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the European Bank for Reconstruction and Development welcomes Iraq as its latest member

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EBRD welcomes Iraq as its latest member
EBRD welcomes Iraq as its latest member

Iraq has become the latest member of the European Bank for Reconstruction and Development (EBRD), bringing its total number of shareholders to 74.

Iraq originally submitted a request to join the Bank in April 2018 and the Board of Governors approved its membership in October 2020. The process of becoming a shareholder is now concluded.

As a shareholder, Iraq can apply to become a recipient economy, thereby benefiting from the EBRD’s finance and policy support. Such a request would be reviewed by shareholders in a separate process.

At this year’s EBRD Annual Meeting in Samarkand, the Board of Governors approved an amendment to the Agreement Establishing the Bank to allow the expansion of the Bank’s operations to Iraq. Once the amendment is in force, the Bank will be in a position to take forward any request from Iraq to become a country of operation.

The Governors’ Resolution in Samarkand also folded Iraq into the Bank’s southern and eastern Mediterranean (SEMED) region, to which the country has strong economic links.

EBRD President Odile Renaud-Basso, said: “I am delighted to welcome Iraq as a member of the Bank. We are fully committed to engaging with the country. When the time comes, we are looking forward to starting work in Iraq, applying our expertise to developing its economy.”

The Bank first started to operate in the SEMED region in 2012, launching activities in Egypt, Jordan, Morocco and Tunisia. In 2017, operations were extended to Lebanon and the West Bank and Gaza.

The EBRD now has 72 national shareholders in addition to the European Union and the European Investment Bank.

The EBRD supports countries in transition, using a combination of investment, advisory work and policy reform. It focuses on developing the private sector and bringing sustainable change, leaving an enduring legacy for a better future. The Bank is currently focusing its efforts on supporting Ukraine, while helping all of its economies to become greener, more inclusive and more digital

barat London attracts real estate investors with the launch of the Sterling Place residential

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Sahfy Sahfy
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barat London attracts real estate investors with the launch of the Sterling Place residential
barat London attracts real estate investors with the launch of the Sterling Place residential

Barratt London, part of Barratt Group, the UK’s largest housebuilder, has officially launched its latest development, Sterling Place, in New Malden, in the south-west of the UK capital, with new research revealing the popularity of the location has resulted in house prices to rise by 8.3% in the last year.

Research by JLL has revealed that New Malden is in high demand, with the number of
residents predicted to increase by 2.4 per cent between 2021 and 2026. In line with the
increase in popularity, average sales prices have also risen by 8.3% in just 12 months –
significantly outperforming Greater London’s 3.6% rise.

New Malden has also outperformed London and neighbouring areas in the last five, 10 and 20 years.
Leading the sales drive in the GCC is the recently launched Barratt London MENA office, led by UAE-based Hardington Residential, according to the company’s managing director Ian Plumey, there is a lot attracting the interest of investors from the region.

“This development piques the interest of investors from this region for three key reasons.
The first is those looking for a home to use during the summer, which is located in a leafy
part of the capital but just a short journey by train to Central London or Surrey; the second is education, with south-west London considered one of the most sought-after areas for parents; and finally, the incredible investment opportunities – there very few investment vehicles delivering 8.3% growth in 12 months,” said Plumey.

“We are currently seeing Saudi Arabian, Kuwaiti and UAE investors leading the charge for
this type of property, followed by Qatar, Oman and Bahrain,” he added.
Sterling Place will consist of 456 new one-, two- and three-bedroom apartments, replacing a derelict former print works renowned for producing, amongst other things, currency for numerous countries worldwide.

The new apartments will be in seven staggered-height blocks ranging from seven to fourteen storeys. Starting from US$459,600 (£379,000) for a one-bedroom home, the first phase will offer panoramic views over south-west London and towards the City. In addition to views, residents will benefit from open-plan living and landscaped gardens. The first homes will be delivered in Q4 2025, with the site expected to be complete in 2027.
The new residential village has been designed with the environment in mind. Adding podium gardens, play areas, and tree and shrub planting will bring a 10 per cent biodiversity net gain to the area. Each energy-efficient home is predicted to have an EPC rating of B or above, and there are 240 electric charging points, over 900 cycle storage spaces and solar panels across the site.

