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Bank NXT Achieves Record Net Profit of EGP 1.77 Billion, Reflecting Robust Performance in 2024

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Sahfy Sahfy
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Bank NXT Achieves Record Net Profit of EGP 1.77 Billion, Reflecting Robust Performance in 2024
Bank NXT Achieves Record Net Profit of EGP 1.77 Billion, Reflecting Robust Performance in 2024

Bank NXT, a leading provider of integrated retail and corporate banking solutions in Egypt, and a subsidiary of EFG Holding, announced today its financial results for 2024, achieving a record net profit of EGP 1.77 billion, marking an impressive 54% year-on-year growth. Bank NXT’s strong performance in 2024 was fueled by its innovative product offerings and strategic partnerships, aligning with its long-term growth plan to better serve its expanding customer base.

Net interest income surged 54% year-on-year to EGP 3.91 billion, up from EGP 2.54 billion in 2023, while operating profit climbed 37% to EGP 4.9 billion in 2024. This growth was fueled by an expansion in the lending portfolio and rising interest rates throughout the year. The bank’s total lending portfolio grew 43% year-on-year to EGP 32.5 billion, compared to EGP 22.8 billion in the previous year. This was driven by a rise in corporate and institutional loans to EGP 22.2 billion, marking an increase of 45%, and a 37% increase in retail loans to EGP 10.3 billion. Despite challenging economic conditions, the bank maintained a solid capital adequacy ratio of 16.11%, reinforcing its long-term expansion strategy.

Customer deposits grew 34% to EGP 68 billion by December 2024, up from EGP 50.9 billion the previous year, reflecting strong customer confidence in the bank. Total assets increased by 29% year-on-year to EGP 79.4 billion, compared to EGP 61.4 billion in 2023, while total shareholders’ equity grew by 27% to EGP 8.2 billion.

Tamer Seif El-Din, CEO and Managing Director of Bank NXT
Tamer Seif El-Din, CEO and Managing Director of Bank NXT

Tamer Seif El-Din, CEO and Managing Director of Bank NXT, said: “Our strong financial results in 2024 are a testament to our strategic expansion and our unwavering commitment to meeting customer needs. By broadening our product and service portfolio, we have successfully reached a wider customer base across Egypt, reinforcing our position as a leading financial institution. This achievement would not have been possible without our dedicated team, whose expertise and dedication continue to drive our success. We remain focused on delivering competitive banking solutions that create meaningful value for our clients, shareholders, and the communities we serve.”

“The rebrand to Bank NXT, effective September 30, 2024, marks a transformative step in our journey toward greater innovation and customer-centricity. This evolution is about more than just a new name—it’s a bold statement of our vision for a faster, more efficient, and digitally driven banking experience. With this renewed identity, we are strengthening our market position, integrating cutting-edge banking standards, and leveraging digital advancements to redefine financial services. This is the beginning of an exciting new chapter, built on a foundation of continuous success and sustainable growth,” added Seif El-Din.

To further its product offering, Bank NXT introduced several new products tailored to evolving customer needs. These include the saving account “Super Daily Plus”, offering an exclusive daily Compounding interest rate of up to 20%, free life insurance coverage of up to EGP 1 million, and a complimentary issuance fees for secured credit card against the super daily saving account balance. The Bank also launched a time deposit product with interest in advance with a tenor up to six months, offering a competitive rate 20% paid upfront. Additionally, it introduced a redesigned suite of seven new debit and credit cards, including a co-branded prepaid card in partnership with Valu. The bank’s credit card portfolio saw significant growth, with outstanding balances rising 390% year-on-year to EGP 392 million, compared to EGP 80 million in 2023, while the number of issued credit cards increased by 250%.

As for Digital Services, Bank NXT launched the Internet banking platform and NXT mobile application to enhance the customer’s experience. additionally, the bank expanded cash deposit and withdrawal services for credit cards via Fawry outlets. The bank also introduced the governmental payment services “CPS” for its corporate customers in collaboration with eFinance. 

Moreover, the Bank partnered with MindGate Solutions to develop a digital banking platform for corporate clients, set to launch in 2025. The bank also made significant progress in expanding and upgrading its ATM network, increasing the number of ATMs to 115 in 2024, a 27% rise from 2023. The Bank plans to expand this network further, aiming for 190 to 200 ATMs by 2027 as part of its growth strategy, coupled with introducing new services such as Credit card deposit services and card pin management. As part of its strategic expansion, Bank NXT inaugurated three new branches in 2024, located in Madinaty, 6th of October, and Assiut. Additionally, a Digital Transformation Hub (Digital Factory) was launched. Demonstrating its commitment to inclusivity, the 6th of October and Assiut branches are designed to serve customers with special needs. This expansion increases the bank’s branch count to 36, including three Islamic banking branches, with a projected growth of 50 branches by 2027.

