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HC expects the MPC to maintain the policy rates on its first meeting in 2024

By
Shams
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HC Securities & Investment shared their expectations on the likely outcome of the MPC meeting scheduled February 1st. Based on Egypt’s current situation, they expect the CBE to keep the policy rates unchanged.

 

Financials analyst and economist at HC, Heba Monir commented: “We expect the  MPC to maintain the overnight deposit and lending rates on its 1 February meeting in the lack of an FX rate movement; however, if an EGP devaluation takes place, we don’t rule out a policy rate hike. We anticipate an adjustment in the FX rate after concluding the IMF’s delayed first and second reviews and reaching an agreement with the IMF on doubling, if not more, the value of the USD3.00bn Extended Fund Facility (EFF). Regarding inflation, we forecast January’s annual headline inflation to increase by 6.7% m-o-m and 36.3% y-o-y to factor in higher metro ticket prices, telecom prices, household electricity prices, and also due to increased money supply resulting from the maturity of high-yielding certificates of deposits (CDs) in January, which the government tried to absorb by issuing one-year CDs by Banque Misr and the National Bank of Egypt (NBE) at an interest rate of 23.5% paid monthly and 27.0% paid annually. Also, the Commercial International Bank Egypt – CIB (COMI EY) issued competitive high-yielding three-year CDs at interest rates ranging from 20-22%. Pressures on the currency are increasing, with Egypt’s 1-year CDS increasing to 960 bps from 886 bps on 21 December, gold price skyrocketing by c17% y-t-d, and market participants pushing for higher yields on treasuries. The 12M T-bills rate increased to a 52-week high of 27.7% last Thursday from 27.4% on 21 December, implying a current negative real interest rate of 9.0%. Despite the negative real interest rate on treasuries, we don’t expect attracting carry trade to be at the forefront of the MPC priorities for the time being due to the FX uncertainty, the rating downgrades by Moody’s, S&P, and Fitch, and Egypt’s removal from JP Morgan’s Global Bond Index-Emerging Markets (GBI-EM) series, effective 31 January due to significant FX conversion concerns reported by investors, making Egyptian treasuries less attractive to foreign investors for the time being. On a more positive note, the banking sector’s net foreign liabilities (NFL) narrowed by USD170m m-o-m in November to USD27.0bn and, excluding the CBE, by USD47.2m m-o-m to USD15.8bn, net international reserves (NIR) increased by around USD47m m-o-m to USD35.219bn in December from USD35.173bn a month earlier, and deposits not included in official reserves also increased c3.2% m-o-m in December to USD6.38bn, according to CBE data.”

 

It is worth mentioning that, in December meeting, the Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) maintained the benchmark overnight deposit and lending at 19.25% and 20.25%, respectively, after maintaining it for three consecutive meetings and increasing it by 300 bps in 2023 and 800 bps in 2022. Egypt’s annual headline inflation decelerated to 33.7% in December from 34.6% y-o-y in November, according to the Central Agency for Public Mobilization and Statistics (CAPMAS) data. Monthly prices rose 1.4% m-o-m in December compared to a 1.3% m-o-m increase in the previous month. On the global front, the US Federal Reserve raised interest rates in July 2023 by 25 bps to a range of 5.25-5.50%, a total of 100 bps in 2023 and 425 bps in 2022, with most expectations likely to maintain rates in its meeting in 30-31 January.

About HC Securities & Investment

HC Securities & Investment is a leading investment bank in Egypt and the MENA region. Since its inception in 1996, HC has utilized its relationship-driven insights, local and regional market knowledge, and industry-specific expertise and strong execution capabilities to provide its clients with a wide range of services in investment banking, asset management, securities brokerage, research, custody and online trading  through its offices in Egypt and the UAE (DIFC). HC Investment Banking has an outstanding track record of advising leading corporates in Egypt and the MENA region on M&A, capital market, and financing transactions in excess of USD6.6bn. HC Asset Management now manages 7 mutual funds for commercial banks and portfolios for institutions and sovereign wealth funds with assets under management in excess of EGP7bn. HC Brokerage is ranked among the top brokers in Egypt and provides a wide array of services, including research and online trading to institutional and retail clients.

