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Forbes Middle East Unveils The Top Listed Companies In The Middle East

Forbes Middle East Unveils The Top Listed Companies In The Middle East

Forbes Middle East Unveils The Top Listed Companies In The Middle East
Meet The Region’s 100 Most Powerful Listed Firms

Forbes Middle East has revealed its annual Top 100 Listed Companies ranking for 2024, spotlighting the region’s largest, most valuable, and most profitable firms. Collectively, the 100 companies experienced a 5.1% decline in sales, dropping from $1.1 trillion in 2022 to $1 trillion in 2023. Their net profits also fell by 13.5% to $240.2 billion, and their total market value saw a slight reduction of 4.4% to $3.6 trillion as of April 2024. Nonetheless, the total value of their assets increased by 5.4% to $4.9 trillion in 2023 compared to the previous year.

To construct the list, Forbes Middle East collected data from listed stock exchanges in the Arab world and ranked firms based on their reported sales, assets, and profits for the 2023 financial year, along with market value as of April 26, 2024. Each metric was given equal weight, and companies with the same final scores were given the same rank. Companies that had not disclosed their 2023 audited financial statements as of April 26, 2024, were excluded.

GCC firms reigned the list with 92 entries, led by the U.A.E. with 32 companies, followed by 31 from Saudi Arabia. The ranking also features 14 companies from Qatar, 10 from Kuwait, four from Morocco, three from Bahrain, and two entries each from Egypt, Jordan, and Oman.

Saudi Aramco retains the top spot this year with $660.8 billion in assets and $1.9 trillion in market value. In January 2024, Aramco and Rongsheng Petrochemical announced their plans to buy stakes in each other’s units. In the same month, Aramco allocated an additional $4 billion to its global venture capital arm, Aramco Ventures, increasing its total investment allocation to $7 billion. Saudi National Bank and the International Holding Company complete the top three.

The banking and financial services sector continues to be the most represented with 45 entries generating combined sales of $223.5 billion and holding $3.3 trillion in assets. Six of the top 10 companies operate in banking and financial services. However, the energy sector, with five companies, remains the most profitable, boasting total profits of $127.5 billion, largely due to Aramco. Telecommunications and industrials are the second and third most represented sectors, with nine and seven entries, respectively.

Despite a challenging economic year for businesses globally, the 2024 list featured six newcomers: the U.A.E.’s ADNOC Gas, Borouge, PureHealth Holding, and ADNOC Logistics & Services, and Saudi’s Elm and ADES Holding. While notable dropouts include SABIC—ranked second last year—after reporting a $102.5 million loss in 2023, compared to a $6.3 billion profit in 2022.

 

Top 10 Listed Companies in the Middle East 2024

1 | Saudi Aramco

Country: Saudi Arabia

Sector: Energy

2 | Saudi National Bank (SNB)

Country: Saudi Arabia

Sector: Banks & Financial Services

3 | International Holding Company (IHC)

Country: U.A.E.

Sector: Investments

4 | QNB Group

Country: Qatar

Sector: Banks & Financial Services

5 | First Abu Dhabi Bank (FAB)

Country: U.A.E.

Sector: Banks & Financial Services

6 | Emirates NBD

Country: U.A.E.

Sector: Banks & Financial Services

6 | alrajhi bank

Country: Saudi Arabia

Sector: Banks & Financial Services

8 | TAQA Group

Country: U.A.E.

Sector: Utilities

9 | Saudi Electricity Company (SEC)

Country: Saudi Arabia

Sector: Utilities

10 | Kuwait Finance House (KFH)

Country: Kuwait

Sector: Banks & Financial Services

Click here for the complete ranking of the Top 100 Listed Companies in the Middle East 2024.

About Forbes Middle East

Forbes Middle East is a licensed edition of Forbes for the Arab world, championing inspiring business journalism and entrepreneurial capitalism. Its online and social platforms break news covering billionaires, business, investment, technology, economy, entrepreneurship, leadership, and luxury lifestyles. The monthly magazine, featuring in-depth interviews with the Middle East’s most influential and innovative leaders, is published in print in English and Arabic, with digital versions available to both regional and global audiences online. Forbes Middle East extends the Forbes brand of journalism across the Arab world, conducting its own comprehensive research to publish original lists that adhere to strict methodologies. Its content attracts business leaders, investors, active and potential entrepreneurs, and a wide audience of ambitious and influential executives.