New Malden is an area that could also benefit from the potential delivery of Crossrail 2.
Research by JLL has stated that 76 per cent of areas surrounding the planned Elizabeth
Line stations outperformed the regional average in terms of house prices in the decade
leading up to its opening, further underscoring the return on investment (ROI potential). The line would also significantly improve connectivity for the area, with up to 30 trains per hour to destinations including Central London, Hertfordshire and Surrey, significantly reducing journey times.

Close to the border into Surrey and conveniently located for both town and country, Sterling Place has four bus routes on the doorstep and three railway stations within a 15-minute walk. The District and Northern lines can also be accessed from nearby Wimbledon and South Wimbledon tube stations.

As well as access into the city, there are several iconic destinations in south-west London.
Richmond Park, famous for its deer, is less than four miles away and covers 2,500 hectares, taking in viewpoints, cafés, playgrounds and a Victorian woodland garden. At the same time, nearby Wimbledon hosts the famous annual lawn tennis competition. Vibrant Kingston- Upon-Thames, just three miles from Sterling Place, is the ideal destination for shoppers, with bars and restaurants lining the River Thames.

From an education perspective, the Merton area is home to over 85 schools, and the
Borough is in the top 10 in London for Ofsted-rated ‘Outstanding’ schools. The area’s
selective schools are also in high demand, with 1,500 students applying every year for the
180 spaces available at the Tiffin School.
Stuart Leslie, Sales and Marketing Director for Barratt International said: “We’ve seen
that buyers’ habits have changed post-Covid with the need for a good work-life balance
being more important than ever before. In an area like New Malden, you’re at Surrey’s
gateway, where you have that perfect blend of the countryside on the doorstep and the buzz of the capital less than a 30-minute train journey away.
“For me, the ultimate draw of New Malden is its location. You’re so close to London’s iconic destinations – the likes of Richmond Park, Wimbledon Village, and Kingston are all on the doorstep.

Therefore, it is no coincidence that this area is growing in value as it ticks many
boxes needed for 2023 living.”
Prices for Sterling Place in New Malden will start from US$459,600 (£379,000) for a one-
bedroom home. To find out more, visit www.barrattlondon.com or call 0330 057 6666.

du and Ookla announce strategic partnership

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Sahfy Sahfy
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du and Ookla announce strategic partnership
du and Ookla announce strategic partnership

du, from Emirates Integrated Telecommunications Company (EITC), has teamed up with Ookla, a global leader in connectivity intelligence, to provide a superior customer experience. The partnership will see Ookla providing its comprehensive suite of solutions to du.

du will leverage Ookla’s industry-leading solutions to gain valuable insights into network performance, coverage, and signal measurement data, as well as real-world consumer network experience. By harnessing these advanced tools, du aims to facilitate a differentiated experience for its customers across the UAE and further contribute to UAE’s worldwide leading position.

Fahad Al Hassawi, Chief Executive Officer at du said: “We are thrilled to partner with Ookla to augment our network performance and elevate the customer experience in the UAE. We will leverage powerful insights and data-driven solutions to ensure seamless connectivity and deliver superior network performance to our valued customers.”

Under the terms of the agreement, Ookla will offer du its end-to-end solutions, providing global insights on quality of service (QoS) and quality of experience (QoE), thus enabling du to make informed decisions for network improvements. This partnership further solidifies du’s dedication to providing a world-class network performance for its customers.

Stephen Bye, President and CEO of Ookla, a division of Ziff Davis, said: “Ookla’s partnership with du underscores our commitment to working with providers to improve access to broadband services and deliver the best possible customer experience. We appreciate our partnership and work with du to improve its network and maintain the UAE’s position as the fastest country for mobile speeds on the Speedtest Global Index.”

Through this collaboration, du aims to not only ensure seamless connectivity and deliver a superior network performance, but also contribute to the UAE’s ranking as the fastest mobile market in the world.