In support of SMEs, the bank surpassed the 25% regulatory requirement set by the Central Bank of Egypt. This highlights the bank’s commitment to providing comprehensive financing solutions for businesses at various growth stages.

In line with the financial inclusion strategy and the presidential initiative “A New Beginning for Human Building”, supported by the Central Bank of Egypt, Bank NXT has expanded customer access to banking products and services. The bank has also enhanced financial accessibility for micro-enterprises and self-employed professionals by offering economic accounts and conducting financial literacy sessions.

To ensure inclusive access to banking services, the bank has taken steps to accommodate people with disabilities and the elderly by equipping branches and ATMs accordingly. Additionally, to further promote financial inclusion, the bank introduced a free youth banking package, including a 15+ savings account with no fees or minimum balance, along with free prepaid and debit cards. The Bank also has actively participated in major events such as Qaderoon Beach in Damietta, Al Horreya Club in Port Said, and October University for Modern Sciences and Arts (MSA). Furthermore, in support of visually impaired customers, the bank has printed account opening forms and the CBE brochure in Braille.

Bank NXT places a high priority on actively contributing to achieving the goals of Egypt’s Vision 2030 and the United Nations Sustainable Development Goals (SDGs), with a focus on achieving inclusive economic development by integrating environmental, social sustainability practices, and governance (ESG) principles into all its activities and operational processes, including those of its suppliers. These efforts include promoting digital transformation, as well as designing and developing a comprehensive Environmental and Social Risk Management System (ESMS) to identify, assess, and manage risks associated with these aspects, and working to reduce carbon emissions. These efforts have been reflected in the bank’s carbon footprint report. The bank also places great importance on training employees at all levels on sustainability concepts and enhancing environmental awareness. Additionally, the bank issued its first GRI report this year, which reflects all sustainability activities within the bank to ensure a positive and sustainable impact in the future.

As part of its corporate social responsibility (CSR) initiatives, the Bank continued its contributions to healthcare, education, and social welfare. Through the Bank NXT Foundation for Community Development, it partnered with organizations such as Tahya Misr Fund and Al Orman Association to distribute food supplies to underprivileged families during Ramadan, donating electric wheelchairs to disabled individuals in New Damietta City, and funding the digitization of the Cairo University Faculty of Law Library.

In recognition of its outstanding performance, Bank NXT won several prestigious awards in 2024, including “Transformational Leadership Excellence in Egypt” from the World Union of Arab Bankers (WUAB). Additionally, the bank was named “Best Local Bank” in Egypt by EMEA Finance African Banking Awards 2024.

For the full financial report for the year ended December 31, 2024, and management commentary, please visit the bank’s website. https://www.banknxteg.com 

ADNOC Distribution Shareholders Approve H2 2024 Dividend

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Sahfy Sahfy
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ADNOC Distribution Shareholders Approve H2 2024 Dividend
ADNOC Distribution Shareholders Approve H2 2024 Dividend

ADNOC Distribution (ISIN: AEA006101017) (Symbol: ADNOCDIST), the UAE’s leading fuel and convenience retailer, today announced shareholder approval of all agenda items at its Annual General Assembly Meeting (AGM), including the shareholder approval of a final cash dividend of $350 million (AED1.285 billion) for the second half of 2024 to be distributed in April 2025. This brings the total annual dividend for 2024 to $700 million (AED2.57 billion), yielding 6.1%, based on the March 25, 2025 closing share price of AED 3.39, in line with the Company’s 2024-28 dividend policy of maintaining annual payouts of $700 million or a minimum of 75% of net profit, whichever is higher.

Dr. Sultan Ahmed Al Jaber, Chairman of ADNOC Distribution, said: “Financially, 2024 was another record-breaking year. We delivered against our five-year strategy, achieving significant milestones that strengthened our market position and set the stage for long-term success. For the second consecutive year, our EBITDA surpassed $1 billion, driven by record fuel volumes—which increased by nearly 9%—and sustained non-fuel retail growth, which have allowed us to deliver strong shareholder returns.”

