

“Across the board, our portfolio companies have continued to showcase their strength and resilience, with all but one of our business segments reporting top-line growth during the quarter. Supported by Qalaa’s carefully executed growth strategy, our portfolio companies continue to successfully take advantage of the new macroeconomic dynamics in play, capitalizing on a portfolio structure that shields against devaluation pressures, as well as the increased focus on local manufacturing and import substitution. While the positive performances of our portfolio companies remain dampened by the effects of extenuating events, such as the effect of the war in Sudan on Al-Takamol Cement’s performance, I am positive that once those effects start to wane, the true strength of our portfolio companies will be on full display,” Heikal continued.

“With this quarter setting the tone for what we expect to be a positive year, we will continue pushing ahead with our growth strategies across our platforms over the coming months. Despite the challenging market conditions, I am confident that the Group’s outlook remains bright, and going forward we will continue making small, incremental investments with the aim of continuously enhancing the Group’s overall investments portfolio,” Heikal noted.

“Finally, I would like to reiterate that the true value of Qalaa’s performing assets is masked due to holding them at their historical cost and, in some cases, adjusting for impairments, while not taking into consideration any revaluation adjustments,” Heikal concluded.

“The past period has seen us sign and complete a number of milestone settlement and restructuring transactions with Qalaa’s bank and non-bank creditors,” said Hisham El-Khazindar, Qalaa Holdings Co-Founder and Managing Director. “These include the settlement with FHI, reflected in our 1Q24 results, in addition to the purchase of Qalaa’s foreign bank debt, as well as the settlement and restructuring of its Egyptian bank debt, both of which will be reflected in subsequent quarters. Beyond the short term one-off gains resulting from these settlements, it is important to highlight the significant long term positive impact of deleveraging and derisking Qalaa’s balance sheet.”

“On the operational front, Qalaa kicked off the new year with a strong and promising performance, delivering impressive results across the board,” added El-Khazindar. “Over the past quarter, the Group’s results continued to be heavily driven by ERC’s USD-denominated revenue, which expanded strongly year-on-year despite the decline in refining margins witnessed during the quarter. Similarly, our position as an import substitute and export player across our mining business continued to generate strong consolidated growth, as well as valuable USD proceeds for the Group. Finally, our agriculture and logistics segments have continued to record strong top- and bottom-line growth owing to their robust investment fundamentals.”

“Our performance during the first quarter of the year is a testament to our continued ability to push ahead during difficult times. We look forward to other quarters of gains, growth, and strong results across our operations and markets,” concluded El-Khazindar.

ADGM and DMT Sign Landmark MoU to Transfer the Real Estate and Municipal Services on Al Reem Island from DMT to ADGM

By
شمس سيف
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ADGM and DMT Sign Landmark MoU to Transfer the Real Estate and Municipal Services on Al Reem Island from DMT to ADGM

ADGM, the international financial centre of the UAE’s capital, and the Department of Municipalities and Transport (DMT) have announced the signing of a landmark Memorandum of Understanding (MoU) to facilitate the transfer of real estate services within ADGM’s expanded jurisdiction. 

As ADGM expands its presence on Al Reem Island, the MoU establishes a strategic partnership between ADGM and DMT to transfer the Real Estate services and enhance the efficiency and quality of municipal services provided for residents and businesses within ADGM’s jurisdiction. The agreement outlines the roles and responsibilities of both authorities, ensuring a seamless transfer of the real estate sector on Al Reem Island from DMT to ADGM, while fostering ongoing collaboration on urban planning, infrastructure, and all other essential services with DMT.

Commenting on the MoU, Hamad Sayah Al Mazrouei, CEO of the ADGM Registration Authority, said: “This collaboration with DMT marks a pivotal step in ADGM’s expansion journey, setting new benchmarks for the real estate sector. Our expansion to Al Reem Island is not only a milestone for ADGM but also a significant benefit to those living and working within our jurisdiction. It reflects ADGM’s unwavering commitment to supporting Abu Dhabi’s exponential growth and fosters a thriving ecosystem for investment. Through this MoU, we aim to leverage our combined expertise to deliver high-quality, efficient services that cater to the evolving needs of the community. Alongside this expansion, ADGM will also introduce a comprehensive regulatory framework to ensure transparent, efficient, and globally aligned real estate practices within the expanded jurisdiction, furthering our dedication to innovation and excellence in real estate regulations”

Reflecting on the significance of the MoU, H.E. Dr. Salem Al Kaabi, Director General of Operational Affairs at the DMT, said: “This Memorandum of Understanding represents a significant milestone in our collaborative efforts to enhance the quality and efficiency of real estate services in Abu Dhabi. By partnering with ADGM, we are facilitating a smoother integration process and reinforcing our commitment to excellence in urban development. This cooperation embodies our shared vision to drive progress, streamline operations, and ultimately deliver exceptional amenities to our community.”

