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EFG Holding Posts 89% Y-o-Y Growth in Revenues and Net Profit in 1H23

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Sahfy Sahfy
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EFG Holding, the leading financial institution with a universal bank in Egypt and the leading investment bank franchise in Frontier and Emerging Markets (FEM), announced today its results for the second quarter of 2023. The Group booked a robust revenue increase of 51% Y-o-Y to EGP 3.1 billion on the back of broad-based growth across the Investment Bank (EFG Hermes), the commercial bank (aiBANK), and the Non-Bank Financial Institutions (NBFIs) platform (EFG Finance) in 2Q23. Moreover, despite a 53% Y-o-Y rise in Group operating expenses, EFG Holding’s operating profit booked an increase of 46% Y-o-Y to EGP 988 million, and net profit before tax grew by 37% Y-o-Y to EGP 842 million in 2Q23. At its bottom line, the Group recorded growth of 20% Y-o-Y to EGP 405 million in net profit after tax and minority interest in 2Q23.

EFG Holding’s Group CEO, Karim Awad, commented on the results: “I am delighted to report that the Group has closed out the first half of the year on a strong note and witnessed outstanding results across the board. Our performance for the period continues to reflect our commitment to operational excellence across the markets we operate in, which saw our divisions continue to deliver on our strategies on both the buy- and sell-side at EFG Hermes. Moreover, I am also thrilled with the performance of EFG Finance and aiBANK as they continue to reap the rewards of increased demand for their diverse suite of financial solutions and banking services. On this front, valU has continued to diversify its product offering and led our NBFIs platform with predominately higher revenues, and in parallel, aiBANK has seen remarkable double-digit revenue growth as it continues implementing the roll-out of its transformation strategy. This performance stands testament to the value creation possibilities from the Group’s comprehensive and diverse business model.

The Investment Bank ‘EFG Hermes’ continued to build on its success at the start of the year and successfully concluded two equity transactions and three debt transactions worth an aggregated value of USD 1.1 billion, further cementing its position as the advisory house of choice. EFG Hermes acted as joint book-runner on the IPO of ADNOC L&S on the Abu Dhabi Securities Exchange, and in parallel, acted as Joint Global Coordinator on the IPO of Al Ansari Financial Services on the Dubai Financial Market.

Regarding revenue performance, EFG Hermes recorded a significant 61% Y-o-Y increase to EGP 1.6 billion in 2Q23 compared to EGP 989 million in the same period last year. Revenue growth in 2Q23 was supported by a 13% Y-o-Y increase in sell-side revenue to EGP 797 million on the back of a 57% Y-o-Y rise in brokerage revenue to EGP 645 million during the period. Additionally, impressive revenue increases of 145% Y-o-Y and 61% Y-o-Y at the private equity and asset management divisions, respectively, drove a 77% Y-o-Y increase in buy-side revenue to EGP 262 million in 2Q23. Moreover, EFG Hermes’ revenue was further buoyed by a 286% Y-o-Y increase in Holding and Treasury Activities to EGP 530 million in 2Q23.

At ‘EFG Finance’, the NBFI platform continued to focus on introducing new and innovative financial service offerings, as well as partnering with various players in 2Q23. EFG Finance’s revenues booked growth of 23% Y-o-Y to EGP 620 million in 2Q23, mainly on the back of a stellar 193% Y-o-Y increase in revenue at valU, reaching EGP 207 million driven by securitization gains coupled with higher loans issued in 2Q23. Additionally, EFG Corp-Solutions’ factoring revenues booked a revenue increase of 90% Y-o-Y to EGP 27 million, and parallel to this, leasing revenues recorded an 11% Y-o-Y increase to EGP 66 million in 2Q23. Meanwhile, Tanmeyah’s revenues declined 17% Y-o-Y to EGP 297 million on lower sales.

Meanwhile, the commercial bank’s ‘aiBANK’ revenues climbed 58% Y-o-Y to EGP 888 million on the back of a 43% Y-o-Y increase in net interest income mainly driven by a rise in interest earnings assets. Additionally, aiBANK’s performance was further supported by a significant 181% Y-o-Y increase in net fees and commission income to EGP 187 million in 2Q23, as trade finance activities continue to pick up.

