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Innovision Holding on an Upward Trajectory with Booming Expansion Plans

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Shams
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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.

EFG Holding Reports Strong Q1 2024 Performance, Implements Share Buyback Program

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Shams
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EFG Holding Achieves Outstanding Results in the First Quarter of 2024 and Unveils a Robust Share Buyback Program

EFG Holding, a trailblazing financial institution with a universal bank in Egypt and the leading investment bank in the Middle East and North Africa (MENA), announced today its robust results for the first quarter of 2024. The Group’s revenues surged 92% year-on-year to EGP 8.6 billion, driven by the exceptional operational performance across its different business lines coupled with the EGP’s devaluation.  Excluding holding and treasury activities (including FX gains, among others), revenues in both periods would show a 70% year-over-year increase, mainly due to higher revenues from Brokerage, Asset Management, Valu, Leasing, Tanmeyah, and aiBANK.

The Group experienced a 67% year-on-year increase in total operating costs (including provisions and ECL), reaching EGP 5.0 billion, mainly driven by elevated employee costs. Nonetheless, the ratio of Group employee expenses to revenues stood at 41% in the first quarter of 2024, down from 44% in the corresponding period a year ago. EFG Holding witnessed a substantial 142% year-on-year surge in net operating profit and a 137% year-on-year growth in net profit before tax. Concurrently, net profit after tax and minority interest soared 110% year-on-year to EGP 1.8 billion. 

As part of its ongoing commitment to shareholders, EFG Holding is excited to announce a share buyback program. The Board of Directors has authorized the repurchase of 25 million shares, equivalent to 1.7% of the Company’s shares, on the open market. This is just the beginning of a comprehensive program, where the company also plans to return, in addition to the cash utilized in the buyback, EGP 400 million in shares buyback and/or dividends distribution (after receiving its General Assembly’s approval) in the 18 months following the execution of the purchase of the 25 million shares. 

Karim Awad, Group CEO of EFG Holding, commented on this, “We are very excited to announce such a program that creates value for our shareholders and further improves our performance metrics. While we continue to utilize our cash in multiple growth venues across our operational jurisdiction, we believe an investment in our stock at the current juncture is extremely accretive for our shareholders and sends a clear message in our strong conviction in the significant underlying value of the Company relative to the current trading levels.  The Company will be financing the program from its internal resources/liquidity.”

EFG Hermes, the investment bank, started the year strong, posting a Y-o-Y increase in revenues, lifting EFG Hermes’ revenues more than double Y-o-Y to reach EGP 6.2 billion in 1Q24. Holding and treasury activities revenues were the most significant contributors to the platform’s 1Q24 revenue growth, rising 117% to EGP 4.5 billion, underpinned by strong fx-gains and unrealized gains on seed capital/investments. Sell-side revenues grew 65% Y-o-Y to EGP 1.4 billion, driven by higher Brokerage revenues up 94% Y-o-Y, primarily due to solid commissions generated by the Egyptian market, including GDRs trading. Buy-side revenues shot up 162% Y-o-Y to EGP 299 million, lifted by Asset Management revenues, which increased four-fold Y-o-Y, mainly on FIM’s higher revenues and a lower comparable quarter. Net profit after tax and minority interest increased 94% Y-o-Y to record EGP 1.4 billion compared to EGP 740 million in 1Q23. 

Revenues at EFG Finance, the Group’s Non-Bank Financial Institutions (NBFI) platform, rose 58% Y-o-Y to EGP 1.1 billion, underpinned by revenue growth reported by all its lines of business, particularly Valu and EFG Corps-Solutions’ Leasing business. Operating expenses increased 40% Y-o-Y to EGP 807 million on higher employee expenses, other operating expenses, provisions, and ECL. EFG Finance’s net operating profit rose 152% Y-o-Y as the increase in revenues surpassed the increase in expenses. Despite a 100% Y-o-Y increase in taxes, the platform’s profitability increased, with net profits after tax and minority jumping 280% Y-o-Y to EGP 142 million. 

aiBANK continued its upward trajectory, as the Bank saw its revenues for the quarter climb 75% Y-o-Y to EGP 1.3 billion, driven mainly by higher net interest income on the back of loan book growth and supported by an increase in corridor rates. aiBANK’s operating expenses, including provisions & ECL, rose 22% Y-o-Y to EGP 523 million on higher salaries on the back of promotions, new hires, inflation, and other G&A expenses. The Bank’s net profit after tax shot up 173% Y-o-Y to EGP 475 million, of which EFG Holding’s share is EGP 244 million, as revenue growth outpaced the growth in expenses.

