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Arabian Travel Market 2024 explore how entrepreneurship is empowering innovation in the Middle East’s travel industry

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Sahfy Sahfy
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Arabian Travel Market 2024 explore how entrepreneurship is empowering innovation in the Middle East’s travel industry
Arabian Travel Market 2024 explore how entrepreneurship is empowering innovation in the Middle East’s travel industry

Arabian Travel Market (ATM), the Middle East’s leading event for inbound and outbound travel and tourism professionals, has unveiled its next theme: ‘Empowering Innovation: Transforming Travel Through Entrepreneurship.’ The 31st edition of the show will take place at Dubai World Trade Centre (DWTC) from Monday 6 to Thursday 9 May 2024.
Over the last 15 years, the travel and tourism industry has secured only 1 percent of total funding for startups across all industries, according to analysis from McKinsey. This is despite the fact that the sector accounted for more than 10 percent of global GDP in 2019. With exhibitors from the fields of aviation, accommodation, hospitality, attractions, technology and more, ATM 2024 will explore how innovators in the travel and tourism space are working to attract greater levels of funding to further increase the sector’s overall contribution to global GDP.
The 31st edition of ATM will once again host policymakers, industry leaders and travel professionals from across the Middle East and beyond, encouraging them to forge new relationships, exchange knowledge and identify innovations with the potential to reshape the future of global travel and tourism. From startups to established brands, the upcoming show will highlight how innovators are enhancing customer experiences, driving efficiencies and accelerating progress towards a net-zero future for the industry.
Danielle Curtis, Exhibition Director, Arabian Travel Market, said: “The Middle East’s travel and tourism sector has demonstrated impressive resilience and growth in recent years, but we must continue to innovate and adapt in order to achieve the industry’s long-term goals. Thanks to ATM 2024’s theme, ‘Transforming Travel Through Entrepreneurship’, we have a golden opportunity to showcase expert insights, cutting-edge technologies and commercial opportunities with the potential to completely reshape the sector.”
Building on ATM 2023’s theme of ‘Working Towards Net Zero’, environmentally responsible travel will represent a key focus during the show’s upcoming edition. Informed by the UAE’s Year of Sustainability and the 2023 United Nations Climate Change Conference (COP28), which will take place in Dubai later this year, ATM 2024 will explore how innovation can be leveraged to help achieve the UN Sustainable Development Goals (SDGs) by building a greener travel and tourism sector for future generations.
More than 40,000 travel trade professionals, including 30,000 visitors, attended the 30th edition of ATM in May 2023, setting a new show record. The exhibition attracted more than 2,100 exhibitors and representatives from over 155 countries, providing a global platform for the unveiling of ATM’s net-zero pledge.

ATM 2024 will empower the global travel and tourism community to harness entrepreneurism, helping to catalyse innovation, increase revenues and maximise sustainability over the long term. The UAE aims to attract $150 billion in foreign investment by 2030, making it the perfect environment for these activities. With an emphasis on technological innovation, the nation plans to strengthen its position as an international hub for start-ups – a focus that looks set to benefit entrepreneurs operating in the region’s travel and tourism sector. By exploring the ways in which an entrepreneurial mindset can lead to positive change within the industry, ATM 2024 will enable attendees to identify strategies for growth across a range of key industry verticals.
“As a global leader in innovation, the UAE offers the perfect environment in which to explore these trends and identify new avenues for growth,” Curtis added. “Following the record-breaking levels of attendance witnessed during ATM 2023, my colleagues and I cannot wait to welcome the global travel community to Dubai once again next year.”
Held in conjunction with Dubai World Trade Centre, ATM 2024’s strategic partners include Dubai’s Department of Economy and Tourism (DET), Destination Partner; Emirates, Official Airline Partner; IHG Hotels & Resorts, Official Hotel Partner; and Al Rais Travel, Official DMC Partner.

