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Evolve Investments & Projects Management, Secures Environmental Approvals for Egypt’s Cement Industry

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Sahfy Sahfy
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Evolve Investments & Projects Management, affiliate of Arabian Cement Company (ACC), has become the first alternative fuels company and subsidiary of a cement company in Egypt to secure environmental approvals from the Egyptian Environmental Affairs Agency (EEAA) and the Waste Management and Regulatory Authority (WMRA) under Law 202, enacted in 2020.

These environmental approvals will enable Evolve/ACC to engage with a diverse range of alternative fuel suppliers & materials, surpassing constraints and guaranteeing optimal quality & supply rates. In the context of increasing demand for alternative fuels within the cement industry, the approvals signify a transformative shift towards sustainable practices. 

“This accomplishment is a pivotal moment for Arabian Cement company and its affiliate, Evolve, and is a milestone in our unwavering commitment to environmental stewardship and regulatory compliance,” said Sergio Alcantarilla, CEO of Arabian Cement Company. “It positions us to collaboratively engage with a broader spectrum of alternative fuel suppliers & materials, solidifying our role as an industry leader and trailblazer in sustainable practices within the industry.”

In stringent compliance with the legal requisites outlined by Law 202, and amid intensive inspection campaigns on waste production and handling entities, ACC initiated the necessary procedures to obtain these approvals for both the company and its fully-owned affiliate, Evolve Investments & Project Management.

Further underscoring ACC’s commitment to transparent and inclusive environmental practices, Evolve Investments & Project Management hosted a Public Hearing session to discuss the environmental impact assessment (EIA) for the collection, transportation, and handling of all hazardous and non-hazardous waste. 

This strategic initiative aligns with ACC’s environmental policy, ensuring the secure disposal of waste in cement kilns and advancing the company’s commitment to burning waste instead of landfilling to reduce reliance on fossil fuels which is one of the main pillars to abatement GHG and carbon emission reduction.

African Development Bank approves $25 million trade finance line of credit for Central Africa Building Society

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Sahfy Sahfy
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The Board of Directors of the African Development Bank Group (www.AfDB.org/en) has approved a $25 million trade finance line of credit facility to the Central Africa Building Society of Zimbabwe, to be used to boost local firms and small and medium-sized enterprises.

This facility will enhance foreign currency liquidity support for the building society amidst a tough economic climate in Zimbabwe. The facility will cover some of the trade finance gaps developed mainly due to international lenders who having scaled down or halted their trade transactions due their perception of Zimbabwe as a high-risk jurisdiction.

The facility, which would finance approximately $175 million of trade over a three-and-a-half-year period, marks the African Development Bank’s fourth private sector intervention in Zimbabwe in recent years and the third to the building society.

Lamin Drammeh, head of Trade Finance at the African Development Bank, commented on the transaction: “DFI collaboration is key to private sector development in Africa. This innovative facility will enable CABS to provide liquidity support for SMEs, and women-owned businesses to facilitate their import and export trade finance requirements.”

The facility will complement recently approved Transaction Guarantee Facility for $7.5 million to ensure support along the value chains of SMEs and local corporate businesses in Zimbabwe. lt is expected to boost the relatively low productivity of Zimbabwe’s SME sector, creating jobs and indirectly improving government revenue through taxes from increased economic activity in the sector.

Speaking soon after the Board approval, African Development Bank Country Manager for Zimbabwe, Moono Mupotola, described the trade line of credit as a strategic milestone expected to have an important demonstration effect which may prove vital to encouraging other international and regional lenders to offer additional support to the country’s private sector.

The African Development Bank Group currently supports 13 initiatives in Zimbabwe valued at $144 million. These include initiatives to improve governance and public finance management in the public sector.

Other Bank-supported projects involve supporting women and youth to enable them to engage in value addition in agro-based and mining value chains.  The Bank has also been supporting the rehabilitation of key regional and national energy projects, including energy reform technical assistance to support Zimbabwe’s transition to climate smart energy solutions. The Bank further supports Zimbabwe’s private sector through regional financial institutions that operate and invest in the country.

The African Development Bank established the Trade Finance Program (TFP) in 2013 with the main objective of reducing the trade finance gap in Africa by complementing the activities of private sector actors and regional institutions already active in the field of trade finance.

The Trade Finance Division offers trade finance through the provision of risk mitigation facilities, liquidity, equity and technical assistance to financial institutions and commodity aggregators. The Bank’s trade finance instruments include Trade Finance Lines of Credit; Risk Participation Agreements; Transaction Guarantees and Soft Commodity Finance Facilities. Alongside these, the Bank seeks to support eligible counterparties with equity investment and technical assistance.

