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ADNOC Drilling Receives Shareholder Approval for $358 Million Final 2023 Dividend and Reconfirms its AI-Enabled Accelerated Growth Commitments at Annual General Assembly Meeting

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Sahfy Sahfy
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Executive Photo provided by the company sent to the statement.
Executive Photo provided by the company sent to the statement.

Increased final dividend amounts to $358 million (8.22 fils/share) and brings total 2023 dividend to $717 million (16.45 fils/share) representing a 5% year-on-year increase versus 2022.

Company reaffirms its commitment to deliver highly attractive shareholder returns and progressive dividend policy.

Company sets out robust growth strategy for 2024, embracing AI, digitization, and advanced technologies as it capitalizes on considerable growth opportunities.

Abu Dhabi, UAE – March 14, 2024: ADNOC Drilling Company PJSC (“ADNOC Drilling” or the “Company”) (ADX symbol: ADNOCDRILL / ISIN: AEA007301012) confirms shareholder approval of all agenda items at its Annual General Assembly Meeting, including distribution of its highly attractive final cash dividend for the year ending December 31, 2023.

 

Commenting on the announcement, Abdulrahman Abdulla Al Seiari, Chief Executive Officer of ADNOC Drilling, said: “In 2023 we made excellent progress towards our strategic priorities, while supporting our customers to achieve theirs. Our industry leading HSE performance supported the delivery of record results in 2023. The company’s performance is testament to the hard work and dedication of our diverse and highly skilled people, and I thank them for their continued committment.

 

“2024 will be a landmark year for ADNOC Drilling. Our core integrated drilling services business is complemented by the establishment of Enersol, our strategic partnership with Alpha Dhabi, that will support the adoption of AI, digitization and advanced technology solutions to drive growth, value and efficiency. The year will also see us extend our presence further into the region, building on our entry to the Jordan market last year. We have always been ambitious at ADNOC Drilling and 2024 will be the year when we will realise those ambitions.”

 

Final Dividend 2023

 

The final shareholder-approved dividend for 2023 amounts to $358 million (8.22 fils per share). This brings total dividend for the year to $717 million (16.45 fils per share), representing a 5% year-on-year increase versus 2022. The dividend will be paid on or around April 3, 2024 to all shareholders of record as at March 21, 2024.

 

ADNOC Drilling reiterates its commitment to a dividend policy that is progressive, reflecting robust underlying cash flow, with an annual distribution that is expected to grow by at least 5% per annum on a dividend per share basis over the next three years (2024-2026).

 

Enersol Driving AI and Advanced-Technology Solutions

 

During 2023, the Company established an innovative strategic partnership with Alpha Dhabi Holding PJSC (Alpha Dhabi). The joint venture (JV), which is known as Enersol, is targeting value-accretive, technology-enabled oilfield and energy service businesses globally that will drive future growth through the adoption of artificial intelligence (AI) and digitization across the OFS and energy value chain. The JV, of which the Company owns 51%, underpins ADNOC Drilling’s investment and expansion strategy by co-investing up to $1.5 billion.

 

Enersol is empowered to invest in, multiple businesses and foster a scalable ecosystem that will enhance market value and optimize operational efficiencies.  A major driver of individual investment decisions will be ability to support wider energy transition ambitions, the UAE’s net zero agenda and economic diversification.

 

Ongoing Fleet Expansion

 

In 2024 the Company will grow its integrated drilling fleet even further, with total rig count expected to reach 142. Each new advanced specification rig joining the fleet will use leading AI technologies to improve operational efficiency and boost revenues. The oilfield services (‘’OFS’’) segment is expected to experience continued, significant growth as the Company brings operational efficiency, through the deployment of advanced technologies, to its customers and extracts more value from every well delivered.

 

Growth Beyond the Borders

 

In 2023, ADNOC Drilling advanced its international growth strategy by mobilizing its first ever rig outside of the UAE. The Company signed its first international contract to deliver an integrated drilling services campaign for the Kingdom of Jordan’s Ministry of Energy and Mineral Resources. The company will be tendering for further contracts in Jordan.

 

Along with its activities in Jordan, ADNOC Drilling is now targetting other opportunities in the GCC region.

 

Unconventional Resources Opportunity

 

Abu Dhabi holds an estimated 22 billion barrels of recoverable unconventional oil resources, along with 160 trillion standard cubic feet of recoverable unconventional gas resources. This opportunity presents an outstanding transformational opportunity for ADNOC Drilling and the Company will be targeting this sector as a key segment for future growth.

 

Full Year 2024 and Medium-Term Guidance

 

On the back of strong 2023 results, ADNOC Drilling announced full year 2024 and medium-term guidance, reaffirming growth. The Company continues to expect its owned rig count to total 142, including the four new lease-to-own land rigs, by the end of 2024.