This strategic partnership enables ADGM to spearhead innovation, efficiency, and
excellence in real estate and municipal services, further strengthening Abu Dhabi’s position as a leading global financial hub for business and investment.

UAE TAKES THE LEAD IN AI AS INTERNATIONAL MARKETS FACE TALENT RACE TO MEET GLOBAL DEMAND

By
شمس سيف
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UAE TAKES THE LEAD IN AI AS INTERNATIONAL MARKETS FACE TALENT RACE TO MEET GLOBAL DEMAND

The global surge in Artificial Intelligence (AI) investments propelled by the increased demand in rising digital industries, from digital health and future finance to cybersecurity and public services, has ignited a race among businesses to secure specialized talents, sustain the relentless pace of their tech innovations, and their position among the early adopters of AI. Goldman Sachs research has forecasted that global investment into AI could reach $200 billion by 2025, while Bloomberg reported that the generative AI alone could have a $1.3 trillion market value by 2032.

This growth is driven by a widespread acknowledgement amongst global leaders that AI solutions are an increasingly vital tool for driving enhanced productivity and higher growth. As Thomas Pramotedham, CEO of Abu Dhabi-based AI enterprise Presight, recently told the GITEX Tech Waves podcast: “Today you’ll see companies applying AI and AI evolving – in five, ten years’ time, it will get smarter, and when it gets smarter, you’ll get more efficiency and shorter routes to answers for difficult and complex questions. In return, that will be to the betterment of society and the world we live in.”

Such as Presight, over 3,500 of the world’s most prestigious brands investing in AI solutions will converge at the Dubai World Trade Centre, from 14-18 October, for the world’s largest tech and start-up event, GITEX GLOBAL 2024. The powerhouse exhibition and conference will bring together the biggest tech community in the world, from experts, founders, and investors to government leaders and senior executives, to showcase their breakthrough AI technologies, discuss mutual synergies, and forge key collaborations to catalyze future advancements in the industry. 

The landmark event will spotlight the opportunities and challenges surrounding the AI global economy, including ethical development, quantum computing, large language models (LLM), policies and regulations, real implications of AI in edtech, health, and finance, and the future of work and employment. The rapid AI emergence still impacts the job market according to recent studies. In 2022, Deloitte estimated that there were only 22,000 AI specialists in the world while, last year, it was predicted that only half of all AI-related jobs could be filled.

UAE’s Bold Steps in Creating the World’s Future AI Economy

Leapfrogging several global markets, the response of the UAE, which has been increasingly successful as a global hub for the AI industry, consists of a robust long-term government agenda to harness the full potential of AI to empower individuals, communities, and organisations. Aligned with the UAE National Strategy for Artificial Intelligence and a clear vision to become the world leader in AI by 2031, the country has invested in integrating AI into public services, energy, tourism, and education. 

In Dubai, the leadership has shown profound commitment to making the emirate the world’s fastest, most agile, and future-ready city by launching the Dubai Universal Blueprint for Artificial Intelligence. This highly strategic annual plan aims to accelerate the adoption of AI applications, looking at achieving the targets of the Dubai Economic Agenda D33 by adding AED 100 billion, 27.2 billion dollars, yearly to the emirate’s economy and boosting productivity by 50 per cent through the adoption of digital solutions.

GITEX GLOBAL 2024: A Powerful Platform for AI Experts and Leaders 

As the world’s largest tech and start-up event, GITEX GLOBAL is firmly aligned with the widely recognized UAE AI-driven economy, with Dubai as the fastest-growing international hub for AI experts, leaders, academics, and top voices in the industry. 

Headliners include the most powerful tech giants driving AI dynamics globally, such as Adobe, Alibaba Cloud, AWS, Builder AI, Dell, G42, Google, HPE, IBM, Meta, Microsoft, Nvidia, Open AI, and Oracle, among many others. Middle East’s premier companies and organisations advancing AI and projecting the region’s native tech to the world, such as Presight, e&, Technology Innovation Institute (TII), and Khazna, will also present their products and innovations at the show.

