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Egypt Kuwait Holding Delivers Revenue and Profit Growth in H1 2025, while Strategic Transformation Continues to Gain Pace

By
شمس سيف
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Egypt Kuwait Holding Delivers Revenue and Profit Growth in H1 2025, while Strategic Transformation Continues to Gain Pace
Egypt Kuwait Holding Delivers Revenue and Profit Growth in H1 2025, while Strategic Transformation Continues to Gain Pace

Egypt Kuwait Holding Company (EKHO.CA and EKHOA.CA on the Egyptian Exchange and EKHK.KW on Boursa Kuwait), one of the MENA region’s leading investment companies, reported today its consolidated results for the quarter and period ended 30 June 2025.

EKH recorded revenues of USD 397 million in 1H25, up 32% year-on-year (y-o-y), driven by strong top-line performance across the portfolio, reflecting strong operational momentum. Profitability remained healthy, with gross profit and EBITDA margins of 43% and 42%, respectively, supported by robust top-line performance and operational strength across core segments. Net profit came in at USD 101 million, up 1% y-o-y from USD 100 million in 1H24, representing a healthy net profit margin of 26%. The year-on-year comparison is skewed by a one-off FX gain of USD 49 million recorded in 1H24; excluding this, net profit would have more than doubled year-on-year. Net profit attributable to equity holders stabilised at USD 90.4 million. On a quarterly basis, revenues surged by 75% y-o-y and 18% q-o-q to land at USD 215 million in 2Q25. Top-line growth translated into net profit more than doubling y-o-y and rising 57% q-o-q to USD 61.9 million, backed by solid operational performance as well as gains from the ongoing portfolio review and optimization.

Commenting on the Group’s performance and business outlook, EKH Chairman Loay Jassim Al-Kharafi: “Our focus remains on implementing a disciplined and adaptive strategy, one that focuses on diversifying our portfolio across sectors and geographies, while rationalising and rebalancing our asset base to unlock value as well as ensure resilience and sustainable growth.

In Saudi Arabia, we have commenced commercial operations, supplying natural gas to industrial customers while serving the rapidly growing Dammam Industrial City 3. This achievement marks a significant milestone for EKH, positioning us as a contributor to the Kingdom’s industrial base expansion plans and Vision 2030. Meanwhile, our greenfield project in the United Kingdom is nearing financial close, with full details to be disclosed shortly thereafter. The project represents a compelling clean energy opportunity with strong foreign currency earning potential and long-term scalability.

We have also made meaningful progress on our exit strategy from Delta Insurance, with the divestment process moving ahead as planned and anticipated to close in the second half of 2025, pending the necessary regulatory approvals.

We remain on track with our corporate identity transformation, with the Board having resolved to call for a General Assembly meeting to vote on changing the company’s name to “Valmore Holding.” This new identity builds on the success we have achieved as Egypt Kuwait Holding, while aligning our positioning with our future growth plans and international expansion strategy. It reflects our ambition to transform EKH from a leading regional investment platform into a world-class global investment company.

As we look ahead to the remainder of the year, our focus remains on optimising our portfolio to deliver shareholder value, while driving sustainable, long-term growth across our platform.”

Commenting on the Group’s 1H25 results, EKH CEO, Jon Rokk: “We are pleased to report a strong first half of 2025 marked by solid operational performance, growth across key subsidiaries and meaningful progress on our strategic roadmap.

At AlexFert, while feedstock interruptions during 2Q weighed on utilisation, the impact on performance was far softer relative to last year, with double-digit y-o-y growth recorded across both revenue and net profit. At Sprea, management continues to execute on its market share expansion strategy, with 1H25 sales rising 21% y-o-y in USD terms. Meanwhile, Nilewood produced its first MDF wood board in June. With final commissioning underway, we look forward to launching full commercial operations in the fourth quarter. NatEnergy continues to expand gas connections within its concession areas, delivering sustained growth and reinforcing management’s focus on margin-accretive activities. Our upstream asset, ONS, delivered 9% y-o-y revenue growth in 1H25 following the ramp up of production at the two newly commissioned wells.

We also made good progress on our portfolio optimisation plans. The signing of the agreement to manage the sale of Delta Insurance and the subsequent offer made by Wafa Assurance, mark key milestones in our ongoing divestment program. In addition, we continue to unlock value from our balance sheet through monetisation of either non-core, or underperforming assets or investments. To this end, we’ve divested Shield Gas in the UAE during the first quarter and other investments in the second quarter, generating over USD 35 million during 1H25.

As we enter the second half of the year, our focus remains on disciplined strategy execution, portfolio and balance sheet optimisation, and sustainable value creation. In line with this vision, the Board has resolved to call for a General Assembly meeting to vote on amending the company’s name to “Valmore Holding.” This is a significant milestone in our broader corporate identity transformation, aligning our market presence with our ambitions for future growth and international expansion.”

AlexFert booked USD 118 million in revenues in 1H25, reflecting a solid 11% y-o-y increase, driven by a 19% y-o-y increase in export urea prices, which averaged USD396/ton (vs. USD333/ton in 1H24). Both gross profit and EBITDA margins expanded by 2pp y-o-y in 1H25, recording 40% and 47%, respectively. 1H25 net profit came in at USD 40.3 million, translating into a 2pp y-o-y expansion in net profit margin to reach 34% in 1H25.

AlexFert is poised for an improved operational trajectory, with management demonstrating greater agility in navigating feedstock supply challenges. The favorable price environment is expected to persist through year-end, as export urea prices maintain strong momentum, surpassing the USD 400/ton mark in June and climbing further to USD 476/ton in July.

Sprea Misr reported revenues of USD 89.6 million in 1H25, up 21% y-o-y, driven by higher sales volumes as a result of management’s strategy to grow market share. Gross profit and EBITDA margins landed at 21% and 20%, respectively, in 1H25. Net profit recorded USD 18.2 million in 1H25, with net profit margin coming in at 20%. 

