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Sharjah Chamber Delegation Showcases Investment Prospects at Cityscape Global 2023 in Saudi Arabia

Sharjah Chamber Delegation Showcases Investment Prospects at Cityscape Global 2023 in Saudi Arabia
Sharjah Chamber Delegation Showcases Investment Prospects at Cityscape Global 2023 in Saudi Arabia

A high-level business delegation from the Sharjah Chamber of Commerce and Industry (SCCI), represented by the Real Estates Sector Business Group, has visited Cityscape Global 2023, a premier global event highlighting the best in the exhibition sector, held at the Riyadh International Convention & Exhibition Centre in the Kingdom of Saudi Arabia from September 10 to 13.

As part of the official visit aimed at reviewing the latest best practices in the real estate exhibition sector in Saudi Arabia, the delegation, including key figures such as Ibrahim Rashid Al Jarwan, Director of Economic Relations and Marketing at SCCI, Obaid Abdul Rahman Al Mazloum, Director of the Real Estate Projects Organization Department at the Real Estate Registration Department, and Amjad Awad Al Karim, Head of the Working Groups at SCCI, held business meetings to showcase promising investment opportunities in Sharjah’s real estate sector.

During the event, which brought together over 85 countries and 350 exhibiting companies, attracting 2,000 investors, the delegation highlighted initiatives and events hosted by the Sharjah Chamber to bolster this crucial sector, including the Sharjah Real Estate Investment Exhibition (ICRES).

The delegation kicked off its official visit with an expanded business meeting with the Real Estate National Committee of the Federation of Saudi Chambers. Attended by Yahya Mohammed Abu Ras, Chairman of the Real Estate National Committee, and Hassan Al Arishi, Chairman of the Real Estate Committee at the Jazan Chamber, the meeting discussed ways to bolster bilateral partnerships and highlighted successful experiences to stimulate investments in the real estate sector. Discussions also touched on the organization of a joint real estate event aimed at further cementing cooperation between the two nations.

Furthermore, the delegation visited the King Abdullah Financial District (KAFD)’s pavilion at Cityscape and engaged in discussions with Abdullah Al Ajlan, a representative of KAFD, and several officials. The discussions revolved around the specialization and types of international financial and economic companies based in Saudi Arabia, as well as the exceptional services provided by KAFD.

Ibrahim Rashid Al Jarwan emphasized the SCCI’s commitment to driving collaboration with its Saudi counterparts to the next level, particularly in the burgeoning real estate sector that is witnessing remarkable growth in both the Kingdom and Sharjah. He said that Cityscape Global has been an invaluable platform to highlight the potential investment prospects in Sharjah’s real estate sector and foster connections with industry experts and exhibition organizers.

He further highlighted the importance of such meetings in developing innovative strategies that would fuel cooperative efforts and  promote the promising real estate and investment projects in both regions. Al Jarwan reaffirmed the SCCI’s keenness to enhance the collaboration between “ACRES” and “Cityscape”, and encourage participation from companies at the local, regional, and international levels.

Agthia Group Shareholders Approve AED 65.31 Million Interim Dividend for H1’23

Agthia Group
Agthia Group

Agthia Group PJSC (AGTHIA:UH), one of the region’s leading food and beverage companies, held its General Assembly Meeting virtually today. During the meeting, shareholders approved the Board’s proposed interim cash dividend of 8.25 fils per share (AED 65.31 million) for the 6 months ending 30th June 2023.

Khalifa Sultan Al Suwaidi, Chairman of Agthia Group, commented: “Our interim dividend reflects Agthia’s robust balance sheet and strong cash generation, and continued confidence in its future growth prospects as it progresses its strategy to become a leading food and beverage company in the MENA region and beyond.”

Alan Smith, CEO of Agthia Group, added: “Agthia’s performance during the first half of 2023 is a testament to our ability to successfully consolidate value-accretive businesses and leverage synergies while maintaining a profitable core.

Our strong cash generation enables us to accelerate investment in capacity, sustainability, and digital excellence to futureproof our growth, while delivering an attractive return for all stakeholders.”

