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Emirates Integrated Telecommunications Company PJSC Reports its Q3 2023 Results

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Sahfy Sahfy
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Emirates Integrated Telecommunications Company PJSC Reports its Q3 2023 Results
Emirates Integrated Telecommunications Company PJSC Reports its Q3 2023 Results

 Emirates Integrated Telecommunications Company PJSC (“EITC”) announced its financial results for the quarter-ended 30 September 2023, with Net Profit that soared by a remarkable 57.7% to AED 504 million, its highest quarterly level over the last three years. The sustained demand for postpaid mobile and fixed services resulted in service revenues growth of 5.5%, pushing the total quarterly revenues to AED 3.3 billion. EBITDA rose by 13.8% to AED 1.48 billion and Operating cash flow increased by 65.1% to AED 956 million.

Operating highlights 

  • Our mobile customer base grew 9.4% year-over-year to 8.1 million subscribers, demonstrating our ability to retain and attract new customers through the provision of innovative products, services and solutions. The rising demand from the enterprise sector for mobile services coupled with steady growth in the consumer segment delivered a ninth consecutive quarter of postpaid net-additions (32,200) with total postpaid subscribers reaching 1.6 million. Our prepaid customer base grew 9.2% year-over-year closing at 6.5 million customers, driven by attractive and unique offerings. 
  • Our fixed customer base continues its double-digit growth reaching 573,000 broadband customers. Our broadband strategy built around offering various means of access consistent with our customer needs supported a 12.4% year-over-year growth and an addition of over 13,000 customers over the quarter. 

Financial highlights 

  • Revenues grew 3.7% to AED 3,291 million. Mobile service revenues continue to grow at a steady pace, recording a 5.7% growth to AED 1,525 million. Fixed services revenues were at AED 939 million, registering another quarter of consistent growth at 5.3%. In aggregate, service revenues increased 5.5% to AED 2,464 million. Other revenues recorded a slight decline of 1.5% to AED 827 million due to lower hubbing and handset revenues partially offset by the growth in roaming and ICT service revenues. 
  • EBITDA was at 1,483 million, representing an increase of 13.8% year-over-year. The important growth in EBITDA was primarily driven by higher service revenues and an improved gross margin resulting in particular from a better revenue mix and the favorable impact of optimizing our content strategy. EBITDA improvement was also the result of our ongoing commitment to cost optimization and operational efficiency, which led to a 2.8% reduction in Opex.
  • Net Profit jumped 57.7% to AED 504 million primarily due to higher EBITDA, higher interest income and one-off reversal. 
  • Capex spend was at AED 527 million (capital intensity of 16.0%). We continue to direct the majority of our spend towards 5G deployment to enhance indoor coverage, our ongoing IT transformation and the expansion of our fibre network.
  • Operating free cash flow (EBITDA – Capex) was up 65.1% at AED 956 million following EBITDA growth and the normalization of Capex. 

Financial summary

AED million Q3 2022 Q3 2023 change
Revenues 3,175 3,291 3.7%
EBITDA 1,303 1,483 13.8%
Net Profit 319 504 57.7%
 
Capex -724 -527 -27.1%
Capital intensity 22.8% 16.0% 6.8pp
Operating free cash flow 579 956  65.1%
 

Fahad Al Hassawi, CEO said:  “We were able, once again, to deliver an excellent quarter recording growth on all our financial and operational KPIs and to report the highest quarterly net income over the last 3 years. This outstanding financial and operational performance reflects the disciplined execution of our strategy, our commercial dynamism and the continuous innovation that we have been bringing to the market.

During this quarter, we have been very active pushing further the deployment of our 5G network which reached 98.5% coverage and is now transporting significant part of our traffic. We continued innovating through the products and services we offer, which now includes the Business Starter offering and Esaad promotions. We also continued expanding our partnerships with the government and private sectors, such as MOHRE and GoDaddy. By end of the quarter, we added 85,700 mobile customers, 32,200 postpaid and 53,500 prepaid, and 13,800 fixed customers.

The growth of our quarterly service revenues at 5.5%, coupled with a rigorous management of our cost base allowed us to register a double-digit growth on all our major profitability KPIs: 13.8% on EBITDA, 65.1% of Operating cash flow and 57.7% on Net Profit. We continue to invest in our IT infrastructure and 5G rollout to enhance our customer experience and to create and unlock shareholder value while conducting our transformation journey towards a leading digital telco.”