Sprea’s medium-term outlook remains favorable, as local prices continue to stabilise at current inflationary levels, as demand continues to benefit from the ongoing recovery in construction activity, and on management’s efforts to expand footprint both locally and abroad, with export sales rising to represent c21% of total sales in 2Q25, up from c17% in 1Q25.

NatEnergy’s revenues rose 43% y-o-y in EGP terms and 15% y-o-y in USD terms in 1H25, driven by higher installations and increased connections to margin-accretive households. Margins remained robust with gross and EBITDA margins at 30% and 29%, respectively. 1H25 net profit came in at USD 10.7 million, with net profit margin landing at 32%.

NatEnergy’s outlook remains positive, underpinned by several anticipated developments expected to support blended margin expansion, including potential connection price hikes, revisions to government-set commission fees, and increasing margin-accretive household connections, complemented by a further enhanced revenue mix as well as ongoing strategic cost-efficiency measures.

Kahraba’s revenues rose y-o-y in both USD and EGP terms in 1H25, fueled by sustained strong momentum in its electricity distribution business, with distribution volumes growing 40% y-o-y. Gross and EBITDA margins came in at 17% and 19%, respectively, in 1H25. 1H25 net profit landed at USD 2.93 million, with net profit margin at 11%.

Kahraba is currently investing in a second substation within its 10th of Ramadan concession area to meet rising demand, driven by accelerating industrial activity within the zone, and as management continues to pursue strategic concession acquisitions in 10th of Ramadan and other high-potential areas.

ONS recorded revenues of USD 31.2 million in 1H25, up 9% y-o-y, supported by higher production capacity following the reopening of old shut-in wells and the ramp-up of two new wells commissioned by 2024-end. The company maintained healthy margins, with gross and EBITDA margins at 54% and 82%, respectively, in 1H25. Meanwhile, 1H25 net profit reached USD 15.3 million, reflecting a healthy net profit margin of 49%.

ONS’s outlook remains promising, supported by stable production volumes from recently commissioned wells and enhanced operational efficiency. Long-term operational continuity and growth prospects are further supported by the 10-year extension to ONS’ Concession Agreement and the awarding of the strategically located Fayrouz Onshore Concession, which boasts minimal tie-in costs and rapid monetisation potential.

The diversified segment delivered revenues of USD 96.7 million in 1H25, boosted by the gain from the sale of Shield Gas during the first quarter and other investments during the second quarter as part of management’s ongoing portfolio optimisation efforts. Net profit from Mohandes Insurance grew 20.5% y-o-y in 1H25, reflecting the sustained growth of Egypt’s insurance sector. Meanwhile, Bedayti posted an attributable net profit of EGP 41.9 million in 1H25, up 42% y-o-y, demonstrating continued growth within a fast-growing sector, despite elevated interest rates.

The segment’s overall outlook is supported by progress on Delta Insurance’s sale process, which advances EKH’s capital recycling strategy and reduces EGP exposure, the planned ramp-up of Nilewood to full commercial operations in 4Q25 following first MDF production in June, and the continued early-stage expansion of commercial operations in Saudi Arabia supplying natural gas to industrial customers.

EKH’s standalone and consolidated financial statements and full earnings release for the period ended 30 June 2025 are available for download at ir.ekholding.com

Saudi Arabia leaps from 104th to 23rd globally in the Mining Investment Attractiveness Index

By
Sahfy Sahfy
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Saudi Arabia leaps from 104th to 23rd globally in the Mining Investment Attractiveness Index
Saudi Arabia leaps from 104th to 23rd globally in the Mining Investment Attractiveness Index

Saudi Arabia’s mining sector has achieved an unprecedented global milestone, jumping from 104th place in 2013 to 23rd in 2024 in the Fraser Institute’s Mining Investment Attractiveness Index, according to the Institute’s 2024 Annual Survey of Mining Companies. The Kingdom surpassed mining jurisdictions in prominent destinations across Asia and Latin America, further cementing its position as one of the world’s fastest-rising powers in the mining sector.

The Kingdom also made notable progress in the Policy Perception Index (PPI), rising from 82nd globally in 2013 to 20th in 2024, reflecting growing international confidence in its stable regulatory environment. The Mineral Potential Index (MPI) saw an unprecedented leap, moving from 58th in 2013 to 24th in 2024, underscoring the scale of the Kingdom’s vast and untapped mineral wealth—supported by ongoing geological surveys, new discoveries, and widely attended mining licensing rounds.

“This outstanding performance reflects the structural transformation and holistic efforts being driven across the mining and mineral sector under Vision 2030,” said His Excellency Eng. Khalid Al-Mudaifer, Vice Minister for Mining Affairs.

Over the past few years, Saudi Arabia has built a globally competitive investment environment, underpinned by clear regulations, accessible geological data – including one of the most extensive geological surveys of the Arabian Shield, competitive incentives, and world-class infrastructure. “Our focus remains on maximizing the economic value of our mineral resources, creating jobs for citizens, and localizing supply chains. Mining is no longer a traditional sector; rather, it has become a key driver of industrial and economic growth, and we are committed to building on this momentum to ensure sustainable success,” Al-Mudaifer added. 

The Fraser Institute noted that the Kingdom’s success was driven by broad regulatory transformations covering security of tenure, taxation, environmental legislation, infrastructure, and community engagement. These efforts enabled Saudi Arabia to enter the top quartile of the index for the first time. The report also highlighted that investors expressed no concerns regarding political stability—one of the Kingdom’s key strengths—and praised the Mining Exploration Enablement Program as an effective tool for reducing investment risks and increasing confidence in early-stage projects. 

