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MoIAT launches incentive packages to drive advanced technology adoption in the industrial sector

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Sahfy Sahfy
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  • Free technology maturity assessments to help companies accelerate technological transformation.
  • Golden Visas offered to manufacturers that showcase initiative in leading technology transformation.
  • Industrial Technology Transformation Index (ITTI)

 

Abu Dhabi-UAE: 5 October 2023 – The Ministry of Industry and Advanced Technology (MoIAT) and its partners have launched new incentives packages aimed at supporting industrial SMEs in the UAE.

This aligns with the objectives of the national industrial strategy, Operation 300bn, to transform the UAE’s industrial base into a globally competitive, productive, and sustainable economic engine.

The packages, aimed at supporting manufacturers in the UAE include advanced technology funding schemes, Golden Visa opportunities, as well as free technology maturity assessments by Maxbyte, Schneider Electric and Abu Dhabi Department of Economic Development (ADDED).

Launched by MoIAT as part of the Technology Transformation Program (TTP), the ITTI is a comprehensive framework measuring the digital maturity and sustainability of factories. As well as enabling manufacturers to integrate 4IR applications, the ITTI supports companies to adopt sustainability best practices in line with international standards. Developed with leading industry players, consultancy firms, and technology providers, the index aims to accelerate technology adoption across priority sectors.

As part of the incentives launched at ADIPEC, MoIAT has also partnered with Maxbyte and Schneider Electric to provide free ITTI assessments for companies. Other incentive packages include Golden Visa opportunities for companies that achieve high ITTI scores.

Certified assessors from Maxbyte, which is a provider of 4IR solutions, will conduct 50 free-of-charge ITTI assessments by mid-2024. Similarly, assessors from Schneider Electric will conduct 25 assessments.

The ministry’s new incentive packages will also provide manufacturers and SMEs with the opportunity to nominate employees for a Golden Visa. Manufacturers with high maturity that achieved an ITTI score of 40-60 percent can nominate up to 2 individuals to receive the special visa, while digital leader in the sector with a score of 61 percent and above can nominate up to 5. Businesses must have applied for the ITTI assessment in the past 2 years to nominate.

To qualify for the Golden Visa, nominees must hold a bachelor’s degree in manufacturing, industrial engineering, technology, or their equivalent. Nominations are open for employees with an International Standard Classification of Occupations (ISCO) of 1 or 2, with a minimum of 7 years of professional experience in the sector.

Her Excellency Sarah Al Amiri, Minister of State for Public Education and Advanced Technology, said: “These latest incentive packages reflect the ministry’s continuous efforts to drive technological transformation in the UAE’s industrial sector and attract foreign investment. As a critical part of the national industrial community and economy, SMEs are now being offered maximized support to integrate advanced technologies, enhancing productivity, competitiveness, sustainability and efficiency across the value chain. These partnerships aim to make manufacturing in the UAE smarter and greener in line with Operation 300bn and in support of the Make it in the Emirates initiative.”

Messe Frankfurt Middle East launches global logistics showcase in Dubai

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Sahfy Sahfy
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The new global logistics showcase will spotlight the future of supply chain, transportation, mobility, warehousing and material handling on a global scale

The show was announced to complement Automechanika Dubai’s 20th-anniversary celebrations and provide synergy with the automotive industry when it launches in December 2024

Dubai, UAE: Messe Frankfurt Middle East, a subsidiary of one of the world’s largest and most renowned trade fair and exhibition organisers, has launched a new logistics show which will take place from the 10 – 12 December 2024 at the Dubai World Trade Centre and is designed to drive the global logistics sector forward.

Launched on the sidelines of Automechanika Dubai yesterday, the logistics experiential showcase will take place alongside Automechanika Dubai, providing natural synergies between the automotive industry and the various verticals within the logistics sector and capitalising on the UAE’s position as the epicentre of the world’s logistics sector, bridging Africa, the Middle East, and Asia.

During the launch, a high-level leadership panel discussion entitled “Pioneering the Future: Driving the MEA Transport and Logistics Sector Forward with Emerging Trends and Innovation in Logistics and Supply Chain” outlined the challenges and opportunities within the sector and highlighted the importance of a dedicated logistics show in filling the current gaps within the industry.