 

Mitsubishi Power and Egypt Ministry of Electricity and Renewable Energy Sign Agreement

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Sahfy Sahfy
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Mitsubishi Power and Egypt Ministry of Electricity and Renewable Energy Sign Agreement
Mitsubishi Power and Egypt Ministry of Electricity and Renewable Energy Sign Agreement

Mitsubishi Power, a power solution brand of Mitsubishi Heavy Industries, Ltd. (MHI) today announced a contract agreement with the Egyptian Ministry of Electricity and Renewable Energy, for the upgrade and reliability of the Sidi Krir and El-Atf power plants, extending the previous agreement signed in 2021.

The agreement extension was signed at a ceremony which took place at the St Regis Almasa Hotel in Egypt’s New Administrative Capital in Cairo and was attended by H.E. Dr. Mohamed Shaker, Egyptian Minister of Electricity and Renewable Energy, Eng. Gaber Desouki, Chairman of the Egyptian Electricity Holding Company (EEHC), Mr. SHIMIZU Kazuhiko, Counsellor, Embassy of Japan in Egypt, Mr. KATO Ken, Chief Representative of Japan International Cooperation Agency (JICA) Egypt Office, and Dr. Javier Cavada, President and CEO of Europe, Middle East and Africa at Mitsubishi Power, Khalid Salem, President at Mitsubishi Power MENA, accompanied by high ranking officials and representatives from the Ministry of Electricity and Renewable Energy, EEHC which leads the power generation and transmission operations in Egypt, the Embassy of Japan in Egypt (EoJ), JICA Cairo Office, and senior executives from Mitsubishi Power.

This JICA-financed agreement extension, follows the successful ongoing execution of a long-term service agreement (LTSA) signed in May 2021 for six M701F Gas Turbines at Cairo North, Sidi Krir and El-Atf power plants, which extended the power plants’ lifespan, improved power supply stability, reduced maintenance downtime and costs, and positively contribute to recovering performance, resulting in fuel savings and lessening the effects of climate change.

H.E. Dr. Mohamed Shaker, Egyptian Minister of Electricity and Renewable Energy, commented on the agreement with Mitsubishi Power saying: “Egypt and Japan celebrate strong bilateral relations across multiple sectors. Our longstanding partnerships have not only strengthened bonds of friendship and alliance, but have propelled growth, particularly in the power and critical infrastructure sectors; thus, contributing to the socio-economic development of our nation. Our partnership with Mitsubishi Power enables us to harness the power of innovation, technology, and expertise of our Japanese partners to enhance power generation and efficiency to ensure energy security and availability to power Egypt’s growing demand for electricity.”

H.E. Dr. Shaker added: “We are also very looking further for more collaboration with Mitsubishi Power and Japan in the field of decarbonization and green hydrogen infrastructure development.”

Sidi Krir and El-Atf plants power hundreds of thousands of homes and businesses in the western Alexandria and middle Delta regions via the reliable Egyptian unified electrical grid. Upon completion of the plants upgrades, the gas turbines efficiency improved by +2.5% on average with an increase in the power generation capacity of +6% (MW).

Dr. Javier Cavada, President and CEO of Europe, Middle East and Africa at Mitsubishi Power, said: “We are proud to be here today with our Egyptian partners to celebrate the success and continuation of our collaboration to support the critical power sector in Egypt, which is a pillar of the country’s economic development. This latest agreement harnesses Mitsubishi Power’s heritage in Egypt, built on delivering our industry-leading, reliable technology and service excellence and ensure the availability of power for the people of Egypt.”

Dr. Cavada added: “We are committed to continue supporting the growth and advancement of Egypt’s energy sector, as it pursues its ambitious energy transition and fulfill its vision to build a hydrogen ecosystem and regional decarbonization hub, with our cutting-edge and comprehensive carbon neutral technologies.”

Mr. KATO Ken, JICA Chief Representative Egypt Office said: “Relations between JICA and the Government of Egypt have strengthened in recent years, and we have made significant progress towards expanding cooperation on sustainable development and Climate Change, particularly in the field of energy. In pursuit of the Paris Agreement and towards the fulfillment of Egypt’s Climate Strategy and Nationally determined contributions, this latest project with Mitsubishi Power adds to the successful projects JICA has had with the Government of Egypt, reflecting Japan’s continued support for this crucial sector, and the sustainability and reliability of Japanese technology.”