Al-Qalaa Holding Records 11% Increase in Revenues for Third Quarter of 2023

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Sahfy Sahfy
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Al-Qalaa Holding Records 11% Increase in Revenues for Third Quarter of 2023
Al-Qalaa Holding Records 11% Increase in Revenues for Third Quarter of 2023

Qalaa Holdings, a leader in energy and infrastructure (CCAP.CA on the Egyptian Exchange), released today its consolidated financial results for the nine-month period ending 30 September 2023. The Group’s consolidated revenue grew by 11% y-o-y in 3Q23 to EGP 26.4 billion, primarily driven by ERC’s contribution. Meanwhile, Qalaa’s recurring EBITDA reached EGP 3.9 billion during the quarter, down from EGP 8.8 billion in 3Q22 as a consequence of lower margins at ERC.

ERC’s gross refining margins averaged USD 2.16 million per day in 3Q23, down on a y-o-y basis from the USD 4.98 million per day witnessed during 3Q22. The drop reflects a combination of higher feedstock prices, lower refined product prices, and a decline in the quality of feedstock received. It also partially reflects a normalization of oil prices following a significant spike that occurred in 2022. 

Excluding ERC, Qalaa’s 3Q23 revenue rose by 19% y-o-y to EGP 7.0 billion, driven by strong performances across most subsidiaries. TAQA Arabia’s revenue grew 27% y-o-y to EGP 3.6 billion in 3Q23, compared to EGP 2.9 billion in 3Q22. Revenue growth was primarily driven by a strong performance at TAQA Gas, on the back of a rise in connection revenue, as well as an expansion in CNG volume sold following an increase in the number of CNG stations. Revenue growth was further supported by the positive contribution from foreign currency linked power generation prices, in addition to the implementation of new photovoltaic projects under TAQA Power. Additionally, the increase in the price and volume of both fuel and lubes at TAQA Petroleum further boosted revenue growth.

National Printing reported a 15% y-o-y increase in revenue during the quarter to EGP 1.3 billion, with the company witnessing mixed performances across its subsidiaries. El Baddar continued to capitalize on its new facility, delivering a 34% y-o-y top-line increase. Similarly, Shorouk for Modern Printing and Packaging achieved an 18% y-o-y increase in revenue in 3Q23, on the back of an increase in the average price per ton. Meanwhile, Uniboard reported a slight 4% y-o-y decline in revenue following a drop in sales volume. In parallel, ASEC Holdings recorded EGP 772.3 million in revenue in 3Q23, a 21% y-o-y decline owing to the negative impact of the turmoil in Sudan on the operations of Al Takamol Cement. It is worth noting that the staff and assets of Qalaa’s Sudan affiliate Takamol Cement are safe and continue to operate at a limited capacity. Qalaa continues to closely monitor the ongoing developments within the country.

In 3Q23, Dina Farms Holding Company recorded revenue of EGP 508.7 million in 3Q23, up 56% y-o-y from EGP 327.0 million in 3Q22. Top-line expansion was driven by improved operations at Dina Farms, as well as ICDP’s revenue benefiting from higher selling prices and new product launches. Meanwhile, ASCOM achieved a 33% y-o-y increase in revenue to EGP 475.2 million, as the EGP devaluation augmented the USD-denominated revenues of ASCOM’s two largest revenue generators: Ascom for Chemicals and Carbonates Manufacturing (ACCM) and GlassRock, an insulation material producer. Improved performances across both GlassRock and the company’s quarrying operations in Egypt further supported ASCOM’s top-line results. Finally, CCTO’s transportation and logistics business delivered a 39% y-o-y increase in revenue to EGP 124.7 million in 3Q23, on the back of improvements across all revenue streams of its Egyptian arm NRPMC.

“The global economy continues to navigate challenges as the world grapples with one of the most difficult macroeconomic periods in recent history. Although we are now seeing signs of global inflation coming down, countries continue to face unprecedented levels of debt, still elevated inflation rates, and tightening monetary conditions. As a result, there are continued expectations of suppressed economic growth in the long term, high borrowing costs, and an increased focus on debt reduction. Furthermore, the increasingly evident effects of climate change around the world, as well ongoing geopolitical tensions, which have been further exacerbated by the recent unrest, continue to place significant stress on the global financial system,” said Qalaa Holdings’ Chairman and Founder Ahmed Heikal.

“These difficulties have also created a challenging domestic environment. Inflation rates remain high, and the Egyptian Central Bank continues to implement a tightening monetary policy to rein in rising price levels. On the bright side, Egypt remains an attractive investment destination for regional and international investors, and I am confident that the country’s long-term economic prospects remain positive. That being said, Qalaa remains well-positioned to overcome prevalent challenges thanks to our resilience, flexibility, and efficiency, which are ingrained into the core of our DNA,” continued Heikal.