According to the report’s data, the Kingdom achieved exceptional improvements in key indicators between 2013 and 2024, including:

  • 305.8% improvement in the clarity and effectiveness of mining administration, from 17% in 2013 to 69% in 2024, ranking 11th globally.
  • 82.2% improvement in clarity of land use for mining activities, from 45% in 2013 to 82% in 2024, ranking 7th globally.
  • 102.2% improvement in labor regulations, from 45% in 2013 to 91% in 2024.
  • 81.8% improvement in the quality of geological databases, from 33% in 2013 to 60% in 2024.

The report praised the Kingdom’s stable regulatory environment and ambitious reforms, which have strengthened international investor confidence and solidified Saudi Arabia’s status as a world-class mining investment destination—fully aligned with Vision 2030’s goal of diversifying the economy and developing strategic sectors. 

The Fraser Institute’s Annual Survey of Mining Companies is one of the world’s most trusted benchmarks for evaluating mining investment environments and is widely used by investors, governments, and financial institutions worldwide.

talabat reports strong results for Q2 2025 and revises guidance upwards for the full year

By
Sahfy Sahfy
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talabat reports strong results for Q2 2025 and revises guidance upwards for the full year
talabat reports strong results for Q2 2025 and revises guidance upwards for the full year

Talabat Holding plc (“talabat” or the “Company”), the leading on-demand online ordering and delivery platform in the MENA region, today announces its pro forma financial results for the three-month and six-month period ended 30 June 2025.

GMV grew 32% for the period versus the prior year to reach USD 2.4 billion. On a constant currency basis, GMV grew at a faster rate of 33%. Revenue grew 35% to reach USD 982 million for the period and, at constant currency, grew 36%. Adjusted EBITDA grew 31% to USD 166 million, or 6.8% of GMV, and net income grew 33% to USD 119 million or 4.9% of GMV. On a normalised basis, adjusting for material non-recurring items to allow for a like-for-like comparison, net income grew 25% to USD 116 million or 4.8% of GMV.

This strong performance was driven by top line growth across both GCC markets (UAE, Kuwait, Qatar, Bahrain and Oman) and non-GCC markets (Egypt, Jordan and Iraq) as well as across both the Food and Grocery & Retail (“G&R”) verticals. Demand growth reflected accelerated customer acquisition and increased average order frequency. The strong results were supported by the unwind of Ramadan’s impact seen in the first quarter versus the prior-year comparison period. Looking ahead, the Company is confident of continued growth and has revised guidance upwards for the full year. GMV growth is now expected to be in the 27-29% range on a constant currency basis (previously 17-18%), revenue growth of 29-32% on a constant currency basis (previously 18-20%), Adjusted EBITDA margin of 6.5% (previously 6.5%-7.0%), net income margin at 5.0% (previously 5.0-5.5%) and Adjusted Free Cash Flow at 6.0% (previously 6.0-6.5%).

Highlights for the period include:

  • GMV of USD 2.4 billion, up 32% year-on-year and 33% at constant currency.
    • Strong double digit growth in the core GCC segment and Food vertical, and even faster growth in non-GCC markets and the G&R vertical, albeit from a lower base.
    • Driven by customer acquisition and increased order frequency with a surge in talabat pro adoption.
    • GMV geographical mix was 83% GCC and 17% non-GCC (prior year: 86% and 14%).
  • Management Revenue of USD 982 million, up 35% year-on-year and 36% at constant currency, representing a GMV-to-revenue conversion ratio of 40% (prior year: 39%). 
    • The higher conversion ratio mainly reflected a higher share of tMart and subscription revenues that more than offset lower commission rates (which were lower due to the higher G&R share of GMV).
  • Adjusted EBITDA of USD 166 million, up 31% year-on-year and equivalent to 6.8% of GMV (prior year: 6.8%).
    • This mainly reflected lower gross profit margins, driven by the ongoing shift in the GMV product mix, that were offset by improved cost margins.
  • Net income of USD 119 million, 33% higher than the prior year and equivalent to 4.9% of GMV (prior year: 4.9%), absorbing the impact of increased corporate income tax rates of 15% in the GCC markets.
  • Adjusted Net Income of USD 116 million, up 25% year-on-year and equivalent to 4.8% of GMV (prior year: 5.0%), when neutralising the effects of net finance costs and foreign currency impacts.
  • Strong cash generation with Adjusted Free Cash Flow of USD 190 million, up 47% year-on-year, and equivalent to 7.8% of GMV (prior year: 7.0%) and a Cash Conversion Ratio of 115% (prior year: 103%). 

Tomaso Rodriguez, Chief Executive Officer of talabat, commented: “We have achieved another strong quarter of financial and operational results, fueled by significant customer acquisition and increased order frequency. Our ongoing commitment to enhancing the consumer value proposition, expanding our Groceries and Retail vertical and fostering deeper customer loyalty is clearly yielding results. We are particularly pleased with the strong uptake of talabat pro, our premium subscription loyalty programme, across all markets, alongside strong growth in demand within our non-GCC markets.

“This growth complements the continued strength of our core GCC markets and the strong performance of our Food vertical. The UAE, our largest market, maintained its robust growth trajectory in line with the overall pace of the Group. Kuwait, our most established market, delivered impressive growth of over 20% for both the quarter and the first half of the year. Likewise, our Food vertical grew more than 20% year-on-year, reinforcing its strong contribution to our overall growth. With this momentum, we are confident in our outlook and are pleased to raise our full-year guidance across all metrics.”