MAM for Engineering Industries & Electrical Supplies Grows with Support from Enmaa Finance and ICD

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Sahfy Sahfy
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MAM for Engineering Industries & Electrical Supplies Grows
MAM for Engineering Industries & Electrical Supplies Grows

MAM for Engineering Industries & Electrical Supplies in the Arab Republic of Egypt achieves significant growth in the Egyptian market with the support of Enmaa Finance Company, which was established in partnership between the Islamic Corporation for the Development of the Private Sector (ICD), the Arab Investment Bank and Ayadi Company for Investment and Development to provide financing under the Ijarah system in accordance with the provisions of Islamic Sharia.

ICD has shared an informative video about the success story of MAM for Engineering Industries & Electrical Supplies over the past years, as Enmaa Finance provided financing in 2019 to MAM for Engineering Industries & Electrical Supplies at a value of EGP 10 million to contribute significantly to the development of the company’s size, the expansion in establishing new production lines for electrical panels and low voltage, the entry into new markets, in addition to its entry into partnerships with Schneider Electric International.

Commenting on the success of MAM for Engineering Industries & Electrical Supplies in the Egyptian market, Eng. Hani Salem Sonbol, Acting CEO of the ICD, said: “We are proud of the ICD and of what Mam for Engineering Industries and Supplies was able to achieve as a result of its expansion in exporting to a number of African and Asian countries with the support of Enmaa Finance Company, in which the ICD owns a 47% stake.”

He added that the ICD continues to support and empower the private sector in its member countries to replicate more success stories and increase the volume of exports, as ICD has provided funds to support and empower the private sector through a total value of $7.61 billion for 524 projects in various member countries since its establishment in 1999.

Mr. Tarek El-Fayoumi, Managing Director and CEO of Enmaa Finance, said: “We provided finance for MAM for Engineering Industries & Electrical Supplies in 2019, which increased in 2022, reaching a total of EGP 10 million. This project is a great testament to our pride in the success we have achieved as a company, which led to our partnership with a major company such as Schneider Electric.”

Engineer Ahmed Youssef El Sherif, President of MAM for Engineering Industries & Electrical Supplies narrated the success story of the company over the years. It was established in 1998 in Qalyub, and in 2005, it started acquiring new machines. In 2016, it established a second factory in Badr City, and in 2019 it began cooperation with Enmaa Finance. It was able to establish new production lines that contributed significantly to the company’s development in the Egyptian market, as the company’s sales increased in 2019 from EGP 100 million to EGP 150 million in 2020, then EGP 330 million in 2022, and in 2023 it is expected to achieve between EGP 550 million to EGP 600 million. The company also created new job opportunities which grew from 75 to 225 over the course of 4 years, and it exports to more than one country in Africa such as Sudan, South Sudan, Djibouti, Congo, Tanzania, and Kenya, as well as in Asia such as Syria and Iraq.

He pointed out that MAM for Engineering Industries & Electrical Supplies has plans to expand in the medium voltage industry and increase exports to the global market in cooperation with Enmaa Finance Company, as it is working on installing the largest nano-ceramic line in Egypt during the first quarter of 2024.

Engineer Mohamed Salama, Executive Director of MAM for Engineering Industries & Electrical Supplies, said that the company’s entry into international partnerships with various international institutions contributed to the establishment of the company’s headquarters in the industrial zone in El-Obour on an area of 13 thousand square meters. The company’s main goal is to target the electrical sector, specifically in the field of low voltage, to protect beneficiaries from any electric hazards.

Location, Flexibility, and Quality to Shape Future of Living, Working, and Shopping in Bahrain

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Sahfy Sahfy
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Location, Flexibility, and Quality to Shape Future of Living, Working, and Shopping in Bahrain
Location, Flexibility, and Quality to Shape Future of Living, Working, and Shopping in Bahrain

Although the rental market continues to dominate in Bahrain, more than half of the residents surveyed expect to buy their next home – 75% of whom are millennials, according to CBRE Bahrain’s Live-Work-Shop Report.

