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The Fintech Revolution Summit: Redefining the Fintech Landscape in Egypt

By
Sahfy Sahfy
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The Fintech Revolution Summit, the Region’s ONLY Event on Advancing Financial Innovation & Disruption is scheduled for August 2-3, 2023 in the vibrant city of Cairo. With the maxim “Redefining the Fintech landscape… A Summit for Innovators & Visionaries,” this event promises to be an exceptional gathering of industry leaders, thought provokers, and cutting-edge innovators.

Egypt’s burgeoning market on Fintech has positioned the country as a driving force in the region’s financial technology landscape. With a rapidly evolving ecosystem and an increasing number of startups and initiatives, Egypt has emerged as a fertile ground for innovation, digital transformation, and financial inclusion. The Fintech Revolution Summit aims to highlight the tremendous opportunities and challenges within Egypt’s fintech market, fostering collaboration, knowledge sharing, and strategic partnerships to drive further growth and advancement.

The Fintech Revolution Summit will feature a comprehensive agenda that delves into key topics such as Digital Payments, Risk Assessment, Green Revolution, Decentralized Finance, Fraud Prevention, Financial Inclusion, Regulatory Advancements, and much more… Renowned speakers from Egypt & the region will share their insights, experiences, and visionary ideas, providing delegates with valuable knowledge and actionable strategies to navigate the rapidly changing financial landscape.

Delegates will have ample networking opportunities, enabling them to forge meaningful connections with industry leaders, investors, entrepreneurs, and government officials. The summit will also showcase an exhibition space where leading fintech companies, startups, and solution providers can showcase their products, services, and innovations. With this edition, we have introduced FINTECH FRONTIER AWARDS to promote and encourage the continued growth and development of the FinTech industry, as well as to recognize those who are leading the way in this exciting and rapidly-evolving field

Join us at the Fintech Revolution Summit on August 2-3, 2023, in Cairo, Egypt, to be part of this transformative event that will redefine the future of finance in the region!

Egyptian Fintech Association is the Supporting partner of this edition, Cequens and Perfios are the Gold Sponsors and Zypl.ai is the Bronze Sponsor

Mr. Shyuj Kumar, the Managing Director of TraiCon Events, shared his excitement about the upcoming event: “We are honored to bring the Fintech Revolution Summit to the dynamic city of Cairo. This summit has consistently provided a platform for global finance and technology leaders to connect, collaborate, and chart the future of the fintech industry. With a strong focus on Egypt’s fintech market, we aim to explore new horizons, empower innovators, and inspire visionary solutions that redefine the financial landscape.”

About the organizer:

TraiCon India is a leading provider of global trainings, B2B events and management consulting for diversified industries that are looking to scale opportunities and be more effective in delivering their businesses to the right people at the right time. TraiCon conceptualizes & organizes flagship events on Emerging Technologies in APAC & MENA region

ARAB BANK GROUP PROFITS GROW BY 59% TO $401 MILLION FOR THE FIRST HALF OF 2023

By
Sahfy Sahfy
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Arab Bank Group reported solid results for the first half of 2023, The Group’s strong performance was driven by robust growth in its core banking business across different markets, as net profit after tax increased by 59% reaching $401 million as compared to $252 million for the same period last year.

The Group maintained its strong capital base with a total equity of $10.6 billion. Loans grew to $36.1 billion and deposits reached $48.3 billion. Excluding the impact of devaluation of several currencies against the US dollar, loans and deposits grew by 2% & 5%, respectively.

Mr. Sabih Masri, Chairman of the Board of Directors, stated that the solid financial performance during the first six months underscores the resilience of the bank’s diversified business model that is based on prudent risk management practices and focused on achieving sustainable growth. Mr. Masri emphasized on the bank’s commitment towards the execution of its innovation and digital transformation strategy to deliver the best banking experience to our clients.

Ms. Randa Sadik, Chief Executive Officer, stated that the strong financial results despite the volatility in the operating environment is a testament to the bank’s robust assets base and strong capitalization. Ms. Sadik highlighted that the bank’s net operating income grew by 50% driven by diversified core banking activities coupled with controlled operating expenses. Provisions held during the period reflect the bank’s prudent risk management strategy against the increased economic uncertainty witnessed globally and regionally.