Agthia Group recently announced strong first-half results, with Group Net Revenue increasing 10.3% year-on-year to AED 2.2 billion, EBITDA increasing 18.3% supported by margin expansion in Snacking, Protein and Water & Food, and a 6.6% increase in Group Net Profit. The Group’s balance sheet remained robust with cash and equivalents of AED 0.6 billion and liquidity of AED 2.0 billion.

EFG Hermes Saudi Forum in London Highlights Compelling Opportunities in the Kingdom’s Capital Market

EFG Hermes Saudi Forum in London Highlights Compelling Opportunities in the Kingdom's Capital Market
EFG Hermes Saudi Forum in London Highlights Compelling Opportunities in the Kingdom's Capital Market
EFG Hermes Saudi Forum in London Highlights Compelling Opportunities in the Kingdom's Capital Market
EFG Hermes Saudi Forum in London Highlights Compelling Opportunities in the Kingdom’s Capital Market

EFG Hermes, the leading investment bank franchise in Frontier and Emerging Markets (FEM), announces the commencement of its EFG Hermes Saudi Forum in London today. Under the theme of ‘Looking for Sustainable Growth’, the two-day event is being held in collaboration with the Saudi Exchange and will play host to over 50 leading Saudi companies across various sectors as well as 375 guests from around the world, including representatives from the Saudi Capital Market Authority (CMA), the Public Investment Fund (PIF), as well as over 200 institutional investors and fund managers from over 120 global investment firms.

The first of EFG Hermes’ flagship London conferences since 2019, this iteration is solely dedicated to the Kingdom of Saudi Arabia. The EFG Hermes Saudi Forum in London features prominent guest speakers, including His Excellency and Chairman of the CMA Board Mohammed A. El-Kuwaiz, as well as CEO of the Saudi Exchange Mohammed Al Rumaih. In attendance from EFG Holding are Group CEO Karim Awad, Co-CEO of EFG Hermes Mohamed Ebeid, and CEO of EFG Hermes in KSA Saud Altassan.

Mohamed Ebeid, Co-CEO of EFG Hermes, expressed enthusiasm for hosting the conference, saying: “The EFG Hermes Saudi Forum in London will serve as a platform to showcase Saudi Arabia’s investment-friendly landscape, diverse sectors, and transformative Vision 2030 initiatives. It represents a remarkable opportunity to foster deeper connections and understanding between Saudi-listed companies and Emerging Market (EM) investors, allowing us to do our part in supporting the kingdom’s economic growth and capital market development. Despite being the sixth-largest index in terms of market capitalization in the MSCI Emerging Market Index, Saudi Arabia continues to be under-represented in the portfolios of EM investors. As such, the conference is a testament to our confidence in Saudi Arabia’s growing capital market, our commitment to creating fruitful opportunities for EM investors, and an ultimate ambition to cultivate sustainable economic development.”

The Saudi market is one of the largest and most liquid EM indices, with a market capitalization of over USD 3 trillion as of September 2023. The market has been attracting increased foreign inflows since its inclusion in major global indices such as the MSCI Emerging Markets Index in 2019 and FTSE Russell’s Emerging Markets Index in 2018. It offers exposure to a wide range of sectors benefiting from Saudi Arabia’s strides to diversify the economy and implement strategic reforms under Vision 2030. The kingdom has emerged as a global investment powerhouse, attracting investors from all corners of the world as it continues to buck global economic headwinds, with equities showing attractive valuations and dividend yields compared to regional and global peers. The investment conference seeks to build on this momentum and to highlight the kingdom’s potential across sectors such as finance, technology, energy, infrastructure, tourism, and more.

Mohammed Al Rumaih, CEO of the Saudi Exchange, commented: “Our participation in this forum reflects the growing interest of international investors in our market and reiterates our commitment to building a technologically advanced capital market in line with Vision 2030’s Financial Sector Development Program. As we continue to undergo transformative reforms and enhancements to our regulatory framework, market infrastructure, and product offerings, we remain committed to providing a world-class platform for investors and issuers looking to capitalize on the diverse opportunities in Saudi Arabia. Our collaboration with key partners like EFG Hermes is a crucial part of our strategy to promote sustainable market liquidity and foster global investor interest.”