 

Arab Bank achieves strong results in 2023, 30% CASH DIVIDENDS

By
Sahfy Sahfy
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Arab Bank achieves strong results in 2023, 30% CASH DIVIDENDS
Arab Bank achieves strong results in 2023, 30% CASH DIVIDENDS

 

Arab Bank Group achieved solid results for the year ending December 31, 2023, reporting a growth of 52% in net income after tax of $829.6 million as compared to $544.3 million in 2022.

The Group’s performance was driven by sustainable growth in the underlying business across different markets, as net profit before provisions and tax improved by 34% to reach $1.81 billion. Total Assets grew by 6% to reach $68.3 billion, loans grew by 5% to reach $37.1 billion, and deposits grew by 6% to reach $50.6 billion. While total Group equity stood at $11.4 billion.

In view of the solid results, the Board of Directors has recommended to the shareholders the distribution of 30% cash dividends for the financial year 2023.

Mr. Sabih Masri, Chairman of Arab Bank, commented that the bank’s strong underlying performance reflects the successful execution of its strategy which focuses on delivering sustainable growth and building a resilient business model capable of generating positive results, while dealing with the regional and international challenges. He also noted that the bank’s record net operating profit is a clear testament to its strong growth momentum across several markets, specially in the GCC region and international markets.

Ms. Randa Sadik, Chief Executive Officer, stated that Arab Bank delivered robust results during 2023, where the Bank’s net operating profit grew by 34% driven by increase in core banking income across various sectors and markets, with a clear focus on enhancing non-interest income contribution and revenue diversification. This was achieved while the Bank continued to invest in transformation and maintaining a resilient balance sheet, which will position us for further growth in the future. 

Ms. Sadik added that the Group’s liquidity and asset quality remains solid where loan-to-deposit ratio stood at 73.2% and credit provisions held against non-performing loans continue to exceed 100%. Arab Bank Group maintains a strong capital base that is predominantly composed of common equity with a capital adequacy ratio of 17.5%.

Ms. Sadik also highlighted that as part of Arab Bank’s commitment towards Sustainability and its Environmental, Social and Governance (“ESG”) priorities, the bank successfully issued $250 million in sustainable Additional Tier 1 (AT1) Capital Securities. The issuance marks the first and largest sustainable perpetual AT1 issue in Jordan and was listed on the International Securities Market (ISM) and the Sustainable Bond Market of the London Stock Exchange.

With regard to the bank’s ongoing commitment towards digital transformation and providing value for its customers, Ms. Sadik noted the establishment of “Acabes International Pvt Ltd”, Arab Bank’s technology arm, as a global capability center, supporting the bank’s businesses worldwide. Arab Bank, in collaboration with “Acabes”, has recently launched an updated version of “Reflect” offering more features and services to its users. This is in addition to launching “Arabi Shopix”, a first of its kind service in the Kingdom which offers Arab Bank customers, including merchants, the ability to build and design an e-commerce website as part of the host of integrated digital banking solutions designed to meet the needs of SMEs through the “Arabi SMEs” program.

As part of the bank’s expansion strategy, and in line with the bank’s continuous efforts to expand its footprint in promising markets, Mr. Masri commented that the Bank is in the process of starting its operations in the Iraqi market during the year 2024, providing comprehensive banking solutions and services to its current and future customers. And in line with the group’s focus on expanding its wealth management & private banking business, Mr. Masri noted that during 2023, Arab Bank Switzerland acquired the majority stake in the family holding company which owns a deep-rooted Swiss bank “Gonet & Cie SA”. The new banking group will be a major actor in the Swiss wealth management industry, with assets under management in excess of CHF 10 billion.