In 2024, ADNOC Distribution unveiled a five-year growth strategy underpinned by commitments to domestic growth, building international platforms, and future-proofing its business. By successfully executing this strategy, the Company achieved a record EBITDA of $1.05 billion (AED3.86 billion) in 2024, a 5% year-on-year increase driven by record fuel volumes, strong non-fuel retail growth, and higher contributions from its operations in Saudi Arabia and Egypt. The 2024 dividend reflects the Company’s ability to generate strong free cash flow, which totaled $756 million (AED2.78 billion) in 2024.

Since its IPO in 2017, the Company has distributed a total of $4.8 billion (AED17.4 billion) in dividends and delivered 92% in total shareholder returns. This year’s dividend distribution of $700 million marks a 3.5x increase from the $200 million distributed in ADNOC Distribution’s first year as a listed company.   

Eng. Bader Saeed Al Lamki, CEO of ADNOC Distribution, said: “ADNOC Distribution is committed to leading the way for the future of mobility and convenience retail, as evidenced by our commitment to expanding our international operations and prioritizing high-growth areas. Throughout 2025, we will continue to drive towards our five-year strategic objectives, including 1,000 service stations across our network, increasing non-fuel transactions by 50%, and expanding our E2GO network to 500 EV charging points across the UAE by 2028. Diversification and innovation are key drivers of our growth.”

BUILDING THE FUTURE OF MOBILITY AND CONVENIENCE RETAIL

In 2025, ADNOC Distribution is targeting installation of approximately 100 additional fast and super-fast EV charging points across the UAE as part of its commitment to future-proofing and building the future of mobility. In the Year of Community, ADNOC Distribution is also exploring new ways to position its service stations as more than just functional stops, redefining them as welcoming spaces at the heart of the communities they serve. The Company aims double the number of properties occupied by top international and regional food and beverage brands by the end of the year, compared to the end of 2023.

By 2028, ADNOC Distribution seeks to grow the number of ADNOC Oasis convenience stores by 25%, increase non-fuel transactions by 50% and scale directly-operated franchise stores to 50 or more locations – a strategy is expected to allow for a 2.5-fold increase in property yield compared to traditional rental agreements. The Company is targeting 1,000 service stations across its network by 2028, and aims to add 40-50 in 2025, with 30-40 of these to be located in Saudi Arabia. In 2024, ADNOC Distribution reached a milestone of 100 service stations in the Kingdom by deploying a smart Dealer-Owned, Company-Operated (DOCO) model. This CAPEX-light, scalable approach involves partnering with local dealers who own service stations, while ADNOC Distribution manages operations. By 2029, ADNOC Distribution targets at least 300 stations across the Kingdom, positioning the Company among the top five fuel and convenience retailers in the Saudi market.

ADNOC Distribution sees strong growth momentum in 2025, with planned CAPEX of $250-300 million. Through AI-driven data analytics and personalized engagement, the Company is is reinforcing its commitment to digital transformation, strengthening its position as the UAE’s leading multi-energy mobility retailer while expanding internationally in a disciplined manner.

EID DEALS TAKE OFF! WIZZ AIR ABU DHABI LAUNCHES FLASH PROMOTION SERIES WITH LIMITED-TIME EID SEASON OFFERS

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Sahfy Sahfy
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EID DEALS TAKE OFF! WIZZ AIR ABU DHABI LAUNCHES FLASH PROMOTION SERIES WITH LIMITED-TIME EID SEASON OFFERS
EID DEALS TAKE OFF! WIZZ AIR ABU DHABI LAUNCHES FLASH PROMOTION SERIES WITH LIMITED-TIME EID SEASON OFFERS

 Wizz Air Abu Dhabi, the ultra-low-fare national airline of the UAE, is rolling out a three-day flash promotion series this week to celebrate the Eid travel season. The exclusive series of promotions will be live each night between 22:00 and 04:00 UAE time, offering incredible savings on selected fares and baggage for a limited time only.

The first offer launches on 25 March, with ten percent off on selected inbound flights to Abu Dhabi. This offer is valid for bookings made during the overnight promotional window and for travel between 26 March and 30 June 2025, available on both the website and the Wizz Air mobile app.

On 26 March, a five percent discount will apply to selected flights to and from Abu Dhabi. Valid for travel between 1 April and 30 June 2025, this deal is available exclusively on the Wizz Air mobile app.