The forum will offer a platform for presenting companies to showcase projects and initiatives that create avenues for investment and innovation. Investors will have a chance to explore potential collaborations, forge strategic partnerships, and gain first-hand knowledge of the kingdom’s investment climate. The EFG Hermes Saudi Forum is part of EFG Hermes’ successful track record of hosting high-profile conferences that connect global investors with leading companies in FEM. The Firm has hosted over 30 conferences across four continents since 2007. In March 2023, the Firm held its flagship One-on-One Conference in Dubai, with 179 companies in numerous key sectors across 29 countries holding direct meetings with over 561 institutional investors and fund managers representing 247 international institutions.

Saudi Pro League clubs spend US$957 million in record-breaking football transfer window

Saudi Pro League clubs spend US$957 million in record-breaking football transfer window
Saudi Pro League clubs spend US$957 million in record-breaking football transfer window

Saudi Pro League clubs spend US$957 million in record-breaking football transfer window

The 2023 summer transfer window saw Saudi Pro League clubs spend a record US$957 million, according to Deloitte’s Sports Business Group, resulting in a net spend of US$907 million, second only to the Premier League’s net transfer spend (US$1.39 billion). Gross transfer spend across Europe’s ‘big five’ leagues totaled US$6.10 billion in this summer’s window, an almost US$1.25 billion increase on last summer’s total (2022: US$4.85 billion). Gross spend increased compared to the previous summer in all the ‘big five’ leagues except La Liga.

Almost half of the transfer fees received by Premier League clubs from overseas (US$698 million) came from Saudi Pro League clubs. These transfer receipts (US$312 million) were concentrated among eight clubs, with four of these among the Premier League’s ‘big six’. Two Premier League clubs, Fulham and Liverpool, saw 100% of their transfer receipts come from Saudi Pro League clubs.

Across the rest of Europe, receipts from Saudi Pro League clubs were at US$148 million, US$122 million, US$116 million and US$32 million in Ligue 1, Serie A, La Liga and Bundesliga respectively.

Izzy Wray, Deloitte’s Sports Business Group, said, “The ambitious number of player acquisitions and the caliber of players signed by Saudi Pro League clubs demonstrate the Kingdom’s commitment to propelling the SPL to become a leading football league on the world-stage. This is still early days of what we can call phase one of the Saudi Pro League project, and the futuristic view is also reflected by the lowered average age of the league compared to last season.”

“This marks the first time since 2016 that another international league has outspent any of Europe’s ‘big five’ during a football transfer window, with new players bringing the promise of new fans and partners to strengthen the SPL’s prominence. European football continues to be the benchmark for the game globally, and the Saudi investment in the game will divert its focus towards the infrastructure, to elevate the level of Asian football.”

“The SPL spending is still at one third of the Premier League’s gross spend this summer, the focus of Saudi clubs will now be on securing the success of the league’s transformation journey and its financial sustainability. The development of the league will depend on growing the professionalization and governance of clubs, the development of young playing talent and attracting a new, international fanbase.”

“The implementation of the Kingdom’s privatization program is likely to draw a wave of interest around the SPL, potentially fueling the current spending pattern for the windows to come. With the spending power of the SPL already surpassing some of Europe’s ‘big five’, it remains to be seen the impact this will have on the make-up of elite football for future generations.”

EFG Hermes issues securitization bonds worth 472 million pounds to the Egyptian Real Estate Refinancing Company

EFG Hermes issues securitization bonds worth 472 million pounds to the Egyptian Real Estate Refinancing Company
EFG Hermes issues securitization bonds worth 472 million pounds to the Egyptian Real Estate Refinancing Company

EFG Hermes, the leading investment bank franchise in Frontier and Emerging Markets (FEM), announced today that its investment banking division successfully concluded advisory on the first issuance for Egyptian Mortgage Refinance Company (EMRC) in a securitized bond offering worth EGP 472 million. This comes as the first issuance in a newly approved EGP 3 billion securitization program.

With this landmark securitization program, EMRC has become the first refinance mortgage company to securitize portfolios for mortgage companies in the Egyptian market. As EMRC operates as a refinance mortgage company, it acquired the securitized portfolio from Bedaya Mortgage Finance, which assumed the role of the transaction’s servicer.

