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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.

Half of the United Arab Emirates travellers experience the Fear of Switching Off

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Sahfy Sahfy
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Priority Pass finds that half of UAE travellers experience the Fear of Switching Off (FOSO)
Priority Pass finds that half of UAE travellers experience the Fear of Switching Off (FOSO)

Half (49%) of UAE residents experience FOSO: The Fear of Switching Off. That’s according to new global research from Priority Pass – the original and market-leading airport experiences programme, owned and operated by Collinson – who surveyed 8,500 people across 11 countries and found that one in three people globally (34%) find it difficult to truly switch off from everyday life while on their travels.

Travellers out of the UAE are among the least likely to disconnect from digital devices while on vacation, when compared globally. More than half (58%) admit to finding it hard to reduce the amount of time spent on their phone while away, which rises to 61% for just millennials. The same amount (57%) struggle to stop checking work-related enquiries, and just over a quarter (28%) of UAE travellers check their phone every 30 minutes or less – that is 10% more often than the global average.

With travel once again on a resurgent ascent, Priority Pass asked respondents what was causing FOSO and holding them back from experiencing the true benefits of travel. Globally, more than 6 in 10 (62%) travellers said that pre-flight issues often initiate FOSO but can be subsided by some airport services.

Half (53%) of global travellers feel that visiting an airport lounge has improved how they have been able to switch off during previous travels. This compares to 50% of UAE travellers, who also agree that shopping in duty free (51%) and experiencing food and beverage (41%) are also the most effective ways to switch off pre-flight.

The airport experience has fast become a leading barometer for how well people can relax or enjoy their trip. However, data also suggests the pre-flight experience can be a valuable place to tackle FOSO. According to 74% of UAE respondents, tackling FOSO ahead of travelling could significantly benefit their overall wellbeing. Of those that have already enjoyed the airport lounge experience, (70%) of all people believe that visiting one would have a beneficial impact on how they switch off for the remainder of their trip.

“We all know that being able to switch off and get away from the stress of every day is more important than ever. That is why so many are turning to travel. However, our research shows that FOSO is real. We want to ensure people can unwind and relax from the start of their journey and create memorable experiences” said Christopher Evans, CEO of Collinson International.

“We remain agile to changing travel trends to ensure we are always innovating our range of premium experiences and providing offerings which go beyond the airport lounge. From pre-booking airport transfers and lounge access to visiting sleeping pods, gaming lounges, and spa experiences, we are evolving our portfolio worldwide to ensure travellers can switch off at every point of the journey.”

“For some, ‘that holiday feeling’ associated with travelling begins long before arriving at the airport. However, our study tells us that this is not often the case. That is why we have done a deep dive to understand the differing behaviours and attitudes of travellers globally. We want to make every step of the travel journey seamless, stress-free, and enjoyable and continue to tailor our offering to help Priority Pass members combat FOSO when travelling,” added Priyanka Lakhani, Senior Vice President, Commercial, EMEA

Despite best efforts to relax and switch off during their travels, many travellers find themselves drawn back to their devices after a brief period. With more than a third (37%) of UAE travellers initially disconnecting, they soon feel compelled to check back in with home. As a result, Priority Pass asked respondents to build the perfect FOSO-free trip. Travellers in the UAE said that the best type of travel to switch off is a trip to the beach – followed by a city break, safari, or camping trip. The ideal time to go away is 1 week. Women say that shopping in duty free is their favourite pre-flight airport experience but for men, it is visiting a lounge.

ZorroSign Announces Growth Partnership With Vision Tech Solutions In The Gulf

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Sahfy Sahfy
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ZorroSign, a global leader in data security solutions built on multi-chain blockchain, is entering into a strategic partnership with Vision Tech Solutions to bring its data security platform and blockchain technologies to the Gulf region via Vison Tech Solution’s IT infrastructure and services. ZorroSign’s platform is a comprehensive digital signature and digital transaction management solution that includes robust document management capabilities, advanced forms filling functionality, and state-of-the-art document security features.