Ms. Sadik added that the bank is well positioned for sustained earnings growth with the support of its solid financial position, strong capitalization, and high liquidity levels. The Group’s loan-to-deposit ratio stood at 74.7% and credit provisions held against non-performing loans continue to exceed 100%. Arab Bank Group maintains a strong capital base that is predominantly composed of common equity with a capital adequacy ratio of 16.8%.

In line with the bank’s commitment towards sustainability, Arab Bank recently released its 13th annual sustainability report featuring its achievements during 2022 on the environmental, social, and governance (ESG) fronts.

Arab Bank was named the “Best Bank in the Middle East for 2023” by Global Finance magazine for the eighth consecutive year. The bank also received the “Best ESG Integration in Jordan” award from The Arab Federation of Capital Markets in collaboration with the Global Economics Magazine.

The UAE issues a new decision regarding tax procedures to implement the new tax law 2023.

By
Sahfy Sahfy
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Today, the Ministry of Finance in the UAE announced the issuance of Cabinet Resolution No. (74) of 2023 regarding the executive regulations of Federal Decree-Law No. (28) of 2022 regarding tax procedures (the “new tax procedures law”), which annuls the Cabinet’s decision and replaces the regulation The current executive regulations related to tax procedures in order to be in line with the new tax procedures law, which entered into force as of March 1, 2023, including updating definitions, procedures and processes.

Noting that with the entry into force of the corporate tax law from tax periods beginning on or after June 1, 2023, the new tax procedures law will support the application of all relevant legislation in addition to providing taxpayers with the necessary guidance to understand how to apply the tax system and ensure continuous compliance.

The new cabinet decision stipulates the requirements for maintaining accounting records and commercial books, as well as the period and method for keeping them. The new Cabinet decision also includes updates related to the conditions for registering, canceling and suspending a tax agent, and the obligations and rights of a tax agent, including the requirement to communicate orally and in writing in Arabic and English.

Other important updates include procedures related to reconciliation in tax evasion crimes in terms of reconciliation terms and controls, tax refund procedures, tax payment and administrative fines in bankruptcy cases.

Cabinet Resolution No. (74) of 2023 comes into effect as of August 1, 2023, and as an exception from that, Clause (2) of Article (12) of this decision, related to the conditions that must be met by a legal person wishing to be registered in the tax agents register, starts with From December 1, 2023.

The Minister of Trade and Industry meets with the President of Mercedes-Benz to discuss expansion opportunities in the Egyptian market and the export of electric cars.

By
Sahfy Sahfy
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Eng. Ahmed Samir, Minister of Trade and Industry, held an extensive meeting with a delegation of Mercedes-Benz Egypt, headed by Mr. Gerd Petrelich, CEO of the company. The meeting reviewed the company’s current and future projects in the Egyptian market, as well as the company’s export opportunities in the regional and global markets.

The minister said that the ministry is keen to provide all aspects of support to global auto manufacturers to continue and expand in the Egyptian market in order to meet the needs of the local market and export to foreign markets, pointing out the ministry’s keenness to hold permanent meetings with companies investing in the Egyptian market to review their demands, and provide immediate solutions and responses to these. Demands in cooperation with all ministries and concerned authorities in the state.

Samir pointed out that there are great opportunities for the company to produce electric trucks in Egypt, especially in light of the great support provided by the state to car production companies to localize the electric car industry in the Egyptian market.

The minister pointed out the importance of benefiting from the network of free and preferential trade agreements signed with a large number of countries and regional and global economic blocs, which allow free access to products manufactured in Egypt to the markets of these countries, pointing out that there is a great opportunity for Mercedes-Benz Egypt to expand its exports to the markets of countries. Members of these agreements, which cover a large number of global markets.

For his part, Mr. Gerd Petrelich, CEO of Mercedes-Benz Egypt, explained that the company pays great attention to the continuation and expansion of the Egyptian market as one of the most important markets in the Middle East and Africa, pointing to the company’s keenness to take advantage of the large investment opportunities and ingredients available in the Egyptian market to enhance Its production capabilities meet the needs of the local market and export to foreign markets.

The company’s delegation praised the new administrative capital, which represents a great cultural and administrative transition and represents an important addition to the achievements made by the Egyptian state on its way towards the new republic.