The panel comprised local and regional logistics sector luminaries: Ghanim Al Falasi, Senior Vice President, Dubai Silicon Oasis; Fadi Azzi, Global Director, Logistics, Aramex International LLC; Vargheese Anthony, General Manager, Freight Management and Relocations, Al Futtaim Logistics; Dr Prakash Rao PhD, Group Head, Supply Chain Projects & Home Operations, Landmark Group and Tobias Mayer, CFO DHL Global Forwarding Middle East & Africa, CEO Middle East  & Africa, Saloodo, moderated by Edward Matti, Managing Partner, CCM Consultancy.

Ted Bloom, Managing Director, Messe Frankfurt Middle East, said: “We are acutely aware of the ever-evolving landscape of logistics as it adapts to lessons learned from the pandemic and strives for greater efficiency, resilience, and sustainability. The show will unite the leading minds, innovators and biggest sector operators in an exciting new forum to help shape the sector’s future.

“The Middle East and Africa region’s logistics sector is dynamic and evolving, driven by infrastructure development, trade growth, technological advancements, and changing consumer behaviour. These developments make the region increasingly important in global logistics and supply chain networks – and we aim to underpin that importance through this new addition to our Middle East offering.”

The three-day show will cover the key issues in this ever-changing sector, mindful that logistics providers must adapt to new challenges and opportunities to remain competitive, efficient and sustainable in a rapidly changing global economy. The show will provide a rare chance for key industry players to meet and help shape the sector’s future.

High on the agenda will be the increasing use of automation and technology – including AI, blockchain, warehouse automation (such as robots and drones), real-time tracking and monitoring, and digital supply chain platforms for visibility and efficiency. In addition, the rise in e-commerce, last-mile delivery issues and the associated investment required in advanced fulfilment centres, automation, and innovative delivery solutions will also be discussed.

Delegates will also have the chance to hear from sustainability and green logistics experts as environmental concerns drive a shift toward greener logistics practices.

“There are so many issues in the sector, so we expect a lively conference stream, backed by sector innovators revealing ground-breaking products and services at the exhibition,” added Bloom.

Talent and workforce challenges will be another hot topic, especially filling roles in technology, data analytics and automation, as will the growing complexity of regulation, cross-border trade, environmental compliance, new post-pandemic safety protocols and contactless operations.

As collaboration among logistics providers and shippers is growing – including sharing resources, optimising routes, and even collaborative warehousing to improve efficiency – the new launch will be the perfect platform for networking and forming new joint ventures.

“Dubai stands at the crossroads of innovation, collaboration, and growth in the logistics sector. Hosting such a world-class exhibition in Dubai is beneficial for the sector and essential to propel the industry forward. We look forward to the global community converging in Dubai to share, learn and drive the future of logistics,” concluded Bloom.

Media Registration

To reserve your media badge, or to learn more about Automechanika Dubai 2023’s accredited media eligibility criteria, please visit our ‘Information for Journalists’ page.

About Automechanika Dubai

Automechanika Dubai is the largest international automotive aftermarket trade show in the Middle East taking place at the World Trade Centre between 2-4 October 2023. Automechanika Dubai acts as the central trading link for markets that are difficult to reach connecting the wider Middle East, Africa, Asia, and key CIS countries.

For more information, please visit our website.

About Messe Frankfurt

The Messe Frankfurt Group is one of the world’s leading trade fair, congress and event organisers with their own exhibition grounds. With a workforce of some 2,160 people at its headquarters in Frankfurt am Main and in 28 subsidiaries, it organises events around the world. Group sales in financial year 2022 were around €454 million. We serve our customers’ business interests efficiently within the framework of our Fairs & Events, Locations and Services business fields. One of Messe Frankfurt’s key strengths is its powerful and closely knit global sales network, which covers around 180 countries in all regions of the world. Our comprehensive range of services – both onsite and online – ensures that customers worldwide enjoy consistently high quality and flexibility when planning, organising and running their events. We are using our digital expertise to develop new business models. The wide range of services includes renting exhibition grounds, trade fair construction and marketing, personnel and food services. Sustainability is a central pillar of our corporate strategy. Here, we strike a healthy balance between ecological and economic interests, social responsibility and diversity.