“We are thrilled to partner with Rajab and his team at Vision Tech,” said Shamsh Hadi, CEO and co-founder of ZorroSign. “Their customer service focus and top-quality IT services map well to ZorroSign’s values and data security strengths, and we are eager to see what our combined technology solutions can achieve for companies in the UAE and later into the larger Middle East and North Africa region and Europe.”

(Left- Vision Tech Solutions CEO, Rajab Ali Virani, and Right – ZorroSign CEO, Shamsh Hadi, sign partnership agreement)

ZorroSign was founded to advance technology and sustainability towards helping customers adopt sustainable practices and securely transform paper-based workflows into digital workflows. This conscientious approach to operations helps decrease costs, lower resource consumption, reduce data errors, and increase productivity. Businesses, educational institutions, financial organisations, governments, IT firms, legal service providers, real estate companies, and others use ZorroSign to privately and securely manage their digital transactions.

“Vision Tech aspires to be a global leader in Information Technology, driving technological advancements and delivering sustainable solutions that improve the lives of people around the world,” added Vision Tech Solutions CEO Rajab Virani. “ZorroSign is an ideal technology partner for us that brings a practical, scalable blockchain solution to data security and digital signatures with an overarching commitment to sustainability.”

Safeguarding the security and privacy of customers’ data is ZorroSign’s topmost priority. The company is committed to ensuring that its advanced data protection measures are always at the forefront of its operations so customers can have complete confidence and trust in its services.

ZorroSign today has an extensive customer base for its data security and digital signature solutions built on blockchain in the GCC, India, Sri Lanka, the United States, and Canada. The technology company is aggressively expanding into European markets and seeking new strategic alliances across the EU and UK in 2023.

8th World Investment Forum in Abu Dhabi to focus on women empowerment

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Sahfy Sahfy
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8th World Investment Forum
8th World Investment Forum
  • Enhancing women participation in different sectors to achieve Sustainable Development Goals
  • WIF’s discussions to explore role of investment in empowering women

 The UNCTAD’s World Investment Forum, one of the world’s largest investment gatherings hosted by Abu Dhabi from 16 to 20 October 2023, is shining a spotlight on the imperative need for innovative investment strategies and policies to facilitate the flow of capital towards environmentally and socially sustainable development projects, with a special focus on women empowerment.

To be held under the theme “Investing in Sustainable Development,” the eighth edition of WIF will dedicate its second and third days to an in-depth exploration of the pivotal role that investment plays in achieving Gender Equality, the fifth Sustainable Development Goal (SDG) set the by the United Nations. Gender equality is not only a fundamental human right but also a catalyst for economic growth and sustainable development. Empowering women and affording them equal opportunities in education, employment, and political participation are essential steps toward achieving SDGs and making significant strides in various fields.

The 8th edition of WIF, to be held at the Abu Dhabi National Exhibition Centre (ADNEC), will feature a dynamic agenda that includes dialogues, keynote addresses, interactive workshops, and side events to discuss the challenges of global investment and development. It aims to facilitate communication among leaders from around the world, stimulate cooperation and collaboration between the public and private sectors, and direct international trade and investments towards sustainable sectors.

Mrs. Mouza Obaid Al Nasri, Executive Director of SME sector at the Abu Dhabi Department of Economic Development (ADDED), said “Our firm belief and unwavering commitment to women empowerment could be illustrated by various initiatives launched to increase participation of women in different economic sectors and benefit from ample opportunities provided by Abu Dhabi’s advanced business ecosystem and ambitious development plans. We are working closely with federal and local entities to continuously

enhance the business environment to achieve women empowerment and other sustainable development goals”.

Mrs. Mouza Al Nasri highlighted importance of initiatives launched by the UAE in this regard including the “Gender Balance Council Strategy 2026”, which includes a range of measures and programmes that support investments in projects promoting gender equality, with a focus on women’s education and training as well as support for women in business.