In the first survey of its kind, CBRE polled more than 100 people in Bahrain – representing multiple generations from Gen Z to Baby Boomers – to understand how their living, working, and shopping preferences will influence the future of real estate.

Heather Longden, Director – Advisory & Transactions, at CBRE in Bahrain comments: “Responses to the survey indicate evolving preferences in the way that people live, work and shop in Bahrain. The residential rental market dominates, with most respondents continuing to rent their accommodation; however, sentiment towards homebuying is strong, particularly amongst millennials.

The survey showed that there is a preference for greater flexibility in terms of time spent in the office. However, working from the office full-time remains the norm. Desire to work from the office is largely dependent on employees’ commute times. Other factors, including workplace quality, location and infrastructure were also considered important by a number of participants.

In terms of shopping preferences, we have found that in-person shopping continues to be the leading choice. 65% of consumers surveyed, however, do at least some of their shopping online. With customers valuing experience and convenience, we anticipate that retailers who offer both online and in-store options will have a competitive edge.”

The survey reveals that 53% of respondents currently rent their homes in Bahrain. The rental market continues to dominate, with the majority of expatriates, who make up 52% of the population, renting their homes, despite purchasing options available in designated zones. Future homebuying sentiment, however, is robust with 55% of respondents planning to buy their next home. 75% of those who plan to buy their next home are millennials (early and late), while 9% of the respondents who indicated they were looking to purchase were 18 – 24 year olds (Gen Z).

The COVID-19 pandemic prompted a shift in home selection criteria. Outdoor space, quality property management and commute times are increasing in importance in Bahrain. Property pricing remains an important factor and will continue to dictate the options available to respondents, although this aspect was rated slightly lower than elsewhere in the world.

Despite a desire for greater flexibility, few companies in Bahrain are supporting the adoption of hybrid working. According to the survey, employees want to be able to work remotely more often. While 80% of respondents currently work full-time at the office, 82% say they prefer to work from home at least some of the time. Commuting times have the greatest impact on employees’ desire to visit the office. Employees with short commute times are more inclined to want to visit the office more frequently.

Additional factors driving office visitation preferences are secondary to commute times; however, quality, location and infrastructure remain determinants. A better quality workplace in terms of design and aesthetic is the second most important factor influencing the desire to work from the office, chosen by 44% of respondents. This factor includes aspects such as environmental attributes (natural light, air quality, etc.), as well as office layout and ergonomic features that help to support a modern workplace.

Most consumers in Bahrain still prefer to buy products in-store, with 91% preferring physical retailing either for all shopping needs or most. While the pandemic has accelerated the growth of e-commerce in the region, the sector remains under-developed in Bahrain, with brick-and-mortar retail continuing to be the dominant sales channel for all key product types. Physical interaction with products is important for consumers, with 79% of in-store shoppers wanting to physically see and try the product before purchasing. A majority of responses, however, indicate shifting consumer expectations – with omnichannel shopping (a combination of both offline and online) becoming the norm, particularly for certain product groups.

Although consumers in Bahrain still prefer to do most of their shopping in-person, the pandemic has instigated a shift in shopping habits, whether this be more shopping online (36%), shopping locally rather than visiting large malls, or simply spending leisure time on other activities.

EBRD appoints Gretchen Biery Director for the eastern Mediterranean region

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Sahfy Sahfy
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Gretchen Biery Director for its eastern Mediterranean region
Gretchen Biery Director for its eastern Mediterranean region

The European Bank for Reconstruction and Development (EBRD) has appointed Gretchen Biery Director for its eastern Mediterranean region, leading its operations in Jordan, Lebanon and the West Bank and Gaza.

Ms Biery took up her new role on 1 September 2023, reporting to the Managing Director of the southern and eastern Mediterranean (SEMED) region. She will be based in Jordan, where she succeeds Philip ter Woort.

An American national, Ms Biery joined the Bank in 2018 as Head of Lebanon, based in Beirut, where she established the EBRD’s office and oversaw operations. Since 2021, she has been Senior Advisor to the Managing Director of the SEMED region, focusing on preparations for the Bank’s potential expansion into sub-Saharan Africa and Iraq, as well as working with newer shareholders in the region, including Algeria.