AUS registers significant rise in QS World Rankings 2025

AUS registers significant rise in QS World Rankings 2025
AUS registers significant rise in QS World Rankings 2025

 American University of Sharjah (AUS) continues its rise internationally, placing among the top 22 percent of ranked institutions worldwide in the QS World Rankings 2025 and among top three universities in the UAE.

This new position is particularly linked to the university’s significant gains in academic reputation, where AUS improved by 17 spots, and citations per faculty, where it surged by 48 spots. The QS World Rankings 2025 evaluated 5,663 global institutions in 106 locations and ranked 1,503 institutions.

Within the UAE, AUS ranked among the top three universities, coming second in employer reputation and employment outcomes, and third in citations per faculty, international faculty and sustainability, according to the QS World Rankings 2025, which evaluated 12 institutions in the UAE.

“This achievement reflects the dedication and hard work of our faculty, students and staff. Rising in the QS World Rankings is a reflection of our academic excellence, impactful research and innovative thinking that defines AUS. It is an acknowledgment of our commitment to fostering a vibrant academic environment that nurtures intellectual growth and global citizenship. Our continued rise in international rankings highlights our strategic focus on our long-term success and global influence. The new global ranking motivates us to strive even harder to provide a world-class education and contribute significantly to the global academic community,” said Dr. Tod Laursen, Chancellor of AUS.

AUS has witnessed a significant rise in its international standing this year.  Most recently, AUS was ranked among the top 150 universities in Asia, according to Times Higher Education Asia University Rankings (2024), and among the top 125 universities in the Times Higher Education Young University Rankings 2024. It has also been ranked among the top 10 Arab universities every year for the past nine consecutive years, according to QS Arab Region University Rankings (2024).

To know more about AUS’ international rankings, visit www.aus.edu/rankings

EBRD, EU and GCF support Jordanian water bottling company

EBRD, EU and GCF support Jordanian water bottling company

In a country like Jordan, where natural water sources are among the scarcest in the region, one would think that sourcing quality water would be the main struggle for a company aspiring to establish a water bottling business. But believe it or not, for Clara, a leading Jordanian company in the sector, the main issue was finding the glass bottles needed for their production.

According to Mashal Batayneh, founder of Clara, the best way to manage scarce water is to bottle it. “When we first started our company, we wanted to seek a treasure where there is only trash. We aimed to secure 1,000 clients in our first year but to our surprise we reached our goal in just the first few months.”

Established in 2017, Clara wanted to address one issue in the country: single-use plastic waste. It also wanted to compete against the huge demand for plastic-bottled water.

Although Clara was unsure if local customers would actually switch to glass after many years of using plastic, the company still decided, against the odds, to set up its company in Jordan.

“We wanted to fight the plastic problem and encourage clients to swap to glass for their drinking water,” explained Mashal.

Things started well. The company managed to import thousands of bottles of different sizes from Türkiye but after a few years their main bottle source discontinued its production. This created a huge problem for Clara, but it eventually managed to locate a new supplier in Egypt.

Going even greener

Despite the company’s already green ethos, Mashal felt they could go even further. So, to enhance sustainability, Clara applied for a loan from the EBRD’s Green Economy Financing Facility (GEFF), through Bank al Etihad in Jordan. This loan allowed the company to purchase additional reusable glass water bottles that were not readily available in the country, and a water filtration system to increase its water production capacity.

The new system uses multiple stages, including sand, carbon, nitrate and other filters to reduce total dissolved solids (TDS) in the water. After these filtration stages, 50% of the water inputted is blended with the other 50% that is sent to the Reverse Osmosis (RO) membranes for advanced filtration, , a process that contributes to environmental conservation and efficiency of the water treatment process. Not to waste a single drop in the manufacturing process, the facility also has a greywater system attached to its production line.

Now the company is manufacturing quality water from the finest wells in Jordan’s Um Al Basateen area, using the latest technology.

Meeting customers’ needs

A great product is nothing without the customers to buy it, and so superior customer service is at the company’s core. Clara produces water that remains healthy and safe once it leaves the factory, and offers customers a range of sizes of container, from large water dispenser size to 1,040 ml and smaller 345 ml sizes.

The company also provides a pick-up service to collect customers’ bottles to clean and disinfect for reuse. And it has partnered with a waste management provider to collect broken bottles, which are shipped to the glass manufacturer to be recycled back into bottles.