 

The Company expects total revenue between $3.60 to $3.80 billion, EBITDA of $1.70 – $1.90 billion, with a margin range of 48% – 50% and Net Profit of $1.05 – $1.25 billion, with a margin range of 30% – 33%. Moreover, ADNOC Drilling expects CapEx to be between $0.75 – $0.95 billion, while maintaining a leverage ratio “Net debt/EBITDA” below 2x in 2024, excluding material M&A.

 

ADNOC Drilling’s medium-term guidance is as follows:

 

  • Revenue CAGR in the 12% – 16% range from 2023 base.
  • EBITDA Margins around 50% with drilling margins exceeding 50% and OFS Margin in a range of 22% – 26% medium term.
  • Conservative long-term leverage target of up to 2.0x net debt / EBITDA, excluding material M&A.
  • Net working capital as percentage of revenue target of around 12%.
  • Maintenance CapEx post-2024 of $200 – $250 million per annum.

 

ENDS

 

About ADNOC Drilling 

ADNOC Drilling, listed on the Abu Dhabi Securities Exchange (ADX symbol “ADNOCDRILL”; ISIN AEA007301012), is the largest drilling and integrated drilling services (IDS) company in the Middle East by fleet size, owning and operating one of the largest multi-discipline drilling fleets in the world. The Company is a critical link in ADNOC’s upstream business, as ADNOC responsibly accelerates its production capacity targets in light of globally increasing demand for energy and enables gas self-sufficiency for the UAE. ADNOC Drilling incorporated IDS into its portfolio in 2018 and now offers a total solution of start-to-finish wells and associated services that encompass the entire drilling value chain. To find out more, visit: www.adnocdrilling.ae

For media inquiries please contact: 

Iain Cracknell

Vice President, Corporate Communications

+971 2 698 3614

 

For investor inquiries please contact:

Massimiliano Cominelli

Vice President, Investor Relations

+971 2 698 3383

 

 

 

 

European Bank Launches Plan to Transform 6th of October City to Green City

By
Sahfy Sahfy
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Within the framework of implementing the Green Cities program in Egypt
Within the framework of implementing the Green Cities program in Egypt

March 12 2024

Within the framework of implementing the Green Cities program in Egypt

The European Bank for Reconstruction and Development launches a plan to transform “6th of October City” into a green city

– Dr. Rania Al-Mashat, Minister of International Cooperation: The Green Cities Program is consistent with the national strategy for climate change and the state’s efforts to transform into a comprehensive and sustainable economy.

– Dr. Heike Harmgart, EBRD’s Managing Director for the Southern and Eastern Mediterranean (SEMED) region: The Green Cities Program in Egypt is the result of close cooperation with the Ministry of International Cooperation and development partners in Egypt.

In order to enhance efforts to transition to a green and sustainable economy in Egypt and implement the Green Cities Programme, which comes within the framework of cooperation between the government and the European Bank for Reconstruction and Development (EBRD), the bank, in cooperation with the government, launched the plan to transform 6th of October City into a green city. The plan is scheduled to be implemented by the relevant government agencies and the 6th of October City Authority in cooperation with the EBRD.

This comes within the framework of the close relations between the Arab Republic of Egypt and the EBRD, one of the largest European multilateral development banks, and in implementation of the joint strategy with the Bank for the period 2022-2026, which is based on three main pillars, including accelerating the pace of green transformation in Egypt, as well as the national priorities for the transition to green, comprehensive and sustainable growth, and the country’s keenness to implement the green and sustainable cities program implemented by the EBRD.

In her comment, Dr. Rania Al-Mashat, Minister of International Cooperation and Governor of Egypt at the EBRD, said that cooperation with the Bank in implementing the Green Cities Program reflects the close cooperation between the two sides, and also strengthens the international partnerships of the Arab Republic of Egypt in the field of transition to a green economy and implementation of the National Climate Change Strategy 2050 and Nationally Determined Contributions (NDCs), as well as the implementation of sustainable development goals, pointing out that the plan includes many pioneering projects in many areas that will be worked on by mobilizing investments and funds regarding their implementation.

The Minister pointed to the approach taken by Egypt to transform into sustainable and green cities, and her readiness to host Egypt for the World Urban Forum in its session next November 12, which is the second largest international conference after the COP27, to enhance the global and local trend towards green transformation and enhance urban development efforts. H.E. explained that through international partnerships, the first dry port project in Egypt in 6th of October City was financed, with funding from the EBRD and in partnership between the government and private sectors, and it is considered one of the green projects in the city.

For her part, Dr. Heike Harmgart, EBRD’s Managing Director for the Southern and Eastern Mediterranean (SEMED) region said, “We are proud that 6th of October City as it is the first in Egypt to launch, complete and adopt the Green Cities Action Plan; we look forward to Alexandria and Cairo working to take the same steps.” The achievement is the result of great cooperation with the Ministry of International Cooperation, which provides full support for the Green Cities Program implemented by the European Bank, as well as the Ministry of Housing, Utilities and Urban Communities through its strategic contributions, and the Urban Communities Authority for their supervision and guidance. I also thank the 6th of October City Authority for their efforts to reach a plan.