“I am proud of Qalaa’s positive results amidst the current operating environment,” added Heikal. “During the quarter, Qalaa’s top-line expanded by 11% y-o-y, with results at the Egyptian Refining Company supporting the Group’s performance. Despite this, Qalaa’s EBITDA contracted year-on-year due to the sharp decline in ERC’s margins, as well as the negative impact of the ongoing armed conflict in Sudan on Takamol Cement’s performance. Going forward, we remain committed to prioritizing the growth of our subsidiaries’ cashflows and carefully deploying them to make high yield incremental investments while adhering to our debt repayment plan.”

“Additionally, I am pleased to announce that APM Investment Holdings Limited (APM), a wholly owned subsidiary of Qalaa Holdings’ mining arm ASCOM, completed the sale of its c.35% stake in Ethiopia’s Kurmuk Gold Project to Canadian company Allied Gold Corp. The revenue from this transaction includes the receipt of around 11.5 million shares in Allied Gold in favor of APM Investment Holdings Limited, with a total value of c.USD 25.1 million as of 30 September 2023. The transaction will also include deferred payments totaling USD 65.6 million by Allied Corp in three installments starting 30 September 2024 and ending 30 September 2027. This comes as part of Qalaa’s strategy of divesting some of its non-core businesses and assets to settle the Group’s outstanding debts,” Heikal said.

“We will continue to push ahead with our growth strategies across our numerous platforms over the coming years, keeping a close eye on identified investment opportunities. Our portfolio companies remain resilient in the face of external pressures, and continue to benefit from Qalaa’s meticulous growth strategies. With the positive results achieved across our business segments during the quarter, I am confident that the outlook for the Group remains bright,” Heikal stated.

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

“I am proud of the impressive results achieved by Qalaa for the third quarter this year,” said Hisham El-Khazindar, Qalaa Holdings’ Co-Founder and Managing Director. “The energy segment reported strong results, as TAQA Arabia saw its revenue expand following a robust performance at TAQA Gas, as well as the implementation of new photovoltaic projects under TAQA Power, and favorable drivers at TAQA Petroleum. Similarly, ERC top-line expanded year-on-year despite both the decline in refining margins during the quarter, and the implementation of a planned 17-day production shutdown for the execution of an overhaul and debottlenecking. Meanwhile, our position as an import substitute and export player across our mining and printing businesses continued to drive both consolidated growth, and valuable USD proceeds for the Group. Finally, our agriculture and logistics segments continued to record robust top- and bottom-line growth owing to their strong investment fundamentals.”

“We continue to place the reduction of Qalaa’s risk levels, primarily by deleveraging and expanding the Group’s cashflows, at the forefront of our priorities. ERC, as well as all other operating companies bar one, are current on all due principal and interest payments. In parallel, we continue to make satisfactory progress with regards to the restructuring of Qalaa’s holding level debt,” added El-Khazindar.

“Our performance for the third quarter of the year is a demonstration of our ability to push ahead during difficult times, and I am looking forward to another quarter of growth and strong results across our operations and markets,” concluded El-Khazindar.

ADDED unveils a platform to enhance manufacturers’ access to financing

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Sahfy Sahfy
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ADDED unveils a platform to enhance manufacturers’ access to financing
ADDED unveils a platform to enhance manufacturers’ access to financing

The Abu Dhabi Department of Economic Development (ADDED) has launched ‘Business Financing Facilitation Platform’ to enhance manufacturers’ access to financing as part of its initiatives to achieve objectives of the Abu Dhabi Industrial Strategy (ADIS) aiming to strengthen the Emirate’s position as the region’s most competitive industrial hub.

The ‘Business Financing Facilitation Platform’ is a new addition to the Financial Ecosystem Programme, designed by ADDED’s Industrial Development Bureau (IDB) to serve as a gateway for industrial investors, offering streamlined access to a diverse array of financing solutions and products. 

The ‘Business Financing Facilitation Platform’ enhances the efficiency of the financial process, allowing investors to choose tailored services and products from a wide range of financial and banking partners with just a few clicks.

IDB has partnered with multiple public and financial and development institutions including the Abu Dhabi Securities Exchange (ADX), Abu Dhabi IPO Fund (ADIPOF), Khalifa Fund For Enterprise Development, Emirates Development Bank (EDB), and Strategic Development Fund (SDF). In addition, the Financial Ecosystem Programme’s partners include export agencies such as the Etihad Credit Insurance (ECI) and Abu Dhabi Export Office (ADEX) as well as 14 leading banks. 