The issuance is structured as follows:

  • Tranche A – valued at EGP 66.1 million with a tenor of 13 months and a credit rating of AA+ from Middle East Ratings and Investors Service (MERIS)
  • Tranche B – valued at EGP 193.5 million with a tenor of 36 months and a credit rating of AA from MERIS
  • Tranche C – valued at EGP 212.4 million with a tenor of 69 months and a credit rating of A from MERIS

Maie Hamdy, Managing Director – Debt Capital Markets at EFG Hermes, commented: “The successful completion of the EMRC securitization issuance underscores EFG Hermes’ commitment to driving innovation and progress within the financial market. This achievement not only amplifies our expertise as a financial services leader but also paves the way for transformative advancements in the mortgage landscape. EFG Hermes continues to reinforce its role as a pioneer in Egypt’s debt capital market, advising on an extensive variety of securitization deals in the country and garnering widespread investor interest. We are proud to have been a part of this milestone, supporting growth and innovation in the mortgage industry.”

Commenting on the issuance, Ehab Abou Ali, Managing Director from EMRC, said: “This milestone marks an important advancement for both EMRC and the primary mortgage market in Egypt. By securitizing portfolios for mortgage companies, we aim to enhance their liquidity, strength capital structure and promote accessibility for homeowners and prospective buyers. This collaboration with EFG Hermes aligns with our mission to facilitate the development of the housing finance sector and will aid us in the realization of our goals and long-term growth strategy.”

This issuance comes on the heels of EFG Hermes’ successful closing of an EGP 472.5 million securitized bond for Palm Hills Development (PHD), and an EGP 958 million issuance for Bedaya Mortgage Finance. The investment banking division also concluded an EGP 805.5 million issuance for Madinet Masr (previously Madinet Nasr for Housing and Development), Al Taamir Mortgage Finance – Al Oula’s EGP 998.5 million issuance, Valu’s EGP 856.5 million issuance, as well as an EGP 986 million issuance for Misr Italia Properties.

EFG Hermes acted as the transaction’s bookrunner, underwriter, and co-financial advisor alongside Al Ahli Pharos. Dreny and Partners acted as the transaction’s legal advisor, while KPMG acted as the auditor. National Bank of Egypt (NBE) and Arab African International Bank (AAIB) acted as the underwriting banks, with AAIB acting as the transaction’s custodian.