Through the action plan, 6th of October City works to address environmental issues and challenges related to infrastructure and support the transition to a green, low-carbon future, capable of resilience and response to crises. It serves as a strategic roadmap designed to achieve the city’s vision through the implementation of “core pivotal projects.”

The Green City Action Plan (GCAP) identifies 14 key projects across key sectors; supported by 17 long-term initiatives, with the aim of transforming 6th of October City into a leading Egyptian city that supports sustainability, green investment, digital transformation, and inclusive growth.

The program provides a strong platform for international financial institutions to support sustainable projects. A prominent example of this is the financing available from the EBRD worth €25 million to establish Egypt’s first dry port in the city, which represents one of the important milestones for the city in this framework of the Green Cities Programme, and serves as a catalytic project for the Green City Action Plan.

It is worth noting that the agreement for 6th of October City to join the Green Cities initiative was signed during the visit of the Bank’s President, Ms. Odile Renaud Basso, to Egypt in 2021, and was witnessed by Dr. Rania Al-Mashat, Minister of International Cooperation.

The Minister participated in a discussion session within the EBRD annual meetings, which was held in the city of Samarkand, Uzbekistan, last year, on the “Green Cities Initiative: Resilient Solutions for Future Cities.” In her intervention, she highlighted cooperation with the Bank in implementing the program. The session also witnessed the presentation of a promotional video produced by the EBRD on the implementation of the Green Cities Program in Egypt.

The EBRD launched the Green Cities Program in late 2016, to support cities to transition to a green, low-carbon and more resilient future. It achieves this by helping cities identify their most urgent environmental priorities, and addressing them through targeted investments, procedures, and public policies. So far, the program includes 50 cities worldwide, including three cities in Egypt: Cairo, Alexandria, and 6th of October.

80 projects are being implemented within the program around the world, saving 4.57 million tons of carbon dioxide emissions, and about €5 billion have been mobilized from bilateral and multilateral development partners for the project, including the Green Climate Fund, the European Union, the European Bank Technical Support Fund, and South Korea and Japan.

Boston Consulting Group (BCG) Celebrates Successful Partnership at the Quantum Innovation Summit 2024

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Sahfy Sahfy
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Boston Consulting Group (BCG) Celebrates Successful Partnership at the Quantum Innovation Summit 2024
Boston Consulting Group (BCG) Celebrates Successful Partnership at the Quantum Innovation Summit 2024

The Quantum Innovation Summit 2024 recently concluded, and it proudly recognized the Boston Consulting Group (BCG) as its knowledge partner. As a strategic consulting leader, BCG shared invaluable insights into the quantum technology sector and investment trends and highlighted the Gulf Cooperation Council (GCC)’s initiatives in advancing this groundbreaking technology. BCG’s participation underscored its dedication to fostering innovation, collaboration, and diversity within the global quantum technology community.

Anticipating the Quantum Leap

Despite experiencing a 50% decrease in global venture capital funding from roughly $2 billion in 2022 to about $1 billion in 2023, the quantum technology sector remains cautiously optimistic. This is due to a projected increase in governmental investments, with over 20 governments worldwide having developed formal policies to advance quantum technology, committing over $40 billion for the upcoming decade. Notably, the UAE and KSA have emerged with promising initiatives in the quantum market, indicating strong progress in the field. The region is trying to establish a quantum-ready infrastructure, demonstrating its commitment to adopting quantum technology and a significant presence in this advancing field.

Quantum Innovation Meets Economic Evolution: Panel Discussion Highlight

The summit at The H Hotel – Al Massa Ballroom in Dubai featured insightful discussions, including a standout panel on “Quantum Innovation Meets Economic Evolution.” This discussion explored the transformative potential of quantum technologies on economic frameworks, deep tech ecosystems, and business models. Panellists deliberated on strategies for fostering innovation, sustainable growth, and policy formulation in a quantum-enhanced future.

“The rapid advancement of quantum computing on a global scale is set to revolutionize the traditional approaches to scientific and industrial development.” Faisal Hamady, Managing Director and Partner at Boston Consulting Group said, “This evolution promises a fundamentally different digital transformation across societies, organizations, and financial markets. Our goal is to delve deeper into the impact of quantum technology and identify the sectors that are ready for change. We emphasize the importance of collaborative efforts between research, industry, and policy to drive quantum innovation forward. The Quantum Innovation Summit 2024 is a crucial forum for discussing how to implement these technologies for global progress effectively. This interest extends beyond commercial research and development and includes universities, scientific communities, research labs, and notably, nation-states, all keenly focused on the practical applications of quantum technologies.”

Celebrating an Unprecedented Gathering

The Quantum Innovation Summit 2024, spurred by BCG’s strategic vision, brought together industry leaders, academics, and technology enthusiasts. This congregation aimed to drive conversations on quantum innovation’s future, contributing to industry and societal progress.