“It is a great privilege to take over this role delivering the EBRD’s activities in the eastern Mediterranean,” Ms Biery said. “I’m very happy to return to the region and look forward to building on the achievements of my predecessors, supporting the region’s economy and working to deliver the Bank’s green and sustainable agenda with the public and private sectors.”

Prior to joining the Bank, Ms Biery held strategic and operational positions at multilateral development banks and the US Treasury, and consulted for bilateral development agencies. She worked extensively
in the Middle East and south-east Asia.

She brings to the role vast knowledge of the region, significant public-sector and policy dialogue experience, as well as experience supporting private-sector development.

She holds a master’s degree in international relations and economics from the Johns Hopkins University School of Advanced International Studies and a degree in international political science from the University of Louisville.

The EBRD launched its operations in the SEMED region in 2012 and, to date, has invested over €19.2 billion there. The Bank is working to strengthen the resilience of local economies in the region with a combination of investment and policy engagement. It focuses on supporting small and medium-sized enterprises, promoting agribusiness, developing infrastructure and local services, supporting renewable energy and energy efficiency, and developing local capital markets.

 

Dr. Rania A. Al-Mashat, Welcomes New USAID Director in Egypt.

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Sahfy Sahfy
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Dr. Rania A. Al-Mashat, Welcomes New USAID Director in Egypt.
Dr. Rania A. Al-Mashat, Welcomes New USAID Director in Egypt.

● Al-Mashat highlights the development partnership with the USAID.

● H.E. reviews joint programs and projects with USAID and discusses priorities for economic cooperation in various areas of development.

● Discussions on ways to strengthen joint cooperation in the projects of the NWFE program.

● USAID Mission Director confirms his aspiration to build on decades of fruitful cooperation within the framework of the Egyptian-American strategic partnership to advance development priorities.

The Minister of International Cooperation, H.E. Dr. Rania A. Al-Mashat, welcomes Mr. Sean Jones, the new United States Agency for International Development (USAID) Mission Director in Egypt, in the presence of the technical teams from the Ministry of International Cooperation and the USAID.

Al-Mashat began the meeting by welcoming Mr. Jones, and congratulating him on assuming his position, expressing her hope that the coming period will witness more joint cooperation and fruitful partnerships in light of Egyptian-US relations to enhance development efforts in Egypt in various sectors.

The Director of the USAID Mission in Egypt expressed his happiness to join the agency’s work team in Egypt to build on the decades-long partnership between the United States government and Egypt, stressing his aspiration to work jointly with various parties to meet the priorities at the level of the strategic partnership between the two countries to promote economic growth, women empowerment and climate action.

Al-Mashat highlighted the Government of Egypt’s joint relations with the United States of America, as well as the distinguished partnership that exists with the USAID, which extends to various development sectors in light of the common interests and relations between the two countries, and the reflection of this partnership in the formation of an ongoing development cooperation portfolio that records about $1 billion since 2014 in the form of development grants directed to many vital sectors, such as developing and maximizing the role of the private sector, financing small and medium enterprises, developing the education and health sectors, tourism, and agriculture, and enhancing climate action.

Al-Mashat pointed out that this strategic partnership will be strengthened during the year 2022 by signing grant agreements worth $160 million to advance development efforts by targeting several sectors, most notably education and health, in addition to a new climate initiative grant agreement worth $15 million, referring to the consultations. The technical teams from both sides are continuing to sign more grants during the current year to meet national development priorities.

The Minister of International Cooperation reviewed the details of the Nexus for Water, Food and Energy Platform, the NWFE program, and its role as a national platform in mobilizing and enhancing climate financing and private sector investments. They discussed the proposed cooperation pillars with the agency in this context.