For more information, please visit our website at: www.messefrankfurt.com/sustainability

With its headquarters in Frankfurt am Main, the company is owned by the City of Frankfurt (60 percent) and the State of Hesse (40 percent).

Further information: www.messefrankfurt.com

About Messe Frankfurt Middle East

Messe Frankfurt Middle East’s portfolio of exhibitions includes: Automechanika Dubai, Automechanika Riyadh, Beautyworld Middle East, Beautyworld Saudi Arabia, Intersec, Intersec Saudi Arabia, Gifts & Lifestyle Middle East, Light + Intelligent Building Middle East and Paperworld Middle East. In the 2022/23 event season, Messe Frankfurt Middle East exhibitions combined featured 3,939 exhibitors from 66 countries and attracted 151,990 visitors from 116 countries.

For more information, please visit our website.

AIM Congress 2024 Startup Pitch Competition opens doors for applications

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Sahfy Sahfy
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AIM Congress 2024 Startup Pitch Competition opens doors for applications
AIM Congress 2024 Startup Pitch Competition opens doors for applications

The AIM Congress 2024 Startup Pitch Competition, organized by AIM Startup, a key pillar of the AIM Congress, is anticipated to stoke the flames of entrepreneurship by inviting technology startups to go out on a journey for innovation, rivalry, and market dominance.
This yearly event not only promises an exciting startup competition, but it also acts as a crucial channel for establishing relationships with investors, government officials, key stakeholders, and
corporate visionaries. Around 500 startups and 100 investors that are expected to attend the event, will be immersed in a wealth of knowledge as the competition progresses, thanks to panel discussions and specially designed seminars, ready to propel their businesses to new heights and be put in the spotlight of international renown.
The doors to the competition will be open for applications on October 2, 2023, and will end on March 31, 2024. Interested startups from the technology sectors including Edtech, Fintech, Food  Agri tech, Mobility, Government, Green, Health, Augmented and Virtual Reality (AR VR),
Retail, E-commerce, Cybersecurity, Metaverse and the Deep Technology are welcomed and advised to submit their applications before the deadline.
The AIM Congress 2024 Startup Pitch Competition has unveiled an impressive roster of
activities set to captivate and empower participants. In addition to the highly anticipated pitch competition, this annual gathering will feature an expansive exhibition, a cutting-edge conference, immersive workshops, invaluable one-on-one mentorship and investment opportunities for both investors and startups.
Additionally, the Startup Pitch Competition will also feature new events that promise to elevate the overall experience. Startups will have the opportunity to articulate their vision and offerings with the “100 words” segment, allowing them to deliver a 100-word message about their company in front of an audience. The Investor Awards will be introduced to honor and acknowledge the pivotal role that investors play in the startup ecosystem, highlighting their contributions and commitment to innovation.
The competition will also introduce the “Reverse Pitch” event, offering investors a unique
platform to present their businesses directly to startups and the wider audience. However, for those seeking a more intimate setting, the “Closed Pitch” will provide startups with a rare chance to pitch their ideas in a private room exclusively in front of potential investors, facilitating
focused discussions and potential partnerships. “We are dedicated to fostering innovation and providing a stage for startups to shine. The introduction of these new events at the AIM Congress 2024 Startup Pitch Competition is a
testament to our commitment to nurturing talent and catalyzing growth. With these initiatives, we aim to enhance the competition experience, offering startups with opportunities to step into
the spotlight. We believe that innovation knows no bounds, and by creating a dynamic platform for startups and investors to connect, we are propelling the next wave of technological

advancements. Together, we are shaping a brighter future for the tech industry,” said AIM
Global Foundation and AIM Congress President Dawood Al Shezawi.
The AIM Congress 2024 Startup Pitch Competition will feature international key markets from Korea, Japan, Hong Kong, the United Arab Emirates, Portugal, Saudi Arabia, Egypt, Nigeria, Senegal, Kenya, India, and many other nations.
The 13th edition of the Annual Investment Meeting (AIM Congress) from 7 to 9 May 2024 will be held at the Abu Dhabi National Exhibition Center under the theme “Adapting to a Shifting Investment Landscape: Harnessing New Potential for Global Economic Development.” AIM Congress 2024 is organized with the support of the Ministry of Industry and Advanced
Technology and with the Abu Dhabi Department of Economic Development as a lead partner. AIM Congress 2024 is expected to attract a diverse audience, including those from government
and private organizations, international & regional civil society organizations, associations, federations, and academia from around the world. They will have the opportunity to engage in meaningful discussions, establish valuable connections, and explore investment prospects in various sectors.