Arab Bank was named “Bank of the Year 2023 in the Middle East” by the London-based “The Banker” Magazine, owned by the Financial Times. The bank was also named “Best Bank in the Middle East 2023” for the eighth consecutive year by New York-based international publication “Global Finance”. Additionally, the bank received 18 awards in recognition of its corporate and consumer digital banking services in Jordan and the MENA region.

The bank’s 2023 financial statements are subject to the approval of the Central Bank of Jordan.

Lionel Messi invites the world to discover campaign for Saudi Tourism: Go beyond what you think!

By
Sahfy Sahfy
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Lionel Messi invites the world to discover Saudi Arabia in the latest campaign for Saudi Tourism: Go beyond what you think
Lionel Messi invites the world to discover Saudi Arabia in the latest campaign for Saudi Tourism: Go beyond what you think

Today, Saudi’s national tourism brand ‘Saudi Welcome To Arabia’ has kicked off another global marketing campaign featuring football legend and Saudi Tourism Ambassador, Lionel Messi. 

Launching across key target markets in Europe, India and China, the “Go Beyond What You Think” campaign is anchored on consumer insights, which revealed there are still common misconceptions about the destination, and invites audiences to experience the incredible and vibrant cultural transformation taking place across Saudi. Those that know Saudi are encouraged to share positive experiences and memories on TikTok and social channels using the bi-lingual hashtags #ShareYourSaudi and in Arabic #السعودية_بعيونك,.

The latest ‘Saudi Welcome to Arabia’ brand campaign is a combination of TV, Social, Digital, and OTA tactics activated over a three-month period. It is the latest in a series of initiatives by Saudi Tourism to foster broadening of perspectives, and bridging cultures through tourism. 

The campaign brings to life the UN Tourism, ‘Tourism Opens Minds’ Initiative that launched on World Tourism Day in Riyadh in September 2023, which extends a compelling invitation for travelers to broaden horizons and explore uncharted corners of the world. Governments and industry were presented with a special pledge, calling on them to promote new and under-appreciated destinations while consumers pledged to ‘be open-minded to new cultures and destinations, holding an open heart while travelling’

Lionel Messi is one of many leading international figures who took that pledge. Messi has a fond connection with Saudi being a frequent visitor to the country, including most recently with his wife, Antonella and their two children last Spring. Both Messi and his family have expressed delight in their Saudi experiences and a desire to continue visiting the country. 

Boldly addressing these misconceptions head-on, the campaign’s powerful call-to-action encourages visitors to discover the unexpected beyond outdated stereotypes, with a hero video featuring Messi breaking down metaphorical ‘walls’ of various misconceptions about the country. 

The video showcases Saudi’s diverse locations, weather and terrain – from the pristine waters of the Red Sea to the lush green mountains in Aseer, snow covered Tabuk, the coastal city of Jeddah and Riyadh, the bustling capital. In celebration of Saudi’s activities and attractions, the Messi campaign highlights the Diriyah E-Prix, Riyadh Season’s theme park rides, AlUla’s hot air balloon flights and MDL Beast music events. 

The campaign also places a spotlight on Saudi’s open and welcoming culture and the importance of inspiring young Saudi women to reach their full potential. Messi celebrates the Saudi women who have been trailblazers in their fields and leading Saudi’s cultural transformation such as the Saudi Women’s National football team, motorsport athlete Dania Akeel, DJ Cosmicat, and Rayyanah Barnawi, the first Saudi woman in space. 

With a powerful entry, Saudi continues to pioneer a new era of tourism development and growth through the creation of new destinations and show-stopping experiences, embracing sustainability and enabling world-class culture, entertainment and sports scenes to flourish. Saudi especially comes alive during its sunny Winter Season – this year the country is hosting 17,000 events, making it ‘the world’s most happening winter’. Ongoing events include Riyadh Season, Jeddah Season and Diriyah Season, with notable events coming up including the Saudi Cup (February 23-24), Saudi Arabian Grand Prix (March 7-9), AlUla Arts Festival (Feb 9-March 2), AlUla skies festival (April 10-27) and much more. 