A premier lineup of international speakers will join the stage for thought-provoking discussions in AI, featuring names such as Isabell Gradert, VP of Central Research and Technology at Airbus (Germany), Michael Spranger, President of Sony AI (Japan), Axel Voss, Member of the European Parliament (Belgium), Stephen Ibaraki, Founder of the UN/ITU AI for Good (Canada), Jong-Soo Choi, CTO of Samsung (South Korea), and Dr Priya Singhal, EVP of Biogen (USA).

More information about GITEX GLOBAL 2024 is available at: www.gitex.com/

Warehouse Gym receives majority investment from Levant Capital to lead regional expansion in the GCC fitness market

By
شمس سيف
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Warehouse Gym receives majority investment from Levant Capital to lead regional expansion in the GCC fitness market

Warehouse Gym, the largest premium gym operator in the UAE, known for its innovative spaces and community-driven approach, announces a majority investment from Levant Capital, a prominent Middle East private equity firm. This investment will drive Warehouse Gym’s regional expansion and introduce advanced fitness solutions across key GCC markets, aligning with the region’s increasing focus on health and wellness.
Fuelling Growth in the GCC Fitness Market
The MENA fitness market has been expanding at an annual rate of 30% since 2020, with the UAE market valued at USD 550 million and the KSA market at USD 1.7 billion. Currently, chains represent only 60% of the fitness market in the UAE and 50% in KSA, leaving significant room for growth as the fitness market remains fragmented and underpenetrated, with only 7% of the UAE population and 8% in KSA holding gym memberships.
Currently, Warehouse Gym operates 10 clubs, with plans to leverage this investment to expand to 30 clubs over the next four years, including a 55,000-square-foot facility at Dubai Science Park, opening Q4 2024. In addition to cutting-edge design and fitness equipment, this new location will feature a co-working space, private meeting zones, creative suites, a podcast studio, a restaurant, nutrition services, recovery suites, and dedicated group exercise areas.
“We are thrilled to partner with Levant Capital at this pivotal moment in our story. Their extensive experience and resources will undoubtedly help us scale to new heights and continue delivering exceptional fitness experiences to our growing community. Everything we’ve accomplished makes me proud and excited for the future. I am confident our partnership with Levant Capital will enrich our members’ fitness experience, support our growth, and offer exciting opportunities to our employees,”said Kevin Teixeira, Co-Founder and CEO of Warehouse Gym.
Strategic Partnership and Market Alignment
Levant Capital’s investment aligns with its expertise in consumer sector investments, further leveraging Warehouse Gym’s strong brand equity and unique market position. The partnership will support the expansion and consolidation in an underserved premium fitness segment, building and developing the current portfolio, and broadening its services to include overall wellness.
With the highest member retention rates in the industry, and a strong focus on community, Warehouse Gym’s inclusive approach includes high female membership rates and appeals to younger demographics, with under-16 access. Its mental health programs and holistic wellness offerings – including recovery, mobility, and nutrition – are all central to its mission. Warehouse Gym has cultivated a loyal community across its network, and as a locally founded and Emirati-owned business, it embodies the UAE’s commitment to health, wellness, and inclusivity – proving itself as a leading destination for blue chip corporate customers, as well as being a collaborative partner for global fitness brand, PUMA.
“The UAE recognises the importance of physical, mental and social well-being and has rightly prioritised health and fitness through nationwide fitness challenges and by promoting sports calendars that stimulate the desire to participate in quality sports,” commented Fahad AlRafi, Co-Founder of Warehouse Gym. “We have always strived to play a key role in elevating the health and fitness experience for our fast-growing base of members in the UAE and we have exciting innovation and expansion plans over the next few years. Our partnership with Levant Capital will serve to accelerate and achieve those plans.”
Expanding Footprint and Impact
Warehouse Gym aims to open multiple locations in key GCC markets and reach 50,000 members with 30 clubs across UAE and Saudi Arabia. This expansion will create job opportunities and promote economic diversification through a culture of wellness and community health.