The African Development Bank appointed Bloomberg as Country Manager for Tunisia

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Sahfy Sahfy
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The African Development Bank appointed Bloomberg as Country Manager for Tunisia
The African Development Bank appointed Bloomberg as Country Manager for Tunisia

The African Development Bank Group has appointed Ms Malinne Blomberg, a Swedish national, as Country Manager for Tunisia in addition to her current roles as Deputy Director General for North Africa and Country Manager for Libya and Mauritania.

Blomberg, a seasoned development finance professional with more than 25 years of experience, has served extensively in policy dialogue, portfolio and project management, advisory services, resource mobilization and outreach in both public and private sectors.

Through financial diplomacy, she built her career at the African Development Bank around partnerships with governments, the private sector and wide-ranging stakeholders to scale up financing and investments for Africa’s transformation. She joined the Bank in 2008 as a financial management specialist in the Water and Sanitation Department. She later headed its division covering West and Central Africa.

Blomberg was previously the Bank’s Country Manager for Egypt, where she managed a portfolio of $3 billion.

She also worked in the Agriculture and Agribusiness Department, focusing on climate finance. Her work has spanned Africa’s five regions, covering business development, structuring innovative investment projects and special initiatives, and promoting private sector participation with a focus on infrastructure.

Before joining the Bank, Blomberg worked for Arthur Andersen Business Consulting in the United Kingdom and on assignments in other global financial hubs as a manager in the financial services industry through 2001. In Uganda from 2003 to 2007, she served as Financial and Institutional Advisor to the  ministry of Water and Environment, supporting national efforts to strengthen institutional effectiveness and fund utilization and managing the ministry’s multi-donor trust fund.

Commenting on her appointment, Blomberg said: “As Country Manager for Tunisia, I am looking forward to deepening the strategic partnership between the Bank and the Country, and expanding the Bank’s support, especially in light of climate change and global events requiring new approaches and fast implementation for transformative results.”

African Development Bank President Dr. Akinwumi A. Adesina, said: “Ms. Blomberg is a proven results-oriented leader with extensive experience in leading country programme operations. As the current Deputy Director General for the North Africa Region, coupled with her experience serving as Country Manager for Egypt, Libya and Mauritania, Ms. Blomberg possesses in-depth knowledge of the region. She will help to ensure the continuity of high-level proactive policy dialogue to further strengthen the Bank’s partnership with the government, private sector and other development partners to generate more opportunities for financing and investments in Tunisia, a very important hub for the North Africa Region.”

Spain and its partners launch program to support sustainable tourism in Upper Egypt.

By
Sahfy Sahfy
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business opportunities
business opportunities

The Spanish Cooperation and its partners launch a Program to support sustainable and innovative work and business opportunities in the tourism sector in Upper Egypt

 The Program will be officially launched next Tuesday, October 3rd, 2023 in Cairo.

  • The event will count on the invaluable participation of the Spanish Ambassador in Egypt and representatives of the Ministry of Tourism; Ministry of Education and Ministry of Manpower and other partners.
  • The Program will support more than 3.000 people in Upper Egypt, mainly women and youth.

The Development Program, carried out by Spanish development organisations: the Social Promotion Foundation FPS and CIDEAL Foundation, is a pivotal initiative aimed at fostering decent employment and entrepreneurial opportunities. With a strong emphasis on empowering the youth, particularly women, this program seeks to facilitate active participation in socieconomic endeavours within the local communities of Menya, Qena, Luxor, and Aswan, ultimately contributing to their holistic development and empowerment.

The program, titled ‘Promotion of Sustainable Economic and Social Alternatives through Tourism in Upper Egypt’, sets out to achieve multiple objectives. Beyond fostering sustainable tourism, it prioritizes job creation among young people, infrastructure development, establishing vital networks, and creating platforms for constructive dialogue among local stakeholders.