H.E. also referred to the political declaration issued by the United States, Germany and Egypt to support the energy pillar within the NWFE program to provide development grants to implement its projects, and the government’s recent update and announcement of the NDCs in confirmation of its commitment to advancing climate action efforts.

Through USAID, the US government has invested more than $30 billion in Egypt’s development. These efforts strengthened the partnership between the United States and Egypt and contributed to improving the situation of the Egyptian people.

Alibaba Cloud Open-Sources Large Vision Language Model for Image Understanding

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Sahfy Sahfy
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Alibaba Cloud Open-Sources Large Vision Language Model for Image Understanding
Alibaba Cloud Open-Sources Large Vision Language Model for Image Understanding

Alibaba Cloud, the digital technology and intelligence backbone of Alibaba Group, launched two open-source large vision language models (LVLM), Qwen-VL and its conversationally fine-tuned Qwen-VL-Chat. The models can comprehend images, texts and bounding boxes in prompts and facilitate multi-round question answering in both English and Chinese.

Qwen-VL is the multimodal version of Qwen-7B, Alibaba Cloud’s 7-billion-parameter model of its large language model Tongyi Qianwen (also available on ModelScope as open-source). Capable of understanding both image inputs and text prompts in English and Chinese, Qwen-VL can perform various tasks such as responding to open-ended queries related to different images and generating image captions.

Qwen-VL-Chat caters to more complex interaction, such as comparing multiple image inputs and engaging in multi-round question answering. Leveraging alignment techniques, this AI assistant exhibits a range of creative capabilities, which include writing poetry and stories based on input images, summarizing the content of multiple pictures, and solving mathematical questions displayed in images.

In a bid to democratize AI technologies, Alibaba Cloud has shared the model’s code, weights, and documentation with academics, researchers, and commercial institutions worldwide. This contribution to the open-source community is accessible via Alibaba’s AI model community ModelScope and the collaborative AI platform Hugging Face. For commercial uses, companies with over 100 million monthly active users can request a license from Alibaba Cloud.

The introduction of these models, with their ability to extract meaning and information from images, holds the potential to revolutionize the interaction with visual content. For instance, leveraging its image comprehension and question answering capability, the models could provide information assistance to visually impaired individuals during online shopping in the future.

The Qwen-VL model was pre-trained on image and text datasets. Compared to other open-source large vision language models that can process and understand images in 224*224 resolution, Qwen-VL can handle image input at a resolution of 448*448, resulting in better image recognition and comprehension.

Based on various benchmarks,Qwen-VL recorded outstanding performs on several visual language tasks, including zero-shot captioning, general visual question answering, text-oriented visual question answering and object detection.

Qwen-VL-Chat has also achieved leading results in both Chinese and English for text-image dialogue and alignment levels with humans, according to the benchmark test of Alibaba Cloud. This test involved over 300 images, 800 questions, and 27 categories.

Earlier this month, Alibaba Cloud open sourced its 7-billion-parameter LLMs, Qwen-7B and Qwen-7B-Chat as its ongoing contribution to the open-source community. The two models have had over 400,000 downloads within a month of their launch.

Ecobank Rwanda Appoints Richard Mugisha as New Chairman of the Board of Directors

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Sahfy Sahfy
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Ecobank Rwanda Appoints Richard Mugisha as New Chairman of the Board of Directors
Ecobank Rwanda Appoints Richard Mugisha as New Chairman of the Board of Directors

Ecobank Rwanda announced the appointment of Mr. Richard Mugisha as its new Chairman of the Board of Directors. Mr. Mugisha replaces Mr. Ivan Twagirashema who retired in August 2023, having served as Chairman of the Board of Directors for the past 4 years. He is credited with ability to provide effective strategic direction, foster innovation, maintain strong financial performance, and uphold the bank’s commitment to responsible banking practices.

The appointment of Mr. Mugisha is part of Ecobank Rwanda’s ongoing commitment to strengthen its leadership team and help drive forward its strategy of delivering innovative financial solutions to the Rwandan market.