UAE’s Rebound launches new subscription-based recycling platform in commitment to create circular economy

By
Sahfy Sahfy
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UAE's Rebound launches new subscription-based recycling platform in commitment to create circular economy
UAE's Rebound launches new subscription-based recycling platform in commitment to create circular economy

UAE-based Rebound, a subsidiary of Sirius International Holding, is setting a new standard with the launch of its new subscription-based platform for recyclable materials. The innovative platform is designed to transform the recycling industry by connecting buyers, sellers and partners of recyclable materials worldwide. 

The new platform features a subscription-based model with 0% commission on trades, enhancing profitability while promoting sustainability. This expansion not only broadens the platform’s offerings but also reinforces Rebound’s commitment to create a circular ecosystem for recycling. By integrating stakeholders and ensuring seamless processes, the platform goes beyond traditional material recycling, promoting transparency, efficiency, sustainability and environmental responsibility. 

Rebound’s platform has grown to include a broader range of materials including plastics, rubber, e-waste, metal, paper and cardboard, making it a versatile hub for industry players. Members benefit from dedicated account managers, real-time price indices, and access to a community page for industry-related discussions.

Maryam Al Mansoori, Founder & General Manager of Rebound, said: “Rebound is more than a marketplace; it represents a revolution in global recycling. Our all-encompassing solution built on local insights and international expertise, empowers the industry to meet sustainability demands while supporting the UAE’s commitment to achieving net-zero goals.”

Rebound’s platform expansion comes at a crucial time for the recycling industry as the UAE’s plastic recycling market alone is projected to reach 1.44 million tonnes by 2030, a reflection of the growing demand for sustainable solutions.

Aligned with the UAE’s Green Agenda 2030 and Integrated Waste Management Strategy 2021-2041, Rebound is at the forefront of waste management innovation. With a team of Emirati talent and global expertise, the platform is set to play a crucial role in reducing environmental impact and transitioning to a circular economy.

For more information, please visit www.reboundmaterials.com , LinkedIn, Instagram, and X.

Teach, Explore, Thrive: A Comprehensive Guide to Settling in Dubai with Subscribe ME

By
Sahfy Sahfy
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Teach, Explore, Thrive: A Comprehensive Guide to Settling in Dubai with Subscribe ME
Teach, Explore, Thrive: A Comprehensive Guide to Settling in Dubai with Subscribe ME

Moving to a new country to start your teaching career is an exhilarating adventure, especially when that destination is Dubai, a dynamic metropolis is brimming with opportunities and experiences waiting to be explored, from its stunning architecture and bustling markets to its rich cultural heritage and diverse culinary scene. The city’s fast-paced growth and modern amenities offer an exciting backdrop for both your professional and personal life. However, as with any new journey, there are challenges to be faced, and navigating transportation here may present a unique opportunity to explore innovative solutions.
As a new teacher in Dubai, think of the city as an exciting new lesson waiting to be learned. Embracing the rich cultural tapestry here is like diving into a comprehensive curriculum: you’ll quickly need to grasp cultural nuances and celebrations like Ramadan and Eid, much like learning key historical events, by showing genuine interest in your colleagues’ and students’ backgrounds and experiences — engaging in local activities and holidays can also deepen your understanding and connection to the community, not unlike participating in interactive class projects. Finding comfortable and convenient accommodation is vital for a smooth transition, much like choosing the right resources for effective teaching. Yet, one of the major challenges you’ll encounter is navigating transportation in this dynamic city.
Exploring Dubai’s transportation landscape can feel like solving a complex math problem. While the city boasts a well-established public transport system, it isn’t always the most convenient or efficient solution, especially for schools located in the peripheral regions. Taxis might seem like a quick fix, but they can quickly add up, turning into a costly expense, and ride-sharing services are available, but they often struggle to manage the city’s sometimes chaotic roads. This is where Subscribe ME comes in, offering a practical and efficient solution to your mobility needs.
At Subscribe ME, we understand that the key to unlocking your full potential as an educator is having reliable, flexible, and affordable transportation. Much like a well-planned history lesson, we’ve taken the traditional concept of car ownership and transformed it into something far more accessible and relevant to today’s needs. Unlike the high financial commitment and maintenance hassle associated with owning a car, Subscribe ME offers vehicles on a subscription basis. Think of it as having a wide selection of books in your classroom library — you can choose the one that best fits your needs at any given moment. With Subscribe ME, you have the flexibility and convenience of accessing a variety of dealer-maintained vehicles to suit your requirements.
Our easy online process allows you to sign up, select a car, and have it delivered to your doorstep in less than 120 minutes. This means you can focus on what you do best: teaching and inspiring the next generation. As you settle into your new life in Dubai, Subscribe ME is here to ensure that transportation is one less thing you need to worry about. With our service, you’ll have more time and energy to dedicate to your students and your personal growth, making your transition to this vibrant city as smooth and enjoyable as possible.
Welcome to Dubai, and here’s to a successful and fulfilling journey ahead!