Q2 and H1 2025 pro forma financial information:

USD millions Q2 2025 Q2 2024 %Δ y/y 6M 2025 6M 2024 %Δ y/y
GMV 2,439 1,852 32% 4,523 3,455  31%
o/w GCC 2,024 1,601 26% 3,775 2,978 27%
o/w non-GCC 415 251 66% 749 477 57%
GMV at cFX 2,461 1,852 33% 4,591 3,455 33%
Management Revenue 982 727 35% 1,828 1,360 34%
Management Revenue at cFX 986 727 36% 1,859 1,360 37%
Adjusted EBITDA 166 126 31% 305 231 32%
margin (% of GMV) 6.8% 6.8% -0.03pp 6.8% 6.7% 0.1pp
Net income 119 90 33% 222 117 90%
margin (% of GMV) 4.9% 4.9% 0.04pp 4.9% 3.4% 1.5pp
Adjusted Net Income 116 93 25% 215 173 24%
margin (% of GMV) 4.8% 5.0% -0.3pp 4.8% 5.0% -0.3pp
Adjusted Free Cash Flow 190 129 47% 325 226 44%
margin (% of GMV) 7.8% 7.0% 0.8pp 7.2% 6.5% 0.6pp
Cash Conversion Ratio 115% 103% 12pp 106% 98% 8pp

The full set of disclosures today can be found within the Investor Relations section on talabat’s website.

Forbes Middle East Reveals The Region’s Top Travel & Tourism Leaders Meet The 101 Leaders Driving The Middle East’s Tourism Transformation

By
شمس سيف
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Forbes Middle East Reveals The Region’s Top Travel & Tourism Leaders Meet The 101 Leaders Driving The Middle East’s Tourism Transformation
Forbes Middle East Reveals The Region’s Top Travel & Tourism Leaders Meet The 101 Leaders Driving The Middle East’s Tourism Transformation
  • Emiratis lead with 15 entries, followed by 14 Saudis and nine British executives.
  • The top three leaders are from Emirates Airline & Group, the Saudi Tourism Authority, and Qatar Airways Group.
  • U.A.E.-based listees dominate with 49 entries, followed by 24 in Saudi Arabia and seven in Egypt.

Forbes Middle East has released the 2025 edition of its signature list spotlighting the Middle East’s Top 100 Travel and Tourism Leaders, highlighting the individuals spearheading the region’s most ambitious destinations, hotels, airlines, airports, and tourism initiatives. This year’s ranking reflects the powerful momentum building across the sector, driven by bold vision, government strategy, and record-breaking investments.

To curate the list, Forbes Middle East evaluated leaders across the public and private sectors based on the scale of their organizations—measured by revenues, asset values, hotel keys, and number of passengers—as well as their experience, achievements, and overall impact on the tourism landscape. All ranked individuals are based in the MENA region.

H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman & Chief Executive of Emirates Airline & Group, tops the 2025 list for the fourth consecutive year. In the 2024/25 financial year, the group recorded $39.6 billion in revenues—a 6% increase compared to the previous year—and holds $49.7 billion in assets. He is followed by Fahd Hamidaddin, CEO of the Saudi Tourism Authority, and Badr Mohammed Al-Meer, Group CEO of Qatar Airways Group, who round off the top three.

Executives on this year’s list represent 10 countries across the region. The U.A.E. is home to 49 leaders, followed by 24 in Saudi Arabia, seven in Egypt, and five in Oman. Jordan and Morocco each have four representatives, while Qatar and Bahrain have three each. Kuwait and Tunisia are represented by one leader each: Kuwait Airways and the Tunisian National Tourist Office (ONTT), respectively.

Among the 101 listees, 15 are Emiratis, 14 are Saudis, and nine are British, making up the top three nationalities.

Tourism leaders across the region have helped usher in a new era of historic firsts. In June 2025, Bander Almohanna, CEO and Managing Director of flynas, led the company to complete a $1.1 billion IPO, becoming the first airline to list on the Saudi Exchange (Tadawul). In April 2024, Fernando Eiroa, CEO of Dubai Holding Entertainment, launched the world’s first Real Madrid-themed park, Real Madrid World. In May 2025, Mohamed Abdalla Al Zaabi, Group CEO of Miral, announced the development of the region’s first Disney theme park and resort in collaboration with The Walt Disney Company; marking the seventh Disney resort globally. In Morocco, Fatim-Zahra Ammor, Minister of Tourism, Handicrafts, and Social and Solidarity Economy, oversaw the creation of the country’s first tourism project bank, featuring 200 investment-ready templates.

Top 10 Travel & Tourism Leaders In The Middle East 2025

  • H.H. Sheikh Ahmed bin Saeed Al Maktoum 

Country: U.A.E. 

Nationality: Emirati 

Chairman & Chief Executive, 

Emirates Airline & Group 

  • Fahd Hamidaddin

Country: Saudi Arabia

Nationality: Saudi 

CEO, Saudi Tourism Authority (STA)

  • Badr Mohammed Al-Meer

Country: Qatar

Nationality: Qatari 

Group CEO, Qatar Airways Group

  • Saleh Mohamed Al Geziry 

Country: U.A.E. 

Nationality: Emirati 

Director General for Tourism, Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) 

  • Fatim-Zahra Ammor

Country: Morocco

Nationality: Moroccan 

Chair, MNTO; SMIT

  • Raed bin Hassan Alidrissi

Country: Saudi Arabia

Nationality: Saudi 

CEO, MATARAT Holding 

  • Hesham Al Qassim

Country: U.A.E. 

Nationality: Emirati 

CEO, Wasl Group

  • Humaid Matar Al Dhaheri

Country: U.A.E. 

Nationality: Emirati 

Managing Director & Group CEO, ADNEC Group 

  • Mohamed Abdallah Al Zaabi

Country: U.A.E. 

Nationality: Emirati 

Group CEO, Miral 

  • Paul Griffiths

Country: U.A.E. 

Nationality: British 

CEO, Dubai Airports

Click here for the complete list of The Middle East’s Top 100 Travel & Tourism Leaders 2025.

Orascom Development Egypt has released its consolidated results for the first half of 2025

By
شمس سيف
-
Orascom Development Egypt has released its consolidated results for the first half of 2025
Orascom Development Egypt has released its consolidated results for the first half of 2025

ODE continues to demonstrate strong financial performance across all key metrics, with revenues and Adj. EBITDA rose by 13% and 19%, respectively. Meanwhile, net profit saw an impressive increase of 222%, reaching EGP 3.0 billion.