SODIC records EGP 8.2 billion in gross contracted sales driven by strong uptake of both new and ready-for-delivery projects.

By
Sahfy Sahfy
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SODIC sold 674 units during the first six months of 2023, generating gross contracted sales of EGP 8.17 billion, an increase of 22% over EGP 6.67 billion of gross contracted sales recorded during the first half of 2022. Gross contracted sales during the period showed strong performance despite the company slowing down sales during the first quarter to review selling prices amid increasing construction costs. Sales were driven by strong demand for new launches of off-plan units and ready-for-delivery inventory across the SODIC’s projects in the second quarter of the year despite a significant increase in selling prices due to inflation.

Gross contracted sales were driven by strong sales on SODIC’s projects across all main markets. West Cairo projects accounted for 52% of gross contracted sales, primarily driven by the continued strong demand for SODIC’s relaunched 464-acre project, which contributed 32% of the period’s sales. On the other hand, East Cairo projects accounted for 34% of SODIC’s H1 2023 sales, on the back of strong uptake of newly released inventory on Villette which contributed 21% of the period’s sakes. Finally, North Coast June accounted for 15% of gross contracted sales fueled by robust demand for the project’s latest launch.

Cancellations of EGP 816 million were recorded during the first half of 2023, representing 10% of the period’s gross contracted sales. This is in line with a cancellation rate of 10% recorded in the same period in 2022 as the company currently prioritizes the cancellation of units in default, allowing these units to be resold at current market prices, supporting margins and increasing projects’ total returns.

Net cash collections reached EGP 4.06 billion for the period, with delinquencies at 4.5%. This compares to collections of EGP 2.93 billion and a delinquency rate of 8.2% recorded during the same period of 2022.

SODIC delivered some 402 units during the six months period, of which 212 were in East Cairo projects, while West Cairo and North Coast projects accounted for 189 and 1 of the delivered units, respectively. This compares to 463 units delivered during the same period last year.

CAPEX spent on construction during the period amounted to EGP 1.79 billion, compared to EGP 1.3 billion spent during H1 2022.

Financial Review;

 Income Statement

Revenues of EGP 2.92 billion were recorded during the first six months of 2023, representing a 7% increase compared to EGP 2.73 billion of revenues recorded during the same period last year.

Revenues were mainly driven by deliveries in West Cairo projects October Plaza and SODIC West’s Pavilion, Allegria Residence, and Six West, with West Cairo projects contributing 52% of the period’s delivered value. On the other hand, East projects accounted for a further 47% of the value delivered during H1 2023 driven by deliveries on SODIC East.

Gross profit increased 22% YoY on the back of higher revenues to record EGP 1.12 billion, implying a gross profit margin of 38%. This compares to a gross profit of EGP 941 million and a gross profit margin of 34% recorded during the first half of 2022.

Operating profit for the six months period amounted to EGP 404 million, reflecting an operating profit margin of 14%. This represents a 4% growth over an operating profit of EGP 387 million and an operating profit margin of 14% recorded during the same period last year.

Net profit after tax and non-controlling interests came in at EGP 335 million, growing 15% from the EGP 292 million recorded during the first half of 2022. Net profit margin expanded 80bps YoY to 11%.

Balance Sheet

SODIC continues to maintain a strong liquidity position with total cash and cash equivalents[1] amounting to EGP 2.93 billion.

Bank leverage remains low, with bank debt to equity standing at 0.41x. Bank debt outstanding amounted to EGP 3.12 billion as of 30 June 2023. SODIC has been gradually increasing leverage mainly to enhance returns. Debt to equity amounted to 0.43x at year-end 2022, with EGP 3.16 billion of outstanding debt; and to 0.38x at year-end 2021, with EGP 2.55 billion of outstanding debt.

Total receivables stood at EGP 33.74 billion, of which EGP 7.50 billion are short-term receivables providing strong cash flow visibility for the company. A total of EGP 4.23 billion of receivables are reported on the balance sheet, reflecting only the receivables relating to delivered units already recognized as revenue. On the other hand, some EGP 29.52 billion of receivables related to undelivered units are disclosed in the footnotes.

SODIC’s total backlog of unrecognized revenue stood at EGP 38.56 billion as of 30 June 2023, providing strong revenue visibility for the company.