Munjz Prop-Tech Platform Unveils Innovative New Features

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Sahfy Sahfy
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Munjz Prop-Tech Platform Unveils Innovative New Features
Munjz Prop-Tech Platform Unveils Innovative New Features

Munjz, the leading Saudi-based prop-tech cloud platform, is thrilled to have recently unveiled a range of innovative new features at MEFMA – Riyadh, revolutionizing the property management landscape. These innovative additions will empower users to streamline their property management operations, enhance the customer journey, and gain critical insights into maintenance and finances.

One of the key highlights of the live new update is the introduction of the In-House Technician Management SAAS module, which allows users to add their own technicians, enhancing the customer journey and user experience. It empowers companies to manage their technician teams and facilitates the connection between customers and technicians, all within the Munjz comprehensive platform. Users can now build their own service catalog, track order workflows, and communicate efficiently with stakeholders through the app.

Munjz is introducing Asset Management, a feature that enables users to gain insights into the life of maintenance. It will track how many times services have been called, the number of issues resolved, details on what was fixed, when and at what cost, and whether any components needed replacing. Helping track how many times services have been called on a certain asset. The new feature provides a comprehensive overview of maintenance history, helping users make informed decisions.

The Wallet Update is a major enhancement to the financial tracking aspect of Munjz as it improves the visibility of transactions within the app. Also enabling finance teams to easily read transactions and document all invoices and financial activities on the platform to streamline financial management and provides a clear record of transactions.

The updated dashboard will provide users with more data and key performance indicators (KPIs) in a user-friendly and visually appealing format. Decision-makers will be able to easily monitor and analyze performance metrics, making data-driven decisions more accessible.

Munjz is also introducing Pay & Subscription Fees, designed to offer flexible pricing based on the number of units and industry. Munjz’s software focuses on affordability, helping clients plan for their future expenses as they grow. This simplifies cost tracking, making it easier for property owners and managers to forecast their expenses accurately.

Abdullah AlDaij, Founder and CEO of Munjz, expressed his excitement about the new features at MEFMA – Riyadh, stating, “We are committed to providing property owners and managers with the most comprehensive and user-friendly property management platform. These new features will not only enhance the user experience but also empower our clients with powerful tools to manage their properties effectively.”

With these features, Munjz continues to set new standards for efficiency and growth within the property management sector. Patrons can now access these enhancements as the platform further revolutionizes property management in Saudi Arabia.

HC believes the MPC is to increase the policy rates by 1% in its coming meeting

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Sahfy Sahfy
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HC believes the MPC is to increase the policy rates by 1% in its coming meeting
HC believes the MPC is to increase the policy rates by 1% in its coming meeting

Financials analyst and economist at HC, Heba Monir commented: “ We expect Egypt’s inflation to continue rising by 2.6% m-o-m and 38.0% y-o-y in October, similar to September’s figure, reflecting supply shortages of essential commodities and products mainly caused by the curbing of importation, exporting some crops and lack of USD availability and the seasonality effect of the partial start of schools and universities’ academic year. Moreover, Moody’s and S&P downgraded the Egyptian government’s long-term foreign and local currency issuer ratings with a Stable outlook.

Besides the reasons mentioned by the rating agencies for the rating downgrade mostly related to Egypt’s worsening debt affordability, other concerning factors include  (1) the surge in Egypt’s 1-year CDS to 2,013 bps from 1,230 in mid-September, (2) the widening of the gap between the parallel and official FX rates to as much as c50% and c30% between the Real Exchange Rate (RER) and Real Effective Exchange Rate (REER) models, based on our calculations, (3) the increase of the inflation differential between the US and Egypt to 34.4% in 4Q23 from 33.8% in 3Q23, and (4) the increase of the 12M yield on US treasuries to 5.42% currently from 4.67% in January 2023 while Egypt offers a negative real yield of 4.0% currently on its 12M T-bills, based on the latest 12M T-bills auction offering a nominal yield of 26.4% compares to a positive real yield of c2.7% on US treasuries. For Egypt’s real yield calculation, we used a 15% tax rate for US, UK, and Europe investors) and an average inflation rate of 26.4% for for FY24. We also estimate that the 12M T-bills required return is c28%.