1H 2025:

The 1H of 2025 has been marked by substantial growth for ODE, as evidenced by various performance metrics and operational milestones. These achievements illustrate the strong discipline that guides our team in executing strategic plans, the agility with which we respond to market changes and challenges, and the long-term vision that informs our decision-making processes. Together, these elements contribute to a resilient business structure that can sustain progress and achieve future objectives.

  • Revenue growth: ODE achieved revenue of EGP 11.5 billion, representing a 12.9% increase, demonstrating remarkable resilience in a challenging economic landscape.
  • Recurring income segments (Hotels + Commercial Assets): This contributed EGP 4.6 billion to total revenue, representing an impressive 44.3% increase compared to 1H 2024. 
  • Gross profit: Increased by 24.0% to EGP 5.2 billion, boasting a healthy margin of 45.0% vs. 40.9% in 1H 2024. This improved performance underscores our operational excellence, resilience in the face of inflation, and the positive impact of key strategic initiatives. 
  • Strong Adj. EBITDA: Adj. EBITDA increased by 19.3% to a record EGP 5.4 billion, with a margin of 47.2%. 
  • Other gains and losses: The other gains and losses reported a gain of EGP 46.7 million, compared to a loss of EGP 2.3 billion in 1H 2024. This improvement is primarily attributed to the appreciation of the EGP following the devaluation in 2024, which adversely impacted our financial outcomes in the prior period. 
  • Finance costs: Up by 6.5% to EGP 912.4 million, due to the increase in the amount withdrawn related to O West.
  • Tremendous net income performance: As a result of these positive developments, ODE’s net income increased by 222.1% from EGP 942.7 million in 1H 2024 to EGP 3.0 billion in 1H 2025. 
  • Strong cash balance: On the balance sheet side, the company continued to preserve a healthy balance sheet and monitor its cash balances and liquidity. Our cash balance reached EGP 8.1 billion during 1H 2025, up 6.5% from Q1 2025, and our foreign currency cash stood at USD 107.1 million. Our net debt reached EGP 2.2 billion by the end of 1H 2025, and our net debt to Adj. EBITDA ratio stood at 0.21x as of 1H 2025.

Q2 2025:

In Q2 2025, our results were affected by the absence of land sales, particularly in comparison to the EGP 1.5 billion in sales recorded in Q2 2024. This situation naturally had an impact on both our revenue and net income figures during the period. 

  • Revenue: In Q2 2025, revenue declined by 15.7% year-on-year to EGP 5.1 billion. When normalizing land sales, our revenues would have increased by 8.2% compared to Q2 2024.
  • Gross profit: The quarter’s gross profit reached EGP 1.9 billion, with a gross margin of 37.8%.
  • Adj. EBITDA: Adjusted EBITDA also reached EGP 2.0 billion, boasting a 40.1% margin.
  • Net income: Our net income during the quarter reached EGP 1.1 billion.

Group Real Estate: Q2 2025, real estate sales demonstrated a positive increase, with total sales reaching EGP 7.5 billion, representing a 9% rise from Q2 2024, which included EGP 1.5 billion from land sales. 

In Q2 2025, real estate sales showed a notable increase compared to the same quarter in 2024, with total sales reaching EGP 7.5 billion, representing a 9.2% rise. This figure includes EGP 1.5 billion from land sales. When excluding land sales, our real estate performance for this quarter demonstrates a substantial 40.5% increase compared to Q2 2024. Our 1H 2025 sales reached EGP 11.7 billion, representing a 26% year-over-year decline. Our international sales continue to represent a critical aspect of our operations, comprising nearly 46% of our total real estate sales compared to 39% in 1H 2024. This growth is indicative of ODE’s strong market presence and the confidence that our customers place in our offerings. El Gouna remains the leader in new sales, accounting for 54%, followed by O West at 31% and Makadi Heights at 15%, providing us with targeted opportunities for growth. We have successfully raised our average real estate selling prices per square meter across all destinations, with El Gouna increasing by 45%, Makadi by 77%, and O West by 27%. On the other hand, real estate revenue decreased by 5.5% compared to 1H 2024, reaching EGP 5.4 billion, primarily due to strategic adjustments in the O West project aimed at ensuring the timely delivery of the first phase of apartments. This focus underscores our commitment to client satisfaction. Additionally, we observed a 7.0% decrease in Adj. EBITDA, which stands at EGP 2.2 billion in 1H 2025, yielding a margin of 40%. However, our real estate cash collections experienced a 6.2% increase, amounting to EGP 7.8 billion in 1H 2025, demonstrating our ability to enhance cash flow. Moreover, the total deferred revenue from real estate, which will be recognized until 2029, rose by 40% to EGP 42.4 billion. This increase provides us with strong visibility on projected revenue across all destinations over the next four years, positioning us well for continued growth and sustainable success.

Group Hotels: The hotel segment showed remarkable financial strength, generating revenues of EGP 2.7 billion and an impressive Adj. EBITDA margin of 50%.

ODE Hotels’ established business model has once again yielded remarkable quarterly results, successfully navigating various macroeconomic and geopolitical challenges. In Q2 2025, our hotels generated revenues of EGP 1.5 billion, representing a 31.7% increase over Q2 2024. This revenue growth resulted in a GOP of EGP 891.8 million, representing an impressive 76.6% increase from the same quarter last year. Key factors driving this growth include our hotels’ ability to maintain high occupancy rates alongside a strategic increase in room rates. Despite ongoing conflicts in Gaza, we have maintained solid margins, achieving an Adj. EBITDA of EGP 800.2 million, representing a notable 38.3% increase from Q2 2024, with a margin improvement to 53%, up from 50% in Q2 2024. In 1H 2025, total hotel revenues surged by 45.5% to EGP 2.7 billion, with GOP escalating by 71% to EGP 1.5 billion year-on-year. Furthermore, Adj. EBITDA experienced a significant 56.6% uptick to EGP 1.35 billion in 1H 2025, reflecting an enhanced margin of 50% compared to 47% previously, driven by ongoing improvements in operational efficiencies. This impressive performance underscores the resilience and agility of our hotels in navigating and overcoming significant industry challenges. It solidifies our position as a leader in the hospitality sector, reflecting our ongoing commitment to operational excellence, strategic innovation, and sustainable growth.