Commenting on the results Ayman Amer SODIC’s General Manager said “Despite the limited launches in the first quarter and the significant price increases to offset the effect of inflation we have achieved record H1 sales. It has been a very strong quarter for SODIC with the addition of 620 acres to our land bank in the north coast, one of our key markets. We look forward to a strong second half of the year.”

Saudi Maritime Congress brings a global spotlight to the Kingdom’s shipping and logistics sectors

By
Sahfy Sahfy
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Saudi Maritime Congress main exhibition Chris Morley, Group Director of Seatrade Maritime, the event's organisers Saudi Maritime Congress conference

With its economic diversification efforts, policy development, and foreign direct investment commitments over the next five years, the world’s eyes are on the Kingdom of Saudi Arabia as it fast tracks to becoming a leading maritime hub. The 4th edition of the Saudi Maritime Congress will take place in Dammam from 20-21 September 2023, highlighting the scope of opportunities within this burgeoning sector and the fast-growing maritime logistics potential.

Chris Morley, Group Director of Seatrade Maritime, the event’s organisers, said: “Progress on maritime transport infrastructure forms part of a wider strategy aimed at developing the domestic ports and logistics sector. We expect maritime logistics to be a fast-growing activity in 2023-27, supported by the government’s ambitious aim of making Saudi Arabia the leading regional logistics hub.”

Through its comprehensive and free-to-attend conference programme, the Congress will delve into Vision2030 and its objectives for the maritime and logistics sectors. “The improvements in Saudi maritime logistics are expected to boost port revenue, an increasingly important non-oil source of growth. By building out inland logistics hubs and enhancing rail connectivity, the Kingdom is looking to more than quadruple the country’s annual container throughput to 40 million TEU by 2030. The ambitions of Saudi Arabia’s Vision 2030 plan are quite clearly matched by the scale of so-called giga projects such as the $500 billion Neom scheme or the plans for the Oxagon port, which will be the largest floating structure in the world,” added Morley.

The two-day exhibition and conference will take place at Dhahran Expo, Dammam, KSA, following a highly successful event in 2022 that saw an international audience of 3,757 visitors participate, including key maritime executives, leading suppliers of marine equipment and services, and crucially, those responsible for shaping the KSA maritime landscape for the future.

Bringing together industry stakeholders

Emphasising the importance of the Congress, several key industry names have signed up to make industry and keynote addresses, including Nancy W. Karigithu, Principal Secretary, State Department for Shipping and Maritime, Kenya; Erik Jensby, Head of Business Development and Membership, BIMCO; John McDonald, EVP, and COO, ABS. Panel sessions across the two days will be short and sharp, with over 30 speakers lined up to discuss topics ranging from ship management, maritime education, ESG, to mega strategies for the Kingdom’s maritime industry future, container shipping & tanker freight market update, offshore, and maritime logistics.

Complementing the programme is a bustling exhibition with participating companies such as MAWANI, IMI, Transport Global Authority, Saudi Global Ports Co, Grandweld, Naghi Marine Company, DP World  , ASRY, and more.

Entry to the exhibition and conference programme is free upon registration: Saudi Maritime Congress 2023 (visitcloud.com)

It’s either DPW UAE or Jeddah. There is nothing called DPW Middle East

The Minister of Transport witnesses the handover ceremony of the first stations of the Sokhna port development project