As the event wrapped up, participants reflected on the rich discussions and insights shared. BCG’s role as the Knowledge Partner provided a solid foundation for exploring the vast potential of quantum technology. The summit’s success paves the way for ongoing dialogue and cooperation in quantum innovations’ role for global advancement.

Asharq News unveils a groundbreaking advancement integrating AI anchors into its on-air programming

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Sahfy Sahfy
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Asharq News unveils a groundbreaking advancement integrating AI anchors into its on-air programming
Asharq News unveils a groundbreaking advancement integrating AI anchors into its on-air programming

Asharq News, the multi-platform Arabic news service provider, unveiled a revolutionary solution, integrating AI anchors speaking in multiple languages on air.

During the evening show ‘Colours of the East’, Asharq News introduced its inaugural AI generated look-alike of the programme anchor, ‘Hadil Eleyan,’ who presented the technology segment fluently in multiple languages, including Russian, Spanish and Mandarin, leaving audiences fascinated. Eleyan herself astutely observed her AI copy, admiring its precision and qualities, whereas the segment on social media reached over million views.

Nabeel Alkhatib, General Manager of Asharq News, emphasised the strategic significance of integrating AI into the newsrooms. Alkhatib highlighted that AI Anchors serve more than just novelties; they are instrumental in enhancing efficiency and creativity within the editorial processes.

Steven Cheak, Director of Creative Services at Asharq News, commented: “AI is meant to augment human productivity rather than replace it, the symbiotic relationship between artificial intelligence and human ingenuity is a cornerstone of Asharq News’ commitment to Innovation.”

Asharq News remains steadfast in its core priority of delivering a seamless and impactful experience for Arabic-speaking audiences. Leveraging cutting-edge technology and digital transformation initiatives, the network boasts a unique digital infrastructure in the region. This infrastructure encompasses state-of-the-art studio equipment, advanced broadcast technology, robust asset management systems, and high-speed internet connectivity.

Furthermore, Asharq News is equipped with the latest graphics, augmented reality, and virtual reality systems, enhancing visual storytelling capabilities. The motion-tracking system employed by the network ensures fluidity in displaying visual content, further solidifying its position at the forefront of media innovation.

UAE, Greece discuss economic relations within the Comprehensive Strategic Partnership framework

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Sahfy Sahfy
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UAE, Greece discuss economic relations within the Comprehensive Strategic Partnership framework
UAE, Greece discuss economic relations within the Comprehensive Strategic Partnership framework

H.E. Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and COP28 President, led a delegation to Greece as part of an official working visit, comprising government officials and private sector representatives.

During the visit, Dr. Al Jaber held bilateral meetings with Kyriakos Mitsotakis, Prime Minister of Greece; George Gerapetritis, Minister of Foreign Affairs; and Kostas Skrekas, Minister of Development.

The visit underscored the flourishing strategic ties between the two friendly countries, marked by significant progress across vital sectors. The recent progress reflects the commitment of both countries’ leadership to deepen cooperation, paving the way for further strategic collaborations.

In a meeting with the Greek Prime Minister, Dr. Al Jaber conveyed the UAE leadership’s greetings and keenness to further bolster strategic relations, particularly in mutually beneficial sectors. He emphasised fostering sustainable investments and economic cooperation.

In turn, the Greek Prime Minister lauded the UAE’s successful hosting of COP28, praising the groundbreaking outcome, the “UAE Consensus” that delivered an unprecedented and historic agreement with all participating nations, setting ambitious goals to support climate action efforts to achieve a logical, practical, and just transition in the energy sector. The Greek side also commended the achievements of COP28 under the Action Agenda, including the launch of 11 pledges and declarations and mobilising over $85 billion to finance global climate action.

The two sides discussed means of fostering cooperation within the UAE-Greece Comprehensive Strategic Partnership, which was signed during the visit of the Greek Prime Minister to the UAE in November 2020. This partnership encompasses various areas of cooperation such as political cooperation, international humanitarian development, trade, investment, tourism, culture, energy, digital services, artificial intelligence, food, agriculture, defence, infrastructure, and logistics.

They also reviewed the latest developments of the €4 billion (US$4.2 billion) joint investment fund launched in May 2022, in the presence of His Highness Sheikh Mohamed bin Zayed Al Nahyan, the UAE President, and the Greek Prime Minister. Since its establishment, the fund has played a strategic role in supporting key sectors of the Greek economy and facilitating relevant investment activities.

The fund’s joint steering committee held a meeting during the visit to discuss promising investment opportunities, aiming to foster sustainable and long-term partnerships beneficial to both countries.

The two sides reiterated the significance of enhancing cooperation in digital, governmental services, and artificial intelligence fields, exploring available opportunities to support effective collaboration between governmental and private institutions in both countries.

In February 2023, the UAE Ministry of Investment and the Greek Ministry of Digital Governance signed a Memorandum of Understanding to create a framework for investments in digital infrastructure with a focus on data centre projects in Greece to explore opportunities for cooperation in targeted economic sectors.