Ziina Secures $22 Million in Series A to Evolve From Payments Platform to an End-To-End Financial Services Provider

By
Sahfy Sahfy
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Ziina Secures $22 Million in Series A to Evolve From Payments Platform to an End-To-End Financial Services Provider
Ziina Secures $22 Million in Series A to Evolve From Payments Platform to an End-To-End Financial Services Provider

Ziina, the UAE’s leading financial platform supporting consumers and businesses, today announced that it has raised $22 million in a Series A funding round led by US-based Altos Ventures. Other top-tier investors participating in this round include Fintech Collective, Avenir Growth, Activant Capital, Y Combinator, FJ Labs, MEVP, and Jabbar Internet Group. This significant funding will fuel Ziina’s expansion beyond a payments solution to providing end-to-end financial services for businesses and consumers. 

Despite global fintech funding slowdown—dropping from $144.2 billion in 2021 to $40.7 billion in 2023—Ziina’s successful funding round underscores its strong market position and investors’ confidence in its trajectory. In the last 12 months alone, Ziina has received an influx of SMEs for its 360-degree payment solutions, marking a tenfold increase in annual revenue growth and a 34% month-on-month increase in customer growth. These achievements are significantly strengthened by Ziina’s recent acquisition of the Stored Value Facility (SVF) license from the Central Bank of the UAE, solidifying its position as a trusted financial partner in the region.

Ziina serves an underserved market of 560,000 small and medium-sized enterprises (SMEs) in the UAE. These SMEs, which make up over 94% of all companies and contribute about 60% of the country’s GDP, are increasingly adopting digital payment solutions. As of 2023, around 77% of SMEs in the UAE have integrated digital payments, driving a growing demand for advanced financial management tools. Despite this progress, approximately 50% of SMEs in the Middle East still face significant challenges in access to finance and cash flow management, according to a recent survey by PwC Middle East. Ziina’s solutions, including a payment gateway for website checkout and POS solutions, provide them with essential financial tools to enhance their operations and grow their businesses. 

The recent $22 million in Series A funding will accelerate Ziina’s technological advancements and product innovations. This investment is key to Ziina’s vision of transforming the financial services landscape in the Middle East, aiming to provide customers with a cutting-edge, secure, and user-friendly platform. Having observed businesses effectively use the platform to collect inbound payments from customers, Ziina is now focusing on perfecting outbound payments. The first step in this direction is allowing businesses to control their expenditures through the ZiiCard. Currently in development and soon to launch, the ZiiCard is designed to transform how both businesses and individual customers manage and access their funds, offering instant access to their digital wallet balances. For businesses, the ZiiCard will simplify supplier payments and enhance expense management. For individual users, new features like expense categorization and the ability to split payments will greatly enhance both the security and convenience of their financial transactions.

Faisal Toukan, CEO and Co-Founder of Ziina, emphasized

Faisal Toukan, CEO and Co-Founder of Ziina, emphasized, “Ziina is positioned at the intersection of three key pillars: we see strong customer demand from the underserved SME sector, we’ve obtained the SVF license from the Central Bank of the UAE, and we have secured substantial funding from top-tier investors that we’re excited to be partnering with over the long term.  The intersection of these three pillars means that Ziina is uniquely positioned to lead the next evolution of fintech in the UAE and beyond. This funding will accelerate our journey from a payment platform to an end-to-end financial services provider, enhancing our offerings and expanding our reach across the Middle East.”

A crucial part of Ziina’s success has been its ability to attract top-tier talent worldwide. The company boasts a workforce of leading technologists from companies such as Apple, Uber, Nubank, Klarna, Coinbase, Amazon, FundingCircle, and Yandex. With the recent funding, Ziina is adding additional hires from global tech giants and fintech innovators like Revolut and Nubank, who have played pivotal roles in scaling their companies to valuations of $45 billion and $70 billion, respectively. 