By
Sahfy Sahfy
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The Minister of Transport witnesses the handover ceremony of the first stations of the Sokhna port development project (the “Hutchison” container terminal) to the largest container terminal operator in the world, which is Hutchison International and the global shipping lines alliance COSCO and CMA to develop it as the largest container terminal in the Arab Republic of Egypt
Minister:
1. Handing over the station today to the largest international operator comes within the framework of the Ministry’s plan to form strategic partnerships with major companies managing and operating global container terminals and shipping lines to ensure the arrival and frequency of the largest possible number of international ships to Egyptian ports, double the port’s operating capacity and expand transit trade.
2 The handover of the station comes within the framework of the implementation of the Sokhna-Dekheila Integrated Logistics Container Project to link the Red Sea and the Mediterranean within the implementation of a set of integrated international developmental logistics corridors to achieve the larger goal of making Egypt a global center for trade and logistics, in implementation of the directives of the political leadership.
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Lieutenant General Engineer / Kamel Al-Wazir – Minister of Transport, in the presence of Mr. / Walid Gamal El-Din, Head of the Economic Zone, Major General / Mohamed Khalil, Director of the Sokhna Port Development Project, and the leaders of Hutchison International Company, witnessed the delivery of the first stations of the Sokhna Port Development Project (the “Hutchison” container terminal) to the largest container terminal operator in the world Hutchison International and COSCO and CMA to develop it as the largest container terminal in the Arab Republic of Egypt, with a length of 2600 m, a total area of 1.6 million m 2, and a capacity of 3.5 million TEUs / year, and the terminal will allow receiving giant ships with a length of 400 meters, according to the commitment contract signed for the project of establishing the superstructure, management, operation, exploitation, maintenance and re-delivery of a container terminal in the port of Sokhna, whose implementation comes in addition to the implementation of the project of establishing the superstructure, management, operation, exploitation, maintenance and re-delivery of the container terminal at Berth 100 in Dekheila, within the framework of the directives of His Excellency President Abdel Fattah El-Sisi, President The Republic is implementing the project to establish the Sokhna-Dekheila integrated logistics hub for containers to link the Red Sea and the Mediterranean with the (Hutchison-COSCO-CMA-MSC) alliance, which is considered the largest logistical corridor to serve global trade between East and West.

As it provides more than 2,000 direct and indirect job opportunities, which is implemented within the implementation of a set of integrated international development logistics corridors to link production areas (industrial – agricultural – mining – service) to seaports by means of fast and safe transportation through dry ports and integrated logistical areas to achieve the greater goal. It made Egypt a global center for trade and logistics in implementation of the directives of the political leadership, and the Minister of Transport confirmed during the activities of handing over the station that today is a very important day for Egyptian maritime transport, as the station was handed over to the largest global alliance in the field of managing and operating shipping lines and international container terminals to implement the superstructure of the Sokhna container terminal This will be followed during the coming period by the implementation of the superstructure of the container terminal at Berth 100, with total investments for the two projects amounting to 1.6 billion dollars and a handling capacity of more than 5 million equivalent containers annually, which is a strong indicator of the economic feasibility of the two projects, and embodies confidence in the Egyptian economy.

Pointing out that the expected direct revenues for the two projects amount to about $5 billion during the contract period, which is 30 years. New projects for Egyptian exports, by operating direct shipping services and increasing the ability to compete with countries with similar products and industries, by developing integrated solutions for transport and circulation between sea container terminals, railway stations, and multimodal transport services.

The Minister of Transport also stressed that this cooperation with the largest global alliance in the field of managing and operating shipping lines and international container terminals comes within the framework of the comprehensive plan of the Ministry of Transport to form strategic partnerships with major companies managing and operating global container terminals and shipping lines to ensure the arrival and frequency of the largest possible number of international ships. On the Egyptian ports, doubling the port’s operating capacity, and expanding the transit trade as follows (strategic partnerships with international operators and shipping lines, the most important of which is at Berth 100 station in Dekheila port, where the global operator Hutcheson HPH is located with the first shipping line in the world MSC, and in East Port Said station there is the international operator A.P Moller With Mearsk, the second shipping line in the world, and at Tahya Misr terminal in Alexandria port, where the global operator is located, the EGMPT / CMA Terminal alliance with the third shipping operator in the world, CMA-CGM, and in the container terminal of Sokhna Port, where the global operator is Hutcheson HPH, with CMA-CGM, the third shipping line in the world and Cosco The fourth shipping line in the world and in the Tahya Misr 1 container terminal in the port of Damietta, where the global operator consisting of the Eurojet / Conship alliance with Hapag-Loyid is located, the fifth shipping line in the world and in the Abu Qir port container terminal, where the global operator Hutcheson HPH is located with EVERGRGEN, the sixth shipping line in the world and in Safaga 2 station Where there is Abu Dhabi Ports Group with EVERGRGEN, the sixth shipping line in the world).