“We have witnessed a rising number of economic licences owned by women entrepreneurs in recent years and will continue our efforts to raise awareness and develop policies and frameworks to encourage their active participation in various sectors. As we look forward to welcoming leaders, investors, and key decision makers at the UNCTAD’s World Investment Forum, we believe the outcomes of its discussions will guide future steps to further enhance women empowerment,” Mrs. Mouza Al Nasri added.

A panel discussion titled “Investment Promotion and its Impact on Gender Equality” is organised in collaboration with the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), the most comprehensive international governmental platform in the Asia-Pacific region. This side event highlights the most significant initiatives of investment promotion agencies and their contribution to achieving gender equality in the context of investment promotion and facilitation.

Investment promotion agencies are increasingly working to integrate gender equality and empower women across their operations. They facilitate the significant impact of foreign corporate activities on gender equality in the host country’s economy. This includes enhancing comprehensive gender links between multinational and local companies. Additionally, these agencies focus on empowering women and promoting gender equality within their workforce.

Integrating gender equality considerations into investment promotion and facilitation efforts can attract multinational companies that have a positive impact on women, particularly in providing sustainable employment opportunities for them. Investment promotion agencies can collaborate with government agencies to address the challenges faced by women entrepreneurs and support them in building their business networks.

Meanwhile, the session on “Gender Equality in Corporate Leadership,” organised in partnership with the International Finance Corporation and the United Nations Entity for Gender Equality and the Empowerment of Women, provides market leaders with an opportunity to discuss the challenges and opportunities for achieving gender equality. It examines the role of financial markets and other key stakeholders in promoting gender equality within their business scope. The session also explores the progress made in achieving gender balance in corporate boards and other leadership positions.

Gender equality is a top priority on the international sustainability agenda and one of the SDGs of the United Nations. Companies are working to enhance their practices and methodologies, develop public-private partnerships, and invest resources optimally to achieve gender equality.

More than 7,000 investment stakeholders from 160 countries will participate in the World Investment Forum. It brings together leaders, government officials, decision-makers, business professionals, top executives of global companies, stock exchanges, sovereign wealth fund managers, investment treaty negotiators, heads of investment promotion agencies, international investment site experts, heads of international organisations, parliamentarians, along with representatives from civil society, leading academics, and international media.

Middle East hospitality investment outlook reveals USD1.9 trillion worth of hotel and residential projects under development

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Sahfy Sahfy
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KSA, UAE and Egypt at the forefront of investment, according to new data released ahead of the Future Hospitality Summit
KSA, UAE and Egypt at the forefront of investment, according to new data released ahead of the Future Hospitality Summit

KSA, UAE and Egypt at the forefront of investment, according to new data released ahead of the Future Hospitality Summit

Hospitality and residential projects worth US$D1.9 trillion are under development in the Middle East, with Saudi Arabia, United Arab Emirates and Egypt accounting for 90 per cent (US$1.7 trillion) of investment, according to key data released ahead of the Future Hospitality Summit, taking place in Abu Dhabi, 25-27 September 2023.

Research by global independent real estate consultants Knight Frank reveals that KSA is top of the region’s project investment table, with US$1.2 trillion worth of developments in the pipeline, followed by the UAE (US$300 billion) and Egypt (US$200 billion), highlighting the Middle East’s continued commitment to reaching 160 million annual tourists by 2030.

Turab Saleem, Partner and Head of Hospitality, Tourism and Leisure – MENA at Knight Frank, said: “The Middle East was the first region globally to make a complete business recovery after the pandemic. While much of the world still faces challenges in its return to normality, this region is set to surpass pre-Covid levels in terms of hospitality and tourism related revenue and employment. The Middle East’s travel and tourism sector witnessed a tremendous growth with a 46.9% increase in its contribution to GDP in 2023, which is the highest of any region in the world. This growth is being driven by a 14.5% increase in the number of jobs supported by the sector, and a more than $107 billion USD increase in its overall contribution to the GDP. Moreover, the sector has also created 0.9 million new jobs.

“The influx of new hospitality and tourism-related projects in the region is also fostering new trends that add value and efficiency and yield better investment returns” added Saleem. “Simplified visa processes, aggressive marketing campaigns, green initiatives, innovation and technology, increased connectivity with new players in the airline sector, personalised guest interaction and a booming holistic health and wellbeing industry are all playing a key role in the growing success of the Middle East’s tourism industry.”