Demand for air travel continues to rise in July

Demand for air travel continues to rise in July
Demand for air travel continues to rise in July
The International Air Transport Association (IATA) announced that the post-COVID recovery momentum continued in July for passenger markets.
• Total traffic in July 2023 (measured in revenue passenger kilometers or RPKs) rose 26.2% compared to July 2022. Globally, traffic is now at 95.6% of pre-COVID levels.
• Domestic traffic for July rose 21.5% versus July 2022 and was 8.3% above the July 2019 results. July RPKs are the highest ever recorded, strongly supported by surging demand in the China domestic market.
• International traffic climbed 29.6% compared to the same month a year ago with all markets showing robust growth. International RPKs reached 88.7% of July 2019 levels. The passenger load factor (PLF) for the industry reached 85.7% which is the highest monthly international PLF ever recorded.
“Planes were full during July as people continue to travel in ever greater numbers. Importantly, forward ticket sales indicate that traveler confidence remains high. And there is every reason to be optimistic about the continuing recovery,” said Willie Walsh, IATA’s Director General.
Air passenger market in detail – July 2023
  World July 2023 (% year-on-year)
  share1 RPK ASK PLF (%-pt)2 PLF (level)3
TOTAL MARKET 100.0% 26.2% 23.7% 1.7% 85.2%
   Africa 2.1% 25.0% 26.3% -0.8% 74.6%
   Asia Pacific 22.1% 67.1% 53.4% 6.7% 81.6%
   Europe 30.8% 11.7% 11.5% 0.2% 87.7%
   Latin America 6.4% 15.5% 11.4% 3.1% 86.7%
   Middle East 9.8% 21.9% 21.0% 0.6% 82.1%
   North America 28.8% 13.2% 11.9% 1.0% 89.7%
1% of industry RPKs in 2022 2Change in load factor 3Load factor level
International Passenger Markets
Asia-Pacific airlines saw a 105.8% increase in July 2023 traffic compared to July 2022, continuing to lead the regions. Capacity climbed 96.2% and the load factor increased by 3.9 percentage points to 84.5%.
European carriers’ July traffic rose 13.8% versus July 2022. Capacity increased 13.6%, and load factor edged up 0.1 percentage points to 87.0%.
Middle Eastern airlines posted a 22.6% increase in July traffic compared to a year ago. Capacity rose 22.1% and load factor climbed 0.3 percentage points to 82.6%.
North American carriers had a 17.7% traffic rise in July 2023 versus the 2022 period. Capacity increased 17.2%, and load factor improved 0.3 percentage points to 90.3%, which was the highest among the regions for a second consecutive month.
Latin American airlines’ traffic rose 25.3% compared to the same month in 2022. July capacity climbed 21.2% and load factor rose 2.9 percentage points to 89.1%.
African airlines saw a 25.6% traffic increase in July 2023 versus a year ago, the second highest percentage gain among the regions. July capacity was up 27.4% and load factor fell 1.0 percentage point to 73.9%, the lowest among the regions. For a second month in a row, Africa was the only region to see capacity growth outrun traffic demand.
Air passenger market in detail – July 2023
  World July 2023 (% year-on-year)
  share1 RPK ASK PLF (%-pt)2 PLF (level)3
   Domestic 41.9% 21.5% 16.7% 3.3% 84.5%
   Dom. Australia4 1.0% 3.5% 8.5% -4.1% 83.2%
   Domestic Brazil4 1.5% 3.6% -0.1% 3.0% 83.4%
   Dom. China P.R.4 6.4% 71.9% 49.1% 10.5% 79.2%
   Domestic India4 2.0% 21.1% 13.3% 5.3% 83.3%
   Domestic Japan4 1.2% 13.4% 1.3% 7.8% 72.7%
   Domestic US4 19.2% 11.1% 9.5% 1.3% 89.2%
1% of industry RPKs in 2022 2Change in load factor 3Load factor level
4 Note: the six domestic passenger markets for which broken-down data are available account for approximately 31.3% of global total RPKs and 74.6% of total domestic RPKs
China’s domestic traffic jumped 71.9% in July compared to a year ago and is now 22.5% above July 2019 levels, which was the strongest gain against pre-pandemic levels among the domestic markets.
US airlines’ domestic demand climbed 11.1% in July and was 3.0% above the July 2019 level.
The Bottom Line
“The Northern Hemisphere summer is living up to expectations for very strong traffic demand. While the industry was largely prepared to accommodate a return to pre-pandemic levels of operations, unfortunately, the same cannot be said for our infrastructure providers. Performance of some of the key air navigations services providers, for example, has been deeply disappointing for many reasons from insufficient staffing to the failure fiasco of NATS in the UK. These must be promptly corrected. Even more worrying, however, are political decisions by some governments—among them Mexico and the Netherlands—to impose capacity cuts at their major hubs that will most certainly destroy jobs and damage local and national economies. The numbers continue to tell us that people want and need air connectivity. That’s why governments should be working with us so that people can travel safely, sustainably and efficiently,” said Walsh.

Sharjah Chamber and Sharjah Police launch ‘Economic Sustainability Forum 2023’

Sharjah Chamber and Sharjah Police launch
Sharjah Chamber and Sharjah Police launch

The Sharjah Chamber of Commerce and Industry (SCCI), has announced it will host the “Economic Sustainability Forum 2023”,  an event that will be organized by Sharjah Police to promote the quality of security services across various  economic, industrial, and commercial sectors, aligning them with top-tier international standards.  Taking place on October 5, 2023, the forum seeks to boost security sustainability and foster economic growth in the Emirate of Sharjah.