Eng. Arafat Al Yafei, Executive Director of Industrial Development Bureau (IDB), said: “The ‘Business Financing Facilitation Platform’ provides a unified platform enabling industrial investors to connect with multiple agencies, ensuring a seamless user experience, and enhancing their access to finance. It aligns with the broader objectives of ADDED to develop the industrial sector, which plays a vital role in Abu Dhabi’s next phase of economic diversification”. 

“A key component of ADIS, the ‘Financial Ecosystem Programme’ underscores the Emirate’s commitment to developing the industrial sector and enhancing its competitiveness. We believe facilitating industrial companies’ access to financing, and providing support at every stage of their development, will enable them to benefit from ample, promising opportunities in our business-friendly ecosystem to grow and expand out of Abu Dhabi, the region’s most competitive industrial hub”.

The ‘Business Financing Facilitation Platform’ and its impact on the industrial sector serves as a catalyst for a many positive socioeconomic benefits by fostering industrial growth, creating jobs, promoting innovation and technological advancement, growth of entrepreneurship and small businesses, and contributing to the economic development in Abu Dhabi.

The Programme is part of the initiatives devised by ADDED’s Industrial Development Bureau (IDB) to develop the industrial sector’s value chain through transformational programmes. 

Abu Dhabi is investing AED10 billion in six programmes including Industry 4.0, Circular Economy, Talent Development, Ecosystem Enablement, Homegrown Supply Chain, and Value Chain Development to more than double the contribution to GDP of its manufacturing sector to AED172 billion, create 13,600 skilled jobs and increase the emirate’s non-oil exports to AED 178.8 billion by 2031.

Abu Dhabi-based manufacturers can access the Business Financing Facilitation Platform 

on TAMM, the Abu Dhabi Government Services portal.

https://shorturl.at/cjrWX

Open Letter to the Lebanese Government, represented by President Najib Mikati

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Sahfy Sahfy
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Open Letter to the Lebanese Government, represented by President Najib Mikati
Open Letter to the Lebanese Government, represented by President Najib Mikati

as Al Habtoor Group We address the Lebanese government, represented by Prime Minister Najib Mikati, with this open letter to express our deep concern about our investments and projects in the Lebanese Republic.

Despite the promises, encouragement, and facilitations pledged to us by successive Lebanese governments to protect and support our investments in Lebanon, as Al Habtoor Group in particular, and Gulf investments in general, we, without hesitation, contributed substantial funds and investments to the Lebanese economy, believing in this beloved country and supporting its good people. Unfortunately, we have consistently observed with great concern and regret explicit hints about the potential threat to Gulf investments in Lebanon. This has caused considerable frustration and concern for us and all investors from the Gulf Cooperation Council countries, not to mention the “detention” of our group’s funds and Gulf and foreign investment funds illegally in Lebanese banks. This has been done with the cover of the Lebanese government and the Central Bank of Lebanon. The massive losses we incurred are due to the instability in the political, economic, financial, and social situation that the Lebanese Republic has reached. This is exacerbated by the control of certain militias over the state’s resources, security, and economy. Furthermore, these armed militias have involved the Lebanese state in pointless wars, worsening the economic situation further and leading to the current dire state.

Here, we can only emphasize our position by holding the Lebanese state fully responsible for compensating us for all the massive losses we have suffered to date. We urge the Lebanese authorities to take immediate and necessary measures to ensure the protection of these investments and properties.

Therefore, the Lebanese state must confront the sources of threats and take preventive measures to guarantee the state’s protection of these investments and properties against such risks.

The role of the Lebanese government in protecting our investments in Lebanon and compensating us for these losses is not just a request but a duty. It is not only a moral duty but a legal obligation imposed on the Lebanese government by agreements and international treaties signed with the United Arab Emirates in particular. Therefore, the consideration of this option stems from the investment nature of the Al Habtoor Group, being Emirati in its registration and senior management. Additionally, our companies in Lebanon are registered in Lebanon, have bank accounts there, and are part of the mentioned group both factually and legally.

The reality is that the investment option is protected by a highly important bilateral agreement signed on May 17, 1998, between the United Arab Emirates and the Lebanese Republic. This agreement aims to encourage and mutually protect investments and was ratified by the Lebanese Parliament under Law No. 61 dated March 31, 1999.

The successive Lebanese governments’ need to attract foreign capital led to the attraction of foreign funds and the granting of all economic, political, and legal guarantees to foreign and Arab investors, signing more than 50 agreements in this context. This confirms Lebanon’s adoption of an investment approach based on the “open-door policy,” and its regional commitments are absolute to provide foreign and Emirati investors with complete reassurance about recovering their funds without any restrictions or conditions.