Awad concluded: “We have built a strong momentum in the first half of 2023, which highlights the strength of our extensive brand universe, and allows us to capitalize on the inherent synergies and attractive opportunities across our verticals. Moreover, our recent rebranding to EFG Holding reflects our evolution into a universal financial powerhouse and further underscores the breadth and depth of our portfolio of value-accretive financial solutions,leaving us better-positioned to serve our clients and expand our reach in today’s ever-evolving and dynamic world. As always, the commitment and expertise of our people remain the driving force behind EFG Holding’s success, and I would like to thank our shareholders for their ongoing trust in the Group’s ability to create sustainable value.”

Al Baraka Group’s Net Income Increases 5% in H1 2023

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Sahfy Sahfy
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Al Baraka Group B.S.C. (“ABG” or Group”), Bahrain Bourse trading code “BARKA”, announced its half year and second quarter of 2023 financial results.
Net income attributable to shareholders increased from US$ 45 million to US$ 47 million – a 5% increase when compared to the second quarter of 2022. This is due to an increase in fees and commission income and reduced provisioning, partially mitigated by increased cost of funding and the depreciation of regional currencies against the US dollar.
Earnings per share stood at US$ 2.46 Cents for the second quarter of 2023, compared to US$ 2.42 Cents in the same period last year.
The increase in income from fees and commission and reduced provisions has also led to an increase of 31% in the Group’s net income for the quarter ending June 2023 to reach US$ 97 Million compared to US$ 74 Million for the same period in 2022.
Semi-Annual Results
The Group also saw a 5% increase in the net income attributable to shareholders for the first half of this year representing US$ 89 million, compared to US$ 85 million at the halfway point of last year. This is due to an increase in income from financing and investments and reduced provisioning.
The basic and diluted earnings per share reached US$ 5.87 Cents for the first half of 2023, compared to US$ 5.68 Cents for the first half of 2022.
The equity attributable to the parent’s shareholders and Sukuk holders decreased by 3%, falling from US$ 1.26 billion at the end of 2022 compared to US$ 1.22 billion at the end of June 2023, due to the increase in foreign currency exchange reserves.
The Group’s total equity decreased by 4% to reach US$ 1.89 billion at the end of the second quarter of 2023 compared to US$ 1.97 billion at the end of December 2022.
Despite the depreciation of regional currencies against the US dollar in certain markets – specifically in Egypt, Turkey and Pakistan – the total assets of the group remained relatively stable at around US$ 24.36 billion at the end of the second quarter of 2023, compared to US$ 24.98 billion at the end of December 2022 (a decrease of 2%).
Total net income grew 24% to US$ 170 million during the first six months of 2023, compared to US$ 137 million for the same period of 2022.
Commentary
Chairman of the Board of Directors of the Group, Sheikh Abdullah Saleh Kamel stated; “We are optimistic about the Group’s financial stability which is evident in our second quarter 2023 financial results. We have been able to achieve flexible and stable financial results despite international economic uncertainty and geopolitical turmoil which has caused worldwide inflation and high interest rates – both of which have led to the depreciation of currencies in certain markets in which we operate.”
He continued; “Despite international financial volatility in markets, which directly affected the increase in our operational costs, we were able to prevent financial knock-on effects from affecting the Group and balanced our expenses. We achieved this thanks to the diversification of our investments and sourcing stable liquidity to drive our growth.”
Mr. Houssem Ben Haj Amor, Board Executive Member and Group Chief Executive Officer said; “Many markets in the region are experiencing challenges as a result of volatile economic conditions. The Group has showed great flexibility and enjoyed relative stability, as seen in our financial results for the second quarter of this year. This is due to our focus on improving our operational performance, as well as our identifying investment opportunities that generate sustainable growth. Despite the continuing challenges, such as ongoing international inflation and high interest rates which impact our profits, we intend to intensify our focus on maintaining reliable liquidity while utilizing innovative digital mechanisms that enrich the experience of our customers, and increase our profits in the long term.

Yahsat reports solid first half results for 2023

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Sahfy Sahfy
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Al Yah Satellite Communications Company PJSC (“Yahsat” or the “Group”), the UAE’s flagship satellite solutions provider listed on the Abu Dhabi Securities Exchange (”ADX”, under symbol: YAHSAT, ISIN: AEA007501017) announced today its consolidated financial results for the six months ended 30 June 2023.

Revenue for the first half of the year was stable at AED 753 million [USD 205 million] whilst EBITDA and net income increased, on a normalised basis, by 3% versus the prior year to AED 460 million [USD 125 million] and 5% to AED 175 million [USD 48 million], respectively.