On a more positive note, Egypt’s overall balance of payment (BoP) recorded a surplus of USD601m in 4Q22/23 and USD882m as well in FY22/23. Net international reserves (NIR) increased by 5.34% y-o-y and 0.12% m-o-m to USD35.0bn in September, and deposits not included in the official reserves increased by c6.4% m-o-m and 3.82x y-o-y to USD5.05bn in September. Egypt’s banking sector’s net foreign liabilities (NFL) narrowed by USD585bn m-o-m for the second consecutive month to USD25.7bn in August due to a USD995m m-o-m decline in the CBE’s foreign liabilities, according to CBE data.

Excluding the CBE, the banking sector’s NFL widened by USD220m m-o-m to USD16.4bn due to a larger drop in banks’ foreign assets (excluding the CBE) by USD868m m-o-m versus a decline of USD648m m-o-m in banks’ foreign liabilities. Based on Egypt’s economic situation, and although the inflation spike is supply-driven rather than demand-driven, we forecast a total 200 bps policy rate hike before year-end, including 100 bps for the 2 November meeting as we believe that the rate hike may help defend the currency against dollarization and purchases of gold by Egyptian citizens, despite that we would still be in negative real yield territory until inflation normalize again.”

It is worth mentioning that, in its 21 September meeting, the Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) decided to maintain the benchmark overnight deposit and lending at 19.25% and 20.25%, respectively, after it increased it by 300 bps y-t-d and 800 bps in 2022. Egypt’s annual headline inflation accelerated to a record of 38.0% in September from 37.4% y-o-y in August, according to the Central Agency for Public Mobilization and Statistics (CAPMAS) data. Monthly prices rose 2.0% m-o-m in September compared to a 1.59% m-o-m increase in the previous month.

On the global front, the US Federal Reserve raised interest rates in July by 25 bps to a range of 5.25-5.50%, a total of 100 bps y-t-d and 425 bps in 2022, with most expectations likely to maintain rates in its meeting next week, according to Bloomberg.

Dr. Ahmed Heikal Participates in FII7 Plenary Session on New Geoeconomics Strategies in Riyadh

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Sahfy Sahfy
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Dr. Ahmed Heikal Participates in FII7 Plenary Session on New Geoeconomics Strategies in Riyadh
Dr. Ahmed Heikal Participates in FII7 Plenary Session on New Geoeconomics Strategies in Riyadh

Qalaa Holdings Chairman and Founder Ahmed Heikal participated in the plenary session of the 7th edition of the Future Investment Initiative, titled The New Compass, in Riyadh, Saudi Arabia, on 24 October, 2023. The session, titled New Geoeconomics Strategies, was moderated by Ryan Chilcote, Special Correspondent at PBS NewsHour, and saw H.E Faisal bin Fadhil Alibrahim, Kingdom of Saudi Arabia’s Minister of Economy & Planning, Ahmed Heikal, Chairman and Founder of Qalaa Holdings, William E. Ford, Chairman and CEO of General Atlantic, and H.E. Mohamed Alabbar, Founder and Chairman of Emaar Properties.

The session focused on the new geoeconomic landscape and tackling growth and prosperity amid prevalent challenges, covering a wide range of topics such as innovation, digitalization and AI, social welfare, and space exploration.

Commenting on the current geoeconomic situation, Qalaa Holdings’ Chairman and Founder Ahmed Heikal said: “The current global situation is one of changed risk return environments, with numerous global and regional dislocations on the monetary policy, geopolitical, supply chain, and societal fronts, prompting a change in the investment world. Monetary policy changes will alter the interest and liquidity regimens around the world, while geopolitical issues are increasingly impacting global conditions. Global debt to GDP levels will also have an impact on societies, as they impact educational spending thereby limiting the advancement of human capital.”