The final night, 27 March, brings up to 15 percent off baggage fees on selected flights to and from Abu Dhabi, for travel between 1 April and 30 June 2025. This offer will also be available on both the website and the Wizz Air mobile app.

These time-limited deals come as Wizz Air Abu Dhabi continues to expand its network and encourage spontaneous, affordable travel across the region. The flash promotion series reflects the airline’s ongoing commitment to providing exceptional value to travellers flying through the UAE capital during the busy spring and Eid holiday period.

For bookings and more information, visit www.wizzair.com  or download the Wizz Air mobile app, also available in Arabic.

As a key contributor to Abu Dhabi’s sustainable tourism growth, Wizz Air Abu Dhabi offers ultra-low-fare travel to an expanding network of destinations, including Alexandria (Egypt), Almaty (Kazakhstan), Amman (Jordan), Baku (Azerbaijan), Beirut (Lebanon), Belgrade (Serbia), Bishkek (Kyrgyzstan), Cairo (Egypt), Cluj (Romania), Dammam (Saudi Arabia), Gabala (Azerbaijan), Kutaisi (Georgia), Larnaca (Cyprus), Male (Maldives), Madinah (Saudi Arabia), Astana (Kazakhstan), Samarkand (Uzbekistan), Sarajevo (Bosnia), Sohag (Egypt), Tashkent (Uzbekistan), Turkistan (Kazakhstan), Tirana (Albania), Varna (Bulgaria), and Yerevan (Armenia) among others.

Seviora Group expands international footprint with the opening of its first office in the Middle East

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Sahfy Sahfy
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Seviora Group expands international footprint with the opening of its first office in the Middle East
Seviora Group expands international footprint with the opening of its first office in the Middle East

Seviora Group, a leading Asia-based asset management group with US$54 billion of assets under management1 and headquartered in Singapore, has announced the establishment of its Middle East office in the ADGM. The new office, coupled with Seviora’s existing offices in Singapore, India, China and Indonesia, will contribute to the expansion of the company in Asia and beyond, allowing it to better develop and offer bespoke investment solutions, co-investment opportunities and strategic partnerships to sovereign wealth funds, pension funds, global banks and family offices.
Seviora Group offers a gateway to Asia’s most compelling investment opportunities, deepening access to the world’s most dynamic markets whilst delivering differentiated investment and financing solutions across public and private markets. With investment capabilities spanning private credit, private equity, liquid and semi-liquid strategies, traditional active and liquidity
management solutions, Seviora has over 210 multi-disciplinary investment professionals across its five asset management companies (AMCs).
To lead its Middle East operations, Seviora has appointed Sadiq Hussain as its Senior Executive Officer for its Abu Dhabi Office. With a distinguished career spanning global asset management and investment banking, Sadiq brings deep expertise in capital markets, institutional partnerships, and regional investment strategies. His experience at leading financial institutions and strong network within the Middle East position Sadiq very well to drive Seviora’s growth and engagement in the region. Under his leadership, Seviora aims to deepen its partnerships with key investors and
stakeholders, and contribute to the region’s financial ecosystem.
Jimmy Phoon, CEO of Seviora Group, commented: “As we continue to scale up Seviora’s presence, we’re embarking on several partnerships to drive interest into Asia and beyond. The opening of our new office in Abu Dhabi marks a major step in our international expansion and highlights the strategic importance of the Middle East in our growth plans. This move paves the way For further successful partnerships with local investors to meet their rapidly evolving needs. By investing its own capital alongside its clients, Seviora is fully aligned with clients on investment outcomes.

Sadiq Hussain, Senior Executive Officer at Seviora Middle East, commented:
“Seviora’s expansion into Abu Dhabi is a critical component in its growth trajectory and engagement with the region. ADGM offers a world-class environment that fosters innovation, investment and financial services pedigree, and long-term value creation. I look forward to driving our regional strategy and deepening our engagement with institutional investors.
Arvind Ramamurthy, Chief Market Development Officer at ADGM, remarked: “We are delighted to welcome Seviora Group to ADGM, further cementing Abu Dhabi’s reputation as a trusted global financial centre. Seviora’s establishment of its regional headquarters in ADGM reflects our growing international appeal and the continued expansion of our global network. Our recent engagements in key global markets, including Singapore, have strengthened our position as a leading destination for businesses seeking growth and innovation. We look forward to supporting Seviora in unlocking growth opportunities across the region and fostering strategic partnerships that will drive long-term value.