Sharjah Chamber Embarks on Trade Mission to Enhance Economic Ties with Uganda and Kenya

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Sharjah Chamber Embarks on Trade Mission to Enhance Economic Ties with Uganda and Kenya Sharjah Chamber Embarks on Trade Mission to Enhance Economic Ties with Uganda and Kenya
Sharjah Chamber Embarks on Trade Mission to Enhance Economic Ties with Uganda and Kenya

The Sharjah Chamber of Commerce and Industry (SCCI) will dispatch a trade mission to Uganda and Kenya on Monday to bolster economic and investment cooperation between Sharjah and the two African nations.

Led by the Sharjah Exports Development Centre (SEDC), the mission is set to explore ways to further development and foster stronger ties as part of the Chamber’s commitment to supporting the local business community, enhancing their activities, and facilitating the growth of industrial and commercial exports from Sharjah.

HE Abdullah Sultan Al Owais, Chairman of SCCI, is leading the delegation, accompanied by several members of the Chamber’s Board of Directors, including Abdulaziz Mohammed Shattaf, Assistant Director-General of the Communication and Business Sector at the Sharjah Chamber. The delegation also includes officials from the Chamber and the Centre, as well as prominent businessmen and representatives from major industrial and commercial entities in Sharjah.

The trade mission’s journey will commence with the first leg taking place in the Kenyan capital, Nairobi, where the Sharjah-Kenya Business Forum was organized. The mission will then proceed to Uganda, where it will hold business forums bringing together officials and leaders from chambers of commerce and industry. 

These business gatherings will explore avenues for establishing new partnerships and will feature events and meetings with business communities from the UAE, Kenya, and Uganda, with the overarching goal of highlighting investment opportunities and fostering joint economic collaborations.

HE Abdullah Sultan Al Owais emphasized that this East African mission aims to support the UAE’s strategic vision of enhancing its global trade and investment reach, as well as widening its network of international trade allies to foster business development.

Al Owais stressed the importance of the mission not only in identifying opportunities in emerging African markets but also in enabling national companies and investors to establish new collaborations and partnerships with their counterparts across Africa, thereby boosting exports and expanding business operations into new geographical areas.

He highlighted that the mission’s agenda is packed with a series of meetings with officials from economic institutions, chambers of commerce, investment promotion agencies, export development and promotion centers, and other relevant entities representing the business community in the target markets.

Running until November 10, the trade mission takes place against the backdrop of flourishing trade relations between the UAE, Uganda, and Nairobi. In 2022, Uganda’s imports from the UAE amounted to USD 810,529, witnessing an annual growth rate of 20% over the past five years. 

Meanwhile, exports from Uganda to the UAE surged from USD 300 million in 2009 to USD 1,065,910 billion in 2021. Nairobi’s imports from the UAE reached USD 3,458,269 in 2022, marking a 47% increase since 2021, and exports from Nairobi to the UAE also saw substantial growth, climbing from USD 315,268 million in 2021 to USD 373,679 million in 2022.

Breitling launches the new Avenger collection

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Sahfy Sahfy
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Breitling launches the new Avenger collection
Breitling launches the new Avenger collection

The Avenger, updated and unstoppable. Breitling is meeting the demands of the skies with a rede pilotssign centered on sleek aviation detailing, wear-resistant materials, and the addition of the powerhouse Breitling Manufacture Caliber 01 to its chronograph models.

Breitling’s ties to flying date back to the 1930s, when third-generation founder Willy Breitling formed the HUIT Aviation Department, dedicated to creating precision aircraft instruments and pilots’ chronographs. Its expertise in the then-emerging field of military aviation carried through into the birth of commercial air travel and beyond, resulting in such renowned timepieces as the Navitimer, the AVI Co-Pilot, the Aerospace, the Emergency, and the Avenger. No other watch brand has a more impressive and enduring link to aviation.

“The Avenger was created to stand up to the relentless conditions of a jet cockpit and to support pilots in demanding aerial maneuvers. Its redesign demanded nothing less,” says Breitling CEO Georges Kern. “This collection pairs all the performance with sophisticated modern aviation style.”

The new range comes in three formats. A 44 mm chronograph, a 44 mm automatic GMT, and a 42 mm automatic. All pieces come with a choice of military leather strap with folding pin buckle or three-row stainless-steel bracelet with micro-adjustable folding clasp. Each has a 300 m water resistance. And whether you can pull off a barrel roll or not, you’ll appreciate their easy-grip functionality and corrosion-resistant construction. Let’s explore the models.