According to this agreement, Lebanon commits to protecting the investments, properties, and funds of all investors holding UAE citizenship, ensuring fair and equitable treatment, the highest priority, free transfer of funds, non-expropriation of ownership, compensation for subsequent damages, and the unconditional right to resort to international and regional settlements.

Therefore, the Lebanese state is urgently required to:

  1. Take all necessary measures to stop and limit the militias that, due to their reckless actions, involve the Lebanese state in futile conflicts that only bring destruction and instability to the Lebanese state, its economy, and its people.
  2. Guarantee and protect these investments and properties and ensure compensation in case of external aggression.
  3. Respect international agreements and treaties, compensate us for all the damages and losses we have suffered to date, and lift the freeze on all our funds held forcibly in Lebanese banks to avoid complicating and escalating the current situation, moving to other legal and political stages.

Asharq Documentary Award at the Red Sea International Film Festival 2023

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Sahfy Sahfy
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Asharq Documentary Award at the Red Sea International Film Festival 2023
Asharq Documentary Award at the Red Sea International Film Festival 2023

 Asharq Documentary, the recently launched Arabic free-to-air factual documentary channel under SRMG, announced the inaugural edition of its ‘Asharq Documentary Award’, during the third Red Sea International Film Festival (Red Sea IFF) award ceremony held at the Ritz Carlton Hotel in Jeddah.

The ‘Asharq Documentary Award’ represents the channel’s dedication to supporting the filmmaking industry and nurturing aspiring talent in the MENA region. The award aligns with the channel’s mission to provide a platform for creators to showcase their stories and productions, especially given its plans to offer in-house produced content to complement licensed and acquired content.

In this first-year edition, the ‘Asharq Documentary Award’ featured eight films, showcasing talented documentary filmmakers from around the world. The entries included three Iraqi films: ‘Hiding Saddam Hussein,’ ‘Iraq’s Invisible Beauty,’ and ‘The Dalkurd Story’; ‘Four Daughters’ from Tunisia; ‘The Mother of All Lies’ from Morocco; ‘Donga’ from Libya; ‘Copa 71’ from the United Kingdom; and ‘In the Shadow of Beirut’ from Ireland.

The winning film ‘Four Daughters’, directed by Tunisian filmmaker Kawthar Ben Haniyeh, explores a story of pain and its impact on a mother and her four daughters in a society suffering from the aftermath of extremism and terrorism. In her film, Ben Haniyeh showcases a modern cinematic style, adeptly merging reality with fiction as she draws inspiration from a true story to create a compelling narrative. 

Mohammed Al Yousei, General Manager of Asharq Documentary said: “We are pleased to present the Asharq Documentary Award for the first time at the third edition of the Red Sea International Film Festival. This award marks the beginning of several initiatives we have planned to recognise and reward filmmaking talent, while supporting the regional film industry. A defining aspect of Asharq Documentary is its dedicated, in-house production capabilities, offering exclusive access to regional documentary films for our audiences.” 

Shivani Pandya Malhotra, Managing Director of the Red Sea International Film Festival said that the launch of the Asharq Documentary Award during the third edition of the Festival is an important addition to the awards, as both organizations share the same objective of empowering the art of storytelling and supporting the filmmaking industry. Commenting on the winning film, Pandya added: “I congratulate the Tunisian director Kawthar Ben Hania on winning this award in its inaugural year, particularly as we celebrate creative women in film directing, acting, and writing in this edition.”

Asharq Documentary aims to become the leading platform, offering a deep dive behind the headlines of hard-hitting topics such as politics, business and economics, and history. It also offers unique insights and in-depth analysis on the latest trends, events, and influential figures shaping the world today. Asharq Documentary is accessible through its dedicated television channel and social media accounts, as well as through live streaming and on-demand services via Asharq NOW.

 

ICD Convenes Experts to Explore Private Sector’s Role in Mitigating Climate and Poverty

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Sahfy Sahfy
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ICD Convenes Experts to Explore Private Sector's Role in Mitigating Climate and Poverty
ICD Convenes Experts to Explore Private Sector's Role in Mitigating Climate and Poverty

The Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank Group (IsDB Group), hosted a side event titled “Climate, Poverty and Finance: The Role of the Private Sector” during the 2023 United Nations Climate Change Conference (COP28) in Dubai, the United Arab Emirates. The event aimed to explore how the private sector can contribute to addressing issues of climate change, and poverty with a focus on financing.