The announcement was made during a coordination meeting at the chamber’s headquarters attended by Amjad Awad Al Karim, Head of the Working Groups at SCCI, and Mohammed Al Khayyal, Senior Public Relations and Protocol Executive at Sharjah Chamber. Also present were officers Major Humaid Khalfan Al Kindi, Major Abdullah Abdul Razzaq Al Qanati, Captain Abdullah Rashid Al Kindi, and Captain Nadia Abdul Rahman Al Hosani from the Sharjah Police, in addition to several other chamber officials.

During the meeting, participants discussed the forum’s agenda and the ongoing preparations for its organization. Major Humaid Khalfan Al Kindi emphasized the commitment of Sharjah Police to promoting security as part of its strategic plans. He pointed out that economic prosperity and an improved quality of life cannot be realized without ensuring a safe and stable society by a visionary police management.

The SCCI stressed that, as part of its strategic relationship with Sharjah Police, both parties will spare no effort to cooperate and spur the economic growth of Sharjah. The forum will serve as a key convening ground for public entities within the emirate to strengthen economic growth and sustainability, not just within Sharjah but across the UAE. The event is expected to foster a secure and safe environment, having a tangible positive impact on the economic dynamism of businesses, the chamber said.

In addition, the SCCI highlighted that the coordination meeting was a critical platform to discuss the ongoing preparations for the Economic Sustainability Forum 2023 and provided an opportunity to address vital topics aimed at ensuring the forum’s success and its alignment with strategic goals, particularly bolstering the security of economic entities.

ADX lists $1.5 billion of dual-tranche TAQA bonds on its main market

Abu Dhabi Securities Exchange (ADX) is pleased to announce the secondary listing of Abu Dhabi National Energy Company PJSC (TAQA) dual-tranche $1.5 billion bonds on its main market.

 

The 5-year $500 million notes, maturing in 2029, were issued as conventional bonds with a 4.375% coupon, while the 10-year $1 billion tranche, maturing in 2033, was priced with a 4.696% coupon – with coupon payments being made to bondholders on a semi-annual basis.

 

Moreover, the 10-year notes were structured as green notes – TAQA’s first green issuance – with the proceeds being used to finance, refinance and invest in eligible green projects in line with TAQA’s Green Finance Framework. The dual-tranche senior unsecured notes – which form part of TAQA’s Global Medium Term Note Programme – will now be listed on both ADX and the London Stock Exchange (LSE).  This listing brings the overall debt instruments listed on ADX to 44.

 

Commenting on the secondary listing, Mr. Abdulla Salem Alnuaimi, Chief Executive Officer of Abu Dhabi Securities Exchange, said: “TAQA’s sizeable secondary bond listing on ADX reflects our ongoing and successful efforts to increase the number of listings across our growing debt market. In line with these efforts, we continue to demonstrate our ability to diversify and broaden the range of securities on offer across ADX markets to benefit of our market participants.”

“This listing also demonstrates the increasing prevalence of bonds that have witnessed a sharp rise with numerous ADX-listed companies issuing green bonds. Aligned to green finance frameworks, these issuances support the continued development of ESG and sustainability across our market, aligned with the UAE’s efforts and net zero ambitions.”

 

Jasim Husain Thabet, TAQA’s Group Chief Executive Officer and Managing Director commented: “TAQA is pleased to announce the secondary listing of our dual-tranche bonds onto the Abu Dhabi debt market in partnership with ADX, including our first TAQA-issued green bond. As a low-carbon power and water champion, we see green finance and decarbonization projects as key growth opportunities for our business driven by local and international investors’ growing demand for credible green investments. Furthermore, we are positioning ourselves as one of the region’s leaders when it comes to green financing with our Green Finance Framework, our ESG Strategy and 2030 emissions reduction targets. TAQA is a company that represents the energy transition in action with ambitious decarbonization targets and a credible strategy to get us there.”

At the time of issuance, the order book was nearly 10 times oversubscribed, with regional and international investors placing total orders of over $15 billion. In line with TAQA’s corporate credit rating, the notes are rated Aa3 by Moody’s and AA- by Fitch, reflecting TAQA’s robust financial position and Abu Dhabi’s strong macroeconomic fundamentals and outlook.