Clara’s customers range from households and offices to restaurants and major five-star hotels. Mashal explains that, as the demand for sustainable tourism has grown, they have had a competitive edge as a provider of water in reusable glass bottles; hotels began looking to achieve high ratings on booking websites that encouraged tourists to “travel sustainably” and Clara had the right product.

Customers can buy Clara water through a user-friendly mobile application or get refills, and delivery is free of charge twice a week. And to reduce paper coupons for buying water bottles, Clara offers e-coupons on its app as well.

Clara prides itself on a gender-inclusive workplace where half the employees on its production line are women, whom Mashal believes are one of its pillars of success, as female staff are meticulous in inspecting every bottle from when it is filled until it’s boxed up on its way to clients.

Clara has invested around US$ 1,057,000 in this project, which helped it reduce 7 tonnes of CO2 emissions a year, or 35 per cent a year compared to the pre-investment scenario, as well as removing 195 tonnes a year of plastic bottles from the market.

As part of the project, the company received a financial incentive from the European Union, enabling Clara to reduce its investment costs.

Clara isn’t going to stop there. The company is now planning to introduce bottled sparkling and alkaline water as well as tinned water.

It is also looking to buy equipment that will increase the facility’s bottle-cleaning capacity, which in turn will help improve operational efficiency – and GEFF and the EBRD are more than ready to help.

UFC RETURNS TO MANCHESTER WITH A THRILLING WELTERWEIGHT

UFC RETURNS TO MANCHESTER WITH A THRILLING WELTERWEIGHT

 UFC® returns to Manchester on Saturday, July 27, with two UK champions defending their belts. UFC® 304: EDWARDS vs MUHAMMAD 2 is the first sporting event at Manchester’s Co-op Live, as welterweight champion Leon Edwards headlines against long-time rival Belal Muhammad in a highly anticipated rematch. The co-main event sees interim heavyweight champion Tom Aspinall go up against no.4 ranked Curtis Blaydes two years on from their first encounter. 

UFC® 304: EDWARDS vs MUHAMMAD 2 tickets go on sale from 10 a.m. BST on Friday, June 7 via Ticketmaster. Fight Club members can purchase tickets early at 9 a.m. BST on Wednesday, June 5, whilst fans who register their early interest will gain priority access at 10 a.m. BST Thursday, June 6. 

Reigning welterweight champion Leon Edwards (22-3, fighting out of Birmingham, United Kingdom by way of Kingston, Jamaica) will once again defend his title on home turf after defeating Kamaru Usman in London in March 2023. Edwards is undefeated in his last 13 bouts (12-0-0, 1NC), including a dominant title defence over Colby Covington in December. 

Belal Muhammad (23-3, fighting out of Chicago, United States) has risen to the top of the welterweight rankings, having remained undefeated for the past five years, and he looks to continue his impressive five bout win streak. This will be his 19th UFC appearance, with his most recent being an impressive decision victory over Gilbert Burns in May 2023. Known for his immense cardio and constant pressure, Muhammad holds five wins by knockout and one via submission.  

Manchester’s own Tom Aspinall (14-3, fighting out of Salford, England) is one of the most exciting athletes on the UFC roster, securing every victory by finish, including a first-round knockout of Sergei Pavlovich to claim the interim heavyweight title in November 2023. Aspinall’s lone UFC loss was via injury against Blaydes in London in July 2022 and the Mancunian will be looking to level the score in front of a home crowd for his first title defence. 

Curtis Blaydes (18-4-0, fighting out of Naperville, United States) is known for his dominant fighting style, with 13 knockout victories under his belt. In March, he stopped Jailton Almeida in his tracks and made it 13 wins in his last 17 bouts. Blaydes holds wins over Alistair Overeem, Aleksei Oleinik and Junior Dos Santos.