Moderated by Dr. Mohammed Alyami, Director Development Effectiveness Office at ICD, the event featured prominent speakers, including Dr. Mahmoud Mohieldin, UN Climate Change High-Level Champion for COP27, Dr. Susanna Gable, Deputy Director, Development Policy and Finance at the Gates Foundation, and Dr. Vera Songwe, Co-chair, High Level Expert Panel on Climate Finance, COP28.

The event highlighted the urgent need for private sector involvement in addressing climate change and poverty, as these challenges pose significant threats to global sustainability and development. Private sector participation can bring innovative solutions, financial resources, and expertise to support climate change adaptation and mitigation efforts, while also contributing to poverty reduction and economic growth.

In his keynote address, Dr. Mohieldin emphasized the critical role of the private sector in accelerating climate actions and achieving the Sustainable Development Goals (SDGs). He urged private sector leaders to adopt sustainable business practices and invest in climate-resilient technologies that can simultaneously address climate change and poverty. He also encourages a stronger partnership to mobilize resources locally, MDBs advisory support, and bilateral funding.

Dr. Gable echoed Dr. Mohieldin’s call for private sector action, emphasizing the need for collaboration between public and private actors to scale up investments in sustainable development projects. She highlighted the direct link between climate investing and poverty alleviation and Gates Foundation’s commitment to supporting innovative partnerships that leverage private sector expertise to address climate change and poverty.

Dr. Songwe emphasized the importance of aligning financial flows with climate and poverty reduction goals. She called for a paradigm shift in the financial system, moving towards a focus on sustainable and inclusive investments that can deliver both environmental and social benefits.

The side event served as a valuable platform for exchanging insights and fostering collaboration among key stakeholders in the fields of climate change, poverty reduction, and private sector development. The discussions highlighted the potential of the private sector to play a transformative role in addressing these interconnected challenges and shaping a more sustainable and equitable future for all.

ICIEC Partners BOAD to Boost Sustainable Investment and Prosperity in West Africa

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Sahfy Sahfy
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ICIEC Partners BOAD to Boost Sustainable Investment and Prosperity in West Africa
ICIEC Partners BOAD to Boost Sustainable Investment and Prosperity in West Africa

In a significant move at COP 28, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a leading multilateral credit and political risk insurer, and the West African Development Bank (BOAD) have inked a Memorandum of Understanding (MOU). This collaboration marks a milestone in promoting economic integration and sustainable development in West Africa.
The MOU, signed by Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Serge EKUE, President of BOAD, lays the groundwork for a synergistic partnership facilitating large-scale investments and bolstering economic and social development across common member states of ICIEC and BOAD. The core focus of the partnership is to address key areas such as climate change adaptation and communication projects.
This collaboration has been strengthened by the alignment of BOAD’s mission to advance existing infrastructure and contribute to the economic integration of West Africa with ICIEC’s objective of enlarging trade transactions and investment flows. Both institutions aim to leverage this partnership to encourage direct investments and enhance the economic landscape of their common member states.
Speaking on this momentous occasion, Mr. Oussama Kaissi, CEO of ICIEC, stated, “This MOU with BOAD is a significant stride towards upscaling our shared goal of promoting economic growth and sustainable development in our common membership in West Africa. Our collaboration is set to unlock new avenues for investment and trade, enhancing our capacity to support impactful initiatives. By working together, we are not just aiming for economic growth but also nurturing a resilient and sustainable future for our member states.”
Mr. Serge EKUE, President of BOAD highlighted” “
The focus will be on ICIEC providing insurance and credit enhancement solutions in common member states and supporting BOAD’s financing operations. Additionally, a capacity-building plan related to credit insurance, particularly within ICIEC’s proposed solutions, is a key component of this collaboration.

14 Leading Financial Institutions, Representing Over $450billion, Confirm Setup in Abu Dhabi in One Week

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Sahfy Sahfy
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14 Leading Financial Institutions, Representing Over $450billion, Confirm Setup in Abu Dhabi in One Week
14 Leading Financial Institutions, Representing Over $450billion, Confirm Setup in Abu Dhabi in One Week

Abu Dhabi Global Market (ADGM), the leading international financial centre of the UAE’s Capital, today announced 14 major financial institutions representing a total AUM of USD 452bn have committed to establishing new operations in ADGM. A year into Abu Dhabi’s “Falcon Economy”, these announcements, coinciding with the second edition of Abu Dhabi Finance Week (ADFW), reaffirm the emirate’s rapidly increasing appeal to global finance and ADGM’s strategic role and contributions towards the significant growth of the “capital of capital” and its emergence as a global financial powerhouse.

In a resounding signal of confidence in the financial centre’s pivotal role across the global and regional financial landscapes, the world’s largest bank, JP Morgan, reiterated its commitment to the capital in an upgraded licence, to operate its payment and banking business. 