AVENGER B01 CHRONOGRAPH 44 AND NIGHT MISSION

The force behind the new Avenger chronograph is the Breitling Manufacture Caliber 01 that provides approximately 70 hours of power and comes with a five-year-warranty, as well as being a COSC-certified chronometer. To reveal the movement’s precise mechanics, the chronos are equipped with an open sapphire-crystal caseback.

Core models feature a colored dial (blue, green, black, or sand-colored) and rotating 60-minute bezel in stainless steel. Baton indexes streamline the dial, giving prominence to the red-tipped chrono hand. Note the grip pattern on the crown and bezel, and the new square pushers, designed for the smoothest timekeeping operation.

For those looking for an even bolder look, the Avenger Night Mission chronograph—with a vibrant yellow or carbon black dial—has a case and bezel constructed entirely of scratch-resistant ceramic. Its caseback, crown, pushers, and buckle, meanwhile, are crafted in solid titanium, providing the highest strength-to-weight ratio of any metal. Dial numerals provide superior legibility, particularly on the black dial, made specially out of resilient carbon fiber.

If you picked up on the fact that carbon fiber, titanium, and steel are also the stuff of aircraft design, it’s no coincidence. The Avenger is made to be light and tough, just like the jets they fly in.

AVENGER AUTOMATIC GMT 44

Prized by pilots as well as frequent flyers, a red GMT hand provides at-a-glance reading of Zulu time along a 24-hour rotating bezel. The diameter is equal to that of the chrono, with a more compact profile. The steel-cased Avenger Automatic GMT comes in a choice of black or naval-blue dials, with a military leather strap or three-row stainless-steel bracelet. It’s powered by the COSC-certified Breitling Caliber 32 that provides an approximate 42-hour reserve and is backed by a two-year warranty.

AVENGER AUTOMATIC 42

This well-balanced watch has all the robustness of its larger counterparts in a trimmer 42 mm diameter. Constructed in steel, the Avenger Automatic offers a choice of black, naval-blue, or camo-green dial, with the option of a matching military leather strap or three-row stainless-steel bracelet. Its engine is the COSC-certified Breitling Caliber 17 automatic three-hand movement, delivering up to 38 hours of power with a two-year warranty. 

Catch the Avenger in its just-released campaign on the wrists of Switzerland’s Patrouille Suisse aerobatics team. That’s where you’ll see the performance aviation watch in its element. A new design, ready for action-fueled adventure.

Agthia Group to Accelerate Digital Transformation by Adopting Artificial Intelligence

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Sahfy Sahfy
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Agthia Group to Accelerate Digital Transformation by Adopting Artificial Intelligence
Agthia Group to Accelerate Digital Transformation by Adopting Artificial Intelligence

Agthia Group PJSC, one of the region’s leading food and beverage companies, has signed a Memorandum of Understanding (MoU) with Microsoft UAE, offering scope to revolutionise everything from customer service to production, procurement, and employee engagement, and marking a significant milestone in Agthia’s journey to become a regional digital leader in the consumer-packaged goods (CPG) industry. The MoU focusses on:

  • Revolutinizing Customer Experience with AI: One of the key initiatives under the MOU is the early adoption of Artificial Intelligence (AI) technologies in the UAE, the implementation of which into Agthia’s Water Home Delivery Contact Center is already improving our services to and interactions with customers.
  • Establishing Smart Retail Stores: Agthia will also aim to leverage MS Dynamics Retail and POS solutions to establish smart and best-in-class digital stores, starting with our healthy snacks and coffee brand Abu Auf prior to scaling across the group.
  • Enhancing Employee Engagement and Learning: Agthia has commenced the deployment of Microsoft Viva to improve employee experience, engagement, and continuous learning, helping to further strengthen the Group’s reputation as an innovative and engaging workplace. 

Alan Smith, Group Chief Executive Officer of Agthia commented, “Our work with Microsoft will play a pivotal role in Agthia’s ongoing digital transformation, utilizing new tools to navigate the digital landscape and identify opportunities for market expansion, operational excellence and commercial success, while accelerating innovation and responsible, sustainable business practices throughout the FMCG value chain”. 