Of note, the campaign is launching ahead of Messi’s imminent and much-anticipated Saudi return playing two matches with his current Club, Inter Miami, against Al Nassr on 1 February and against Al Hilal on 29th January.

For more information about Lionel Messi and “Go Beyond What You Think,” visit www.visitsaudi.com/en/Messi or www.visitsaudi.com/ar/Messi

It has never been easier to visit Saudi – visa initiatives have been continuously developed, with the eVisa program now including 63 countries and special administrative regions, the GCC residents visa, and the free 96-hour Stopover Visa.

 Stopover Visa holders are eligible for a complimentary one night hotel stay during the stopover when booking with the national carrier, SAUDIA. Travelers can use the Stopover Visa to explore Saudi and perform Umrah.

Egypt leads European Bank’s  southern and eastern Mediterranean region investments in 2023

By
Sahfy Sahfy
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Egypt leads EBRD’s SEMED region investments in 2023
Egypt leads EBRD’s SEMED region investments in 2023

 

Egypt led the European Bank for Reconstruction and Development’s (EBRD) 2023 investments in the southern and eastern Mediterranean (SEMED) region, with new commitments to 16 projects totalling almost €1.3 billion.

Sixty-nine per cent of the Bank’s investments in Egypt were in the country’s financial sector, while 63 per cent had a gender and inclusion focus. Ninety-six per cent of its investments in the country were in the private sector.

The Bank also disbursed a record €900 million-plus in Egypt in 2023 to support the implementation of key infrastructural projects and to improve access to finance for small and medium-sized enterprises (SMEs), bringing its total disbursements to €5.7 million since the start of its operations there in 2012.

Under Egypt’s country platform for the Nexus of Water, Food and Energy (NWFE), the Bank continued to support Egypt’s green transition by issuing a senior secured loan of up to US$ 100 million  to Red Sea Wind Energy, which consists of up to US$ 50 million from the EBRD and up to US$ 50 million from the Green Climate Fund (GCF) in favour of Red Sea Wind Energy. The loan will fund the development, construction and operation of a new 500 MW onshore wind farm located in the Gulf of Suez area.

The  is also mobilising technical assistance – including a just transition approach and a decommissioning master plan – for the permanent closure of 12 thermal power plants and supporting the country’s renewable energy expansion, for instance, through an action plan to develop green supply chains and institutional support for grid strengthening.

Another key private-sector investment was the EBRD’s, as part of a co-financing arrangement with a consortium of international investors, to develop the superstructure of a second container terminal in Damietta Port.

The investment will include additional support to create gender-inclusive jobs by delivering a skills development programme for people living in the Damietta region, in partnership with local vocational schools, with a focus on women’s participation in the workforce.

To foster a more inclusive economy in Egypt, 63 per cent of the Bank’s 2023 investments aimed to provide economic opportunities for young people and women.

Under its Youth in Business (YiB) programme, the EBRD provided a loan of up to EGP 200 million (equivalent to about €6 million) to Reefy Micro-Finance Enterprise Services, the first licensed microfinance institution in Egypt and one of the country’s largest microlenders. The funds will mainly support private microenterprises led or owned by entrepreneurs under the age of 35, with a special focus on borrowers located outside of Cairo and Alexandria.

Under the EBRD’s small business advisory programme, supported by the European Union (EU), 550 Egyptian small enterprises received advisory services and training.

Continuing its support for the SEMED region in 2023, the Bank made more than €1.9 billion of new investments in 40 projects, 92 per cent of them in the private sector

The region also continued to benefit from strong donor support, including from the EU, the EBRD SEMED Multi-Donor Account,* the Green Climate Fund, the Global Concessional Financing Facility and other bilateral and multilateral donors.

*Australia, Finland, France, Germany, Italy, the Netherlands, Norway, Sweden, Spain, Taipei China and the United Kingdom. 

 

Colliers’ Sankey Prasad appointed Chairman and Managing Director for India

By
Sahfy Sahfy
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Colliers’ Sankey Prasad appointed Chairman and Managing Director for India
Colliers’ Sankey Prasad appointed Chairman and Managing Director for India

Colliers announcing the appointment of Sankey Prasad as Chairman and Managing Director for Colliers India and Colliers Project Leaders Middle East.