Commenting on the growth of the hospitality sector in the Middle East, Hala Matar Choufany, President, Middle East, Africa and South Asia HVS Middle East, said: “We have experienced exponential growth over the last 15 years supported by a massive increase in hotel supply across different categories. The number of quality hotel rooms in the region grew fivefold from circa 100,000 in 2010 to 540,000 in 2022, with occupied room nights growing from 27 million to 135 million. An additional 180,000 keys are expected to enter the region over the next five years, which is forecast to increase occupied room nights to 184 million by 2028. Significant government budgets have played a key role in encouraging private investments and attracting foreign direct investment in the region. Today, the Middle East is expected to achieve higher growth compared to other regions, presenting attractive financial returns and providing long-term investment opportunities.”

A significant volume of hospitality related transactions is currently at an advanced stage of negotiation, with high profile properties expected to change hands in the coming months, according to global real estate consultancy Colliers.

James Wrenn, Executive Director and Head of Capital Markets, MENA at Colliers, said: “There’s a strong appetite for the hospitality asset class – particularly in Dubai and Ras Al Khaimah – from regional and international investors, buoyed by strong operating performance last year and the continued enhancement of the UAE as a top-tier international tourism destination.”

According to Wrenn, global sentiment remains subdued as the effects of high inflation, rising interest rates and looming fears of recession has affected the confidence of investors and reduced activity levels. “Buyers are now scrutinising transactions more closely and there remains a gap between buyer and seller expectations. Across many markets it is generally accepted that yields will need to soften further to enable pricing to stabilise in-line with interest rates.”

Hospitality investment and the seemingly endless opportunities in the region’s tourism sector will be under the spotlight at FHS in Abu Dhabi, 25-27 September, with more than 100 top level speakers addressing key factors shaping the future of the industry, all under the theme “Focus on Investment.”

FHS is organised by The Bench and supported by host sponsors Abu Dhabi Convention & Exhibition Bureau, Miral, and Hilton Abu Dhabi Yas Island.

For more information, visit the FHS website and click here for the full programme.

 

Pipeline development values and hotel rooms, according to Knight Frank:

Construction values
Country Construction value (US$) 
1 KSA 1.2 trillion
2 UAE  301.7 billion
3 Qatar   42.4 billion
4 Oman   62.9 billion
5 Kuwait  87.2 billion
6 Egypt 200.9 billion

 

About The Bench

The Bench has established a legacy for delivering world-leading investment forums and conferences in Europe, Africa, the Middle East, and Latin America. The key principle behind these platforms has remained ‘dealmaking’. Transforming the way business connect, Bench has developed a reputation for creating innovative and high-impact meeting spaces for the industry.

For over two decades – government leaders, tourism ministries, global travel & tourism associations, the world’s most influential hospitality brands, hotel owners & investors, renowned restaurant groups, airlines & aviation authorities, destination developers, asset managers, financial groups and consultants – have been participating in The Bench’s events for their respective objectives. These include AHIC, AHIF, GRIF, FHS, AHF, IDEEA, AviaDev and RENEW –where industry players showcase their brands, position themselves as thought leaders or innovators, and connect with the right opportunities and knowledge.

Learn more on thebench.com

 