El Palace Barcelona: A Symphony of Art, History, and Luxury in the Heart of the City

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Sahfy Sahfy
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El Palace Barcelona: A Symphony of Art, History, and Luxury in the Heart of the City
El Palace Barcelona: A Symphony of Art, History, and Luxury in the Heart of the City
El Palace Barcelona, an emblem of timeless elegance since 1919, continues to enchant discerning travellers with its harmonious blend of historic charm and modern luxury. Nestled in the vibrant heart of Barcelona, the hotel offers 120 meticulously appointed rooms and suites, each thoughtfully designed to provide unparalleled comfort and relaxation. Accommodating from one to seven guests, El Palace Barcelona extends a warm welcome to families and their four-legged companions, ensuring every member of the party experiences the essence of Catalan hospitality.
Since its grand opening, El Palace Barcelona has been intricately woven into the city’s cultural and social fabric. Featured in the evocative novels of Carlos Ruiz Zafón, the hotel stands as a beacon of Barcelona’s storied past and vibrant present. Its walls have witnessed history in the making, from hosting illustrious guests to being a silent observer of the city’s evolution.
Art Suites: A Tribute to Timeless Elegance
El Palace Barcelona’s Art Suites are more than just places to stay—they are immersive experiences, each inspired by a legendary figure who left an indelible mark on the hotel and the world. Blending history, culture, and bespoke luxury, these suites invite guests to step into the stories of icons.
El Palace Suite by Ronnie Wood captures the rock ‘n’ roll essence of the Rolling Stones guitarist, who once called this suite home. With Art Deco elegance and exclusive privileges—including a private driver, sparkling drink on arrival, and daily afternoon bubbles—it offers a stay as legendary as its namesake.
El Palace Suite by Joséphine Baker reflects the glamour of the iconic performer, inspired by her French château. Having once graced the hotel’s stage, Baker’s spirit lives on in this opulent retreat, complete with personalised services designed for the most refined guests.
César Ritz Art Suite pays homage to the visionary hotelier whose name defines luxury. An elegant tribute to his legacy, the suite ensures an experience of supreme sophistication, offering exclusive amenities that honour his pioneering spirit.
Salvador Dalí Art Suite brings the surrealist master’s world to life, in the very space where he lived and entertained. With artistic flourishes and extravagant comforts, guests can indulge in an unforgettable stay, just as Dalí himself once did.
Joan Miró Art Suite is tribute to the renowned Spanish artist, this suite reflects Miró’s deep connection to Barcelona and Catalonia. Inspired by his bold, imaginative style, it offers a luxurious retreat with exclusive services, including a private transfer, sparkling drink on arrival, and personalised experiences that celebrate art and culture.
Carlos Ruiz Zafón Art Suite honours the acclaimed novelist. This suite immerses guests in the literary magic of Barcelona, a city woven into Zafón’s stories. With refined elegance and bespoke services—including a private chauffeur, afternoon bubbles, and curated cultural experiences—it offers a stay as captivating as his legendary works.
A Sanctuary for Art and Culture Enthusiasts
El Palace Barcelona offers more than just luxury—it provides an immersive cultural experience. Guests enjoy exclusive access to the city’s artistic gems through partnerships with institutions such as the MOCO Museum of Contemporary Art, Museu de l’Art Prohibit, and bespoke olfactory workshops at Carner Barcelona. For lovers of the performing arts, the hotel collaborates with the Gran Teatre del Liceu and the Palau de la Música Catalana, granting privileged access to opera and classical music performances, ensuring a stay enriched with Barcelona’s artistic heritage.
El Palace Barcelona promises an immersive experience where history, art, and luxury converge. Whether retracing the footsteps of artistic legends or crafting new stories within its storied walls, the hotel promises an unforgettable sojourn in one of Europe’s most enchanting cities.

Tanmiah Food Company and Emerge Partner to Advance Energy Transformation

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Sahfy Sahfy
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Tanmiah Food Company and Emerge Partner to Advance Energy Transformation
Tanmiah Food Company and Emerge Partner to Advance Energy Transformation

 Tanmiah Food Company, one of the Middle East’s leading providers of fresh poultry, processed proteins, animal feed, health products, and a restaurant operator, is pleased to announce a new partnership with Emerge, a joint venture between Masdar and the EDF Group. The agreement was signed at the Ministry of Environment, Water, and Agriculture by Zulfiqar Hamadani, Group CEO of Tanmiah Food Company, and Michel Abi Saab, General Manager of Emerge. 