The overarching aim is to bolster the tourism sector’s growth, particularly targeting rural areas in Upper Egypt. In order to ensure direct coordination and enhanced impact in the field, three local partners were identified and engaged: Association of Upper Egypt for Education and Development (AUEED): ENROOT and Knowledge Economy Foundation (KEF), whose main representatives will give, during the event, an overview about the present local context and their main contributions to the Program.

PROJECT IN NUMBERS

The Program is set to positively impact over 3,000 people from Menya, Qena, Luxor and Aswan. Of these, over 800 young people will enhance their skills to generate revenue within the tourism sector.  Additionally, the program will empower over 400 local stakeholders, equipping them with innovative approaches in the tourism industry. This collective effort aims to propel sustainable growth and prosperity across these communities.

 

The International Islamic Trade Finance Corporation Honored its Chief Executive Officer

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Sahfy Sahfy
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The International Islamic Trade Finance Corporation Honored its Chief Executive Officer
The International Islamic Trade Finance Corporation Honored its Chief Executive Officer

The International Islamic Trade Finance Corporation (ITFC) is proud to announce that its Chief Executive Officer, Eng. Hani Salem Sonbol, has been recognized as the Islamic Finance Personality of the Year Award 2023 by the Global Islamic Finance Award (GIFA). The prestigious award ceremony took place in Dakar, Senegal, and was presided over by H.E Macky Sall, President of the Republic of Senegal, alongside high-level officials and industry leaders. Every year, the GIFA Awards Committee recognizes institutions and individuals from around the world for their exceptional contributions to the development of Islamic banking and finance.
Eng. Hani Salem Sonbol was bestowed with this remarkable honor in recognition of his outstanding leadership and unwavering commitment to ethical financial practices, promoting global economic growth, and upholding the principles of Islamic finance.
Upon receiving the award, Eng. Hani Salem Sonbol expressed his gratitude, stating, “It is an immense honor to receive the Islamic Finance Personality of the Year Award 2023. This recognition underscores the collective efforts of our dedicated team at the International Islamic Trade Finance Corporation. We remain committed to ethical financial practices that foster global economic growth while staying true to the principles of Islamic finance. This award is a testament to our unwavering mission to drive positive change, promote inclusivity, and cultivate innovation within the industry. I am grateful for the support of our partners, stakeholders, and the entire Islamic finance community as we continue to chart a path toward a more prosperous and equitable future.”
Eng. Hani Salem Sonbol reflected on the ITFC journey and its mission to be a catalyst for trade finance and trade development among OIC member countries and beyond. He highlighted the Corporation’s remarkable achievement of providing more than US$70 billion in trade financing since its commencement of business in 2008, supporting key strategic sectors such as agriculture, energy, healthcare, SMEs, and women-owned businesses using Shariah-compliant financing methods.

Eng. Hani Salem Sonbol emphasized ITFC’s holistic approach to making an impact in the lives of people in OIC member countries, combining trade finance with trade development interventions, and investing in programs designed to meet the unique development needs of OIC member countries. He acknowledged the countless individuals and organizations empowered by ITFC’s initiatives to thrive in the global economy.
Eng. Hani Salem Sonbol declared, “As we look to the future, we are committed to expanding our reach, deepening our impact, and continuing to serve as a catalyst for economic growth and development on our journey of advancing trade and improving lives.”
Founded in 2011, GIFA celebrates the achievements of individuals, institutions, and governments in promoting and advocating Islamic banking and finance and ensuring that it remains committed to social responsibility. As the most prestigious award in Islamic finance, GIFA promotes social responsibility, Shari’ah authenticity and commitment to Islamic banking and finance.

Saudi’s Alamiya makes bold move back into the film industry with the acquisition of Lyra Pictures

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Sahfy Sahfy
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Saudi’s Alamiya makes bold move back into the film industry with the acquisition of Lyra Pictures
Saudi’s Alamiya makes bold move back into the film industry with the acquisition of Lyra Pictures

Alamiya, a prominent live production and entertainment company in the Middle East with a fifty-year heritage, has announced its latest milestone in the industry – the acquisition of Lyra Pictures.

This transformative partnership marks a significant step towards shaping the future of film production in the region by harnessing the combined strengths of Alamiya’s vast resources and Lyra Pictures’ innovative film development strategies.

Founded in the 1970’s, Alamiya was the first cinema and television studio to be established in the Kingdom in order to meet development requirements caused by the oil boom at the time, although the company later changed business direction due to the ban on cinemas.