The two sides also witnessed the signing of an MoU between Mubadala Investment Company and the Hellenic Development Bank of Investments to expand their existing partnership with a €200 million investment. This complements the €400 million partnership established in 2018, contributing to enhanced cooperation in emerging and private investments in Greek funds focusing on high-growth sectors.

An agreement was also inked to implement projects under the “GR-Eco Islands” initiative between Masdar and the Greek Ministry of Environment and Energy, aiming to accelerate the transition of these islands into green economic models powered by clean energy and digital innovation.

As part of “GR-Eco Islands” Initiative, Masdar will develop infrastructure projects in some islands, transfer its expertise and best practices in energy efficiency, and support Greece’s efforts to achieve the initiative’s objectives, including increasing the use of renewable energy in transportation, agriculture, tourism, and infrastructure sectors, creating an eco-friendly model, and sustainable management of water and waste.

This preliminary cooperation agreement was signed between the two sides during COP28, consolidating Masdar’s commitment to sponsor green infrastructure projects.

Dr. Al Jaber commended Greece’s efforts in climate action and its support for the UAE’s COP28 presidency. He emphasised the importance of collaboration to achieve the goals set in the ‘UAE Consensus” through practical solutions to mitigate climate change impacts. He also commended Greece’s support for financial and technological initiatives to achieve climate resilience worldwide, activating the European role in this field and supporting the transition to a fuel-free energy system, aiming to achieve climate neutrality and mitigate the effects of climate change while protecting historical sites and buildings.

The delegation included Mohammed Abdulrahman Al Hawi, Undersecretary of the Ministry of Investment; Hamad Al Hammadi, Deputy Chief Executive Officer at ADQ; Mohamed Jameel Al Ramahi, CEO of Masdar; Khaled Al Shamlan Al Marri, Chief Executive Officer of Real Estate and Infrastructure Investments at Mubadala; and Meera Al Suwaidi, Head of Sovereign Partnerships at Mubadala Investment Company,

The non-oil trade volume between the two countries reached approximately AED1.97 billion in 2022 (exceeding COVID-19 pandemic levels by over 60%), while it grew by about 6.2% during the first nine months of 2023 compared to the same period in 2022, recording about AED1.6 billion. This growth was driven by the growth of re-export trade, which increased by about 58%.

ImpactGulf unveils G4Green platform to green supply chains

By
Shams
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ImpactGulf unveils G4Green platform to green supply chains
ImpactGulf unveils G4Green platform to green supply chains

UAE-based sustainability tech solutions provider, ImpactGulf, today announced the launch of G4Green, a green engagement platform that uses AI and blockchain technology to bring transparency to the ESG space, connect relevant stakeholders and accelerate the greening of supply chains.

G4Green enables large organizations as well as government agencies and global institutions to bring together their entire network of suppliers, partners, members or portfolio companies on the basis of ethical principles, onboard them in one go, monitor and drive their sustainability performance and implement incentive tools to accelerate their ESG journey.

The platform serves as an internal database and green navigator to help organizations map the ESG factors that are beyond their direct control, yet for which they are held accountable. With a complete view of their stakeholders’ green performance, organizations can easily engage their suppliers in green activities, enable them to set sustainability goals and upload their CSR, ESG and carbon accounting reports and accreditations, while companies new to green practices can use AI to help set their first sustainability goals. As an enterprise solution, G4Green also assists in identifying sustainable products, services, partners and suppliers, as well as initiating green procurement and building a green supply chain.

Using AI to detect false sustainability claims from large organizations and their suppliers and partners, the platform also helps companies avoid greenwashing, including through scanning their own social media posts for sustainability claim violations before posting.
Commenting on the platform, Yassin Nasri, Founder & CEO of ImpactGulf, stated: “G4Green represents a significant milestone in our ongoing commitment to driving positive environmental change and building capacities in the sustainability space. By providing organizations with the tools and resources to streamline their sustainability efforts, we aim to catalyze a broader shift towards greener business practices. Building and operating a sustainable business is not possible without engaging the entire supply chain.”

“We could not be prouder to showcase such technological advancements from the UAE to the world, especially during this second Year of Sustainability as declared by His Highness Sheikh Mohamed bin Zayed Al Nahyan,” Yassin added.

The platform provides an excellent foundation for green procurement, ESG risk assessment and sustainable stakeholder empowerment. It is built on the latest technological infrastructure, including the use of AI for data analysis and greenwashing avoidance, as well as blockchain technology for sustainability data traceability.

“Ultimately, the platform is about how key stakeholders in business and society can take their corporate community on an ESG journey, identifying the emissions hotspot within their value chain and minimizing the risk of dumping chemicals into the ocean anywhere in the world, or other unethical practices such as the employment of children by a supplier or partner. G4Green is the answer to all these key ESG risks,” concludes Yassin.