Heikal highlighted the importance of creating opportunities, developing human capabilities, and instilling hope in the youth of the region by giving them opportunities for good education. He cited the success stories of youth beneficiaries of the Qalaa Scholarship Foundation’s grants in contributing to various sectors and advancing development. “Today, youths need hope and you cannot have hope without social mobility. Education triggers social mobility, which causes advancement, which leads to a better life. After spending five years at Standford doing my Masters and PhD. We established two foundations when I came back; one for providing Masters scholarships to the US and Europe. We have been offering these scholarships for 20 years to 270 people so far. I have seen the type of change the recipients have made after coming back from their studies.”

Commenting on current events and their impact, Heikal noted: “In order to promote prosperity, energy must be readily available to regular households. The Russia-Ukraine crisis has caused oil and natural gas supply shortages to the West from Russia, increasing demand on the Gulf region. As a result, Suez Canal proceeds have skyrocketed over the past two years. This has also had an impact on TAQA Arabia, which supplies energy to 5 million people in Egypt. TAQA Arabia now sees substantial potential in Africa for both electricity supply and CNG fuel for cars.”

“Technological advancements stemming from generative AI, which has been made possible by chip technology, will widen the gap between those who have access to such technologies and those who have yet to venture into this space,” he added.

Heikal continued, “We are living in an increasingly risk-prone world, but one that also promises substantial investment opportunities. At Qalaa Holdings, we are investing in deleveraging, enabling the increase of investments and returns while reducing debt-to-leverage ratios. Qalaa Holdings is currently working to enhance the size of its existing investments through expansions of its current investments and pumping new investments into Egypt. It also intends to expand the scope of its geographical reach during this year, supported by its strong technological infrastructure and the tremendous expertise of the management team.” “The company’s new geographical expansions include launching operations in the Kingdom of Saudi Arabia, and enhancing the scope of its presence in Mozambique and Tanzania,” he added.

“I am happy to have participated in this important event, which brings together policymakers and business leaders to discuss the way forward and shed light on the challenges and opportunities arising from the current environment,” Heikal concluded.

EBRD mobilises earthquake recovery response for Morocco

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Sahfy Sahfy
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EBRD mobilises earthquake recovery response for Morocco
EBRD mobilises earthquake recovery response for Morocco

The European Bank for Reconstruction and Development (EBRD) is helping Morocco to rebuild its economy in the regions of the Atlas Mountains that were hit by the recent earthquake, with an initial response package of up to €250 million from 2023 to 2025.

The quake that struck on 8 September 2023 is the most powerful experienced by Morocco in over a century and the deadliest since 1960. It claimed 3,000 lives and left a devastating trail of destruction.

EBRD Managing Director for the Southern and Eastern Mediterranean (SEMED) region, Heike Harmgart, said: “The EBRD stands ready to support the affected communities and regions and help mitigate the adverse effects of the earthquake on livelihoods, human capital and infrastructure through a tailored blend of financing, grant support and technical assistance”.

The response comprises two key phases that are designed to promote sustainable recovery and inclusive regional development.

The initial phase, spanning from 2023 to 2025, will focus on earthquake relief, preservation of livelihoods and initial reconstruction. This includes enabling lending to affected individuals and micro, small and medium-sized enterprises (MSMEs) through partner financial and microfinance institutions. There will be a strong focus on the economic inclusion of women, extending liquidity support for infrastructure and municipalities where needed, and providing advisory and reconstruction grants for MSMEs.

The subsequent phase will see EBRD support for the government’s longer-term development and inclusive plan for the regions, such as infrastructure projects and broader economic opportunities for the population in the affected regions.

The EBRD will focus on helping provide MSMEs with greater access to finance, supporting the revitalisation and resilience of the tourism sector and agricultural value chains, improving key municipal and regional infrastructure, and promoting economic diversification and human capital development through targeted investments and advisory services to the private sector.

This multi-faceted response will be closely coordinated with the Moroccan government and other relevant public and private sector stakeholders, and will be implemented in collaboration with other international partners and donors.

Morocco is a founding member of the EBRD and became a beneficiary of Bank resources in 2012. To date the EBRD has invested €4.2 billion in the country through 95 projects.

HC Brokerage forecasts Edita Food Industries’ revenue to grow

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Sahfy Sahfy
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HC Brokerage forecasts Edita Food Industries' revenue to grow
HC Brokerage forecasts Edita Food Industries' revenue to grow

Pakinam El-Etriby, Consumers Analyst at HC commented that: “Edita diligently navigating a double whammy: The COVID-19 pandemic outbreak and lockdowns in 2020 impacted energy, commodity supply, and prices. When economies started to open up in 2021, the limited supply caused production bottlenecks, further fueling inflation.