“Our strong first-quarter results underscore the resilience and adaptability of our diversified business model. Despite a dynamic and sometimes challenging market environment, we have successfully leveraged strategic initiatives and operational efficiencies throughout the Group. The impressive growth in revenue and profit is a testament to our team’s hard work and dedication, as well as the trust and confidence our clients have in us. The exceptional performance of our investment bank, EFG Hermes, demonstrates our ability to navigate market fluctuations and deliver strong returns. Furthermore, the substantial growth at EFG Finance, our NBFI platform, and aiBANK underscores our commitment to expanding our presence in the non-bank and banking sectors. Moving forward, our unwavering focus is on maximizing our unique strengths and synergies across the group, enhancing our service offerings, and driving sustainable growth to create enduring value for our clients, shareholders, and employees across all our operations,” concluded Awad.

EBRD and NBE support regional small businesses in Egypt

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Shams
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EBRD and NBE support regional small businesses in Egypt
  • EBRD loan to support small businesses as part of a larger financing programme
  • First A/B loan to a financial institution in Egypt will help mobilise private sector funding
  • Credit line to focus on under-served regions, enterprises owned or led by women and young people

The European Bank for Reconstruction and Development (EBRD) is extending an initial US$ 119.5 million (€109 million) A/B loan to the National Bank of Egypt (NBE), for on-lending to micro, small and medium-sized enterprises (MSMEs) in Egypt. This first portion, which includes a B loan mobilised from the Dutch-based and SDG-focused asset manager ILX Fund, falls under a potentially larger financing programme that could be carried out in several stages. This is the first loan with an A/B structure that has been made to a bank in Egypt.

The EBRD’s financing under this loan structure should help to mobilise the private-sector funding necessary for economic development, while diversifying NBE’s funding base and supporting its financial inclusion agenda.

This credit line will target businesses with a regional focus that are owned or led by women or young people, which remain underserved in Egypt.

NBE is the largest commercial bank in Egypt. Its cooperation with the EBRD, which began in 2013, has included trade finance lines, credit lines that support the financial inclusion of under-served segments of the economy, and fostering renewable energy and energy efficiency projects.

Egypt is a founding member of the EBRD. Since the start of the Bank’s operations there in 2012, it has invested more than €11.9 billion in 178 projects, 81 per cent of which have been in the private sector.

CNN Academy Abu Dhabi 2024 Set to Explore Artificial Intelligence in Journalism

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Shams
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CNN Academy Abu Dhabi 2024 Set to Explore Artificial Intelligence in Journalism

Applications open today (17th May) for CNN Academy Abu Dhabi, the international news network’s pioneering initiative to empower and upskill emerging talent in the region with multiplatform storytelling, supported by Creative Media Authority (CMA).

Artificial Intelligence will be the overarching theme for this year’s course, which will be explored in a weekly masterclass series. Hosted by CNN experts, industry leaders and academics, the masterclasses will examine the challenges and practicalities of AI, across areas including electronic ethics and cybersecurity, as well as teach participants how to build and test their own models.  

AI will also form the backbone of CNN Academy’s groundbreaking newsroom simulation, set to take place in Abu Dhabi in December. Participants from CNN Academy around the world will gather for an intensive week of training in the fundamentals of investigative reporting, learning from some of CNN’s highest profile journalists and other leading experts in Abu Dhabi.