Group recurring income assets: Strong recurring income growth, with revenues up 42.6% to EGP 1.9 billion.

The commercial assets segment continues to serve as a reliable source of cash flow, playing a critical role in financing the group’s expansion and mitigating the effects of economic downturns resulting from unforeseen circumstances. In Q2 2025, we reported a notable revenue increase of 37.0%, reaching EGP 941.7 million alongside our Adj. EBITDA increased by 33.5%, reaching EGP 322.9 million compared to Q2 2024. As a result, the revenue for our commercial assets segment increased to EGP 1.9 billion during 1H 2025, representing a significant 42.6% increase compared to the same period in the previous year—additionally, the Adj. EBITDA achieved a commendable growth of 42.8%, to EGP 684.3 million, thereby resulting in a margin of 36.2%. This performance reflects the segment’s ongoing resilience and adaptability in a dynamic market environment.

Dubai’s AI Accelerator Calls on Tech Innovators to Engineer the Future of Government

By
Sahfy Sahfy
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Dubai’s AI Accelerator Calls on Tech Innovators to Engineer the Future of Government
Dubai’s AI Accelerator Calls on Tech Innovators to Engineer the Future of Government

Dubai Centre for Artificial Intelligence (DCAI) is now accepting applications for the second cycle of its “Future of AI in Government Services Accelerator” program, inviting both local and international tech innovators and AI companies to collaborate with government entities on innovative solutions that harness AI to enhance public services across Dubai.

Launched by DCAI in partnership with Dubai Future Accelerators, an initiative of the Dubai Future Foundation, the program seeks to attract groundbreaking ideas that address both today’s challenges and those on the horizon for government services. It aligns closely with the ‘Dubai Universal Blueprint for Artificial Intelligence’, reinforcing Dubai’s vision to become the world’s largest hub for AI-driven innovation across key sectors.

Through this second cycle, participating companies will have the chance to work alongside over 20 government entities, focusing on four key areas. These include refining existing services by applying AI to improve personalisation and efficiency; creating entirely new services to tackle challenges once seen as an obstacle; boosting operational efficiency by embedding AI into everyday government processes; and ensuring inclusive accessibility by developing solutions that remove barriers and make services more widely available to all.

Participants in the program will gain a host of valuable benefits. They will collaborate directly with experts to tackle real-world challenges and shape the future of public services. They will also enjoy direct access to senior decision-makers, opening doors to implement their solutions at scale. Importantly, the program requires no equity stake, ensuring participants retain full ownership of their innovations. With strong backing and support, AI companies will be able to explore exciting growth opportunities, both locally and internationally. Additionally, the program offers fully sponsored accommodation and travel for eight weeks in Dubai, enabling participants to focus entirely on developing and deploying their projects.

Registration for the “Future of AI in Government Services Accelerator” program is open until 28 August 2025. Selected companies will be invited to Dubai for an intensive eight-week program running from 6 October to 28 November 2025, working on-site alongside government teams.

Saeed Al Falasi

Saeed Al Falasi, Executive Director of the Dubai Centre for Artificial Intelligence, noted that the DCAI launched under the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, and Minister of Defence, and Chairman of the Board of Trustees of Dubai Future Foundation, continue to propel Dubai’s ambition to become the leading global city for deploying AI technologies to anticipate and shape future transformations across all sectors.

Al Falasi commented: “The Future of AI in Government Services Accelerator” program is designed to spark innovative uses of AI, helping government entities position Dubai among the world’s top cities for delivering agile, AI-powered public services defined by speed, quality, and efficiency. Our goal is to create seamless, intelligent experiences that save time and effort while enhancing quality of life, all in service of making Dubai the happiest city in the world.”

The program’s first cycle drew strong global interest, with 615 AI companies from 55 countries taking part, 183 AI use cases have been defined of which 75 have been piloted, underscoring Dubai’s leadership in transforming government services through AI and its steadfast commitment to improving community well-being.

For more information about the DCAI and the application process, please visit:  https://www.dubaifuture.ae/ai-in-government-services

Automechanika Dubai Awards 2025 calls for final submissions

By
شمس سيف
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Automechanika Dubai Awards 2025 calls for final submissions
Automechanika Dubai Awards 2025 calls for final submissions

Deadline for the fifth edition of the Automechanika Dubai Awards is approaching, including new awards,  Distributor of the Year and Rising Star in Automotive Aftermarket, recognising outstanding distributors and exceptional young professionals from across the GCC

The ceremony is set to take place on 10 December 2025 at the Dubai World Trade Centre

The diversity and calibre of early entries reaffirm the awards’ position as a leading platform celebrating global best practices and regional excellence

Nominations for the fifth annual Automechanika Dubai Awards are now open. The grand finale will take place at Dubai World Trade Centre on 10 December 2025 during the 22nd edition of Automechanika Dubai, where they will celebrate global best practices and regional excellence.

This year’s ceremony will feature two new awards. Taking place under the Service Excellence category, the Distributor of the Year Award will recognise outstanding independent aftermarket distributors from across the Middle East. The Rising Star in Automotive Aftermarket Award, meanwhile, will shine a spotlight on the most promising professionals under the age of 30 as part of the event’s People category.

All entries must be submitted by 15 August. The shortlist of finalists for the 2025 awards will be unveiled in mid-October.

Tommy Le, Show Manager for Automechanika Dubai, said: “The Automechanika Dubai Awards continue to reflect the ambition, creativity and momentum that have come to define the Middle East and Africa’s automotive aftermarket sector.