Vanderlei Santos, Chief Digital Officer of Agthia added, “We are delighted to embark on this transformative journey with Microsoft that enables us to offer our customers a truly personalized experience, and we look forward to providing unparalleled value to our customers and employees, leveraging Microsoft’s experience and comprehensive suite of technologies. Consistent with our five-year growth strategy, this underlines our commitment to becoming a consumer data-driven organization through accelerating our digital agenda.”

Americana Restaurants reports growth in revenues and profits for the third quarter

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Sahfy Sahfy
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Americana Restaurants reports growth in revenues and profits for the third quarter
Americana Restaurants reports growth in revenues and profits for the third quarter

 Americana Restaurants International PLC (“Americana Restaurants” or the “Company”) (ADX symbol: AMR/ ISIN: AEE01135A222) (Saudi Stock Exchange symbol: 6015), the largest out-of-home dining and quick service restaurant operator in the Middle East & North Africa (“MENA”) and Kazakhstan, today announced its financial results for the nine-month period ended 30 September 2023.

Americana Restaurants’ reported revenues of $1,897.0 million and adjusted EBITDA of $446.5 million for first nine months of 2023, thus delivering 7.1% and 10.4% growth respectively vs. the same period in 2022. Revenue growth was supported by continuing like-for-like revenue growth and growing restaurants portfolio across countries of operation in the Middle East, North Africa and Kazakhstan. 

The Company reported 6.0% increase in like-for-like revenues for the nine months ended 30 September 2023 in comparison to 2022. This increase in revenues was driven by a robust performance of the Company’s three power brands – KFC, Pizza Hut, and Hardee’s.

The adjusted EBITDA margins improved by 0.7% to $446.5 million in the first nine months of 2023 compared to the corresponding period in 2022, supported by decreasing commodity inflation and continued focus on operational efficiencies.

Americana Restaurants’ nine months 2023 net profit (attributable to shareholders of the Parent Company) increased by 15.8% to reach $226.7 million. Net Profit growth has been driven by business growth and improved operational efficiency as well as the impact of one-off tax claim charges in Egypt of $24.9 million during the same period in 2022. Growth in net income despite higher depreciation charges related to accelerated new store openings of $6.5 million compared to same period last year and negative impact of hyperinflationary accounting for the Lebanon business and currency devaluation in Egypt of around $10.0 million compared to same period last year. 

In Q3 2023, the Company reported $655.5 million in revenues with a solid growth of 5.9% vs same period last year. 

Net profit (attributable to shareholders of the Parent Company) for the quarter increased to $81.9 million, a growth of 9.9% over same period last year. This growth is on account of revenue growth and improved operational efficiencies, with the support of normalizing commodity inflation. Net Profit increased by 21.5%, after adjusting for the negative impact of hyperinflationary accounting for the Lebanon business and currency devaluation in Egypt of around $8.7 million during Q3 2023 compared to Q3 2022 last year. 

The Company continued its restaurant expansion plans during the first nine months and added 184 gross new restaurants. Americana Restaurants’ portfolio stood at 2,338 restaurants as of 30 September 2023, with 92 new restaurants under construction and in line with the full year guidance of opening 250-260 net new restaurants for 2023. 

The Company has continued to maintain a healthy balance sheet and a strong overall financial position. With adjusted free cash flow of $195.0 million for the period ended 30 September 2023, and a cash conversion ratio of 66.3%, the Company is well positioned to cover capex requirements as well as to support its dividend policy.

Financial Highlights 

$ millions Q3 2023 Q3 2022 Change % Period ended 30 September 2023 Period ended 30 September 2022 Change %
Revenue 655.5 619.1 5.9% 1,897.0 1,771.0 7.1%
Adjusted EBITDA 154.8 134.5 15.0% 446.5 404.6 10.4%
Adjusted EBITDA Margin (%) 23.6% 21.7% 23.5% 22.8%
Net Profit (attributable to the shareholders of the Parent Company) 81.9 74.6 9.9% 226.7 195.8 15.8%
Adjusted Free Cash Flow 84.1 1.9 NM 195.0 142.1 37.3%
Earnings per Share ($) 0.0097 0.0089 9.9% 0.0269 0.0232 15.8%

The Company expects to continue its expansion plan and add 250-260 net new restaurants during 2023, across its markets of operations with particular focus on Saudi Arabia.