Lyra Pictures, co-founded by a seasoned media entertainment executive, Wesam Kattan, and an experienced strategy and analytics management consultant, Bassma El-Afghani, has been on a mission to raise the bar in regional storytelling. Combining global best practices with intricate regional nuances, and fusing creativity with data-driven audience insights, the young company has been recognized as an early industry disruptor.

The strategic acquisition indicates a clear intent by Alamiya to reestablish its presence in this space and signifies not only a merger of businesses, but also a convergence of expertise and vision.

Sultan Al Muheisen, Chairman and CEO of Alamiya, commented, ” This acquisition goes beyond business. It is about setting a precedent in the regional and local film industry. With Lyra Pictures under our wing, we combine traditional and modern film approaches to create something unique.”

Wesam Kattan, Co-founder of Lyra Pictures, added, ” Alamiya’s scale and reach, paired with our story-first approach, will create a synergy that promises to introduce innovative strategies to storytelling in the Middle East. We’re excited about what the future holds.”

Through their collaboration, Alamiya and Lyra Pictures, are primed to deliver unprecedented cinematic experiences to audiences, blending world-class production facilities with a fresh and forward thinking approach to content creation. The move is poised to give rise to an innovative film studio located in the heart of the Kingdom, supporting the attraction of local talent and IP, while also facilitating opportunities for international productions in Saudi Arabia.

The unique partnership is set for an exciting journey, highlighting the nation’s rapidly growing entertainment landscape, and assuring loyal fans that the future of entertainment in the region is exceptionally promising.

 

Valu to Launch in Jordan in Early 2024

By
Sahfy Sahfy
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Valu to Launch in Jordan in Early 2024
Valu to Launch in Jordan in Early 2024

Valu, MENA’s leading universal financial technology powerhouse, has announced its decision to launch in Jordan in Early 2024 as part of its strategic expansion plan. The company has undertaken a comprehensive assessment and is actively considering entering new markets, that in addition to Jordan, include others currently under study in North Africa. This strategic assessment demonstrates Valu’s dedication to ensuring a strong market presence and comes in line with Valu’s business strategy, which places a strong emphasis on targeting markets with favorable market dynamics that allow for the implementation of its full product and services universe flexibly and that ensure profitability within 12-24 months of launching.

Valu’s expansion into Jordan comes after extensive groundwork and in-depth market research and is currently in an advanced preparation stage. By entering the Jordanian market, Valu aims to leverage its expertise in financial technology to deliver innovative and value-driven solutions to both consumers and merchants. Valu has taken the necessary steps to apply for a license from the Central Bank of Jordan shortly. The company has meticulously examined the market conditions and identified high-performing professionals including the firm’s CEO, who has already been on-boarded and comes with a wealth of extensive experience in the financial technology sector and a deep understanding of the local market to spearhead its business launch in the region, which it is confident will help yield fruitful results effectively. Valu has also been working successfully on securing partnerships with numerous key merchants in Jordan over the past 18 months, highlighting the strong demand for its cutting-edge, tried, and tested suite of financial technology solutions. These strategic partnerships will serve as the foundation for Valu’s local growth stories to be built and solidified.

Conversely, Valu has made the decision to exclude the market of the Kingdom of Saudi Arabia from its market expansion plan. This decision is based on the recognition that the existing conditions in the market do not allow for the smooth implementation of its full suite of financial solutions flexibly, additionally, the projected profitability timeline for the market does not fall within Valu’s profitability strategy nor market expansion plans which was derived after examining the KSA market over the past 15 months. Valu remains dedicated to sustaining its rapid growth and momentum in the MENA region and other markets, acknowledging the vital importance of agility for long-term success in a dynamic business landscape.

Walid Hassouna, CEO of Valu, expressed his enthusiasm regarding the company’s entry into the Jordanian market, stating, “We are thrilled to bring Valu’s innovative solutions to Jordan. The decision to expand into Jordan aligns perfectly with our strategy of prioritizing markets with plug-and-play market dynamics. With our experienced team and strong partnerships with local merchants, we are confident in our ability to deliver unparalleled value and reshape the financial technology landscape in Jordan.” Hassouna added: “At Valu, we take immense pride in our visionary mindset, making decisions with a forward-thinking approach that sets us apart. We are constantly setting the curve and revolutionizing the financial technology industry, one step at a time. Our unwavering commitment to innovation and pushing boundaries drives us to create transformative solutions that empower individuals and businesses. Valu’s unwavering commitment to profitability has yielded impressive results over the past four years, and we intend to maintain this trajectory moving forward.”