Mr. Mugisha is a seasoned entrepreneur and legal expert with over 25 years practice, providing legal counsel to both public and private sectors in Rwanda and beyond. He’s had significant achievements in driving strategic growth and operational excellence in the various organizations that he’s served, including those in the financial sector.

As a professional with a proven track record, Mr. Mugisha has consistently demonstrated remarkable capabilities in board leadership, stakeholder engagement in addition to his ability to foster innovative business strategies while providing invaluable counsel to a wide range of clients. His extensive experience and visionary approach makes him an exceptional addition to Ecobank Rwanda’s leadership team.

Said Ecobank Rwanda Managing Director, Mrs. Carine Umutoni: “We are grateful to Mr. Mugisha for joining us as our new Chairman of the Board of Directors. We look forward to leveraging his broad expertise and extensive experience within the corporate and commercial legal space to drive forward our innovation and excellence agenda. We extend our heartfelt gratitude to our outgoing Chairman, Dr. Ivan Twagirashema for his dedicated service to our Bank for the past 9 years and wish him the very best in his retirement.”

Mr. Mugisha expressed his delight to serve the bank in this role, stating: “I am truly honored to join Ecobank Rwanda, a renowned Pan-African institution that has consistently demonstrated its dedication to innovation, customer service, and community development, As I step into this role, I am dedicated to upholding the bank’s legacy of excellence while driving forward its strategic vision. Building upon the foundation laid by my predecessor, I am committed to working closely with the board, the executive team, and our stakeholders to ensure Ecobank Rwanda’s continued success.”

As Chairman of the Board of Directors, Mugisha will provide strategic direction, leadership, and oversight to support the bank’s growth strategies and reinforce its commitment to delivering top-notch financial solutions to individuals, businesses, and communities across Rwanda.

Cityscape Talks The Future of Real Estate in Egypt

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Sahfy Sahfy
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Cityscape Talks: The Future of Real Estate in Egypt
Cityscape Talks: The Future of Real Estate in Egypt

Cityscape Talks will be Egypt’s platform for ministerial keynote sessions, presentations, panel discussions featuring experts from the real estate industry, government sectors, investors, and decision-makers. The talks will be introduced at the twelfth edition of Cityscape, the leading real estate exhibition in Egypt and Africa. The platform aims to provide insights into the most important developments in the public and private sectors, investment prospects, financing options, mortgages, and sustainability.

Organized by Informa Markets, a globally renowned leader in organizing exhibitions, and under the esteemed patronage of the Ministry of Housing, Utilities, and Urban Communities, Cityscape will take place from September 20-23 at the Egypt International Exhibition Center (EIEC). The highly anticipated event offers a valuable opportunity to learn about the latest trends in the Egyptian real estate sector, with a particular focus on cutting-edge technologies that are driving industry progress. It also serves as a catalyst for pivotal investment opportunities that will shape the future of Egypt’s real estate sector.

Cityscape Talks aims to foster discussions on strategies and initiatives aimed at bolstering the real estate investment climate in Egypt and achieving economic growth. It will also delve into the future of sustainable buildings and environmental management, considering global initiatives towards carbon neutrality that are driving the adoption of sustainable solutions in the market.

One of the keynote sessions being delivered by Hossam Heiba, President, General Authority for Free Zones and Investments (GAFI), will focus on how the government is reshaping its policies to boost real estate investments in Egypt.

What’s new for 2023? The talks will emphasize the importance of gender equality, as it proudly hosts for the first time ever a Women in Real Estate (WIRE) led panel discussion followed by networking taking place on the show floor. This will highlight the significant role of women in the industry, aligning with Egypt’s Vision 2030. The platform will serve as an ideal ground to hear from leading women in Egypt’s real estate landscape.