The Company also looks to expand profit margins on account of improved operational efficiencies and normalizing commodity prices. While recent geopolitical developments may have some impact on short term performance, the Company remains positive about the general business environment and its outlook for long term performance.

ZAJEL Signs Agreement with DPWorld

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Sahfy Sahfy
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ZAJEL Signs Agreement with DPWorld
ZAJEL Signs Agreement with DPWorld

ZAJEL courier services, a leading courier and logistics service provider, has achieved yet another significant milestone with DPWorld. This agreement aims to enhance the efficiency and streamline the movement of shipments through the integration of advanced digital solutions.

Under the DF Alliance (DFA), ZAJEL signs an agreement with DP World for cutting-edge technology solutions by DP World as part of its forward-thinking vision. This transaction is centered on enhancing technology within the shipping industry, with the goal of improving and streamlining operations. This underscores Zajel’s commitment to harnessing advanced technology to significantly enhance the quality of shipping services, marking a pivotal step towards a more efficient and technology-driven processes

One of the key components of this agreement is the implementation of ERP integrated cargo flows solutions. This software solution will revolutionize processes by providing a unified platform to manage all operations. By increasing efficiency, effectiveness, and control, this integrated software solution will enable ZAJEL to minimize risks and disruptions, ensuring a seamless experience for their customers.

Present at the signing deal were, Mr. Ayaz Maqbool, Group VP of Digital Product Sales from DPWorld, and Nabeel Al Kharabsheh, General Manager of ZAJEL.

Speaking about this collaboration, Nabeel Al Kharabsheh stated, “We are thrilled to partner with DPWorld and integrate their advanced freight forwarding digital solutions into our operations. This collaboration will undoubtedly elevate our services and enable us to provide an unmatched experience to our customers.”

This agreement between ZAJEL and DPWorld marks an important step forward in the courier and logistics industry. By leveraging advanced digital solutions, both companies are poised to revolutionize logistical operations and set new benchmarks in efficiency and customer satisfaction.

Forbes Middle East’s Sustainability Leaders’ Summit Set to Shape the Green Agenda

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Sahfy Sahfy
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Forbes Middle East’s Sustainability Leaders' Summit Set to Shape the Green Agenda
Forbes Middle East’s Sustainability Leaders' Summit Set to Shape the Green Agenda

The Forbes Middle East Sustainability Leaders’ Summit 2023 will convene international leaders in sustainability, technology, finance, and policy at the Rixos Premium Saadiyat Island in Abu Dhabi from November 1-3, 2023. Under the theme: “Driving economic growth for a greener world,” the highly anticipated event will be chaired by His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade for the U.A.E.

The Forbes Middle East Sustainability Leaders’ Summit 2023 will play a crucial role in the global push for environmental conservation and sustainable development. The summit is a timely demonstration of the potential and progress of energy transition in the region.

The gathering of international leaders in sustainability, technology, finance, and policy will serve as an invaluable platform for discussing, innovating, and driving global strategies toward sustainable living. Taking place before the United Nations COP28, it will set the tone for international and regional dialogue and decision-making, allowing the world’s leaders to approach the conference with informed perspectives, ambitious goals, and actionable strategies for combating climate change.

Participants can expect an engaging and comprehensive program featuring keynote addresses, panel discussions, interactive workshops, and networking opportunities. The agenda will cover a wide range of topics, including ethical global commerce and movement, strategies for decarbonizing industries, sustainable finance, impact entrepreneurship, sustainable tourism, climate-smart cities, mobility systems, sustainable consumption, and resource conservation.

“We are so excited to be bringing together some of the region’s most influential leaders in sustainability to debate the most pressing issues today and find solutions that will have a measurable impact on our transition to a greener economy,” said Khuloud Al Omian. “We all have a responsibility to protect our beautiful planet for future generations.”

Innovation is the key driver for developing and bolstering the local and regional green economy. Advancements in sustainable technologies and practices, ranging from renewable energy solutions to waste management systems, have the potential to dramatically reshape the economic landscape of the region. Not only can they replace or reduce reliance on traditional, environmentally harmful industries, but they can also create new avenues for job creation and economic growth.