Pointing to the great importance that the state attaches to the development of Egyptian ports, referring to the directives of President Abdel Fattah El-Sisi, President of the Republic, to intensify efforts to maximize the benefit from the unique geographical location of Egypt, and the preferential advantages that it enjoys, as a point of meeting and passage on global maritime transport lines, and transforming that

The second international forum and exhibition for industry during the period from 28 to 30 October 2023

By
Sahfy Sahfy
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Within the framework of keenness to support and develop the food industry sector and to participate in events that contribute to shedding light on this important sector, the Chamber of Food Industries has the honor to invite the members to participate in the International Forum and Exhibition for Industry, the second session, which is organized by the Federation of Egyptian Industries under the auspices and honor of His Excellency Mr. President / Abdel Al-Fattah Al-Sisi, President of the Republic, during the period from October 28 to 30, 2023, at the Egypt Center for International Exhibitions in the Fifth Settlement, with the aim of developing the Egyptian industry, exchanging experiences, supporting initiatives, and presenting prospects for the advancement and localization of the industry. The forum is also considered a good step to get acquainted with the different local industries and to hold bilateral business meetings (the area allocated to the Chamber of Food Industries is 348 square meters – an initial visualization of the Chamber’s pavilion is attached)

The Second International Industry Forum and Exhibition will include a series of dialogue sessions and panel discussions. A large number of Egyptian, Arab and foreign investors, representatives of relevant regional and international institutions, members of the joint Arab industrial and commercial chambers, representatives of diplomatic missions in the Arab Republic of Egypt, businessmen, and councils are expected to participate. investment, representatives of the banking sector and economic entities, members of the governments of a number of brotherly and friendly countries, and a group of participants. It was also agreed with the concerned authorities to bring in a number of foreign visitors (buyers) from African countries and some Arab countries, as well as Saudi, Emirati and Qatari delegations.

ARAB BANK GROUP PROFITS GROW BY 59% TO $401 MILLION FOR THE FIRST HALF OF 2023

By
Sahfy Sahfy
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Cairo, Egypt, 29 July 2023: Arab Bank Group reported solid results for the first half of 2023, The Group’s strong performance was driven by robust growth in its core banking business across different markets, as net profit after tax increased by 59% reaching $401 million as compared to $252 million for the same period last year.

The Group maintained its strong capital base with a total equity of $10.6 billion. Loans grew to $36.1 billion and deposits reached $48.3 billion. Excluding the impact of devaluation of several currencies against the US dollar, loans and deposits grew by 2% & 5%, respectively.

Mr. Sabih Masri, Chairman of the Board of Directors, stated that the solid financial performance during the first six months underscores the resilience of the bank’s diversified business model that is based on prudent risk management practices and focused on achieving sustainable growth. Mr. Masri emphasized on the bank’s commitment towards the execution of its innovation and digital transformation strategy to deliver the best banking experience to our clients.

Ms. Randa Sadik, Chief Executive Officer, stated that the strong financial results despite the volatility in the operating environment is a testament to the bank’s robust assets base and strong capitalization. Ms. Sadik highlighted that the bank’s net operating income grew by 50% driven by diversified core banking activities coupled with controlled operating expenses. Provisions held during the period reflect the bank’s prudent risk management strategy against the increased economic uncertainty witnessed globally and regionally.

Ms. Sadik added that the bank is well positioned for sustained earnings growth with the support of its solid financial position, strong capitalization, and high liquidity levels. The Group’s loan-to-deposit ratio stood at 74.7% and credit provisions held against non-performing loans continue to exceed 100%. Arab Bank Group maintains a strong capital base that is predominantly composed of common equity with a capital adequacy ratio of 16.8%.

In line with the bank’s commitment towards sustainability, Arab Bank recently released its 13th annual sustainability report featuring its achievements during 2022 on the environmental, social, and governance (ESG) fronts.

Arab Bank was named the “Best Bank in the Middle East for 2023” by Global Finance magazine for the eighth consecutive year. The bank also received the “Best ESG Integration in Jordan” award from The Arab Federation of Capital Markets in collaboration with the Global Economics Magazine.

SIG launches ‘Recycle for Good’ in Egypt – an initiative for collection of used aseptic cartons with Tagaddod

By
Sahfy
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In Egypt, SIG is launching ‘Recycle for Good’, an innovative new recycling initiative to enable direct household and food service industry collection of used aseptic carton packs through tech-based solutions. This initiative involving SIG and Tagaddod is the first of its kind in the Egyptian market.

 

Consumers can use a mobile app to arrange for their used cartons to be collected from their homes or workplace in exchange for rewards. The project aims to incentivise recycling of used beverage cartons, ensuring high-value resources remain in circulation while benefitting local communities.