FHS 2023

Dates:                           25-27 September 2023

Location:                       Hilton Abu Dhabi Yas Island

Sponsors:                     Abu Dhabi Convention & Exhibition Bureau, Miral and Hilton Abu Dhabi Yas Island as Host Sponsors; Accor, Boutique Group, Hilton, IMKAN, The Ministry of Tourism Saudi Arabia, NEOM, Radisson Hotel Group, Spectrum & Next Group and Rua Al Madinah as Platinum Sponsors; IHG Hotels & Resorts, Marriott International, Millennium Hotels & Resorts, Rotana, SMIT Morocco and Taiba Investments as Emerald Sponsors; Aleph Hospitality, AMSA Hospitality, BECC, CBRE, Colliers, Compass Project Consulting, Domus, ELAF, Emaar Hospitality, HVS, IHCL, Insignia, IT Hospitality Group, JLL, Knight Frank, Leva Hotels, Louvre Hotels Group, Mapal, Minor Hotels, ModDsys, OBMI, PWC, QUO, Restoworks, Rikas Hospitality Group, Rove Hotels, SSH, Valor Hospitality Partners, Voltere, Whitewater, Wyndham Hotels & Resorts and Zimbabwe Tourism Authority as Gold Sponsors; Aldar, Atmosphere, Deutsche Hospitality and Hospitality Management Holding as Silver Sponsors, and Forsite Creative, Frischs, Table and Beyond, and Winnow as GRIF Exhibitors.

Alpha Dhabi’s Majority Stake Acquisition in Metito Holdings Reaffirms Ongoing Commitment to Addressing Global Water Scarcity

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Sahfy Sahfy
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Alpha Dhabi's Majority Stake Acquisition in Metito Holdings Reaffirms Ongoing Commitment to Addressing Global Water Scarcity
Alpha Dhabi's Majority Stake Acquisition in Metito Holdings Reaffirms Ongoing Commitment to Addressing Global Water Scarcity

·         The strategic move supports the objectives of the UAE’s Year of Sustainability and the upcoming COP28, marking Alpha Dhabi’s inaugural foray into the water and wastewater sector.

·         The acquisition is a cornerstone of Alpha Dhabi Climate Capital, focusing on climate- conscious investments.

 Alpha Dhabi Holding (ADX: ALPHADHABI), one of the fastest- growing investment holding companies in the United Arab Emirates (UAE), has announced its acquisition of a majority stake in Metito Holdings Ltd., a global leader in the water and wastewater industry. Pending regulatory approvals, this pivotal transaction marks Alpha Dhabi’s strategic entry into the water and wastewater domain. The acquisition not only underscores the company’s commitment to diversifying its portfolio but also bolsters Metito’s mission to broaden smart water solutions across the MENA region and beyond, aligning with the UN sustainability goals.

 

The acquisition sees Alpha Dhabi purchasing the majority stake from selling shareholders Mitsubishi Corporation, Mitsubishi Heavy Industries, and Gulf Capital, showcasing Alpha Dhabi’s unwavering confidence in Metito’s expertise and future potential. The Ghandour family, Metito’s founding shareholders, will retain their leadership roles, ensuring the company’s foundational principles of impact, sustainability, and innovation remain intact.

 

Eng. Hamad Salem Al Ameri, Chief Executive Officer and Managing Director of Alpha Dhabi, commented: “With nearly half the world’s population projected to face water scarcity by 2025, the need for sustainable water solutions has never been more critical. Our partnership with Metito is a decisive step towards addressing this pressing challenge. Together, we are committed to pioneering solutions that not only cater to immediate needs but also ensure a sustainable future for generations to come. This collaboration is more than a strategic business move; it’s a testament to Alpha Dhabi’s dedication to driving impactful change in the water sector and our broader vision of sustainable growth and global impact.

 

Talal Ghandour, co-CEO of Metito, remarked: “Alpha Dhabi’s investment in Metito underscores the importance of our mission and the value we bring to the table. Together, we aim to address the pressing water challenges, especially in the MENA region, which is the most water-stressed region globally. With

 

 

Metito’s extensive experience across 50 countries and our dedication to innovation and technology, this partnership will bolster our capabilities, allowing us to further our mission and bring sustainable water solutions to regions that need it the most.”

 

Rami Ghandour, co-CEO of Metito, added: “This partnership is set to unlock vast synergies and to unleash boundless potential. We are poised to make significant contributions to sustainable solutions, especially as the UAE’s Year of Sustainability and COP28 gain traction. Together, our combined expertise and resources position us to drive sustainable growth and shareholder value in the global water sector.”