Additional bouts on the card include:

  • An entertainer inside and outside the Octagon, Paddy Pimblett (21-3, fighting out of Liverpool, England) will be taking on the no.15 ranked lightweight Bobby Green (32-15-1, fighting out of San Bernardino, United States).
  • Undefeated flyweight Muhammad Mokaev (12-0, fighting out of Manchester, England) takes on the well-rounded Manel Kape (19-6, fighting out of Luanda, Angola), who has won his last four bouts.
  • One of the UK’s brightest talents, Arnold Allen (19-3, fighting out of Ipswich, England) faces Giga Chikadze (15-3, fighting out of Tbilisi, Georgia) in what should be an electric featherweight bout. 
  • Looking to continue her winning momentum, Molly McCann (14-6, fighting out of Liverpool, England) faces Bruna Brasil (9-4-1, fighting out of Paranavai, Brazil) who signed to the UFC after impressing on Dana White’s Contender Series.
  • Searching for her first UFC victory, Shauna Bannon (5-1, fighting out of Dublin, Ireland) takes on Brazilian Ravena Morais (9-2-1, fighting out of Miguel Calmon, Bahia, Brazil) in what should be an exciting bantamweight bout between two strikers.
  • Two bantamweights looking for a second win this year go head to head, as Caolan Loughran (9-1, fighting out of Tyrone, Ireland), faces Ramon Taveras (10-2, fighting out of Duval County, United States).
  • Entertaining featherweights collide as Nathaniel Wood (20-6, fighting out of London, England) squares off against Daniel Pineda (28-15, fighting out of Dallas, United States), who has secured finishes in all 28 of his victories.
  • Undefeated heavyweight Mick Parkin (9-0, fighting out of Sunderland, England) faces Lukasz Brzeski (9-4-1 fighting out of Zakopane, Poland) who secured his first UFC victory in April.
  • Looking for his second UFC win in the UK, Christian Leroy Duncan (10-1, fighting out of Gloucester, England) takes on Polish striker Robert Bryczek (17-6 fighting out of Bielsko, Biala, Poland).
  • Winning his UFC debut in February, Oban Elliott (10-2, fighting out of Stroud, Wales) faces Preston Parsons (11-4 fighting out of Jacksonville, United States) who has secured nine of his 11 wins by submission.
  • Highly technical light heavyweight Modestas Bukauskas (15-6, fighting out of London, England by way of Klaipeda, Lithuania) matches up against Marcin Prachnio (17-7 fighting out of Warsaw, Poland), who holds six career wins in under two minutes.
  • Englishman Sam Patterson (11-2-1, fighting out of Watford, England) goes head to head with Irishman Kiefer Crosbie (10-4 fighting out of Dublin, Ireland) in an exciting bout between two well-rounded mixed martial artists.

Visit UFC.com for information and content to support your UFC coverage. All bouts are live and subject to change. 

MENA Investments Expected to Rise as the Interest Rate Drop in 2024

MENA Investments Expected to Rise as the Interest Rate Drop in 2024

According to Tenet Consulting, the subdued M&A activity witnessed in 2023, marked by its lowest step-up in a decade across numerous venture capital markets worldwide, raised concerns about the health of the investment landscape. However, anticipation is brewing for a potential turnaround in 2024, fueled by the expected drop in interest rates. This impending shift has the potential to breathe new life into Initial Public Offerings (IPOs) and M&A deals, reigniting investor confidence and deal-making momentum. Tenet Consulting presented its study on Global Startup Valuation Trends during the third edition of VC Weekend by Gingo Partners.

“The forecasted interest rate decline carries significant implications for valuation dynamics. Lower interest rates generally translate to cheaper borrowing costs, incentivizing businesses to pursue expansionary strategies such as mergers and acquisitions,” says Alexey Bogdanov, Partner at Tenet Consulting. “Moreover, the prospect of reduced borrowing expenses could entice more companies to go public, tapping into the equity markets to fuel growth initiatives.”

The slowdown in VC investments was not unique to the MENA region, as it mirrored a global trend preceding the decline witnessed last year. However, the region had previously stood out due to the significant support from government-related entities, keen on fostering their local tech ecosystems by heavily backing regional VC funds. Expectations are high for a resurgence in investment activity across the Middle East and North Africa this year, following a dip in 2023. Forecasts indicate that startups based in Saudi Arabia and the United Arab Emirates will likely continue to take center stage in dealmaking.

As the curtains closed on VC Weekend 2024, participants departed with a renewed sense of optimism and determination to contribute to the continued success of the Middle Eastern venture capital ecosystem. The event may have wrapped up, but its impact will undoubtedly be felt for months to come as attendees leverage the connections made and insights gained to propel their ventures forward. Gingo Partners has announced to host VC Weekend twice a year with the next upcoming one during GITEX 2024.