Valu’s entry into the Jordanian market is a significant step forward in solidifying the company’s leading position as the universal financial technology powerhouse in the MENA region. By extending its footprint into Jordan, Valu is building upon its already established position in its home market, and this step will further strengthen its regional presence. Through leveraging its unparalleled expertise, Valu is well-positioned to drive economic growth, foster financial inclusion, and empower individuals and businesses in Jordan.

The European Bank: Economic growth forecast at 3.7 per cent for the SEMED region in 2023

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Sahfy Sahfy
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The European Bank: Economic growth forecast at 3.7 per cent for the SEMED region in 2023
The European Bank: Economic growth forecast at 3.7 per cent for the SEMED region in 2023

The European Bank for Reconstruction and Development (EBRD) is forecasting modest economic growth in 2023 in the southern and eastern Mediterranean (SEMED) region, according to the Bank’s latest Regional Economic Prospects report, published today.

Gross domestic product (GDP) in the SEMED region is expected to grow by an average of 3.7 per cent in 2023 and 3.9 per cent in 2024, slightly below previous forecasts, reflecting delays to structural reforms and increased fiscal and external vulnerabilities.

However, the region’s economies have weathered the challenging global environment relatively well, although high inflation and tighter financing conditions have increased sovereign stress. Higher energy and food prices continue to weigh on household and government finances, although most economies in the region have reverted to fiscal consolidation in 2023.

Growth in Egypt is estimated to have slowed to 4.1 per cent in the fiscal year ending June 2023 (FY 2022-23) and is projected to rise to 4.8 per cent in FY 2023-24.

Despite a recovery in revenues from the Suez Canal and tourism, growth was weighed down by a deceleration in construction and manufacturing activities and a contraction in gas production. Natural gas output is estimated to have declined by 9.3 per cent year on year in the first half of 2023, reaching a three-year low. Meanwhile, unemployment dropped slightly to 7.0 per cent in the second quarter of 2023, with higher rates among women (19.2 per cent) and in urban areas (10.3 per cent).

The Egyptian pound has lost almost 50 per cent of its value against the US dollar since March 2022 and, coupled with elevated international commodity prices, this drop pushed inflation to a record high of 36.5 per cent in July 2023, despite a cumulative 1,100 basis points-hike in the central bank’s policy interest rate since April 2022. Foreign exchange reserves stabilised, partly thanks to an International Monetary Fund (IMF)-supported programme that improved access to external financing, but the currency is still under pressure and a significant differential remains between the official and black-market exchange rates.

Growth in Jordan picked up to 2.8 per cent year on year in the first quarter of 2023, driven by improved performance in agriculture, construction, transport and tourism (as tourism receipts surpassed pre-pandemic levels at last). Unemployment remained high at 21.9 per cent in the first quarter of 2023, with higher rates among women (26.7 per cent) and youth (43.7 per cent). Meanwhile, inflation eased to 0.9 per cent in July 2023, following a peak of 5.4 per cent in September 2022, on the back of elevated prices for global food and energy.

The Central Bank of Jordan has raised its main policy rate by a cumulative 500 basis points since February 2022, in line with decisions taken by the Federal Reserve. GDP growth is expected to stabilise at 2.5 per cent in 2023 and 2024, supported by a continued recovery in tourism and robust growth in non-service sectors.

Nevertheless, downside risks include further increases in energy and food prices, muted private investment due to tighter monetary conditions, and possible delays in the implementation of structural reforms. Successful implementation of the reforms announced under the Economic Modernisation Plan and aimed at attracting foreign direct investment could provide a medium-term boost to growth.

No GDP growth is expected in 2023, amid political inaction and stalled reforms.

Uncertainty surrounding a potential IMF-supported programme has increased after the stalling of key prerequisite reforms, keeping Lebanon locked out of international markets and further depleting official reserves.