 Podcasting, social storytelling and mobile journalism are among the core modules across the 12-week course in Abu Dhabi, led by CNN’s global anchors, correspondents and technical specialists. Participants with leave equipped with crucial skills needed to work in a newsroom, including verification techniques such as geolocation and reverse image searching, storyboarding and scriptwriting, and a deep understanding of journalistic ethics, all delivered via interactive workshops, masterclasses and digital on-demand tutorials. 

Mohamed Dobay, Acting Director General of the Creative Media Authority, commented: “One of our lead focuses, in the development of the world-class creative ecosystem, is the nurturing of young local individuals and provision of leading educational experiences which develop skillsets for the nation’s future creative leaders. Under the Creative Media Authority, the creative lab leads on the various initiatives and programmes including CNN Academy Abu Dhabi which delivers an annually themed bespoke training programme for those pursuing a career in journalism. The focus on Artificial Intelligence this year highlights our collective dedication to advancing journalism within the region.”Salma Arafa, a 2023 graduate of the Academy, stated, “My final project from the Academy was selected to air on ‘Connect The World with Becky Anderson’. This was undoubtedly the highlight of my experience at CNN Academy Abu Dhabi. Another highlight from the immersive media training programme was the people. There’s something powerful about connecting with individuals who share the passion. I was also fortunate to get an internship at the bureau after graduating the Academy. I’d encourage everyone to apply.”

Alireza Haji Hosseini, Deputy Bureau Chief, CNN Abu Dhabi & Director of CNN Academy, said: “At its heart, CNN Academy is really about preparing the next generation of journalists for the real world, and there are few more fascinating aspects of that world right now than Artificial Intelligence. We’ll be unpacking the ways in which AI can both help and hinder the work of journalists, and teaching our academicians how to navigate the challenges it presents.  I think this will be the most compelling iteration of CNN Academy yet, and we have some exciting things up our sleeves for this year’s participants.”

 Marking the fourth year of CNN Academy Abu Dhabi, the programme is supported by the Creative Lab – which is affiliated to CMA – in two key aspects; identifying potential students from our outreach program who would benefit from the experience, and providing valuable resources and facilities, which includes the host venue, in Abu Dhabi. Abu Dhabi emirate is home of CNN and more than 780 media and entertainment companies and offers a thriving creative industry to apply freshly garnered skills located in Yas Creative Hub.

 CNN Academy Abu Dhabi is open to UAE nationals and residents over the age of 21 who have a background and/or interest in media and multiplatform storytelling. 

CNN Academy’s outreach efforts continue with visits and virtual sessions with prominent universities to engage potential applicants. These include: Zayed University, Abu Dhabi University, New York University Abu Dhabi, American University of Sharjah, University of Khorfakkan, United Arab Emirates University.

For more information and to apply visit https://cma.gov.ae/cnn-academy

HONEYWELL TO PROVIDE AUTOMATION SOLUTIONS FOR VOLTS GIGAFACTORY IN THE UAE

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Shams
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HONEYWELL TO PROVIDE AUTOMATION SOLUTIONS FOR VOLTS GIGAFACTORY IN THE UAE

Honeywell (NASDAQ: HON) and Volts United Arab Emirates (UAE) today announced plans to join forces for the construction of the first gigafactory in Abu Dhabi focused on delivering battery cells for Residential Energy Storage Systems (RESS). Building on sustainability discussions that took place at COP28 in the UAE, the gigafactory is slated for completion by the end of 2026.

As part of the collaboration, Honeywell will provide advanced solutions for equipment and software – with a focus on factory automation, digitalization and closed loop control systems – while serving as a key technological partner for Volts.

George Bou Mitri, VP and GM of Honeywell Industrial Automation in MENA, said: “There is a clear link between the UAE’s commitment to sustainability and Honeywell’s global focus on its three megatrends, in this instance specifically the energy transition. This collaboration with Volts will serve to further the nation’s drive toward sustainable and renewable sources of energy and support the realization of the closing agreement at COP28, which helped lay the framework for an equitable energy transition.”

Operating in the Middle East for more than 70 years, Honeywell’s solutions blend physical products with advanced software to create value for customers while supporting long-term national development visions and economic diversification across the region. The company has a range of technologies geared towards supporting the sustainability – and wider environmental, social and governance (ESG) – objectives of customers across the region.  