“This year’s edition will feature 15 awards spanning the categories of Service Excellence, People, Products and Transformation,” Le continued. “With two brand new trophies, highlighting excellence, innovation and long-term potential in the fields of distribution and talent, I have no doubt that the Automechanika Dubai Awards 2025 will be the most competitive and exciting to date.”

Submissions will be assessed by an independent panel of regional and international industry experts, using rigorous evaluation criteria to gauge their impact, innovation and contribution to the region’s automotive aftermarket sector.

With more than 400 entries, the 2024 edition saw 54 finalists go head-to-head in Dubai. Organisers say that the quality of early nominations for the 2025 awards has been extremely high, and include submissions from the GCC, Kenya, Europe, and the US showcasing innovation, sustainability, and service excellence from established players and emerging disruptors in the automotive aftermarket.

The Automechanika Dubai Awards programme, which awards companies and individuals within four categories, including Service Excellence, Products, Transformation, and People, plays a central role in shaping industry standards and celebrating success. From product safety and sustainability to car care and mobile services, this year’s accolades are designed to champion those helping to drive excellence across the Gulf’s automotive aftermarket sector.

Judging for the 2025 edition will be led by a distinguished panel of industry leaders, including Nasir Saif Sultan AlSeeri, Head of VIP Vehicles Maintenance Section at Dubai Government Workshop; Alan Whaley, Founder and Chairman of AMENA Auto; Dr. Maya Ben Dror, Co-founder and COO of ComplexChaos, Chairperson of Women in Mobility, and Venture Partner at NextGear Ventures; and Frank Schlehuber, Senior Consultant for Market Affairs at the European Association of Automotive Suppliers, alongside several other respected experts. (See below for the full panel).

Gaitri Jeswani, Chief Operations Officer at Eurodiesel Services LLC and recipient of the Women in Automotive Aftermarket award at the Automechanika Dubai Awards 2024, shared, “I am truly honoured and humbled to receive the Women in Automotive Aftermarket award, which reflects the hard work of the entire Eurodiesel Services team. This recognition inspires me to keep advocating for inclusivity, mentorship, and innovation in our evolving industry. I’m grateful for the support that drives us to push boundaries and create positive change for future generations.” 

In addition to receiving the award, Jeswani will serve as an honorary judge on this year’s Automechanika Dubai Awards panel.

Taking place at Dubai World Trade Centre from 9-11 December 2025, the upcoming edition of Automechanika Dubai is based around six key pillars: sustainability, electrification and digitalisation, innovation, training, recruitment and safety. Returning features include the Automechanika Academy, Innovation4Mobility, the Automechanika Awards, the Pitstop Challenge, the Modern Workshop and the Lubricants, Base Oil and Additives Conference. 

The show will feature 10 product sections, including Parts & Components, Electrics & Electronics, Accessories & Customising, Car Wash, Care & Detailing, Body & Paint, Diagnostics & Repair, Oils, Lubricants & Fuels, Tyres & Batteries, Digital Solutions & Services, and a new product area focusing on Connectivity & Autonomous Driving. 

Companies and individuals wishing to enter should visit, the Automechanika Dubai Awards page.

Hyundai Motor Group Pioneers Hydrogen Mobility in NEOM to Drive Sustainable Transport

By
Sahfy Sahfy
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Hyundai Motor Group Pioneers Hydrogen Mobility in NEOM to Drive Sustainable Transport
Hyundai Motor Group Pioneers Hydrogen Mobility in NEOM to Drive Sustainable Transport

Hyundai Motor Group (the Group), in partnership with Enowa, NEOM’s energy and water subsidiary, announced today the successful completion of a pioneering hydrogen mobility trial in Trojena, the mountains of NEOM. This achievement marks the first deployment of hydrogen-powered vehicles in high-altitude mountain topography, reinforcing the Group’s leadership in hydrogen mobility. Watch the video here.

The Group operated its hydrogen fuel cell electric vehicle (FCEV) coach bus, UNIVERSE, on a mountainous route in Trojena, reaching elevations of up to 2,080 meters and gradients of 24 percent. Simulating passenger transport from NEOM’s future core business district to Trojena, the trial demonstrated vehicle performance and the practicality of hydrogen in high-altitude conditions.

This achievement builds on a comprehensive memorandum of understanding (MoU) signed with NEOM’s Mobility sector in September 2024 to explore bringing next-generation zero-emission mobility solutions to NEOM.

With Enowa having recently installed the region’s first hydrogen refuelling station, capable of supporting a range of hydrogen-powered vehicles, the Group was able to operate a UNIVERSE Fuel Cell bus for VIP transport in NEOM from October to December last year. 

This successful trial in NEOM marks an important step in advancing Saudi Arabia’s vision, aimed at driving economic transformation and fostering future industries. Hyundai Motor Group and NEOM can build on this milestone by broadening their collaboration in sustainable solutions, underscoring their shared commitment to a decarbonized future.

In collaboration with NEOM and Enowa, the Group released a video to share its journey, capturing the UNIVERSE Fuel Cell bus navigating Trojena’s mountain terrain alongside interviews with the project partners. The film highlights Hyundai Motor Group’s shared commitment to advancing sustainable mobility solutions in NEOM by demonstrating hydrogen technology in varied real-world conditions.

Hyundai Motor Group’s footprint in Saudi Arabia is rooted in earlier hydrogen efforts, which began with technology development in the late 1990s. This latest trial underscores the Group’s dedication to realizing hydrogen mobility in line with Saudi Vision 2030 and global climate goals.

Hyundai Motor Group is advancing the global energy transition through its dedicated hydrogen brand and business platform, HTWO. By harnessing its end-to-end expertise in hydrogen—from production and storage to application— HTWO is expanding as an open platform for collaboration, investment, and partnership, reinforcing the Group’s contribution to building a viable hydrogen economy.