In 2024, the economy could return to growth, forecast at around 3 per cent, conditional on overcoming political hurdles, progressing on reforms and successfully implementing an IMF-supported programme, which would also allow negotiations with international partners to resume.

Morocco’s economy has recovered from a difficult 2022, with growth rising to 3.4 per cent year on year in the first half of 2023.

Growth in 2023 is expected to be around 3.1 per cent, up from the 1.3 per cent rate recorded in 2022 when a drought compounded the adverse impact of tighter global financing conditions. These forecasts do not incorporate the effects of the earthquake that occurred in early September in the High Atlas mountains near Marrakech and led to widespread destruction and loss of life. The impact on overall economic activity remains difficult to judge at this stage; while reconstruction expenditure might provide a boost to medium-term growth, it might also increase the need for financing.

Growth in 2023 has been supported by an improved harvest and a boom in tourism, as well as slower inflation and recovering domestic demand. As a result, unemployment fell slightly to 12.4 per cent in the second quarter of 2023, with higher rates among women (17 per cent), youth (33.6 per cent) and in urban areas (16.3 per cent).

Growth is expected to reach 3 per cent in 2024, reverting to pre-pandemic levels in the medium term, with accelerated momentum on reforms potentially improving the outlook further.

Tunisia’s economic growth is expected to average 1.9 per cent in 2023, down from a modest post-pandemic recovery of 2.4 per cent in 2022, as adverse external conditions, high inflation and social unrest weigh on the economic outlook. Despite an expansion in tourism, financial services and the industrial sector, the slowdown has been driven by a contraction in agriculture and mining.

Unemployment declined slightly to 15.6 per cent in the second quarter of 2023 but inflation reached 9.1 per cent year on year in July 2023. The macro-fiscal situation deteriorated in 2022, with increased government spending (notably the wage bill and subsidies), leading to a budget deficit of 7.6 per cent of GDP, while public debt reached 80 per cent of GDP in 2022. As a result, the country saw downgrades by rating agencies in 2022 and 2023, while agreement on an IMF-supported programme has been further delayed.

Growth in 2024 could pick up to 2.5 per cent on the back of a strong tourism sector, phosphate sales and an agreement with the IMF.

Al-Asayel 2023 kicks off tomorrow in Al Dhaid with wide participation from sports

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Sahfy Sahfy
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Al-Asayel 2023 kicks off tomorrow in Al Dhaid with wide participation from fans of hunting and equestrian sports
Al-Asayel 2023 kicks off tomorrow in Al Dhaid with wide participation from fans of hunting and equestrian sports

The second edition of Al Asayl Exhibition 2023, organised by Expo Centre Sharjah with the support of the Sharjah Chamber of Commerce and Industry (SCCI), will kick off tomorrow, Thursday. Taking place at Expo Al Dhaid from September 28 to October 1, 2023, the event is set to draw an impressive crowd of horse, camel, falcon, hunting, and equestrian sports enthusiasts from across the region.

The exhibition promises to be a haven for aficionados, featuring numerous companies and brands showcasing a wide range of the latest products and innovations related to horse and camel care, breeding techniques, stable equipment, animal transport vehicles, hunting dogs, and the finest breeds of falcons.

During the event, visitors will be offered a unique opportunity to familiarise themselves with the services offered by companies and institutions dedicated to preserving this authentic Arab heritage. Visitors will also be provided with insights into the art and science of falconry.

Also taking part in the event are several official clubs and associations that specialize in equestrian activities, falconry, and camels, including noteworthy participants like the Sharjah Camel Racing Club.

In the UAE, falconry, camel breeding, and horse sports are held in high regard. Al Asayl 2023 aims to be a pivotal hub for industry leaders to share experiences, exchange expertise, discover the latest products and equipment for purebred animals, and engage directly with companies involved in hunting and equestrian pursuits.

Building on the resounding success of its first edition last year, the exhibition provides visitors with a unique opportunity to delve into the heritage of horse, camel, and falcon breeding in the country. It will serve as a platform for individuals to acquire knowledge about an authentic heritage that the UAE is committed to preserving, nurturing, and passing on to future generations.

Al Asayl 2023 welcomes visitors daily from 11 a.m. to 10 p.m., with extended hours on Friday, opening from 3 p.m. to 11 p.m.

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