As part of this collaboration, Emerge will develop a 3 megawatt-peak (MWp) solar power plant at Tanmiah’s facility in Haradh, reinforcing our commitment to sustainability and supporting the Kingdom’s clean energy objectives.

Under the agreement, Emerge will provide a full turnkey solution for Tanmiah, including finance, design, procurement, construction, operations, and maintenance of the installation for 25 years. The solar power plant will provide 35% of the electricity required to run the agriculture processing facility, avoiding more than 3,850 tonnes of CO₂ annually. This is equivalent to more than 800 households’ electricity usage for a year.

Zulfiqar Hamadani, Group CEO Tanmiah, commented: 

“At Tanmiah, sustainability is at the heart of our business strategy. The signing of this project with Emerge marks a significant milestone in our journey towards a more sustainable future. By investing in renewable energy, we are not only reducing our carbon footprint but also taking a crucial step toward our broader sustainability ambitions. By scaling these successes, we’re redefining what’s possible and inspiring meaningful change across the Company and the sector aligned with Vision 2030 targets related to renewable energy.”

Michel Abi Saab, Emerge General Manager, added: 

“Saudi Arabia’s agriculture sector is on the right track to transform its energy supply. At Emerge, we are committed to supporting the ecosystem and businesses such as Tanmiah which are ready to adopt more sustainable and environmentally friendly operations. Tanmiah’s sustainability ambitions are industry-leading and powering this production facility with solar will play a key role in achieving these objectives. We are excited to support their energy transformation through our full turnkey solution with no upfront costs. This approach facilitates smooth and easy installation for our customers in commercial and industrial industries across the region.”

Sustainability is embedded in Tanmiah’s operations, with the Company’s vision to become the number one global halal sustainable healthy protein company by 2030. This renewable energy partnership with Emerge will support the Company in making this vision a reality.

The solar power agreement with Tanmiah underpins Emerge’s ambitions to help the agricultural sector adopt clean energy sources at no upfront cost. This is the second project for Emerge supporting the decarbonization of agricultural operations in the GCC.  

Emerge was formed in 2021 to develop distributed solar, battery storage, off-grid solar and hybrid solutions for commercial and industrial clients. The company today supplies clean electricity to 38 commercial, industrial, educational and hospitality sites across the region.

Egypt’s Minister of Planning Discusses Ways to Support the National Intellectual Property Strategy with the Head of the Egyptian Intellectual Property Authority

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Sahfy Sahfy
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Egypt’s Minister of Planning Discusses Ways to Support the National Intellectual Property Strategy with the Head of the Egyptian Intellectual Property Authority
Egypt’s Minister of Planning Discusses Ways to Support the National Intellectual Property Strategy with the Head of the Egyptian Intellectual Property Authority

Minister of Planning, Economic Development, and International Cooperation Meets Head of the Egyptian Intellectual Property Authority to Discuss Ways to Support the National Intellectual Property Strategy
H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, met with Dr. Hisham Azmy on Head of the Egyptian Intellectual Property Authority, to discuss ways of joint cooperation and the Ministry’s support in implementing the National Intellectual Property Strategy.
At the beginning of the meeting, H.E. Minister Al-Mashat welcomed the Head of the Egyptian Intellectual Property Authority, emphasizing the importance the Egyptian state places on protecting intellectual property. This importance was solidified with the approval of H.E. President Abdel Fattah El-Sisi’s decree establishing the Egyptian Intellectual Property Authority, given its pivotal role in achieving economic, social, and cultural development and building a knowledge-based economy.
The meeting touched on the Ministry’s support for the Egyptian Intellectual Property Authority in implementing the National Intellectual Property Strategy through international cooperation, leveraging the expertise of development partners. In this context, the discussion included a project to develop the intellectual property automation system in the Egyptian Patent Office, funded by a Korean grant, and ways to benefit from it in light of the expanded responsibilities of the Authority.
H.E. Dr. Rania Al-Mashat emphasized the importance of the project in supporting innovation and enhancing the business environment in Egypt. She also noted that it would contribute to accelerating the patent registration process and facilitate access to intellectual property-related information.
The Minister reviewed the Ministerial Group for Entrepreneurship and its role in enhancing the environment for startups. She highlighted the ongoing efforts to prepare a startup charter, pointing out the role the Egyptian Intellectual Property Authority can play in providing awareness programs for startups about intellectual property.
The Minister added that entrepreneurship and intellectual property are key pillars for achieving economic development. It is essential to provide a supportive environment that fosters innovation and contributes to achieving national goals. Protecting intellectual property is a vital element in supporting innovation, and she stressed the need to work on developing legislation and policies that ensure the protection of innovators’ rights and enhance their competitiveness.
The meeting also highlighted the proposed projects to be implemented by the Egyptian Intellectual Property Authority, which aim to develop critical infrastructure and enhance the operational capacity of the Authority. The importance of these projects in achieving the Authority’s strategic goals and supporting innovation was emphasized, with a focus on enhancing performance efficiency and delivering distinguished services.
It is worth noting that H.E. President Abdel Fattah El-Sisi issued a decree in 2023 to establish the Egyptian Intellectual Property Authority as a public body responsible for organizing, overseeing, and protecting intellectual property rights in the country. This aligns with Egypt’s international commitments and aims to leverage the intellectual property system in a way that balances the protection of these rights with the achievement of economic, social, cultural, and technological development, as well as the building of a knowledge-based economy.