Effective immediately, Prasad’s appointment is set to push the rapid growth of Colliers’ project management business in MENA, supported by the collaboration of the company’s existing real estate services business in the region.

Colliers Project Leaders are trusted independent project advisors providing bespoke services in six countries throughout MENA. The team of experts provides tailored services to the hospitality, education, retail, utilities and REIT sectors, showcasing excellent understanding of the procurement and construction environment in the region.

Historic Agreement: Visa-Free Travel Between Republic of Armenia and United Arab Emirates

By
Sahfy Sahfy
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About Armenia Armenia, a country nestled in the Caucasus region, is a land of captivating landscapes, rich history, and warm hospitality. This hidden gem offers a diverse array of experiences, from natural splendor to ancient treasures, modern adventures, and culinary delights. For more information about Armenia, please visit https://armenia.travel/ Historic Agreement: Visa-Free Travel Between Republic of Armenia and United Arab Emirates
Historic Agreement: Visa-Free Travel Between Republic of Armenia and United Arab Emirates

In a groundbreaking move, the United Arab Emirates announced the elimination of entry visa requirements for citizens of the Republic of Armenia, effective February 1, 2024. Starting from this date, citizens of the Republic of Armenia can seamlessly enter, exit, and transit through the United Arab Emirates without the need for an entry visa or associated fees. Armenia continues to offer a streamlined visa protocol for UAE passport holders, who can enjoy visa-free travel to Armenia for up to 180 days within a year. 

These protocols help to foster stronger ties and make exploration and cultural exchange between the two dynamic countries more accessible and enjoyable. It marks a new era of cooperation between Armenia and the United Arab Emirates, and will continue to create opportunities for tourism, and growth.

Sisian Boghossian, the Head of the Tourism Committee of Armenia, states “We are thrilled with the announcement of visa-free travel between Armenia and the United Arab Emirates, and we are optimistic that other countries will follow, unlocking a world of opportunities for tourism. We look forward to continuing to welcome our friends from the United Arab Emirates to Armenia, and to build stronger tourism ties with this wonderful country.”

Key Highlights:

  • Commencement Date: February 1, 2024
  • Visa Exemption: Republic of Armenia citizens can travel to the United Arab Emirates without entry visa requirements. 
  • Passport Validity: Ensure passport is valid for at least 6 months from arrival.
  • Stay Duration: maximum stay of 90 days is permitted within each 180-day period.

المحكمة الجنائية الدولية تعلن عن فتح رابط لتلقي معلومات عن جرائم الاحتلال

By
Shams
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وفقاً لمصدر صحفي أعلنت المحكمة الجنائية الدولية اليوم عن فتح رابط إلكتروني لتلقي معلومات عن جرائم الحرب المزعومة التي ارتكبت في الأراضي الفلسطينية منذ السابع من أكتوبر 2023.

ويشمل الرابط، الذي يمكن الوصول إليه من خلال الموقع الإلكتروني للمحكمة
https://www.justiceforall.org/icc-submissions/ مجموعة من الأسئلة التي تُطلب فيها من المشاركين تقديم معلومات حول الجرائم التي شهدوها أو سمعوا عنها. وتشمل هذه الأسئلة المعلومات حول هوية المشتبه بهم والضحايا، وطبيعة الجرائم المرتكبة، والظروف المحيطة بها.

وقالت المدعية العامة للمحكمة الجنائية الدولية، فاتو بنسودا، في بيان صدر اليوم: “تدعو المحكمة الجنائية الدولية جميع الأشخاص الذين لديهم معلومات عن جرائم الحرب في فلسطين إلى تقديمها من خلال هذا الرابط. فهذه المعلومات مهمة للغاية للتحقيق الذي تجريه المحكمة.”