The Russian-Ukrainian war in February 2022 exacerbated the situation, resulting in additional disruptions in global supply chains. The impact was especially notable for commodities like wheat, primarily sourced from Ukraine and Russia. By March 2022, crude oil and wheat prices reached their highest levels in three years (from 2020 to the present), standing at USD128/bbl for oil (up from an average of USD70.9/bbl in 2021 and USD89.7/bbl for the first two months of 2022) and around USD524/tons for wheat (up from an average of USD258/tons in 2021 and USD290/tons for the first two months of 2022).

Furthermore, the three consecutive EGP devaluations in March 2022, October 2022, and January 2023, by a total of around 50%, further increased raw material prices for Egyptian food producers, which eventually influenced consumer spending patterns. As a result, companies hiked prices to navigate this challenging economic environment, with Edita standing out by preserving its margins while not negatively impacting the demand for its products. From 2021 through 1H23, it managed to increase its volumes by an average of c22% y-o-y per quarter and expand its market share, as smaller producers found it difficult to withstand the challenging operating environment, with some even exiting the market, allowing Edita to increase its market share. In 2022, EFID increased its revenue and net profit by c46% and 2x y-o-y, respectively, and the momentum continued into 1H23 with a c80% y-o-y growth in revenue and a c2x y-o-y hike in net profit. We expect EFID to continue passing the bulk of cost increases onto consumers, directly and indirectly, to protect its margins against higher raw material costs.” 

“We forecast revenue to grow at a 2024–28e CAGR of c14% on higher volumes and prices: During 1H23, total volume increased c31% y-o-y to 1,994m packs, and blended price increased c37% y-o-y to EGP2.83/pack, leading to the c80% y-o-y revenue growth to EGP5.64bn. We expect a similar performance in 2H23, as the company capitalizes on its attractive product offerings, serving as a meal replacement, and its active pricing strategy. Therefore, we expect 2023e revenue to increase by c64% y-o-y to EGP12.6bn. Furthermore, we forecast revenue to grow at a CAGR of c14% over our 2024–28e forecast period, with volumes growing at a CAGR of c10% and average selling prices growing at a CAGR of c4%. We expect the cake and bakery segments to continue contributing more than c80% to Edita’s total revenue over our forecast period.” El-Etriby added. 

“We forecast EBITDA and EPS to grow at a 2024–28e CAGR of c18% and c21%, respectively, helped by stable margins and efficient working capital management: In 2023, we expect GPM to contract by c2 pp y-o-y to c32%, impacted by higher commodity prices and a weaker EGP, with average cost/pack standing at EGP2.06/pack (up c44% y-o-y), surpassing the c40% annual increase in average selling prices of EGP3.03/pack during the year, based on our numbers.

However, starting in 2024, despite the further expected EGP devaluation, we estimate GPM to gradually recover over our 2024–28e forecast period and reach 34.9% by 2028e, as we expect Edita to pass on cost increases to consumers and successfully migrate them toward higher-priced SKUs. We expect the EBITDA margin in 2023 to marginally decline to 19.0% y-o-y from 19.8% in 2022, supported by the high operating leverage and economies of scale, with SG&A and distribution costs representing c15% of total sales versus 17% in 2022, respectively.

We expect Edita’s EBITDA margin to average c22% over our 2024–28e forecast period. Accordingly, we forecast EBITDA and EPS to grow at 2024–28e CAGR of c18% and c21%, respectively. Edita has always maintained an efficient working capital strategy characterized by a negative cash conversion cycle (CCC). However, during the past two years, receivable and inventory days on hand (DOH) relatively surged due to global supply chain disruptions and the EGP depreciation, with the CCC averaging c23 days and we expect it to decline to c10 days by 2028e.” Pakinam El-Etriby concluded. 

Enroot Organizes Closing Ceremony for Second Phase of Masar Program

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Sahfy Sahfy
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Enroot for Development Organizes Closing Ceremony for Second Phase of Masar Program in Egypt's Upper Egypt
Enroot for Development Organizes Closing Ceremony for Second Phase of Masar Program in Egypt's Upper Egypt

Enroot Development, in partnership with the Dutch Embassy in Cairo and under the auspices of the Ministry of Higher Education and Scientific Research, held the closing event for the second phase of MASAAR Program, in the presence of H.E. the Ambassador of the Kingdom of the Netherlands in Egypt, Peter Mollema.