Cityscape talks will host a distinguished group of experts and CEOs, headed by Dr. Waleed Abbas, Supervisor of the Minister of Housing Office, Assistant Minister of Housing for the Affairs of NUCA, and Supervisor of the Planning and Projects Sector. Other participants include Eng. Khaled Abbas, Chairman and Managing Director of The Administrative Capital for Urban Development; Amr ElHamy, CEO of Tourism, Real Estate & Antiquities at The Sovereign Fund of Egypt; Ayman Amer, General Manager of SODIC; Hashem El Sayed, Vice Chairman, and CEO of the Egyptian Real Estate Fund; and Eng. Ahmed Mansour, CEO of CRED Developments.

Dr. Waleed Abbas, Supervisor of the Minister of Housing Office, Assistant Minister of Housing for the Affairs of NUCA, and Supervisor of the Planning and Projects Sector, stated: “It’s wonderful to be a part of Cityscape Talks 2023 once again. As a part of my opening speech, I’m excited to share with you all an overview of the Egyptian government role and various stakeholders in supporting the movement of real estate market and investment opportunities. Come join me as we look at Egypt’s growing real estate prospects.”

Eng. Khaled Mahmoud Abbas, Chairman and Managing Director, Administrative Center for Urban Development, said: “With Egypt’s real estate sector bustling with activity from investors and homebuyers, I’m very happy to associate with Cityscape Talks Egypt 2023. Join me, as I share with you the contributions to the urban expansion and deepening the role of the new administrative capital in the Egyptian economy along with the efforts that we’ve taken to include key practical and administrative priorities related to energy efficiency, smart utilities, green buildings, as well the management of the city functions and operation.”

Eng. Fathallah Fawzy, Chairman, MENA for real estate development consultancy, stated: “As the President and Chairman of Cityscape Talks 2023, it gives me immense pleasure to invite you to join us for four exciting days of sessions from senior government officials, developers, bankers, architects and many more. As a special feature, we are also excited to launch the Women in Real estate (WIRE) initiative with a dedicated panel discussion followed by networking by women achievers in Egypt’s real estate. It’s exciting times for real estate in Egypt and I look forward to seeing you all there.”

Lastly, in collaboration with The Royal Institute of British Architects (RIBA), Cityscape Egypt will feature the student design charette initiative. This initiative is a fast-paced brainstorming session designed to create an original solution to expected challenges. The aim is to highlight the importance of using innovative modern designs for the development of cities and improving the lives of citizens. A group of students from different universities, including AAST Alexandria, AAST Cairo, and AAST Smart Village, will participate in the workshop. The charette will then be judged by the grand jury on September 23, 2023. The last day will also include CPD workshops on architecture and design, led by RIBA members.

The twelfth edition of Cityscape will bring together over 70 important exhibitors from the real estate sector, showcasing a wide range of projects from across Egypt in a spacious 35,000 m2 covered area across 4 halls. The exhibition will feature exclusive deals, innovative payment options, and exciting previews of hundreds of new projects, attracting a diverse crowd of over 20,000 visitors.

Bill Snow releases a new book on mergers and acquisitions

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Sahfy Sahfy
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Bill Snow releases a new book on mergers and acquisitions
Bill Snow releases a new book on mergers and acquisitions

This updated second edition is the go-to resource for business owners and investors seeking practical guidance and real-world advice on navigating successful M&A transactions. With a focus on providing useful techniques and comprehensive insights, this book goes beyond mere case studies to cover international laws and regulations, environmental considerations, and actionable instructions that can be readily applied.

Written in clear and accessible language, Mergers & Acquisitions For Dummies takes readers through the entire M&A process, describes different types of transactions, demonstrates various ways to structure a deal, defines methods to identify and contact targets, provides insights on how to finance transactions, reveals what helps and hurts a company’s valuation, offers negotiating tips, explains how to perform due diligence, analyzes the purchase agreement, and discloses methods to help ensure the combined companies are successfully integrated.

Whether you are a transactions pro, a service provider tangentially involved in transactions, or a student thinking of becoming an investment banker, this book will provide the insights and knowledge that will help you become successful. Business owners and executives will also find this book helpful, not only when they want to buy or sell a company, but if they want to learn more about what improves a company’s value. The evaluation process used by M&A professionals to transact a business sale is often quite different from the processes used by owners and executives to manage those businesses.