Dillon Krasnigor, Partner at Altos Ventures, said: “We’re excited to partner with the Ziina team for the next phase of their growth. We’re impressed with the company’s ability to secure the SVF license from the UAE government, its consistent performance, and its ability to build an innovative product suite to meet its customers’ needs. We believe Ziina will become a significant financial services provider in the Middle East. We commend The Central Bank of the UAE for embracing innovation within the fintech space by granting Ziina the SVF license.

As Ziina looks ahead, the combination of strategic funding, a growing customer base, and an unwavering commitment to innovation cements its role in shaping the future of finance in the Middle East. With future plans to enter new markets like Saudi Arabia and Jordan, Ziina is rapidly progressing toward becoming the region’s premier financial platform, driving economic empowerment and fostering a cashless society.

Gushcloud invests into Talent Plus, alongside ADM Holdings and J&F Holdings

By
Sahfy Sahfy
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Gushcloud invests into Talent Plus for the Middle East, North Africa, and South Asia creator economy, alongside ADM Holdings and J&F Holdings
Gushcloud invests into Talent Plus for the Middle East, North Africa, and South Asia creator economy, alongside ADM Holdings and J&F Holdings

Gushcloud, a global creator and IP management and licensing company powered by AI, has joined a consortium of companies and business personalities in the UAE in an aim to shake up the talent and creator economy industry in the leading Middle Eastern nation. 

Gushcloud has partnered with entertainment veteran Michel Chahda who is the founder and CEO of Talent Plus, to scout and sign for talents, celebrities, and creators in the Middle East and North Africa (MENA) Region and South Asia, and bring them opportunities to the other parts of Asia and Hollywood, and vice versa. 

This investment has the backing of ADM Holdings, which is part of the companies owned by Sheikh Ahmed Dalmook Al Maktoum; and J&F Holdings, a private firm owned by serial entrepreneur and investor Faisal Belhoul who is also the Vice Chairman of the Dubai Chambers and a judge on Shark Tank Dubai.

This partnership comes after Gushcloud International opened its 12th office in Abu Dhabi last year, which serves as its first ever in the region and as a gateway to MENA and even South Asia (i.e. India, Pakistan, Bangladesh, Sri Lanka). 

Talent Plus is now able to tap into Gushcloud’s expansive network around Australia, East Asia (i.e. Greater China, Japan, Korea), Southeast Asia (i.e. Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam), and USA for MENA- and South Asia-based talents to sign cross-border deals and star in international campaigns. In turn, Gushcloud is also set to expose more of its American and Asian talents to the MENA and South Asia regions with Michel Chahda’s leadership and network. 

“True to our vision of bridging the East with the West, we are now partners with Talent Plus, AMD Holdings, and J&F Holdings to strengthen our network and capabilities in these regions with untapped potential, and abundant capital and resources. We couldn’t have chosen a better partner in Michel as he is an entertainment veteran in this part of the world. His leadership, our network, and our new corporate partners here will only make Gushcloud bigger, better, and more capable of meeting the demands of the ever growing creator economy. This is another step for Gushcloud toward becoming a truly global creator economy company,” says Althea Lim, Gushcloud CEO and Co-Founder. 

Gushcloud’s new partner Michel Chahda has two decades of experience in the media and entertainment industry. He most notably founded the talent management/influencer marketing arm at MENA’s leading content and influencer management agency, making millions of dollars in revenue by connecting brands with top talents regionally and globally. He has worked with multinational brands in healthcare, technology, retail and beauty sectors, and various government entities in the Middle East. Lastly, he has also worked in the football industry and has direct access to global football clubs and star athletes. 

“I am proud and excited to enter this new venture with Gushcloud on behalf of my company Talent Plus. Joining forces to combine our local knowledge of the markets and talents, with Gushcloud’s global network, is a formidable combination. I’m thankful to have the support of AMD Holdings and J&F Holdings so we can start on a strong footing in MENA, South Asia, and beyond,” says Michel Chahda, Talent Plus CEO and Co-Founder. 

According to Goldman Sachs, the creator economy is presently valued at $250 billion and is projected to reach half a trillion dollars by 2027. Plus, over 50 million individuals worldwide now identify themselves as content creators. 

The Middle East is a conducive market for creators and talents, as Strategy& reported that digital content is expected to account for 46% of the projected $22 billion in media spending by 2024 in the region. Furthermore, GlobalWebIndex (GWI) revealed that internet users in the region have an average of 8.4 social media accounts, while another study stated that MENA social media users spend an average of three and a half hours a day glued to their screens.

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