وأضافت بنسودا: “تلتزم المحكمة الجنائية الدولية بملاحقة مرتكبي جرائم الحرب بغض النظر عن انتمائهم أو وضعهم. ونحن ندعو جميع الأطراف المعنية إلى التعاون مع التحقيق الذي تجريه المحكمة.”

ويُذكر أن المحكمة الجنائية الدولية بدأت تحقيقاً في جرائم الحرب في الأراضي الفلسطينية في مارس 2021. ويشمل التحقيق الجرائم التي ارتكبت منذ 13 يونيو 2014. كما رحب الفلسطينيون بقرار المحكمة الجنائية الدولية فتح رابط لتلقي معلومات عن جرائم الحرب في فلسطين. وقال رئيس الوزراء الفلسطيني، محمد اشتية، في بيان صدر اليوم: “هذا القرار هو خطوة مهمة في طريق تحقيق العدالة لضحايا الاحتلال الإسرائيلي

وقد اعربت إسرائيل عن رفضها للقرار. وقال وزير الخارجية الإسرائيلي، يائير لابيد، في بيان صدر اليوم: “إن قرار المحكمة الجنائية الدولية هو قرار سياسي وغير قانوني. ونحن لن نتعاون مع المحكمة في هذا التحقيق.”
وللمشاركة يمكن إرسال الشهادات سواء كانت صور أو فيديوهات أو وثائق وغيرها مما يوثق جرائم الإبادة الجماعية والتطهير العرقي التي يتعرض لها الشعب الفلسطيني في رسائل بالبريد الإلكتروني للقضاة العاملين في محكمة العدل الدولية:

1.البريد الإلكتروني للقاضي عبد القوي أحمد:
‏a.yusuf@icj-cij.org

2.البريد الإلكتروني للقاضي محمد بنونة :
‏M.bennona@icj-cij.org

3.البريد الإلكتروني للقاضي روني أبراهام:
‏r.abraham@icj-cij.org

4.البريد الإلكتروني للقاضي ب. تومكا:
‏P.tomka@icj-cij.org

5. البريد الإلكتروني للقاضي ليوناردو نمر كالديرا برانت:
‏Brant@icj-cij.org

6. البريد الإلكتروني للقاضية هيلاري تشارلزوورث:
‏h.charlesworth@icj-cij.org

7.البريد الإلكتروني للقاضي جورج نورتي:
‏g.nolte@icj-cij.org

8. البريد الإلكتروني للقاضي إيواساوا يوجي:
‏y.iwasawa@icj-cij.org

9.البريد الإلكتروني للقاضي نواف سلام:
‏n.salam@icj-cij.org

10.البريد الإلكتروني للقاضي باتريك ليبتون روبنسون:
‏p.robinson@icj-cij.org

11. البريد الإلكتروني للقاضي دالفير بهانداري:
‏d.bhandari@icj-cij.org

12.البريد الإلكتروني للقاضية جوليا سيبوتيندي:
‏j.sebutinde@icj-cij.org

13. البريد الإلكتروني للقاضي شيويه هانكين:
‏h.xue@icj-cij.org

14.البريد الإلكتروني للقاضي نائب الرئيس كيريل جيفورجيان:
‏k.gevorgian@icj-cij.org

15.البريد الإلكتروني للرئيس القاضي جوان دونوغو:
‏ j.donoghue@icj-cij.org

MAJID AL FUTTAIM BREAKS GROUND ACROSS TWO KEY PROJECTS AT ITS FLAGSHIP DESTINATION, TILAL AL GHAF

By
Shams
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Total contract value: AED 3 Billion

– Innovo Build LLC Secures Elysian Contract, Unec Leads Alaya Project

Dubai, UAE, 22 January 2024: Majid Al Futtaim Development, part of Majid Al Futtaim, has today announced the breaking of ground across two upcoming residential features in its flagship lifestyle destination, Tilal Al Ghaf. The contracts, totaling AED 3 Billion, have been awarded for Alaya and Elysian Mansions, with both neighbourhoods anticipated to be completed by mid-2026.