World’s Largest AI Prompt Engineering Championship Opens Registration

By
شمس سيف
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World’s Largest AI Prompt Engineering Championship Opens Registration
World’s Largest AI Prompt Engineering Championship Opens Registration

Registration is open for the second edition of the Global Prompt Engineering Championship 2025 – the world’s largest generative AI prompt engineering competition that aims to cultivate a global community that exchanges expertise, knowledge, and innovations in the prompt engineering space. AI experts from around the world will compete in four categories – Art, Video, Gaming, and Coding – with a total prize pool of AED 1 million.

The championship offers creative local and global talents a platform to demonstrate their skills in the field of prompt engineering by crafting precise instructions for an AI tool to generate desired unique content.

Organised by the Dubai Centre for Artificial Intelligence (DCAI), an initiative overseen by the Dubai Future Foundation (DFF), the championship will take place during Dubai AI Week on 22–23 April 2025, held under the patronage of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, and Chairman of the Board of Trustees of Dubai Future Foundation.

This global challenge provides AI professionals and enthusiasts with a platform to push the boundaries of AI applications, collaborate on cutting-edge advancements, and immerse themselves in Dubai’s thriving innovation ecosystem, reinforcing the emirate’s position as a global leader in AI.

Applications close on March 22, after which 24 finalists – six per category – will be selected to compete live in Dubai at AREA 2071, Emirates Towers. The first day of championship will see competitions among six finalists in each of the four categories. The top 3 participants across each category will then advance to the final phase on the second day. Following two days of competing, top 3 prompt engineer winners will be selected and awarded a shared prize pool worth  of 1 million dirhams.

The evaluation will be based on speed, quality, and accuracy of the prompt engineering output that will be conducted by a specialised committee.

Saeed Al Falasi, Director of the DCAI, stated: “This April, the Global Prompt Engineering Championship will unite top AI engineers, designers, and prompt programmers in a high-energy environment to explore the next frontier of AI. This event strengthens Dubai’s position as a global testbed for AI innovation, ensuring technology is developed with real-world impact and for the benefit of humanity.”

Last year’s edition of the championship attracted thousands of submissions from nearly 100 countries. Thirty participants from 13 countries, including Lebanon, Egypt, Jordan, Syria, Morocco, India, Singapore, the Dominican Republic, Austria, France, Spain, the United Kingdom, and the United Arab Emirates, competed in three main categories: Art, Literature, and Coding.

For registrations and peer-to-peer voting, please visit the official Global Prompt Engineering Championship website: www.challenge.dub.ai.

Al Mal Capital REIT announces final dividend for the financial year 2024

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Sahfy Sahfy
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Al Mal Capital REIT announces final dividend for the financial year 2024

Al Mal Capital REIT (“AMCREIT”), the first REIT listed on DFM, regulated by the Securities and Commodities Authority, and managed by Al Mal Capital PSC (“Al Mal Capital”), a subsidiary of Dubai Investments PJSC, has announced the final dividend for financial year 2024 amounting to AED 20,555,595 (as against AED 15,416,697 for six months ended 30 June 2024). The final dividend of AED 4.00 fils per unit is a milestone distribution, as it is on the enhanced unitholders’ capital of AED 513,889,872 raised through a rights issue in April 2024. The final dividend of AED 4.00 fils per unit combined with the interim dividend of AED 3.0 fils per unit paid in August 2024 has ensured that AMCREIT continues with its commitment of target annualized yield of 7.0% to the unitholders. AMCREIT will pay the interim dividend to the unit holders with the entitlement date set for March 27, 2025.