Volts, a leading producer of energy storage in Abu Dhabi, is leading the project to provide affordable and clean energy for the Emirates, w supporting the UAE’s Energy Strategy 2050.

Andrey Kozhevin, Managing Partner of Volts UAE Ltd. said: “Our great strategic partnership with Honeywell, which brings years of experience in gigafactory automation worldwide, plays a key role in guaranteeing the project launches on schedule and at the highest innovation standards. This year marks the UAE’s second year of sustainable development, aligning with the president’s directives and the UAE Energy Strategy 2050. By attracting top talent and best-in-class equipment to the first gigafactory project, we are confident in building a sustainable future with a reliable product made right here in the Emirates.”

Vladimir Mlynchik, Founder of Volts UAE Ltd. said: “Honeywell is one of the world’s automation and energy transition technology leaders, with deep expertise across critical economic sectors, including the provision of energy. We are proud to be partnering with Honeywell on our gigafactory project, and are convinced that our joint efforts will accelerate the region’s efforts to lead a long-term, sustainable energy transition.”

This strategic partnership reflects the commitment by both organizations to develop innovative technologies and sustainable energy solutions, contributing to the further advancement of the energy sector and environmental sustainability.

eToro and Arabesque AI launch Sharia-compliant portfolio powered by AI

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Shams
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eToro and Arabesque AI launch Sharia-compliant portfolio powered by AI

Over the past ten years, Sharia-compliant stocks in the S&P 500 have performed better than the index overall.

eToro, the trading and investing platform, has partnered with Arabesque AI, an investment advisory and technology company, to launch a new Sharia-compliant portfolio for users in the Middle East. Named ShariaAI-Growth, the portfolio leverages Arabesque’s AI technology and bank of environmental, social, and governance (ESG) data to identify high-growth US stocks that comply with Sharia principles.

“Since our launch in the UAE six months ago, our goal has been to tailor our services to meet the evolving needs of our users in the region,” explained George Naddaf, GCC & MENA Regional Manager at eToro. “Our recent survey of retail investors in the UAE found that 84% consider ESG factors before investing, with 35% emphasising the importance of their investments being Sharia-compliant.1 We are thrilled to announce our collaboration with Arabesque AI to offer a portfolio that leverages advanced AI technology and ESG data.”

Sharia-compliant investment products have provided competitive returns over the long term. The S&P 500 Shariah Index returned 14.25% per year for the 10-year period to the end of March 2024, compared to 12.96% per year for the regular S&P 500 Index.2

Omar Selim, Group CEO of Arabesque said: “We are delighted to partner with eToro to deliver faith-based investment products at scale, powered by Portfolio Dragon and ESGBOOK.”

The ShariaAI-Growth portfolio comprises up to 40 US equities. The selection process is as follows:

  • Step 1: From the pool of US stocks available on the eToro platform, only those with a market cap of over US$1 billion and an average daily trading volume of over US$10 million are eligible.
  • Step 2: The eligible stocks then have to pass a business activities screen and financial ratio screens to guarantee their compliance with Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Sharia principles.
  • Step 3: The compliant stocks are evaluated with Arabesque’s AI technology to select those with the highest expected returns, strong earnings growth over the previous 12 months and high ESG scores to be included in the final portfolio.

The portfolio is rebalanced quarterly taking into account expected returns, as well as risk and transaction costs. The Sharia screening process is based on the AAOIFI Shari’ah Standard No. (21).

Initial investment starts from US$500 and investors can access tools and charts to track the portfolio’s performance, while eToro’s social feed will keep them up-to-date on developments in the sector.

Outer Edge Riyadh Wraps Up Web3 Forum Connecting Tech Enthusiasts from All Over the World in the Kingdom of Saudi Arabia

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Shams
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Outer Edge Riyadh Wraps Up Web3 Forum Connecting Tech Enthusiasts from All Over the World in the Kingdom of Saudi Arabia

Over 700 attendees from all over the world attended the edutainment forum co-hosted by Edge of Co., Animoca Brands, KACST, and other prominent Saudi business entities.