Jisr Concludes its 10th Edition of Majlis in Makkah

By
Sahfy Sahfy
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Jisr Concludes its 10th Edition of Majlis in Makkah
Jisr Concludes its 10th Edition of Majlis in Makkah

Saudi Arabia’s leading HR technology startup, Jisr, hosted its tenth edition of its flagship initiative, Majlis, in Makkah on July 22. First launched in Riyadh in 2024, the Majlis platform has welcomed over 3,000 attendees from various industries, as well as more than 200 leaders in HR and executives from both the public and private sectors. Past sessions have featured notable speakers, including Mr. Sultan Al-Sahmah, Mr. Naif Al-Faheid, and Mr. Abdulrahman Al-Akhdar, among other distinguished guests who have contributed to shaping high-level conversations on workforce transformation. 

The event’s continued growth mirrors Jisr’s rapid ascent in the Saudi tech landscape. In 2023, the company secured a $30 million Series A funding round led by Merak Capital, marking a significant milestone in its mission to modernise HR operations across the Kingdom. This investment will accelerate Jisr’s product development and reinforce its role as a key contributor to the digital transformation in human capital. 

This edition of Majlis is particularly notable as it marks the first time the event has been hosted within a client’s headquarters, with Sala welcoming Jisr to their newly opened Makkah HQ. Sala, a fellow Saudi startup, offers a powerful workplace model – exemplifying talent migration by attracting professionals from Riyadh to the western region. By exploring the experience of hosting Majlis outside of the central business cores, this highlights Jisr’s commitment to promoting significant dialogue across all areas in Saudi. The event also further strengthens Jisr’s presence with potential clients in Makkah as well as influential local organisations such as AlBaik and Saudi National Bank (SNB). 


Sala’s proactive partnership in hosting the Majlis reflects not only their dedication to cultivating strong HR practices, but also the growing prestige of the initiative itself. 

In addition to exploring employee engagement strategies, the dialogue touched up on the impact of workforce migration – both within and beyond Saudi Arabia – and its implications for talent pipelines, organisational development, and policy planning.

UN HLPF 2025: GEEP, NYU Launch Global Ideation Lab to Explore New Prospects in International Cooperation and Government Innovation

By
Sahfy Sahfy
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UN HLPF 2025: GEEP, NYU Launch Global Ideation Lab to Explore New Prospects in International Cooperation and Government Innovation
UN HLPF 2025: GEEP, NYU Launch Global Ideation Lab to Explore New Prospects in International Cooperation and Government Innovation

The Government Experience Exchange Programme (GEEP), under the UAE Ministry of Cabinet Affairs, launched a Global Ideation Lab in collaboration with New York University (NYU). The Ideation Lab was held alongside the UAE delegation’s participation at the High-Level Political Forum (HLPF) on Sustainable Development 2025, organized by the United Nations Department of Economic and Social Affairs at the UN Headquarters in New York City. It brought together leading experts, academics, UN officials, diplomats, policymakers, and university students to explore new prospects in government sector innovation and global cooperation.

The session drew participation from 26 ministers, experts, academics, and UN officials, including Annemarie Hou, Executive Director of the UN Office of Partnerships, and Patrick Paul Walsh, Vice President of Education and Director of the SDG Academy at the UN Sustainable Development Solutions Network (SDSN). Attendees also included sustainability officials and diplomats from countries such as Switzerland, Portugal, Ireland, Serbia, Paraguay, Bahrain, Uzbekistan, Qatar, Kingdom of Eswatini, and others. Members of the UAE delegation to the HLPF, officials from NYU’s administrative and academic bodies, and 30 students from NYU, Stanford, and the University of Pennsylvania also participated.

Global Ideas Sandbox

The Ideation Lab helps build a global ideas sandbox and provides a creative open space. It highlighted the developmental role of comprehensive initiatives supporting global partnerships, particularly the UAE’s GEEP, which serves as an incubator for scalable cross-border partnerships and an effective knowledge sharing platform.

UAE Commitment to Expanding Partnerships

His Excellency Abdulla Nasser Lootah, Assistant Minister of Cabinet Affairs for Competitiveness and Experience Exchange and Chair of the National Committee on Sustainable Development Goals, stated that the UAE’s knowledge-sharing approach is comprehensive, leveraging contributions across sectors locally and globally. This approach provides an environment for creating innovative ideas and impactful development solutions.

“In the UAE, we have successfully built a pioneering model for international cooperation based on knowledge exchange with countries and governments, and GEEP is a crucial part of this endeavor,” Lootah said. “We are committed to involving various sectors, particularly academia, and cooperating with everyone in developing solutions to urgent global challenges, including developmental challenges, and expanding frameworks for sharing, transferring, and exchanging best government practices to help achieve sustainable development.”

He added: “The joint Global Ideation Lab between GEEP and NYU exemplifies the collaborative approach we adopt in the UAE to develop best practices that enhance readiness for present and future opportunities.”

Challenge and Solution Model

The Global Ideation Lab adopted a collaborative approach between GEEP and NYU, centered on posing challenges, linking academic insights with practical governance, and involving various stakeholders in designing partnership-based and scalable solutions.

The session outcomes contributed to aligning knowledge inputs with policy, empowering stakeholders to participate in developing innovative solutions to urgent governance challenges, and accelerating progress towards the 2030 SDGs.

UN High-Level Political Forum

The HLPF on Sustainable Development is the UN’s central platform for reviewing and advancing SDGs. Established in 2012, the forum plays a pivotal role in monitoring national and international progress on the 2030 Agenda.

Participating delegations assess progress toward the SDGs, with this year’s forum featuring in-depth reviews of five priority goals: SDG3 (ensuring healthy lives and promoting well-being for all at all ages); SDG5 (achieving gender equality and empowering all women and girls); SDG8 (promoting sustained, inclusive, and sustainable economic growth, full and productive employment, and decent work for all); SDG14 (conserving and sustainably using the oceans, seas, and marine resources for sustainable development); and SDG17 (strengthening and revitalizing the Global Partnership for Sustainable Development).

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