 

By 2025, an estimated 3.5 billion people could be living in water-scarce regions. The MENA region, home to 7% of the world’s population but just 1% of its freshwater resources, is the most water-stressed globally. A staggering 83% of its population, approximately 500 million people across 25 countries, are using over 80% of their renewable water supply. The World Bank projects that by 2050, water scarcity could cost the MENA region between 6% and 14% of its GDP. These alarming statistics underscore the urgent need for innovative solutions and impact investments in the water sector.

 In line with the upcoming COP28 in the UAE, Alpha Dhabi has also established Alpha Dhabi Climate Capital, focusing on climate-conscious investments, with Metito as a cornerstone of this initiative.

 With the UAE’s Year of Sustainability and the imminent COP28, both Alpha Dhabi and Metito are geared             to make substantial contributions to discussions and initiatives centered on sustainable, technology- driven solutions. This partnership is a testament to their shared vision of a brighter, more sustainable future for the UAE and the global community at large.

US-based construction 3D printing tech company ‘AC3D’ launched in GCC, vows to make construction greener, cheaper and faster

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Sahfy Sahfy
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US-based construction 3D printing tech company ‘AC3D’ launched in GCC
US-based construction 3D printing tech company ‘AC3D’ launched in GCC
  • Construction industry is the world’s number one waste producer, significantly contributing to global CO2 emissions. Cement production alone accounts for 10% of CO2 footprint
  • US-based AC3D uses sustainable 3D printing materials, notably the 100% cementless geopolymer for a nearly net-zero construction process
  • 3D construction printing market is expected to reach $2.5 billion in 2025, up from $500 million in 2023
  • A single 3D printer can build over 50 houses a year. According to the World Bank, the global housing shortage will likely impact 1.6 billion by 2025
  • Deficit of 12 million homes annually is in place paired with a shortfall of 10 million construction workers

3D construction printing company AC3D today launched its operations in the UAE.

Focusing on low-rise housing, commercial real estate and infrastructure, AC3D is setting the stage for a greener era of construction, pledging to make it up to 1.5 times more cost-effective, and far less labour-intensive. The company aims to accelerate the construction processes, achieving up to four times increase in speed while using sustainable printing materials.

 

The 3D construction printing market is expected to reach $2.5 billion in 2025, up from $500 million in 2023.

 

Reflecting on the launch, Boris Kozlov, Founder & CEO of AC3D, said: “In addition to reducing CO2 emissions and minimizing waste, our vertically integrated technology paves the way for energy-efficient homes, enabling the creation of free-form architectural designs, reducing the amount of construction waste, and ensuring resistance to natural disasters.”

Assembled in the UAE, the next-generation 3D printers offer various environmental benefits in line with global sustainability efforts such as the UN Sustainable Development Goals. The construction industry is currently the world’s number one waste producer, and also one of the key contributors to the global carbon footprint. Cement production alone accounts for 10% of CO2 emissions.

 

In addition to sustainability, the economic and humanitarian implications of 3D construction printing are substantial. A single 3D printer has the potential to build more than 50 houses per year—a significant step towards addressing the global housing shortage projected to affect 1.6 billion people by 2025, as reported by the World Bank. Today, an annual deficit of 12 million homes is compounded by a significant shortfall of 10 million construction workers, underscoring the pressing challenges in the housing and construction sectors.

 

In addition to the manufacturing of these cutting-edge building robots, AC3D specializes in the development of proprietary 3D printing material mixes, the creation of advanced software solutions to streamline construction processes, as well as the engineering and 3D printing of entire buildings.

EFG Hermes Concludes Advisory on USD 290 Million IPO of Lumi Rental Company on the Saudi Exchange

By
Sahfy Sahfy
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EFG Hermes
EFG Hermes

EFG Hermes, the leading investment bank franchise in Frontier and Emerging Markets (FEM), announced today that its investment banking division successfully completed advisory on the USD 290 million initial public offering (IPO) of Lumi Rental Company, one of the leading car rental and leasing companies in the Kingdom of Saudi Arabia. EFG Hermes acted as joint bookrunner on the IPO.