TruDoc Announces Acquisition by Pulsar Capital to Advance Healthcare

TruDoc Announces Acquisition by Pulsar Capital to Advance Healthcare
TruDoc Announces Acquisition by Pulsar Capital to Advance Healthcare

TruDoc, UAE’s leading telehealth and virtual primary care provider, is proud to announce an investment by Pulsar Capital, a prominent regional private equity firm specializing in the healthcare, ecommerce and fintech sectors. The investment marks a significant
milestone in TruDoc’s mission to redefine healthcare delivery and expand its reach to benefit patients across multiple regions.

Pulsar Capital has invested in TruDoc with the vision to enhance its product offerings
and accelerate its growth across South Asia, the GCC, and Africa by bringing the best in the world to the region. The news of Pulsar Capital taking a controlling stake in the business comes a year after the initial investment in 2022 which saw the private
equity firm own a minority share before recently culminating into a larger investment in the company.

TruDoc strives to bridge the gap in accessibility and affordability, the two biggest
challenges facing global healthcare by offering comprehensive end-to-end care for healthy individuals and those dealing with acute and chronic illnesses. At present, TruDoc serves diverse geographies, including the UAE, Kingdom of Saudi Arabia and Nigeria
and other parts of Africa.

Established in 2011, TruDoc is at the forefront of delivering innovative and accessible
healthcare solutions. Its commitment to reimagining healthcare delivery has made the company the trusted provider of 24×7 access to licensed telemedicine close to one million paid subscribers in UAE and 2 million globally, along with its home care doctors,
labs and diagnostics, e-pharmacy services, and personalized wellness programs.

TruDoc has redefined the norms of conventional healthcare with its innovative approach
that enables patients to proactively manage their health in the convenience of their own home, ultimately creating a more intimate and user-friendly healthcare experience.

Characterized by an unwavering commitment to value-based care and evidence-based
medicine, TruDoc’s team of dedicated medical professionals prioritizes patients’ needs, ensuring that each individual receives tailored and comprehensive care that addresses their unique health requirements

Managing Partner of Pulsar Capital, Vish Narain also assumes the new role of Executive
Chairman of TruDoc commenting, “The acquisition of TruDoc represents our continued commitment to deliver quality care to patients with an emphasis on convenience, affordability and accessibility. Technology is going to significantly change the way primary
care is going to be delivered. TruDoc has cutting edge tools using the latest technology in electronic patient record management, home health, telemonitoring, wearables and generative AI which will benefit our payors and end-consumers.”

Under its new and upgraded leadership team, TruDoc is poised to transform the future
of healthcare delivery with a new focus on product offering, plans of expansion and a continued mission to make healthcare accessible from the comfort of one’s home.

Bold visions and solid pledges: Global leaders unite at Africa Climate Summit to put continent at heart of fight against climate change

Global leaders unite at Africa
Global leaders unite at Africa

World leaders on the second day of the inaugural Africa Climate Summit in the Kenyan capital Nairobi have pledged their support to position the continent at the epicentre of the fight against climate change, urging greater consideration for Africa’s needs.

The historic three-day event, hosted by the government of Kenya and the African Union, which kicked off on Monday, has mobilised heads of state and government, international organisations, non-governmental organisations, civil society as well as hundreds of African youths to discuss ways to deliver innovative green growth and climate finance solutions. Much of the conversation have focused on climate adaptation, which is widely viewed as the biggest pressing priority for Africa.

Kenya’s President William Ruto said Africa’s youthfulness was “precisely the attribute that inspired African leaders to imagine a future where Africa steps onto the stage as an economic and industrial power, an effective and positive actor in the global arena”.

Ruto listed several reasons why the continent is well placed to lead in tackling climate change. “Africa is the continent with 60% of the world’s renewable energy assets, including solar, wind, geothermal and hydropower. Africa is projected to have 40% of the world’s workforce by 2100. We have two-thirds of the world’s uncultivated arable land that can transform smart agriculture into the production store of the world. We have the largest carbon sequestration infrastructure in the world,” Ruto said.

Joining President Ruto were UN Secretary-General António Guterres, President of the European Commission Ursula von der Leyen, African Union Commission Chairperson Moussa Faki Mahamat, United States Special Envoy for Climate John Kerry, African Development Bank President Akinwumi A. Adesina, and several African leaders. Faki urged for reform of the global financial architecture to meet Africa’s needs of at least $1.3 billion a year to meet the sustainable development goals by 2030.