The “Fostering Innovation for Sustainable Development” event celebrated five years of MASAAR, a mindset shift-based entrepreneurship program funded by the Dutch Embassy in Cairo and implemented in collaboration with four public universities.

It empowers women and youth in Upper Egypt to untap the region’s potential and drive forth its sustainable economic development.

The program included the provision of ideation trainings, entrepreneurship boot camps, and incubation cycles as well as the creation of business development service units inside the universities of five Upper Egyptian governorates (Assiut, Sohag, Qena, and Luxor), along with mentorship and capacity building trainings. It benefited over 7,500 Upper Egyptians and created over 100 jobs, providing seed funds, and supporting startups to legally register.

Attendees of the event included various influential stakeholders of the development sector, including members of embassies, national institutions, international cooperation and United Nations organizations, and private sector and investment entities. Opening speeches were given by Dr. Hany El-Salamony, the Chief Executive Officer of Enroot, followed by H.E. the Dutch Ambassador.

This was followed by a presentation on the achievements of MASAAR in Upper Egypt over the past five years as well as presentations from two startup founders who graduated from MASAAR as well as an award ceremony honoring the efforts of the universities. The event concluded with a panel discussion titled “Entrepreneurship in Upper Egypt: Paving the Way Forward” between the presidents of the governorate universities, Prf. Dr. Ahmed Akkawy, President of South Valley University, Prof. Dr. Ahraf Okasha, Head of MASAAR incubators in Upper Egypt, Prof. Dr. Sabreen Gaber, Dean of the Faculty of Tourism and Hospitality of Luxor University, and Dr. Hanna Grace, the Chairman of Enroot Development.

In his opening remarks, Dr El-Salamony expressed his pride in the success of MASAAR, which falls in line with the ‘Egypt Vision 2030’ sustainable development strategy and complements government interventions implemented in the region by the Micro, Small, and Medium Enterprises Development Agency (MSMEDA), banks, and other funding institutions. He also highlighted that the collaboration between Enroot and the universities in Upper Egypt contributed to the provision of non-financial services to the startups and connected them to the markets and services supported by the Egyptian government. He also emphasized that MASAAR will continue to work to develop Upper Egypt and support women and youth through various means.

H.E. the Dutch Ambassador praised the longstanding partnership with Enroot, emphasizing the Netherlands’ keenness to cooperate for the promotion of sustainable development in Egypt, particularly the southern region. He also expressed his pride in supporting Egyptian entrepreneurs through this program, especially that the majority of these entrepreneurs are women.

Arab Health 2024 returns to Dubai after record deals

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Sahfy Sahfy
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Arab Health 2024 returns to Dubai after record deals
Arab Health 2024 returns to Dubai after record deals

Following record results at Arab Health 2023, the Middle East’s largest healthcare event will return from 29 January to 1 February 2024 with an expanded site and a growing international presence.
The event is expected to welcome a global audience with over 3,450 exhibitors and over 110,000 healthcare professional visits from 180 countries.
The event will take place over an extended area at the Dubai World Trade Centre, contributing significantly to the increase in exhibitors.
A significant focus of the exhibition for 2024 will be the future of healthcare, and as a result, a range of new features have been added.
These include the Smart Hospital and Interoperability Zone and the UAE student-focused competition, Cre8.
Returning features on the theme include the invite-only Future Health Summit and the Transformation Zone, which will feature talks, the popular Innov8 competition and product showcases.

Ross Williams, Exhibition Director for Informa Markets, said: “As Arab Health heads into its 49 th year, the event has firmly cemented its position as the place where the world of healthcare meets.
Arab Health 2023 provided a platform for securing deals worth $1.81 billion (AED 6.65 billion), and with more than 110,000 healthcare professional visits expected next year, we are expanding our offering for 2024.

“Our show theme for 2024, ‘Connecting Minds, Transforming Healthcare’, will allow us to focus on the future of healthcare and the game-changing technologies utilised here in the UAE and on the global stage.
In line with this, we will launch a series of new features, conferences, talks, and competitions underscoring and showcasing the
innovative nature of the healthcare industry.”