Lumi Rental Company offered a total of 30% of its total issued share capital, equivalent to 16,500,000 shares, at SAR 66 per share, implying a market capitalization of SAR 3.63 billion. The IPO witnessed a robust demand of SAR 102.9 billion (USD 27.4 billion) for shares from local, regional, and international investors, with the total book covered approximately 94.5 times. Net proceeds of the offering will be received by the Selling Shareholder, Seera Group Holding (formerly known as Al Tayyar Travel Group). The company began trading today under the symbol 4262.

Mohamed Fahmi, EFG Hermes’ Co-Head of Investment Banking, commented, “We are immensely proud of the role we played in Lumi Rental Company’s IPO — a transaction that reflects the growing confidence of investors in the Saudi market, which has emerged as a global investment powerhouse following rigorous efforts to deepen the market and showcase the Kingdom’s potential across various sectors. Our distinctive role in this transaction was instrumental in diversifying the local demand witnessed in the majority of Saudi IPOs, as we successfully secured quality regional and global investor participation by leveraging our unparalleled global distribution network and top-notch research capabilities that consistently raise the bar in the Saudi market. This IPO comes on the heels of the conclusion of our successful EFG Hermes Saudi Forum in London this month which was done in collaboration with the Saudi Exchange and included the Capital Markets Authority (CMA) as an honorary guest, reaffirming our commitment to being a trusted partner for companies seeking to unlock value and for investors looking to us as a gateway into this burgeoning market.

Lumi was established by Seera Group Holding in 2006 as a sole proprietorship to provide car rental services amongst a portfolio of travel companies. It is now one of the leading car rental companies in the Kingdom with a unique and diverse offering, including lease services to corporate and government sector clients, car rentals via digital channels and a network of 35 airport and city branches across the Kingdom, and used car sales. Since 2016, the company has achieved significant scaling; increasing from a fleet size of 3,603 vehicles to 24,730 vehicles as of 30 April 2023.

This listing marks the Firm’s fifth IPO this year and is the latest in a series of consecutive transactions EFG Hermes has advised on in the GCC over the years. In 2023, the Firm advised on the successful IPOs of ADNOC L&S and ADNOC Gas Plc on the Abu Dhabi Securities Exchange (ADX); Abraj Energy Services on the Muscat Stock Exchange (MSX); and Al Ansari Financial Services PJSC on the Dubai Financial Market (DFM).

The Spanish Cooperation and the National Coordinating Committee host a workshop for labor inspectors on illegal migration

By
Sahfy Sahfy
-
The Spanish Cooperation and the National Coordinating Committee host a workshop for labor inspectors on illegal migration
The Spanish Cooperation and the National Coordinating Committee host a workshop for labor inspectors on illegal migration

The Spanish Agency for International Development Cooperation (AECID), in partnership with the National Coordinating Committee for Combating and Preventing Illegal Migration and Trafficking in Persons (NCCPIM & TIP), and the Egyptian Ministry of Labor organized a three-day capacity-building workshop with support of the Spanish Ministry of Labor and Social
Economy.

Under the framework of the (CONMIGO) project funded by the European Union and implemented by Spain, the workshop offered Egyptian labor inspectors the knowledge needed to perform effective inspections and combat undeclared and exploitative labor.

The opening session was moderated by Ambassador Naela Gabr, chairperson of the NCCPIM & TIP, who emphasized the urgency and sensitivity of migration related crimes.

During the training sessions, a panel of both Spanish and Egyptian experts furnished participants with relevant legal knowledge and institutional strategies, including methods for fairrecruitment.

At the closing ceremony, the Spanish Ambassador to Egypt, Álvaro Iranzo, stressed the importance of this institutional collaboration, and the crucial work of labor inspectors on these matters.

The CONMIGO project is dedicated to improving migration governance in Egypt. The Spanish Cooperation is honored to be working closely with the NCCPIM & TIP to develop the capacities of all involved stakeholders in order to make migration a driving force of development. Project activities employ a multidimensional approach to migration governance in line with the objectives of the Global Compact for Safe, Orderly and Regular Migration.

 

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