By fostering entrepreneurship and attracting global investments, the U.A.E. and its neighboring countries aim to become leading hubs for green innovation. This transformation is not only crucial for regional sustainable development, but it also sets a precedent and provides a replicable model for similar regions around the globe. In turn, this boosts the global green economy and helps to meet the goals of the Paris Agreement and other international environmental commitments.

The Forbes Middle East Sustainability Leaders’ Summit promises to be an impactful event that will empower global leaders, industry experts, and stakeholders to address the most pressing environmental challenges of our time. By accelerating the transition toward a greener, more sustainable world, the summit aims to create a legacy of sustainable development and prosperity for future generations.

e& reports outstanding Q3 financial and operational results

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e& reports outstanding Q3 financial and operational results delivering 20 per cent growth in net profit
e& reports outstanding Q3 financial and operational results delivering 20 per cent growth in net profit

e& today announced its consolidated financial results for Q3 2023 reporting consolidated revenues of AED 13.4 billion with a YoY increase of 3.3 per cent while consolidated net profit was AED 3.0 billion, a year-over-year increase of 20 per cent.
At constant exchange rates, consolidated revenue increased by 8.0 per cent and consolidated EBITDA increased by 6.9 per cent , resulting in a resilient EBITDA margin of 51 per cent.

The number of etisalat by e& subscribers in the UAE reached 14.0 million in Q3 2023, representing an increase of 4.7 per cent over the same period last year, while aggregate group subscribers reached 167 million, a 3.3 percent increase.

Hatem Dowidar, Group CEO, e&, said: “e&’s strong performance this quarter is a testament to our resilience, and commitment to deliver value and growth to our customers and shareholders. We will continue our focus on championing innovation to enrich the lives of our customers and make a positive impact across the societies we serve. We remain committed to lead the change by taking our first steps in sustainable mobility and transforming our business with AI powered solutions while realising our vision of digitally empowering societies.

Looking ahead, we will continue to push the boundaries of technology and innovation, while our strong performance serve as a stepping stone toward a future where we continue to pioneer advancements and create even more value for all our stakeholders. Thanks to our talented teams, loyal customers and shareholders for their continued trust and support to our vision. Together, we are poised for even greater achievements to come in the near future.”

Key highlights and developments for Q3 2023

e&: A global technology pioneer pushing digital boundaries

The world’s first AI-empowered autonomous telecom store ‘EASE’ was introduced as part of the trajectory of innovation using ground-breaking technology to allow customers to seamlessly purchase products and services. e& also took a major step to support electric mobility in UAE with the soft launch of ‘Charge&Go’, an end-to-end holistic EV charging solution.

In line with e&’s commitment to climate action and sustainable community growth, the Group proudly became the ‘Principal Technology Partner’ for COP 28. It has also joined the World Economic Forum’s EDISON Alliance to promote global digital inclusion for more than 30 million people in markets the e& serves.

In addition, a collaboration with the UAE Ministry of Education aims to nurture a digital-first mindset among students using next-generation digital tools. Etisalat Academy partnered with Earthlink to launch a telecoms training academy in Iraq focusing on GPON FTTH network systems.

On the global front, e& has joined forces with international giants such as SK Telecom, Deutsche Telekom, Singtel and Indosat to launch a global alliance in AI for telecoms. This alliance will pave the way for new innovations and co-development of the Telco AI platform. A partnership with Indosat promises to improve voice communication between Indonesia and the UAE by providing high quality IDD services.

e&’s achievements were celebrated at the Carrier Community Global Awards 2023by being named: ‘Middle East Operator of the Year’ for the third consecutive year. Its network technology prowess was also recognised with the World Teleports Association’s Tier 4 certification for its Tawi al Saman and Jebel Ali teleports.

For its excellence in governance and best practice, the Group’s legal and compliance team won ‘Middle East In-House Legal Team of the Year’ and ‘Technology, Media and Telecommunications In-House Legal Team of the Year’ at the Thomson Reuters ALB Middle East Law Awards 2023.

etisalat by e&: Revolutionising the telecom and digital sectors
etisalat by e& strengthened its market position through technological advances and strategic alliances by continuing to expand its 5G services, introducing 5G Stand-Alone for mobile users, following the launch of the 5G SA service for Fixed Wireless Area (FWA) users. Collaborations have extended to Microsoft, resulting in a new AI-powered virtual assistant. Its commitment to cyber security has resulted in an alliance with the UAE Cyber Security Council. The first batch from Etisalat Academy’s Cyber Sniper Programme graduated, a program designed to fortify UAE government employees’ cybersecurity skills.