Focusing on the future of healthcare, the new Smart Hospital and Interoperability Zone, part of the Healthcare Transformation Zone, will allow visitors to experience the next generation of healthcare through various live demonstrations.
These will highlight how multiple technologies can combine with state-of-the-art medical equipment to improve the overall patient-care environment.
Another new addition to the show will see Arab Health target future healthcare practitioners through the inaugural Cre8 competition, a one-day event that tasks participating UAE students to imagine, innovate and create a solution for a real-world healthcare problem using an imaginary budget of AED 100,000.
The competition is open to all UAE universities and schools and is designed to foster innovation, encourage entrepreneurship, and address healthcare challenges.

The Future Health Summit will return this year, offering an unparalleled opportunity for senior government officials and healthcare CEOs to network and gain insights into the forthcoming groundbreaking advancements in the industry.

This year, the invite-only Summit will bring together global experts with the aim of achieving breakthroughs in the field of reverse ageing and longevity.
Medical professionals attending Arab Health 2024 will have access to 10 Continuing Medical Education (CME) conferences in the areas of total radiology, surgery, emergency medicine and critical care, diabetes, obstetrics and gynaecology, orthopaedics, quality management, public health, infection control and Central Sterile Supply Department (CSSD).

An extended version of the Arab Health Village also returns. The area has been designed to provide visitors to the show with a space to network in a more relaxed environment where food and beverages are available.
The area will again be open throughout show days and into the evening.
This year will also see the introduction of a fee for visitors to attend, ensuring the continuation of meaningful business and learning opportunities.
Entry will be free for everyone registering before January 3, 2024. Thereafter, the cost will be AED100 and AED200 for those registering onsite.
Arab Health 2024 will be supported by various government entities, including the UAE Ministry of Health and Prevention, the Government of Dubai, the Dubai Health Authority, the Department of Health, and the Dubai Healthcare City Authority.

Bain & Company Leads Discussion on Scaling Green Technologies at FII7

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Sahfy Sahfy
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Bain & Company Leads Discussion on Scaling Green Technologies at FII7
Bain & Company Leads Discussion on Scaling Green Technologies at FII7

As Riyadh hosts the seventh edition of the Future Investment Initiative (FII), a global convergence for shaping solutions to pressing global challenges, Bain & Company announces its role as a ‘Data and Knowledge Partner’ for the event.

Themed “The New Compass”, this year’s event will be held from 24th to 26th October 2023, and will delve deep into the currents of socioeconomic and geopolitical transformations. Bain & Company Middle East will host an important session at the event.

Moderating the session on energy transition is Akram Alami, Partner and Middle East Head of Aviation, Utilities, and Sustainability & Responsibility Practices, Bain & Company. “Scaling Green Technologies from Spark to Flame”, aims to pierce the wall of uncertainty that looms over the potential of critical net-zero technologies. The session will take place on the 24th of October at 12:00 p.m. For this session, Akram Alami emphasizes, “Green Technologies are the future, and further technological advancements are critical to enable decarbonization of hard-to-abate sectors to create a viable path towards global net-zero.

Harnessing this ambition for change, we look forward to discussing during this session how leaders can summon unprecedented levels of investment, cross-sector collaboration and courageous leadership to level-up these critical technologies on a global scale.”

Tom De Waele, Middle East Managing Partner, Bain & Company highlights the significance of undertaking this session in the present landscape: “Sustainability and environmental consciousness have become indispensable considerations for businesses globally. They are no longer transient trends but imperatives for enduring success. Embracing sustainability not only signals a commitment to responsible corporate citizenship but also fosters a more resilient business poised for growth.”

Ahmed Boshnak, Partner and Head of Riyadh office, Bain & Company, remarked, “Recognizing the significance of economic diversification, Saudi Arabia’s Vision 2030 has spearheaded numerous initiatives in recent years. These initiatives are not only focused on economic diversification but also encompass ambitious sustainability targets.”

The seventh edition of Future Investment Initiative is set to be one of the institution’s most influential gatherings, with the conversation surrounding sustainability, AI, green technologies and so much more. It unites a global audience with a collective vision of driving positive change for our future.

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