Jamie Dimon, Chairman and Chief Executive Officer, JP Morgan, said: “The determination of the emirate that is forging ahead with its reform agendas is extremely impressive, be it their economic, financial, and social agendas. These are not easy changes but there is clear progress on all fronts towards the goal to create a safe and secure society and a dynamic Falcon Economy. We have continued to add to the team this year and have submitted an application to upgrade our operating licence to a full category one banking entity, signalling our intent and commitment to the size of the opportunity here.”

This is in addition to the world’s largest independent financial services group, Rothschild & Co, who have expanded their strong two-decade presence across the Emirates via a newly granted ADGM licence as part of the firm’s broader expansion strategy and commitment to the region, and the World Bank renewing their long-term presence in the financial centre.

Saeed Al Awar, Partner and Head of Middle East, Rothschild & Co, said: “We are delighted to have received our licensing approvals from ADGM. This is an expansion of our existing presence in the UAE where we have been operating for nearly two decades which reaffirms our commitment to our clients in Abu Dhabi and the UAE and is part of our broader expansion strategy and commitment to the region.”

The attractiveness of ADGM as a holistic financial hub, which stands as the sole jurisdiction in the region to adopt the direct application of English common law, has resulted in renowned global firms establishing themselves in the nation’s capital, including BNY Mellon venture Alpheya, GQG Partners, Joy Capital, Apeiron Group Investments, The Children’s Investment Fund (TCI), Copper, Vibrant Capital, Centricus, and Eiffel Investment. The UAE’s capital international financial centre also recorded six further announcements made by emerging growth firms, bringing the total to 23. 

Commenting on the “Falcon Economy’s” impressive flight, Ray Dalio, Founder, Co-Chairman and Co-Chief Investment Officer, Bridgewater Associates said: “We’re talking today about how the world order is changing, and how Abu Dhabi and the whole GCC region are becoming a renaissance state.”

Echoing his fellow fund manager’s sentiment, Alan Howard, Co-founder, Brevan Howard Asset Management, said: “Abu Dhabi’s robust regulation, rule of law and favourable taxation, represent a lure for financial firms moving to the capital of the United Arab Emirates. Out of this place, you can see the Bank of Japan at the beginning of the day and at the end of the day, you can see the Fed. As soon as you get more top hedge funds coming here, that can lead to the banks having to send their best people.” 

Commenting on Abu Dhabi and ADGM’s positive developments, H.E. Ahmed Jasim Al Zaabi, Member of Abu Dhabi’s Executive Council & Chairman of the Abu Dhabi Department of Economic Development (ADDED) and ADGM, said: “What we are witnessing in Abu Dhabi today, with major global players choosing the capital city to base their business operations is proof of a unique global opportunity being seized by future thinking institutions. We warmly welcome their presence and support in the growth and diversification of the ‘Falcon Economy’. This is the most successful week in ADGM’s history.” 

The market announcements were released during the second edition of Abu Dhabi Finance Week (ADFW) held under the theme “Investing in the Transition Era”, this edition of ADFW welcomed over 17,000 attendees from over 100 countries.

The flurry of positive announcements surrounding ADFW amplifies ADGM’s effective role as a major contributor to the economic diversification plans of Abu Dhabi.

Abu Dhabi Finance Week Charts the Rise of the Falcon Economy

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Sahfy Sahfy
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Abu Dhabi Finance Week Charts the Rise of the Falcon Economy
Abu Dhabi Finance Week Charts the Rise of the Falcon Economy

 Held under the patronage and in the presence of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, Abu Dhabi Finance Week (ADFW) commenced its four-day series of over 46 sub-events with a spectacular opening ceremony hosted under a specially designed event dome in the South Plaza of Abu Dhabi Global Market (ADGM) and followed the launch of the inaugural Abu Dhabi Economic Forum.

The first day of ADFW brought together distinguished and high-level leaders from over 100+ countries under one roof to witness a range of high-level focused range of sessions, discussing Abu Dhabi’s rise as a global financial centre including keynote speeches, panel discussions, workshops, and presentations. These sessions offered insights into Abu Dhabi’s remarkable emergence as an international financial centre, the investment strategies of Abu Dhabi’s Sovereign Wealth Funds (SWFs) and ADGM’s increasing recognition as a climate finance hub.

One of the highlights of the opening ceremony was a thought-provoking keynote speech by the legendary investor Ray Dalio, who delved into the complexities of the Changing World Order, drawing insights from his recent book. The participation of influential leaders and prominent figures such as Mr. Dalio, emphasised the international significance of ADFW and its objective to explore new paradigms in finance and economics.