With over 30 years of experience, Bill Snow is a sought-after authority in the field of M&A and can discuss topics such as:

How Covid has affected inventory – “just-in-time” is now “just-in-case”
Entering the M&A zone: Why selling a company is often easier than buying a company
The real reasons M&A deals do not close
Beyond the numbers: What factors really drive a company’s valuation
So you want to buy a company? Tips on how to contact business owners
How the skills at the poker table can improve your deal negotiation skills
Comprehending how the M&A process can help a business owner create value
Why adjusted EBITDA has become a “Frankenstein’s Monster” in the deal world
How to determine if a competitor might be a viable acquirer…Without letting them know your company is for sale
What helps and what hurts a company’s valuation?
Lessons from pop culture: 11 seemingly disparate non-business references from movies and music
Stop asking, start offering: The secret to opening doors
How quality of earnings reports can enhance value

ADES Holding to float 30% stake on Tadawul, IPO could surpass $1 billion valuation

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Sahfy
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ADES Holding Company, a leading oil and gas drilling and production services provider in the Middle East and North Africa region, announced today that it intends to proceed with an initial public offering (IPO) and the listing of its shares on the Saudi Exchange’s Main Market. The IPO is expected to raise significant capital for the Company, which could fetch more than $1 billion, Reuters reported last November citing two sources familiar with the matter. The IPO is also expected to increase the Company’s visibility and attract new investors.

The IPO is scheduled to take place in September 2023. The offer will comprise an offer of 338,718,754 ordinary shares, representing 30% of the Company’s issued share capital (after the increase) through the sale of a mix of existing shares and newly issued shares. The Offer Shares will be listed and traded on the Saudi Exchange’s Main Market following the completion of the IPO and listing formalities with the Capital Market Authority (CMA) and the Saudi Exchange.

The Offer Shares will be offered for subscription to individual investors (Individual Subscribers) and institutional investors (Participating Parties), including Participating Parties outside the United States in “offshore transactions” in accordance with Regulation S under the US Securities Act of 1933, as amended (the “Securities Act”).

A maximum of 338,718,754 shares, representing 100% of total Offer Shares, will be initially allocated to Participating Parties. The financial advisors (as defined below) may, in coordination with the Company, reduce the number of shares allocated to Participating Parties to 304,846,879 shares, representing 90% of total Offer Shares, to accommodate for Individual Subscriber demand.

A maximum of 33,871,875 ordinary shares, representing 10% of the total Offer Shares, will be allocated to Individual Subscribers. Individual Subscribers must, at the time of subscription, have an active stock portfolio at a Capital Market Institution associated with the Receiving Agent being subscribed through, otherwise subscriptions will be rendered void and the amounts paid will be refunded.

The final Offering price will be determined at the end of the book-building process.

The Company appointed EFG Hermes Saudi Arabia (“Hermes”), Goldman Sachs Saudi Arabia (“Goldman Sachs”), J.P. Morgan Saudi Arabia (“J.P. Morgan”) and SNB Capital Company (“SNB Capital”) as its financial advisors (collectively referred to as the “Financial Advisors”) and global coordinators. In addition, the Company has appointed SNB Capital Company as Lead Manager (the “Lead Manager”) in relation to the Offering. The Company has also appointed EFG Hermes Saudi Arabia, Goldman Sachs, J.P. Morgan, SNB Capital, GIB Capital, HSBC Saudi Arabia, Al Rajhi Capital and Saudi Fransi Capital as bookrunners and underwriters (the “Underwriters”) in relation to the Offering.

Arab National Bank (“ANB”), Alrajhi Bank (“Alrajhi”), Riyad Bank and The Saudi National Bank (“SNB”) have been appointed as receiving entities (collectively, the “Receiving Entities”) for the Individual Subscribers’ tranche.

Lazard Financial Advisory (“Lazard”) has been appointed as Independent Financial Advisor to the Company.

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