Vidunas Gedeikis, CTO at ImpactGulf, added: “Depending on individual needs, our platform is able to adapt to clients’ own ESG and partner engagement metrics, and integrate advanced technologies, including AI-driven data analytics and blockchain-enabled traceability, to ensure the integrity and reliability of sustainability initiatives. With the customization capabilities of G4Green, we are paving the way for a more transparent, interconnected approach to sustainability management.”

ImpactGulf is a signatory to the UAE Climate-Responsible Companies Pledge, a participant of the United Nations Global Compact, an officially approved member of the Greentech Alliance, and was selected by Shell Middle East and StartUpbootcamp for Shell StartUp Engine UAE 2022.

For more information, please visit G4Green.com.

TikTok, INJAZ Al Arab and INJAZ Saudi Partner to Pursue Entrepreneurship

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Sahfy Sahfy
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TikTok, INJAZ Al Arab and INJAZ Saudi Partner to Inspire 2 Million Saudi Youth To Seek Employment and Pursue Entrepreneurship
TikTok, INJAZ Al Arab and INJAZ Saudi Partner to Inspire 2 Million Saudi Youth To Seek Employment and Pursue Entrepreneurship

Through a strategic partnership, TikTok, INJAZ Al Arab and INJAZ Saudi are leveraging the content platform to raise awareness of key employability skills among Saudi youth. Together, they are set to launch groundbreaking initiatives aimed at inspiring 2 million Saudi youth with essential employability and entrepreneurial skills, in alignment with the Kingdom’s Vision 2030. These initiatives, which include a dynamic mix of in-person and virtual activities, are designed to inspire high school and university students to explore various career paths and ignite their entrepreneurial spirit. This significant collaboration was formalized at LEAP KSA on March 5, 2024.

TikTok and INJAZ-Al Arab will develop content centered around success stories, advice and guidance from the real life experiences of entrepreneurs and how to navigate the workplace successfully. Likewise, the organizations will also host face-to-face and virtual experiential learning sessions for 6,000 high school and university students across 85 educational institutes across the country on both employability and entrepreneurship skills. TikTok employees will also have an opportunity to engage with students through ‘career sessions’.

The collaboration will also aim to create at least 50 student enterprises across universities, which will then compete on a national level for the ‘Company of the Year Award’. The winning team would then advance to the regional competition, INJAZ AL Arab’s capstone event the “Youth Entrepreneurship Celebration”, which would gather students from across 13 MENA countries.

TikTok Vice President of Public Policy Emerging Markets and Global Head of Corporate Social Responsibility Helena Lersch shared, “Entrepreneurship and employment initiatives are critical to realizing Saudi Arabia’s Vision 2030, the nation’s ambitious roadmap for economic transformation. TikTok is committed to working with local leaders to support initiatives that will help realize this Vision and be a platform to inspire the next generation. Our collaboration with INJAZ Al Arab and INJAZ Saudi is an important element of our commitment to working with the local population to mobilize the economy and align with the visionary leaders of the Kingdom.”

INJAZ Al Arab CEO Akef Aqrabawi also said, “The mentorship of global and regional business leaders is critical to inspiring a culture of entrepreneurship and business innovation among Saudi youth. Partnering with TikTok helps us drive the economy of the Kingdom and the MENA region and create a lasting impact not just to the economic landscape but also the cultural attitudes towards the youth’s entrepreneurial pursuits.

Agthia Group Reports Net Revenue, Underlying Group Net Profit During 2023, Surpassing Guidance Ranges

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Shams
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Agthia Group Reports AED 4.56 Billion Net Revenue, AED 342 Million Underlying Group Net Profit During 2023, Surpassing Guidance Ranges