ADFW’s opening ceremony also celebrated its partnership with the Abu Dhabi Department of Economic Development (ADDED), the headline partner for the event, reflecting a shared commitment to advancing the financial and economic landscape of Abu Dhabi.

In his address at the opening ceremony of ADFW, His Excellency Ahmed Jasim Al Zaabi, Member of Abu Dhabi’s Executive Council and Chairman of ADDED and ADGM welcomed the esteemed crowd to Abu Dhabi, the ‘Capital of Capital’ and the ‘Falcon’s Playground’ and shared his thoughts on the momentous occasion, saying, “Abu Dhabi Finance Week is a testament to our commitment to positioning Abu Dhabi as a global financial hub. The opening ceremony was a remarkable start to a week that promises to be filled with insightful discussions and meaningful partnerships. The Abu Dhabi Economic Forum, in particular, symbolises our dedication to fostering economic growth and innovation, in alignment with the changing world order and the rising Falcon Economy of Abu Dhabi and the UAE.”

Taking place for the first time at ADFW, the Abu Dhabi Economic Forum, was conducted in partnership with ADQ. The high-level and exclusive event engaged in comprehensive discussions surrounding Abu Dhabi’s evolving economy within the changing global context. Key themes included the rise of the regional Falcon Economy, macroeconomic considerations, and Abu Dhabi’s role as the ‘Capital of Capital.’

The event witnessed the participation of a distinguished group of leaders, including CEOs of Sovereign Wealth Funds such as ADQ and Mubadala and Ministers of Economy and Climate. These discussions provided an international perspective on strategies to foster regional monetary cooperation in support of the Falcon Economy, underscoring the positive outcomes that could result from such cooperation.

ADFW’s central theme, ‘Investing in the Transition Era,’ was explored in a dedicated session, featuring prominent leaders from Abu Dhabi, the UAE, and across the globe. The session deep-dived into the economic consequences and investment opportunities in ‘The Transition Era.’

A highlight of the Forum was the appearance of Global Banking Titan, Jamie Dimon, Chairman and CEO of JP Morgan Chase & co, who praised Abu Dhabi’s economic growth planning, whilst announcing a major expansion of the bank’s operations in the Emirate. He stated ‘’The determination of the emirate that is forging ahead with its reform agendas is extremely impressive, be it their economic, financial and social agendas. These are not easy changes but there is clear progress on all fronts towards the goal to create a safe and secure society and a dynamic Falcon Economy’’. We’ve continued to add to the team this year and have submitted an application to upgrade our operating licence to a full category one banking entity, signalling our intent and commitment to the size of the opportunity here.’’

Additionally, the UAE’s Minister of Economy, His Excellency Abdulla bin Touq Al Marri highlighted his plans for economic policies of the UAE and his views on the key components for future growth in a rising Falcon Economy.

In her keynote address at the Abu Dhabi Economic Forum, Her Excellency Mariam Almheiri, Minister of Climate Change & Environment, Government of UAE highlighted the event’s significance as a premier platform for connecting and problem-solving within the finance and business community in the MENA region. Her Excellency addressed the global challenge of climate change, praising the UAE’s proactive stance and advocating for a pro-climate, pro-growth strategy, and underscored the pivotal role of climate finance in achieving the goals of the Paris Agreement, expressing the UAE’s commitment to kickstarting transformative change at COP28 and making climate financing more accessible, available, and affordable for the world.

Established in 2018, one of the world’s top SWFs with a portfolio spanning energy, utilities, food and agriculture, healthcare, pharma, mobility and logistics, ADQ, unveiled in an exclusive session during Abu Dhabi Economic Forum about the SWF’s fiver year progress along with a deep dive into the company’s vision, journey and investment approach that has led it to its success. 

ADFW’s inaugural day marked the announcement of significant partnerships, which included the publication of a white paper jointly by Masdar and PWC on ‘Accelerating renewable energy investment in West Africa’ and the strategic partner of Abu Dhabi Economic forum, Etoro securing its Financial Services Permission from ADGM. Furthermore, a leading alternative credit investment manager, Vibrant Capital Partners, revealed the opening of its office within ADGM. 

ADGM also made a milestone announcement, committing to extending the facilities arrangement with the World Bank’s office for an additional five years, signifying a continued collaboration on opportunities, in areas such as research, knowledge exchange, events and policymaking.

Abu Dhabi Finance Week is now in full swing, with its upcoming events Asset Abu Dhabi, Fintech Abu Dhabi, and the R.A.C.E Sustainability Summit scheduled for November 28th, 29th, and 30th, respectively. These upcoming events promise to further elevate Abu Dhabi’s standing as the ‘Capital of Capital’ and a global financial and sustainable innovation hub.

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