As the Kingdom of Saudi Arabia emerges as a global hub for innovation without limits, Outer Edge, founded by the Edge of Company, made its first regional appearance in the Kingdom of Saudi Arabia on April 23. The monumental event took place at The Garage, an incubator and accelerator for regional and global tech-centric start-ups, disruptors, and SMEs. As Saudi Arabia emerges as a catalyst for innovation, initiatives like Outer Edge – Riyadh, in partnership with Animoca Brands and KACST King Abdulaziz City for Science and Technology, play a pivotal role in ushering in the future of technology in the region and beyond. The “edutainment” forum welcomed over 700 guests from all around the world. It was a day filled with thought-provoking panel discussions, fireside chats, and priceless networking opportunities.

The opening keynote speech, given by his H.R.H Prince Faisal bin Bandar Bin Sultan, Chairman of the Saudi Esports Federation, was an accolade to gamers, creatives, and tech enthusiasts everywhere. H.R.H spoke to the transformation that gaming has undergone in the last couple of years, stating, “We recognize gaming not just as entertainment but as a powerful platform for social cohesion, innovation, and empowerment. Through strategic initiatives and investments, we are laying the foundation for Saudi Arabia to become a global hub for gaming and esports. Let us not underestimate the transformative power of gaming to affect positive change. Let us harness its potential to inspire creativity, foster collaboration, and build bridges across borders.”

Dr. Maryam Noah, Vice President of King Abdulaziz City for Science and Technology’s Future Economics Sector, has confirmed that “KACST in its capacity as a national laboratory, plays a crucial role in accelerating technical development and fostering interest in modern technologies. It spearheaded the establishment of an institute for immersive games and technologies and has forged numerous local and international strategic partnerships to localize these technologies, which have a significant impact on the national economy.”

Panel discussions focused on the implications of decentralized Web3 and AI technology on economic systems and society. With the goal of raising awareness and recognizing human potential, discussions revolved around the future of smart cities, esports and gaming, spatial computing and extended reality, financial services and their future impact in the region. In addition, topics touched upon the creative shifts within culture in terms of art, collectibles and entertainment. The summit was adorned by unique artworks by Saudi emerging artists curated by Nuqtah, Saudi’s first NFT marketplace, and ended with an energetic musical performance by Saudi emerging artists, brother duo DISH DASH, one of the most successful DJs in the country. 

Joshua Kriger, co-founder of Edge of Company and Outer Edge, and co-host of Edge of NFT podcast said in the opening ceremony, “The soul of innovation lives within the DNA of the population of the Kingdom and those of you in the room. This is not a conference, this is not a summit, this is a forum. A forum is a gathering where ideas and views are exchanged”. 

Minh Do, COO of Animoca Brands added, “It is clear to me that the Kingdom of Saudi Arabia is at this point, without a doubt, among the most ambitious countries in the world, and I really look forward to working with our local partners to further Web3 and human development in the region.” 

Animoca Brands has already made significant progress in driving Web3 initiatives with strategic regional partners, in line with the Saudi Vision 2030 plan. These initiatives fit perfectly with the purpose of Outer Edge – Riyadh. Future plans of this vision include, but are not limited to, the development of a physical Web3 hub in Ryadh to amplify research and development in the fields of esports, gaming, blockchain, Web3 and AI. 

One of the key speakers at the forum was Co-Founder and Executive Chairman of Animoca Brands, Yat Siu. A veteran technology entrepreneur and investor, Yat Siu commented about the vibrant economic landscape of Saudi Arabia, made up mostly of digitally native youth, many of which are avid gamers and have a strong appreciation for digital culture. Outer Edge – Riyadh, being one of the first gatherings in the Kingdom to showcase the promise of Web3 and the opportunities that exist within, provides a glimpse into decentralization, blockchain and digital economies. 