Guterres stressed Africans bore the brunt of the worst of climate change despite having produced negligible carbon emissions. He stressed that “developed countries must present a clear and credible roadmap to double adaptation finance by 2025 as a first step toward devoting half of all climate finance to adaptation”.

Guterres urged participants to think big. “First, we need far greater climate ambition, with countries hitting fast forward and massively accelerating action to limit temperature rises and impacts. The largest emitters must lead the charge, in line with the Climate Solidarity Pact and Climate Action Acceleration Agenda,” the UN chief said.

Adesina commended Ruto for his leadership in organising the summit. “The Africa Climate Summit will shape the future pathway of Africa’s development,” he said. Adesina said responses to the climate emergency were needed at several levels. At the global level, he called on wealthy nations to meet their commitments to provide $100 billion annually in climate finance. Also, “the global climate financial architecture must be changed to prioritise the needs of Africa,” he said. “At the national level we must accelerate actions on climate adaptation. That is why the African Development Bank has committed to providing $25 billion toward climate financing by 2025,” he said.

Adesina said the African Development Bank together with the Global Centre on Adaptation had launched the African Adaptation Acceleration Program (AAAP), the largest such initiative in the world. The Bank is implementing a $20 billion initiative, Desert to Power, to harness the power of solar and deliver electricity to 250 million people, he said. “We must power every home every school and every hospital.”

Offering Europe as an ally in efforts to close Africa’s climate investment gaps, Von Der Leyen said it was “time to move from words to action.” “We want to partner with you to create local value chains, to create good jobs here in Africa.” “We want to invest in skills for local workers, this is crucial for the young people because the stronger you are as suppliers, the more Europe will diversify its supply chains toward Africa. And the more we both will de-risk our economies. It’s a clear win-win.”

President Sahle-Work Zewde of Ethiopia said her government was working to achieve net zero emissions in building climate resilient development by 2050. “Ethiopia is also investing in green energy projects, such as hydroelectric wind solar and the geothermal sectors, as well as promoting modern rural cooking technologies.”

Tanzania’s President Samia Suluhu Hassan called for a special fund to be set up that would stipulate what percentage of financing pledged by advanced countries would be set aside for Africa as opposed to “blanket pledges.”  

Barbados Prime Minister Mia Mottley addressed the plenary via video feed. She linked  the Africa Summit to the Bridgetown initiative to reform the global financial system so the world can better respond to current and future crises. “We must work together from the African continent to the Caribbean. This is a time when political will matched by the recognition of our reality will make all the difference in the world,” she said. 

The Africa Climate Summit is expected to produce the joint Nairobi Declaration, that will set out the continent’s position on climate finance and green growth. The declaration is also expected to call for the establishment of a global carbon tax system as a path to expand climate finance and incentivise countries to cut emissions.

Already, the Africa Climate Summit has resulted in major financial pledges. COP28 President Sultan Al Jaber committed $4.5 billion on behalf of the United Arab Emirates to assist African countries in expediting clean-energy initiatives. Al Jaber said he expected the $4.5 billion to catalyse “at least an additional $12.5 billion from multilateral public and private sources.” “It is our ambition that this will… jumpstart a pipeline of bankable clean energy projects in this important continent,” Al Jaber said.

Special Envoy Kerry announced the Biden administration would contribute $3 billion annually for adaptation as part of the PREPARE initiative. He also announced an additional $30 million to bolster climate resilient food security efforts across Africa.

The first $20 million would be for the African Adaptation initiative for its Food Security Accelerator. “$10 million will go to the Climate Resilience Adaptation Finance and Technology Transfer Facility to scale technology so we can advance adaptation efforts like cold chain storage to help maintain the quality and safety of food from the farms all the way to the homes of people,” Kerry said.   

The Africa Climate Summit will also consolidate the achievements and roadmap from COP27 held in Sharm-El Sheikh, Egypt, last year, as well as closing gaps that have arisen from the Sharm El-Sheikh Implementation Plan.

Click here for more information about the Climate Summit.