Saudi Manpower Solutions Company Completes Share Offering for Individual Investors

Saudi Manpower Solutions Company Completes Share Offering for Individual Investors

SAUDI MANPOWER SOLUTIONS COMPANY (“SMASCO” or the “Company” or the “Group”) the leading manpower solutions company in the Kingdom of Saudi Arabia (the “Kingdom”), announces the successful completion of the Retail Investor offering period and the Final Allotment of Shares in relation to its initial public offering (the “IPO” or “Offering”). 

Following the successful completion of the institutional book-building period which set the Final Offer Price at SAR 7.50 per share and resulted in an oversubscription coverage of 128x of the total offered shares, the individual investors offering took place from 26 to 27 May 2024G. The number of Offer Shares that were allocated to Individual Investors was 12,000,000 shares, representing 10% of the total offering. The offering saw 1,065,437 individual subscribers place orders totalling SAR 1,176.81 million, reflecting a subscription coverage of 13x of the offered shares in this tranche. 

The Company allocated a minimum of 10 shares to each individual investor. The remaining Offer Shares will be allocated on a pro-rata basis based on demand size to the remaining demand with an average allocation factor of 0.92007%.

OFFER DETAILS

  • The Final Offer Price for the Offering has been set at SAR 7.50 per share, indicating the Company’s market capitalization of SAR 3 billion (USD 800 million) at listing.
  • The total size of the Offering is SAR 900 million (USD 240 million). 
  • The Offering consists of a secondary offering of 120,000,000 ordinary shares (the “Offer Shares”) representing 30% of the Company’s total issued share capital). 100% of the Offer Shares have been provisionally allocated to certain institutional investors (the “Participating Parties”) that took part in the book-building process. 
  • Following completion of the Offering, the current shareholders will collectively own 70% of the Company’s share capital. 
  • Following listing, the Company will have a free float of 30% of its shares.
  • The Company’s shares will be listed and traded on the Saudi Exchange’s Main Market following the completion of the Offering and listing formalities with both the CMA and the Saudi Exchange.
  • The net proceeds of the Offering will be received solely by the selling shareholders. 

For more information about the IPO, please visit: https://ipo.smasco.com/

SRMG wins four prestigious awards at the 2024 Arab Media Forum

SRMG wins four prestigious awards at the 2024 Arab Media Forum

SRMG, the largest integrated media group from the MENA region, won four prestigious awards at the 2024 Arab Media Forum. Organised by the Dubai Press Club, the event attracted prominent journalists, intellectuals and leading Arab media organisations.

Asharq News received the Visual Media Award in the Best Documentary category for the episode “Salt on a Wound” from its programme “In Front of the Scenes”. The documentary explores the complex issue of Palestinian patients receiving medical treatment in Israeli hospitals, known as medical referrals from the Palestinian Authority to Israel.

Asharq Al-Awsat won in two categories of the Arab Journalism Award. Iraqi journalist and writer Ali Al-Saray won in the Political Journalism category for his investigative report titled: “Iraq post the Aqsa Flood”, while writer Ossama Al-Saeed won in the Economic Journalism category for his piece “Electronic Games… Economic Rivalry and Cultural Conflict”.

The renowned writer Samir Atallah from Asharq Al-Awsat was honoured with the “Media Personality of the Year” award, recognising his outstanding career in journalism and literature. His work spans several decades, including his daily column in Asharq Al-Awsat, which he has been writing since 1987, and a collection of novels and books on history and travel, such as “The Ink Caravan”, “Generals of the East”, “Yomna”, and “New Year’s Eve on Dos Santos Island”.

In addition to winning these awards, SRMG participated in the forum’s discussions and sessions. Dr Nabil Al-Khatib, General Manager of Asharq News, contributed to the panel titled “Arab Media: Innovation vs. Reiteration”. Ghassan Charbel, Editor-in-Chief of Asharq Al-Awsat, participated in the session “Palestine Through the Lens of Arab Media”. Faisal Abbas, Editor-in-Chief of Arab News, was part of the panel discussing “Local vs. International Perceptions”. Moataz El-Demerdash, a Presenter at Asharq News, explored “Charisma vs. Beauty on Screen”. Zeina Yazigialso a Presenter at Asharq, moderated the plenary session on the “Future of Yemen” with H.E. Dr Ahmed Awad bin Mubarak, the Prime Minister of Yemen.