AMCREIT delivered yet another strong financial performance for year ended 31 December 2024. In line with its strategy of growing its portfolio in the mandated sector of Education, AMCREIT completed the acquisition of Carnation Education LLC (“Carnation”), thus enhancing its overall investment portfolio. The balance sheet of AMCREIT surpassed AED 1 billion in 2024 with the investment properties valued at AED 993 million (as against AED 578 million as of 31 December 2023).

With the acquisition of Carnation (owner of Kent College Dubai), AMCREIT’s net property income touched AED 65.6 million for the full year 2024, which represented an increase of c. 47% over the corresponding period of twelve months ended 31 December 2023. The total comprehensive income for the full year 2024 was AED 61.9 million, an increase of c.80% vis-à-vis the previous financial year 2023.

AMCREIT’s core focus in growing its portfolio in the mandated sectors supports its vision of providing its investors access to an asset class with strong fundamentals and sustained growth. AMCREIT’s investment properties neared c. AED 1 billion, a significant milestone given the first acquisition was completed towards the end of financial year 2021. The REIT’s portfolio comprises five school campuses including two in Ajman (operated by Al Shola Group), two in Sharjah (operated by GEMS Education) and one in Dubai (operated by Aldar Education).

Commenting on the dividend distribution, Mr. Naser Al Nabulsi, Vice Chairman and CEO of Al Mal Capital PSC said: “AMCREIT has delivered yet another solid performance in 2024. The year witnessed key successes including enhancement of the capital base with new investor participation, acquisition of another K-12 school taking the overall assets to five school campuses and the continued dividend distribution to the unitholders. AMCREIT believes in sustainable value creation to its unitholders and in line with this, the final dividend distribution of AED 4 fils per unit reiterates the commitment to deliver the target annualized yield of 7.0% for 2024.

AHRC Condemns the Restart of Israel’s Genocidal Campaign of Starving and Bombing Gaza

By
شمس سيف
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AHRC Condemns the Restart of Israel’s Genocidal Campaign of Starving and Bombing Gaza
AHRC Condemns the Restart of Israel’s Genocidal Campaign of Starving and Bombing Gaza

The American Human Rights Council (AHRC-USA) joins the world’s peace-loving community in condemning the restart of the Israeli genocidal policy of starving and bombing the Palestinians in Gaza. The victims of the Israeli genocidal acts are primarily infants, children, women, and the elderly. More than 404 people have recently been killed in cold blood during Ramadan. Ramadan is the holiest month in the Islamic calendar.

The Israeli breach of the already fragile ceasefire represents a dangerous turn. Israel continues to disregard all laws and norms simply because Netanyahu wants to prolong his political life. Netanyahu has no intention of having a permanent ceasefire in Gaza. The reality is that the Trump administration is responsible for the restart of the Israeli assault on Gaza because it has sided with the criminal defendant Netanyahu. Israel would not be able to relaunch such massive, horrific, and unspeakable attacks without the green light from the Trump administration.

There is a ceasefire agreement in three stages. Israel is violating this agreement. Netanyahu does not want a permanent ceasefire and enabled by the Trump administration, is trying to unilaterally change an agreement that took months to reach. Israel is negotiating in bad faith, and Mr. Trump is supporting this bad faith. Innocent people are starved and bombed as a result.

There is also the plight of the Palestinians in Israeli prisons. Thousands of Palestinian prisoners/hostages remain in Israeli prisons. Many are subject to ongoing well-documented torture and abuse. These thousands of Palestinians are not counted. Their lives have no value in the eyes of Israel and its supporters. Israeli honoring of the ceasefire agreement ends their plight.

AHRC urges the Trump Administration to uphold its peace promise. The current Israeli escalation of war crimes and the ongoing Israeli weaponization of food, water, and medicine are resulting in avoidable deaths and suffering. The US can put a permanent end to this war but for political expediency is choosing not to.

‘The Trump administration promised peace and a permanent ceasefire but what we see is enabling Netanyahu to commit more atrocities,” said Imad Hamad, AHRC Executive Director. “President Trump by supporting the most extreme Israeli government is making peace impossible,” continued Hamad.

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