Majid Al Futtaim Development has named Innovo Build LLC, a part of the ASGC group, as the primary contractor for the development of Elysian Mansions. Elysian Mansions boasts a distinctive collection of customisable five-to-six-bedroom waterfront villas inspired by the Elysian Fields of Greek mythology. Designed by globally renowned architects and interior designers, Elysian stands as a bespoke community featuring 94 exclusive mansions that epitomize luxury. The essence of Elysian Mansions lies in the harmonious convergence of Art, Culture, Architecture, and Nature, all contributing to an enriched living experience. This unique development serves as a testament to the belief that these elements not only elevate the aesthetic appeal of homes but also profoundly enhance the quality of life for its residents. With living areas starting at 11,000 square feet, the technology-enabled homes are marked by luxurious design and sophisticated architecture, setting the community apart as a hallmark development with some of the most distinctive and thoughtful residences to date. Groundworks for the project have already concluded, and the contractor is actively working towards the targeted completion date of mid-2026.

The contract for Alaya, has been successfully awarded to Unec, a leading construction entity in the region. The project will span 26 months for a handover date of early 2026. Comprising 130 grand villas, the neighbourhood stretches across 200.000 sqm. Surrounded by spacious landscaped grounds, the premium grand villas, allow for additional privacy while still remaining connected to the community and its facilities. With customisable façade selections – including the Modernist or the bright Mediterranean – and extended Zen Suites, which can be tailored to accommodate for residents’ preferences, Alaya is set to further enhance Tilal Al Ghaf’s appeal as an exclusive resort-style community.

Hawazen Esber, Chief Executive Officer, Majid Al Futtaim Development, said: “Tilal Al Ghaf is a representation of our commitment to deliver human-centric lifestyle destinations that redefine the standards of residential living, and the construction of Elysian Mansions, Alaya, and Lagoon Al Ghaf will continue to pave the way towards delivering a holistic and high-end neighbourhood experience.

The two contractors have been uniquely awarded to suit the requirements of the individual projects, and we’re thrilled to be partnering with Innovo Build LLC and Unec, who share the capacity, expertise, and reputation to bring our vision to life, maintaining our rigorous sustainability standards and operational processes throughout every construction phase,” he added.

With over three million square metres of walkable neighbourhoods connected by a network of pathways, cycling tracks, jogging trails, and green spaces, Tilal Al Ghaf is Majid Al Futtaim Developments’ flagship mixed-use community, providing a contemporary resort-like living experience in the heart of new Dubai. Each neighbourhood features exceptional amenities to bring residents a healthy and exciting environment inspired by nature. With a dedicated customer-centric approach, Majid Al Futtaim Developments continues to deliver destinations that foster a sense of belonging, which, when paired with robust sustainability targets – such as being Dubai’s first BREEAM interim certified project – continues to set Tilal Al Ghaf apart as a leading lifestyle hub in the city.

FORMULA E STILL SETTING THE PACE IN GLOBAL SUSTAINABILITY RANKINGS‏

By
Sahfy Sahfy
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FORMULA E STILL SETTING THE PACE IN GLOBAL SUSTAINABILITY RANKINGS
FORMULA E STILL SETTING THE PACE IN GLOBAL SUSTAINABILITY RANKINGS

Formula E has maintained its position as global leader for sustainability in sport, topping the Global Sustainability Benchmark in Sport (GSBS) report, the Sustainable Championships Index (SChI™), and the Sustainable Motorsport Index (SMI) once again.

GSBS, the independent sustainability rating organisation, named Formula E top in four of the five award categories for sustainable performance from amongst the world’s leading elite sporting organisations, published in its annual report this week.

The report included a comprehensive analysis of 55 of the most influential organisations in the sports industry, including: FC Barcelona, Manchester City FC, Real Madrid, the Premier League, Formula 1, NFL, WWE, Chicago Bulls, Boston Celtics, NY Yankees, Los Angeles Lakers, and UFC.