Agthia Group PJSC (“Agthia” or “the Group”), one of the region’s leading regional food and beverage companies, today announced its final results for the fiscal year ending 31 December 2023. Agthia delivered strong performance during 2023, outperforming guidance ranges. The group’s profitable growth across the Snacking, Water & Food, and Agri-Business segments, combined with leveraging group-wide efficiencies, resulted in both Group EBITDA and Group underlying net profit growing faster than revenue.
Group net revenue increased 12.1% year-on-year to AED 4.56 billion (8.1% growth from volume# and 4.1% from pricing), with strong performance from the Snacking, Agri-Business, and Water & Food segments mitigating the adverse impact of continued currency devaluation in Egypt and increased competitiveness in the Jordan protein market. Adjusted revenue for the impact of currency devaluation in Egypt (AED -346.4 million), Group net revenue increased +20.7% year-on-year. LFL revenue, including Abu Auf in the prior comparable period, increased 5.7% year-on-year, or 13.8% excluding FX impact.
Snacking revenue grew 38.0% year-on-year (+9.3% on a LFL basis) on strong revenue growth across the Group’s snacking portfolio. This was led by dates strong innovations across mid and high value ranges, and expansion in date varieties, and strong value growth across retail channels in the UAE and internationally (e.g., India, Indonesia, Malaysia, and Brazil).
Besides dates, revenue contribution for FY’23 from BMB and Abu Auf collectively was AED 546.4 million, with the latter seeing stronger growth in core markets, and continued volume and value gain in premium-branded coffee at Abu Auf in Egypt resulting in a 72% increase in FY’23 local currency revenue.
Water & Food revenue grew 6.0% year-on-year, reflecting significant growth in the UAE, driven by premiumization and innovation, with margins expanding on improved mix and productivity. The Group continued to retain its market leading position in the UAE bottled water segment, successfully launching value-added innovations such as Al Ain Plus (zinc fortified water), premium glass bottles, and a 100% rPET bottle (made of post-consumer recycled plastic which is infinitely recyclable). International business revenue also increased, with notable performances from Saudi Arabia, Kuwait, and Turkey.
Protein & Frozen showcased resilience despite a reported decline in AED terms, amid the challenging macro and consumer environment of 2023, which included the significant devaluation of EGP. Excluding impact of currency devaluation, revenue grew 19.3% year-on-year for the full-year period, with the segment proactively safeguarding and prioritizing its profitability and market leadership by implementing effective pricing strategies, portfolio tiering and optimizing costs.
Agri-Business revenue grew 19.9% year-on-year, with strong volume growth across Flour and Feed. This was driven by consistency in quality and product performance and excellent in-market execution in our Flour business, while strong performance in Feed reflected good open market growth, participation in Abu Dhabi Agriculture and Food Safety Authority’s (ADAFSA) compound feed program and related new product development.
EBITDA growth was ahead of revenue, up 21.2% year-on-year to AED 689.3 million (+30.5% excluding currency headwind), reflecting strong growth in Snacking, Water & Food and Agri-Business profitability, combined with a continuing focus on profit protection in Egypt and group-wide efficiency generation.
Snacking: EBITDA growth of +62.0% (+47.2% in Q4) reflected positive price and mix effects in both domestic and international date markets, strong growth in Abu Auf’s market-leading premium coffee, and a step up in profitability from BMB post cost reset in Saudi. LFL EBITDA, including Abu Auf in the prior comparable period, increased +22.4% year-on-year, with +LFL EBITDA margin expanding +237bps year-on-year.
Protein and Frozen: A combination of channel optimization, productivity enhancements and disciplined cost management resulted in EBITDA growth (excluding devaluation impact) of +11.6% year-on-year, notwithstanding the inflationary cost environment in Egypt and external challenges affecting Jordan. Reported EBITDA margin modestly declined for the full-year period year-on-year, largely driven by increased competitiveness in Jordanian market, localization drive in Saudi market and EGP currency headwind.
The completion of our new Protein facility in Jeddah in Q2 2024 will provide localized production capacity at comparatively favorable economics and establish Agthia as a local protein producer in Saudi Market.
Water & Food: A combination of positive volume growth, favorable mix toward high-margin premium products, further cost efficiencies in the UAE and Saudi, and a more benign commodity environment resulted in EBITDA growth of +21.8% year-on-year (

Task Force Calls For International Trust To Address Gaza Crisis

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Shams
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Task Force Calls For International Trust To Address Gaza Crisis

 A non-partisan task force composed of former national security officials and business executives today issued a report calling for the creation of an International Trust for Gaza Relief and Reconstruction. “The Day After: A Plan For Gaza” is based on nearly 100 expert interviews and multiple trips to the Middle East. It concludes that the creation of a legally independent Trust committed to a peaceful post-Hamas Gaza offers the most realistic path for addressing the territory’s urgent humanitarian crisis and governance vacuum. The group has been briefing the plan to senior U.S. and Middle East leaders for the past eight weeks.

Convened by business leaders Steven Price and Gary Ginsberg, the non-partisan Gaza Futures Task Force was organized under the auspices of the Jewish Institute for National Security of America and The Vandenberg Coalition. Chaired by John Hannah, task force members include Elliott Abrams, Robert Danin, Eric Edelman, Gary Ginsberg, Emily Harding, Lewis Libby, and Steven Price. Their 50-page report provides a comprehensive assessment of Hamas’s October 7 attack on Israel and places the massacre in the larger context of the Iranian threat to Middle East security. After evaluating the viability of other “day after” solutions, the report’s plan calls for nations concerned about Gazans and countering Iran’s axis of terror to fund an International Trust that would promptly begin to deliver massive humanitarian and other aid to Gaza. It also includes steps to restore a political horizon for two states and progress toward a U.S.-backed regional alliance for defeating Iran and its proxies.

Supported by the United States and other nations, the Trust would be led by a group of Arab countries such as Saudi Arabia, Egypt, and the United Arab Emirates that have the greatest legitimacy, resources, and interest in assisting Gaza, advancing Middle East peace, and countering Iran. These states would establish the Trust, fund it, and appoint members to a board that would govern the Trust’s work and be closely advised by a council of Gazans from both inside and outside Gaza committed to a peaceful future. As a private entity, the Trust would offer its donors a vehicle for significantly accelerating their engagement in Gaza without directly putting their national prestige, officials, or troops on the line in a high-risk environment.