 

SIG is working with Tagaddod on this project. They are leading the collection of the cartons. Tagaddod is the first company in Egypt to enable direct household and food service industry waste collection through tech-based solutions. Its app allows consumers and businesses in the food service industry to arrange collection of their used beverage cartons in exchange for rewards. The initiative uses Tagaddod’s existing logistics network, and household brand Green Pan to collect the cartons.

 

 

Abdelghany Eladib, President and General Manager Middle East and Africa at SIG, said: “Changing behaviour is critical to enable lasting positive change for the environment. ‘Recycle for Good’ aims to stimulate a change in people’s attitudes by demonstrating the value of recycling to individuals and communities. We are proud to partner with Tagaddod on this initiative. As the first initiative of its kind in Egypt, it represents a major milestone for the country in its drive towards enhanced contribution to a circular economy.”

 

Nour El Assal, CEO and co-founder at Tagaddod added: “We are delighted to be partnering with SIG on the ‘Recycle for Good’ programme, which is another breakthrough for Tagaddod in transforming its vision into actions, using our technology and resources. Tagaddod has the infrastructure, network, and vision to further mobilise and accelerate Egypt’s transition towards a circular economy. With this initiative, we will expand our reach to retract high-grade, high value food-grade cartons and put them back in circulation, while creating reliable additional income for households and waste collectors. It is long term positive impact and value creation at their best.”

 

Recycling SIG carton packs keeps high-quality renewable materials in circulation for longer. All the materials used to make aseptic carton packs – paperboard, aluminium and polyethylene – can be recycled as valuable resources that can be used to create new products.

 

Only around 60% of the waste Egypt generates annually is collected currently, and less than 20% of this is properly disposed of or recycled. With no segregation of waste at household level, there is a huge need for collection initiatives such as this one. 

 

SIG is committed to partnering with others to increase the collection and recycling of used beverage cartons, supporting the shift towards a circular economy. Recycling of packaging is an industrywide issue, and SIG partners on this with many different stakeholders, including industry peers, customers, consumers, and national and local governments. As recycling rates, regulations and infrastructure vary widely in different countries and municipalities, SIG take a tailored approach through local roadmaps in priority countries.

 

 

About SIG

SIG is a leading packaging solutions provider for a more sustainable world. With our unique portfolio of aseptic carton, bag-in-box, and spouted pouch we work in partnership with our customers to bring food and beverage products to consumers around the world in a safe, sustainable and affordable way. Our technology and outstanding innovation capabilities enable us to provide our customers with end-to-end solutions for differentiated products, smarter factories and connect

ed packs, all to address the ever-changing needs of consumers. Sustainability is integral to our business and we are going Way Beyond Good to create a net positive food packaging system.

Founded in 1853, SIG is headquartered in Neuhausen, Switzerland. The skills and experience of our approximately 8,400 employees worldwide enable us to respond quickly and effectively to the needs of our customers in over 100 countries. In 2021, SIG produced 48 billion packs and generated €2.7 billion in revenue (incl. Scholle IPN and Evergreen Asia unaudited revenue). SIG has an AA ESG rating by MSCI, a 13.4 (low risk) score by Sustainalytics and a Platinum CSR rating by EcoVadis. For more information, visit www.sig.biz

For insights into trends that drive the food and beverage industry, visit our SIGnals blog: https://www.sig.biz/signals/en

 

 

About Tagaddod

Tagaddod (Arabic for ‘renewal’) is a pioneering renewable Energy and Waste Management Egyptian company, established in 2013 in Cairo, Egypt. Our mission is to leverage data, technology and logistics to support worldwide energy security and waste elimination. Through its platform, Tagaddod empowers individuals and communities to build sustainable impact and income through waste.

On one hand, users are able to dispose of their waste by requesting pickups through the company’s platform, which guarantees them a clean and sustainable disposal, while gaining a small monetary value. On the other hand, waste collectors are able to generate income through their pickup trips, that are planned on our collector app and that guarantees them the highest daily income through automated routing technologies.

On daily basis, Tagaddod‘s platform saves hundreds of tons of CO2 emissions from the atmosphere, creates income for communities and individuals around Egypt, and empowers thousands of women to take part in the global mission to net zero.

 

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