Furthermore, etisalat by e& introduced a groundbreaking social cloud-gaming platform ‘the Arena Challenge’, powered by OnMobile Global’s ONMO. Innovations such as ‘uTAP’ and bespoke commercial offerings reinforced its technology-driven philosophy.

etisalat by e& has launched tailored solutions packages for start-ups and micro-enterprises this quarter, as well as Wi-Fi as a service to improve business connectivity.

Underlining its leadership during the third quarter, etisalat by e& achieved TM Forum Silver certification for Open API compliance, a first in the MENA region. Its pioneering spirit shone through with the world’s first successful trials of high-capacity transmission networks and 5G milestones, such as a breakthrough with a successful mmWave pilot deployment over 10km and a record downlink speed of over 13Gbps in partnership with Ericsson.

It’s commitment to HR innovation earned it the title of ‘Employer of the Year’ at the GCC GOV HR Awards 2023. A partnership with the Emirati Talent Competitiveness Council (ETCC) has resulted in exclusive offers for Emiratis in the private sector enrolled in the Nafis programme.

e& international: building digital brands and expanding the partner network

Launched the digital brand ‘Onic’ in Pakistan as part of its partnership with Circles to elevate digital experiences for digital-native customers of Mobile Network Operators (MNOs). Sudatel and Pakistan based Perfectum mobile joined the partner network programme that supports the growth of global telecom operators, offering access to market best practices, cutting-edge services, and the benefits of e&’s scale to telecom operators around the world.

Strategic partnerships during the quarter also included but not limited to a collaboration with Vodafone Business that resulted in the acquisition of a major customer, to develop a software-driven network. The two companies plan to work with existing multi-national enterprise customers that would benefit from their combined offerings, operational scale, and complementary geographic footprint.

e& life: Redefining entertainment and digital financial services

e& life made significant progress in the third quarter, enhancing its offerings by redefining media, entertainment and digital financial services in the region. evision with STARZPLAY continued to pioneer and innovate in the MENA entertainment market with strategic developments on original productions and acquisition of exclusive key sport rights for MENA (such as Cricket ICC World Cup or Rugby World Cup). The financial sector saw the launch of the e& money prepaid card and the introduction of rewards on prepaid card spends. Customers can earn 1 per cent cash rewards with every purchase, the most competitive prepaid card offering in UAE. e& money’s remittance service saw a spike in transactions with their highest peak achieved in Q3.

e& enterprise: At the forefront of digital transformation

e& enterprise continued its success in the third quarter, pioneering digital transformation across various sectors. The company’s strategic initiatives and partnerships have positioned it as a leader in driving innovation and sustainable practices.

The company moved forward with milestones such as the launch of the e& enterprise Innovation Centre. In line with the objectives of the Abu Dhabi Industrial Strategy (ADIS), e& enterprise collaborated with the Abu Dhabi Department of Economic Development (ADDED) to enhance and share experiences in the areas of Industry 4.0 and sustainability manufacturing. e& enterprise’s fintech blockchain platform, UTC had Al Masraf join as a new member of its banking consortium.

The digital payments horizon has been expanded through the collaboration with Tap Payments, and the commitment to providing cutting edge digital infrastructure has been strengthened through the partnership with Informatica to accelerate data modernisation and governance in the UAE.

e& capital: Spearheading investment and tech innovation

e& capital demonstrated strategic foresight in the third quarter via driving innovation and investments in promising startups enabling cutting-edge technologies. At the forefront of technology innovation, the firm participated in the $25 million Series A funding round for Ikigai Labs, a startup committed to bringing generative AI to tabular data. e& capital also led a $5 million Series A funding round for Maxbyte, driving the industry 4.0 revolution in the MENA region. Additionally, e& capital led the $60 million Series B funding round for Airalo, the global eSIM marketplace enabling travelers with seamless connectivity

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