The Trust’s first priority would be addressing the most urgent humanitarian needs of the population and helping stem Gaza’s descent into chaos as Hamas’s rule unravels. This would include ensuring the secure delivery of food, water, medicines, and housing, as well as restoring services and repairing critical infrastructure. As the situation stabilizes, the Trust would work with other donor states, NGOs, and international agencies to help initiate reconstruction and generate responsible new leaders and police.

Importantly, the Trust would provide security for its operations, personnel, and local partners. Capable forces from non-regional states with close ties to Israel would be recruited, as would vetted Gazans. But if not available, the report recommends that the Trust hire private security contractors (PSCs) with good reputations among Western militaries to conduct a series of limited missions such as guarding convoys and critical infrastructure. The report notes that based on lessons from a variety of global conflicts, PSCs have proven reliable and effective when subject to strict monitoring and accountability regimes.

“Two things are essential to get to a better day after for Gaza,” said John Hannah. “First, Israel needs to succeed in dismantling Hamas’s political and military power and delivering a major blow to Iran’s proxy strategy. No less important, however, responsible states need to fill the vacuum with a viable alternative that mitigates the suffering triggered by Hamas’s attack and helps build a more hopeful future for Gaza and the Middle East. After studying many other options and finding them wanting, we believe that the most realistic option for mobilizing rapid action by the key concerned states is the creation of a private Trust.”

Q HOLDING ACHIEVES MAJOR MILESTONE WITH SUCCESSFUL COMPLETION OF ACQUISITION

By
Sahfy Sahfy
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Q HOLDING ACHIEVES MAJOR MILESTONE WITH SUCCESSFUL COMPLETION OF ACQUISITION
Q HOLDING ACHIEVES MAJOR MILESTONE WITH SUCCESSFUL COMPLETION OF ACQUISITION

Q Holding (ADX: QHOLDING), Abu Dhabi’s leading real estate development and investment company, has successfully completed the transaction with ADQ Real Estate and Hospitality LLC (ADQ) and IHC Capital Holding LLC (IHC).

Q Holding acquired control over 100 per cent of the share capital for Abu Dhabi National Exhibitions Company (ADNEC); Modon Properties; Miza Investments LLC; Sahel 1 Restricted Limited; Sahel 2 Restricted Limited; and Oryx Action Restricted Limited, among other real estate assets.

As part of the transaction, Q Holding will be issuing a total of 25,627,000,000 mandatory convertible bonds with a nominal value of AED 1 each to both ADQ, which will receive 17,087,770,000 bonds, and IHC, which will receive 8,539,230,000 bonds. The allocation of bonds to ADQ and IHC will translate into 6,328,803,704 and 3,162,677,778 new shares in the share capital of the company respectively using a conversion ratio of 2.70 bonds for each share.

As a result of this transaction, Q Holding’s share capital is increased to AED 16,347,080,368 through the issuance of 9,491,481,482 new shares with a nominal value of AED 1 each to the two corporate entities. The increased share capital stemming from the agreement reflects Q Holding’s commitment to sustainable growth and preludes a robust and dynamic financial evolution that will propel the group’s mission to new heights.

Commenting on the sale and purchase, H.E. Jassem Al Zaabi, Chairman of Q Holding, said: “The finalisation of the agreement with ADQ and IHC is a major milestone for Q Holding, highlighting our competitive leverage in the UAE’s dynamic real estate and financial markets. Following the deal, we will continue to prioritise the advancement of Abu Dhabi’s real estate economy, while setting new standards in the field of strategic investment that align with the nation’s comprehensive development plans. Furthermore, there will be a significant expansion in our International Portfolio which will further increase our real estate development ambitions. Our primary objectives remain, including the enhancement and progression of existing projects and the integration of sustainable systems into our strategic vision. As we look to the future, we are excited to announce that the company will be rebranded to Modon Holding, following approval of its shareholders. This rebranding represents a new chapter in our journey, symbolizing our commitment to innovation and excellence in the investment sector. We are confident that it will further enhance our brand identity and propel us towards greater success in the years to come.”

Bill O’Regan, Group Chief Executive Officer of Q Holding, echoed a similar sentiment: “The recent sale and purchase agreement marks a significant shift in Q Holding’s business approach, with ADQ and IHC serving as important regional investment partners. Our acquisition of these assets and the subsequent conversion of bonds establishes a new benchmark for strategic investment potential, effectively enabling Q Holding “soon to be Modon Holding” to reshape its outlook through expansion and entry into new verticals and new international markets. We remain dedicated to the transformative growth of the real estate sector and are confident that this latest agreement serves to advance our leading presence in it.”

To learn more about Q Holding, visit: www.qholding.com.

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