Some of the forum’s notable guests included representatives from the Saudi Ministry of Culture and Ministry of Communications and Information Technology.   In addition, showcased speakers included Paul Pacifico, CEO of The Saudi Music Commission, Malak Alqhtani, CEO and Founder for Valar Club, the first licensed women’s club from the federation’s electronic sports, Michael Figge, Chief Creative Officer of Yuga Labs, Krista Kim, Artist & CEO of Krista Kim Studio and 0Studio.ai, Pierina Merino, Founder and CEO of Flickplay, Yat Siu, Co-Founder and Executive Chairman of Animoca Brands, Calvin Zhou, Co-Founder of Shrapnel, Salwa Radwi, Founder of Nuqtah, Erick Pulier, Vatom Founder and CEO, Amanda Cassat, Founder and CEO of Serotonin, Yasser N Al Obaidan, Chairman of Jawraa, Sebastien Borget, Co-Founder and COO of The Sandbox, and the list goes on. The full list of speakers can be found here. 

Global key partners taking part in the conference included myco, a Web3 video streaming, funding, production and distribution platform, READYgg, operating the world’s leading blockchain gaming ecosystem, and Orbit Startups, a Global VC firm focused on breakthrough tech startups from emerging markets. Regional partners include Takadao, offering Shariah-Compliant community-owned savings and community-owned life insurance solutions, Tharawat Technology, a Riyadh-based computer security service company, Nuqtah, a Saudi based NFT marketplace and start-up with a growing presence in the MENA digital creative economy space. Additional partners and sponsors also included WNDR, a platform that transforms any device into a portal to an exceptional console, Motorverse, bringing the experience of vehicle ownership to the digital age, and Flickplay, the destination to unlock your favorite digital characters. The latest additions to this illustrious list of partners included Hadera, offering performance, security and compliance for tokenized economies, GOQii, cutting-edge tech and expertise in fitness and wellness, Detecon, a leader in tech consultancy, ApeChain, driving web3 culture and innovation; Slingshot Dao, the epitome of community-governed innovation, droppTV, a pioneer in Web3 solutions, and global accelerator VC for Web3 startups Foundership. A full list of partners can be found here. 

Check out full clips, images and highlights from the event here. 

HC expects the CBE to maintain the overnight deposit and lending rates

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Shams
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HC expects the CBE to maintain the overnight deposit and lending rates

Based on Egypt’s macro economy developments, HC Securities & Investment expects the CBE is to most likely keep the policy rates unchanged in its upcoming meeting scheduled May 23rd, 2024

Financials analyst and economist at HC, Heba Monir commented: “ We expect the MPC to maintain the overnight deposit and lending rates at its upcoming meeting given (1) the y-o-y deceleration in headline inflation for two consecutive months, despite m-o-m increases, (2) improved FX liquidity post the Ras El Hekma investment deal after receiving around USD25bn from the UAE and the IMF, which helped increasing net international reserves (NIR) by c19% y-o-y and c1.7% m-o-m to USD41.1bn in April and narrowing the net foreign liabilities (NFL) of the banking sector significantly by c81% m-o-m and c83% y-o-y to USD4.18bn in March, (3) the improvement in Egypt’s one-year CDS to 287 bps from 857 bps on 1 January, and (4) the recent improvement in Egypt’s credit outlook by Moody’s to Positive from Negative and to Positive from Stable by Fitch and S&P.

Egypt’s latest 12M T-bill rates retreated to 25.98%, implying an estimated negative real yield of c6.8%, down from its peak of 32.30% in mid-March. The decline in T-bills rates reflects a rebound in foreign holdings in treasuries by around USD11-12bn until 8 April (according to banking sector sources), following the CBE’s decision to allow market supply and demand forces to determine the FX rate, the Ras El Hekma investment deal, and resumed IMF program.

It is worth mentioning that, the Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) hiked the benchmark overnight deposit and lending rates by 600 bps on 6 March in a special meeting to 27.25% and 28.25%, respectively, bringing total rate hikes to 1,900 bps since it started its tightening policy, including 300 bps in 2022, 800 bps in 2023 and 800 bps in 2024. Egypt’s annual headline inflation decelerated to 32.5% in April from 33.3% y-o-y in March, according to the Central Agency for Public Mobilization and Statistics (CAPMAS) data. Monthly prices rose 1.1% m-o-m in April, compared to an increase of 1.0% m-o-m in the previous month. On the global front, the US Federal Reserve maintained interest rates at its current range of 5.25-5.50% after it hiked rates by 100 bps in 2023 and 425 bps in 2022, with a total of 525 bps since it started its tightening policy. Based on Egypt’s current economic situation, we present below our expectations for the possible outcome of the 23 May MPC meeting.”