HC Brokerage and Avior Capital Markets Convene Fourth Edition of Egypt Virtual Conference

HC Brokerage and Avior Capital Markets Convene Fourth Edition of Egypt Virtual Conference

The Avior-HC Egypt Virtual Conference starts on 27 May and will run until 30 May, offering financial institutions from the US, Canada, Europe, South Africa, and Egypt insights on compelling investment opportunities within Egypt’s leading listed companies across multiple sectors. Investors will e-meet representatives of some 25 listed companies on the Egyptian Exchange (EGX) through group and one-on-one meetings.

The Deputy Governor of the Central Bank of Egypt (CBE), Mr. Rami Abulnaga, is the keynote speaker of the opening session of the conference.

Hassan Choucri, Managing Director of HC Brokerage, said: Our fourth initiative, in cooperation with Avior, comes within our relentless endeavor to promote investment opportunities in Egypt, especially in light of the current global economic conditions.

For Further details on Avior Capital Markets, please visit: https://avior.co.za/

For Further details on HC Brokerage, please visit: https://www.hc-si.com/

About Avior Capital Markets

Avior Capital Markets (Pty) Ltd is an independent, globally recognized capital markets research and trading firm providing in-depth and insightful research in a broad range of equities, fixed income, and derivatives in South Africa and Sub-Saharan Africa. Avior Capital Markets US LLC is a FINRA registered broker-dealer (CRD # 172595) formed for that purpose in the State of Delaware with its principal office at 630 Fifth Avenue, 45 Rockefeller Plaza, New York, 10111.

About HC Brokerage

HC Brokerage is an affiliate of HC Securities & Investment– a full-fledged investment bank providing investment banking, asset management, securities brokerage, research, and custody services. HC Brokerage is an Egyptian registered company and member of Egypt’s Financial Regulatory Authority (FRA), and its registered address is 34 Gezirat Al-Arab St., Mohandessin, Giza, Egypt, Dokki 12311

For further information, please visit

www.hc-si.com

Core42’s Latest Arabic Large Language Model Now Available on Microsoft Azure

Core42's Latest Arabic Large Language Model Now Available on Microsoft Azure
JAIS
Core42, a G42 company and full-spectrum AI enablement solutions provider, is excited to announce the availability of its latest Arabic Large Language Model (LLM), JAIS 30B Chat, on Microsoft Azure. Announced by Satya Nadella, Chairman and CEO of Microsoft, at the kick-off of Microsoft Build 2024, this collaboration aims to simplify access to cutting-edge AI, enabling deployment across diverse industries.
JAIS available through Microsoft Azure AI’s Model-as-a-Service offering, provides pre-trained model and infrastructure allowing customization to build with Core42’s models to meet diverse needs and specifications. The integration bridges the gap in generative AI accessibility for the world’s 422 million Arabic speakers, enabling use-cases such as connecting to end-users with localized solutions, opening new market opportunities, and facilitating multi-lingual driven innovation for developers.
JAIS 30B Chat sets new industry standards with its unparalleled generative AI capabilities, excelling in cross lingual conversations, retrieval augmented generation (RAG), summarization, content generation, and reasoning. Tailored for the Arabic language’s intricacies, it fosters inclusivity and addresses critical technology gaps for Arabic speakers. JAIS 30B Chat is trained on a total of 1.63 trillion tokens, which includes a substantial contribution of 475 billion Arabic tokens, complemented by English tokens and code. With this code-augmented bilingual training dataset, JAIS 30B Chat enhances logical reasoning abilities in both languages, positioning it as the premier Arabic LLM for high-quality output and complex downstream tasks. JAIS 30B Chat enables more efficient processing over larger volumes of Arabic text compared to most other English LLMs.
Talal Al Kaissi, Chief Product & Global Partnerships Officer at Core42 said, “This next step in our collaboration with Microsoft signifies a pivotal moment in our commitment to equitable access to cutting-edge AI technologies. By taking advantage of Microsoft Azure to expand the reach of JAIS, we empower individuals and organizations worldwide to leverage AI for diverse applications, ultimately driving positive societal impact and advancing the frontier of artificial intelligence for all”.
“Our goal is to offer the most diverse and comprehensive model catalog, and JAIS 30B Chat is another addition to our Model-as-a-Service offering on Azure AI for developers to expand their reach and uphold our commitment to offer more model options. That’s why we welcome Core42’s Arabic-centric state-of-the-art JAIS model to Azure,” said Ali Dalloul, Vice President, Azure AI Customer Experience Engineering at Microsoft Corp.
JAIS 30B Chat delivers transformative solutions across industries, optimizing communication, service delivery, and workflow efficiency. It empowers education with language support and content translation, aids healthcare with patient management and translation services and fuels creativity and engagement in the media and entertainment industry through content generation and summarization.
About Core42
Core42, a G42 company, empowers individuals, enterprises, and nations to unlock the full potential of AI through its comprehensive enablement capabilities. As a leading provider of sovereign cloud, cybersecurity, AI infrastructure, and services, our mission is to accelerate the achievements of others and help them reach their most ambitious goals.
To learn more, please visit www.core42.ai