The GSBS assessment drew from nearly 500 organisations worldwide invited to participate in the initial assessment – including motorsport, football, tennis, American football, baseball, basketball, ice hockey, handball, and contact sports – representing the highest levels of Corporate, Environmental, Social and Governance (CESG) activity across professional sports. For the full report, visit GSBS Report.

Formula E was awarded Best Total Performance 2023 (jointly with Borussia Dortmund) for the second year running and was ranked highest in Best Corporate Performance, Best Social Performance, and Best Governance Performance.

Formula E also built on further success in the third edition of the SChI™, being crowned the most sustainable global motorsport for the third consecutive year.

The SChI™, an initiative run by Enovation Consulting, supported by University College London, assesses the sustainable performance of 106 motorsport championships. Assessments are carried out against six key markers of sustainability: Certifications, accreditations and awards, environmental criteria, social criteria, engagement and partnerships, and approaches to sustainability.

The ABB FIA Formula E World Championship significantly outperformed its competitors, securing four prestigious cups and clinching the leading position in the Index, surpassing the FIA Formula One World Championship.

The SMI is presently the only global performance system that measures publicly disclosed sustainability practices against the United Nation’s Sustainable Development Goals and the ESG framework in motorsports.

Julia Pallé, Vice President, Sustainability, Formula E said:

“We are proud to keep raising the bar in the global standard for sustainability in sport. Sustainability has been at the core of our championship since its inception, and we are determined to build on our commitment and capabilities year after year.

“Topping the charts once again reinforces that entertainment and sustainability can coexist without compromise. We urge the sports industry to continue working towards the highest level of sustainable operations and to use their influence to engage fans on the collective mission to combat climate change and social progress in line with the UN Sport 4 Climate action framework.”

Saudi Arabia to Host World Economic Forum Special Meeting in April 2024

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Sahfy Sahfy
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Saudi Arabia to Host World Economic Forum Special Meeting in April 2024
Saudi Arabia to Host World Economic Forum Special Meeting in April 2024

The Kingdom of Saudi Arabia will host a high-level World Economic Forum (WEF) Special Meeting that will focus on global cooperation, growth and energy, on 28-29 April 2024, in Riyadh.

Announced by His Excellency Faisal F. Alibrahim, Minister of Economy and Planning, and Børge Brende, World Economic Forum President, at the 54th Annual Meeting of the World Economic Forum in Davos, Switzerland, the new event is part of a landmark agreement between Saudi Arabia and the Forum.

The gathering will convene more than 700 global leaders from the public and private sector, international organizations, non-governmental organizations (NGOs), academia and civil society to foster dialogues between countries to revive international cooperation and address current challenges to growth and development.

Announcing the event, His Excellency Alibrahim said: “The Kingdom of Saudi Arabia and Riyadh is becoming a global capital for progress and thought leadership on the critical topics of our time.

“The World Economic Forum Special Meeting in Riyadh will focus on global collaboration, growth, and energy. We believe this new platform will enable the World Economic Forum, the Kingdom, and our global partners to further engage in cooperative dialogues and find the right answers to the challenges we have at hand.”

Børge Brende, President of the World Economic Forum, remarked, “At a time of growing divides between developed and emerging economies, there is a pressing need to not only identify areas of shared interests but foster new, impactful partnerships.

“As a critical player at the intersection of many of the world’s economies, Saudi Arabia is uniquely positioned to work alongside both developed and developing markets to foster cooperation between the two, and help them reach their long-term commerce, energy, and finance goals.”

Being hosted in Riyadh, the capital of the largest economy in the Middle East, a world-leading hub between Asia, Africa and Europe, and a midway point between the Global South and the Global North, the WEF Special Meeting will provide a platform for global leaders to assess current challenges and propose transformative ideas to create a positive global impact.

Following Saudi Arabia’s presidency of the G20 in 2020, and building on the long-standing partnership between Saudi Arabia and the World Economic Forum, this latest collaboration underscores the Kingdom’s commitment to continue shaping the future agenda, fostering international cooperation, and addressing global challenges.

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