Merit, Secures $12M, Surpassing $5M Goal in Oversubscribed Pre-Series B Financing

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Shams
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Merit, Secures $12M, Surpassing $5M Goal in Oversubscribed Pre-Series B Financing

In a noteworthy development, Merit, which focuses on customer and engagement technology, has reported oversubscription in its latest funding round, drawing $12 million against a goal of $5 million in its pre-Series B effort led by Alistithmar Capital i-Cap and followed by existing Series A investors, Tech Invest Com and Hambro Perks Oryx Fund.

This achievement builds upon earlier Series A investment of $5 million in 2021 with Tech Invest Com, Impact46, Arzan VC, Hambro Perks Oryx Fund, and several renowned regional angel investors and reflects the hard work and dedication of the Merit team and board members. Today, as disclosed, the company gears up to roll out its refined innovations, leveraging insights gained from the surge of its customer interactions experienced in 2023. Merit’ shared excitement around the opportunity to continue its mission of enhancing customer engagement through the continuance development of cutting-edge technology.

In 2023, Merit experienced notable growth, with a Cumulative Growth Rate exceeding 60% and a substantial increase in its user base by 80%, launching more than 100 instances across 20 additional countries.

In its commitment to delivering value to its international user base and community partners globally – with a global operation across over 160 countries and collaborating with upwards of 6,000 brands, Merit is currently inviting competitive bids. Particularly in Saudi Arabia, the company has had a substantial influence, distributing in excess of a million rewards and gifts in 2023 alone. Looking to the future, Merit is set on increasing these efforts and aspires to enhance this tally threefold come 2024.

CEO Julie Barbier-Leblan shares her positive outlook, saying, “We are feeling optimistic about our progress on both international and regional fronts. As we look ahead, we have exciting objectives on the horizon for the coming years. Our increased involvement in Saudi Arabia’s tech innovation ecosystem is something we are particularly pleased about. Looking forward, we anticipate a busy year ahead as we prepare to launch strategic projects. We recognize the immense market opportunity that awaits us, and we’re confident that our proprietary engagement solutions will meet the needs of our users.”

Regarding the successful funding round, Julie emphasized Merit’s delight in surpassing its funding targets and praised Alistithmar Capital i-Cap’s reputation as an esteemed investment management company, recognized by World Finance as the best investment management company in the Kingdom of Saudi Arabia 2023. Alisthithmar Capital i-Cap is the esteemed investment arm of The Saudi Investment Bank.

She emphasized the pivotal role of The Saudi Investment Bank (SAIB), a prominent financial institution known for its history of driving growth and achieving success. Notably, SAIB’s ownership of American Express Saudi Arabia serves as a testament to their ability to spearhead significant advancements in the financial sector, further propelling Merit’s journey of growth and development. SAIB funding into Merit is the first investment of the newly launched SAIB Venture Studio, which has been set up to launch new initiatives for customers in technology and financial technologies, leveraging SAIB’s capabilities. 

CEO at the Saudi Investment Bank Faisal Al-Omran, elaborates on the SAIB Venture Studio, ” This strategic collaboration with Merit aims to launch innovative digital solutions to the market. It comes as an outcome of the untiring efforts by SAIB Venture Studio, to invest in innovative technologies and fintech companies, and launch a stream of initiatives in fintech and loyalty programs.

SAIB Venture Studio is an innovative platform and a digital factory for developing ideas provided by SAIB. It has achieved many targets since its inception and is endeavouring for more and more.

We boast our loyalty history as one of the first banks in the Kingdom to launch a digital loyalty program. Our good track record with innovation partners, technology, and good synergies with many fintech partners – such as this strategic partnership with Merit – definitely contributes to boosting our leadership”.