Innovision Holding on an Upward Trajectory with Booming Expansion Plans

Innovision Holding on an Upward Trajectory with Booming Expansion Plans

Innovision Holding, a leading UAE-based Food & Beverage company have unveiled ambitious expansion plans set to redefine culinary experiences both locally and internationally.

Innovision Holding, spearheaded by visionary entrepreneurs Amjad Barakat and Jamal Wick, is renowned for its commitment to culinary excellence and cultivating truly unique dining experiences, near and far.

The company’s portfolio includes iconic brands such as Brunch & Cake and Canary Club.  Most recently, the group has launched the stunning new Jumeirah Island’s restaurant Alusia, that beautifully fuses Levantine and Andalusian flavors and cultures.

Innovision Holding has further disrupted the culinary landscape with the introduction of Olas by Brunch & Cake, a grab and go style concept that focuses on sustainability, community, and high quality, on the go food. This neighbourhood eatery debuted in Sharjah with plans to expand to Downtown Dubai and an exciting beachfront location.

Canary Club has seen massive success with its inimitable buzz and awesome vibe, nestled in Banyan Tree JLT. The Group is exploring avenues of expansion to cater to growing demand of this much loved, lifestyle destination.

The newest addition of Alusia has already proven a huge hit, with the company already in advanced discussions for the development of a second Alusia, where two distinct cultures fuse mellifluously.

Brunch & Cake UAE is set to introduce three new outlets at prominent Dubai locations in Mirdif City Centre, Nakheel Mall and Montgomerie Golf Club.

Global Restaurants, a subsidiary dedicated to expanding the reach of Brunch & Cake and Olas by Brunch & Cake internationally, is set to embark on an ambitious growth trajectory. With a minimum of three Brunch & Cake stores planned per city in which the concept lands, alongside three Olas by Brunch & Cake. This UAE company is set to make massive waves globally.

Brunch & Cake currently operate in multiple regions including Spain, KSA, Egypt, and Bahrain, with imminent 2024 launches in India, Barcelona, Bahrain, KSA, Egypt, and Madrid. 2025 has its sights set on London, Turkey, Qatar, and Ibiza.

Diversification is at the core of Innovision Holding, with the creation of sister companies Bespoke Modular Solutions and Bespoke Joinery. Redefining the hospitality sector in the region with a sustainably driven Design & Manufacturing approach, the company has created a 360-degree approach to hospitality with a focus on architecture, design, and craftsmanship. The Nakheel project is designing and manufacturing F&B units on Dubai Island, while in Abu Dhabi work is being done with the Minister of Tourism to create pop ups in the desert. A testament to Bespoke’s innovation, they have worked with a plethora of hospitality groups such as Ennismore, Rikas, Nakheel, RAK Tourism, and Salt.Additionally FLIP International is the in-house concept development arm that has worked on projects in KSA, Qatar, and UAE, with the likes of Boho Social and The Rice and the Noodle both based in Doha, and Dubai’s Alusia, Made, and Maiz Tacos.

Amjad Barakat, Innovision Holding Co-Founder said “We are thrilled to unveil our ambitious growth strategies for Innovision Holding and Global Restaurants. Our dedication to culinary innovation, cultural fusion, and exceptional customer experiences remains unwavering.”

“This is an incredibly exciting time for us. With these expansions, we aim to transcend boundaries and create unique opportunities for shareholders while keeping ahead of trends with new ideas and concepts both locally and internationally,” adds Jamal Wick, Innovision Holding Co-Founder.

With 2024 in full swing, Innovision Holding is the hospitality trailblazer set to further disrupt the hospitality landscape, tapping into various parts of the industry, both regionally and internationally.