Merit and The Saudi Investment Bank have recently celebrated the investment and strategic partnership with a signing ceremony held at Four Seasons Riyadh.

Saudi Manpower Solutions Soars on Strong Demand, Prices Shares at Offering Maximum

By
Shams
-
SAUDI MANPOWER SOLUTIONS COMPANY FINAL OFFER PRICE SET AT UPPER END OF RANGE AS STRONG INVESTOR INTEREST DRIVES OVERSUBSCRIPTION

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 institutional bookbuilding process and the determination of the final offer price (the “Final Offer Price”) for its initial public offering (the “IPO” or “Offering”) on the Main Market of the Saudi Exchange. 

Following a highly successful bookbuilding process, the Final Offer Price has been set at SAR 7.5 per share, with a market capitalization of SAR 3 billion (USD 800 million) at listing. The price range for the Offering was set at SAR 7 to SAR 7.5. 

The institutional bookbuilding process generated an order book of around SAR 115 billion (USD 31 billion) and was 128x oversubscribed, indicating strong investor demand.  

FINAL OFFER PRICE OVERSUBCRIPTION PROCEEDS AND MARKET CAP
The Final Offer Price has been set at SAR 7.5 per share, at the top of the previously announced price range of the IPO of SAR 7 to SAR 7.5  The institutional book-building process generated an order book of SAR 115 billion and resulted in a subscription coverage of approximately 128x. The Offering raised gross proceeds of approximately SAR 900 million, implying a market capitalization for the Company of SAR 3 billion at listing.

The retail subscription period will take place from Sunday, 18/11/1445H (corresponding to 26/05/2024G) to Monday at 5:00 PM KSA time, 19/11/1445H (corresponding to 27/05/2024G). Individual investors will subscribe at the Final Offer Price. 

Abdullah Rakan Altimyat, Chief Executive Officer of SMASCO commented: “We are delighted to have secured strong institutional investor support for our IPO and to announce the final offer price following an exceptionally robust bookbuilding process. This support reflects the strong confidence investors have in our strategic direction, operational excellence and our role as a leader in the manpower solutions sector in the Kingdom and has resulted in an order book 128x oversubscribed. Our success in building a leading market share driven by constant innovation to take advantage of the expanding market in which we operate positions us  for further future growth and as the preferred choice for both corporate and individual manpower solutions across the Kingdom.“

CONFIRMATION OF OFFER DETAILS

  • The Final Offer Price for the Offering has been set at SAR 7.5 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 will consist 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. The Financial Advisor may, in coordination with the Company, reduce the number of Offer Shares allocated to Participating Parties to 108,000,000 Offer Shares, representing 90% of total Offer Shares to accommodate individual subscriber demand. The final number of Offer Shares allocated to the Participating Parties will be clawed-back accordingly based on subscriptions from individual investors.
  • 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.
  • A maximum of 12,000,000 Offer Shares, representing 10% of the total Offer Shares, will be allocated to individual subscribers.
  • 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. 

OFFERING TIMETABLE

IPO Milestone Date
Retail Offering Commencement  Sunday, 18/11/1445H (corresponding to 26/05/2024G) 
Retail Offering Closing Monday at 5:00 PM KSA time, 19/11/1445H (corresponding to 27/05/2024G)
Deadline for Payment of the Subscription Amount by Participating Entities Based on their Provisionally Allocated Offer Shares On Thursday 15/11/1445H (corresponding to 23/05/2024G)
Announcement of the Final Allocation of the Offer Shares On or before Monday 26/11/1445H (corresponding to 03/06/2024G)
Refund of Excess Subscription Monies

(if any)

 On or before Monday 04/12/1445H (corresponding to 10/06/2024G)
Expected Commencement Date for Trading the 

Shares 

 Trading of the Company’s shares on the Saudi Exchange is expected to start after the completion of all of the relevant legal requirements and procedures. The trading commencement date of the shares will be announced in local newspapers and Saudi Exchange’s website (www.saudiexchange.sa).

 

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

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