The Group delivered revenue growth in Infrastructure, the Group’s largest segment providing communications capacity to the UAE government, and Data Solutions, offering satellite-based broadband data solutions. Managed Solutions, providing complete value-added satellite communications solutions primarily to the UAE government and related entities, maintained revenues versus an exceptionally strong prior year. Mobility Solutions, the Thuraya business providing mobile satellite services using L-band spectrum, recorded strong double-digit growth in the second quarter of 12% versus the prior year, driven by higher equipment sales, a trend that is expected to continue into the third quarter and help achieve revenue growth for that segment by the end of the year.

Highlights for the period include:

  • Revenue of AED 753 million [USD 205 million], stable year-on-year.
  • Normalised EBITDA of AED 460 million [USD 125 million], up 3% year-on-year, delivering a superior margin of 61% (prior year 59%).
  • Normalised Net Income (profit) of AED 175 million [USD 48 million], up 5% year-on-year, generating an improved margin of 23% (prior year 22%).
  • Contracted future revenue of AED 7.0 billion [USD 1.9 billion], stable versus end of Q1 2023 and equivalent to 4.4 times last-twelve-month revenue.
  • Improved cash generation with Discretionary Free Cash Flow of AED 296 million (USD 82 million), up 34% versus prior year.
  • Historically strong balance sheet with negative Net Debt of more than AED 454 million [USD 125 million], total available liquidity of AED 2.3 billion [USD 686 million] and long-term visibility of future cash flows, supports Yahsat’s future investment in organic growth (Al Yah 4 and Al Yah 5) and opportunistic acquisitions, without impacting its attractive progressive dividend policy.
  • Positive net finance income benefiting from higher interest rates on short-term deposits versus prior year.
  • On track to grow full year 2023 dividend by at least 2% to 16.46 fils [4.48 US cents] per share or AED 402 million [USD 109 million] – based on the last closing share price, this implies an annualised dividend yield of over 6%, amongst the highest offered by UAE listed stocks.
  • Guidance for full year revenue, EBITDA, and Discretionary Free Cash Flow remains unchanged, whilst guidance for cash capex and investments is increased to a range of AED 643-716 million [USD 175-195 million] from AED 569-643 million [USD 155-175 million], to reflect the commencement of the Al Yah 4 and Al Yah 5 satellite procurement programme.

Ali Al Hashemi, Group Chief Executive Officer of Yahsat, commented: “Yahsat continues to improve its business operations and profitability, and we remain focused on growing both our core government business and commercial segments, whilst controlling and optimising costs across the Group.

“In addition to completing the Thuraya-4 NGS satellite procurement programme, which remains on track to be launched in the first half of 2024, we have signed an Authorization-to-Proceed (ATP) with Airbus, a long-time partner of Yahsat, to commence initial activities relating to the procurement of the Al Yah 4 and Al Yah 5 satellites. In parallel, we are in advanced negotiations with the UAE government to secure a long-term contract that would significantly increase and extend our backlog of contracted revenues beyond 2040.

“We have also commenced work on establishing a formal partnership with Bayanat to offer Earth Observation (EO) capabilities using, in the first phase, synthetic aperture radar (SAR) technology, which provides higher resolution data than conventional sensors. This partnership aims to develop a constellation of five satellites, with the first satellite expected to be launched in the first half of 2024, which will further diversify our current portfolio of fixed and mobile satellite communication services from GEO orbits and expand it to include Earth observation services from LEO orbits.

“The satellite industry continues to witness substantial investments and the development of new business models. Together, these forces are driving industry consolidation and the necessary emergence of larger and stronger players. Yahsat remains in a strong position to take advantage of these developments, underpinned by our unique backlog of future revenues and our historically strong and robust balance sheet.”

The full set of first half financial disclosures, including a more detailed Management Discussion & Analysis report that clearly defines capitalised terms used in this press release, can be found within the Investor Relations section on Yahsat’s website.

Note to Editors:

Normalised EBITDA is EBITDA (earnings before interest, taxes, depreciation and amortisation) adjusted for material, one-off items recorded during the current and comparative periods that would otherwise distort the underlying, like-for-like performance of the business. H1 2023 Normalised EBTIDA of AED 460 million [USD 125 million] reflects an adjustment for one-off redundancy costs (AED 8 million [USD 2 million]) whilst there were no adjustments made to H1 2022 EBITDA of AED 448 million [USD 122 million]

Similarly, H1 2023 Normalised Net Income of AED 175 million [USD 48 million] reflects adjustments made to derive Normalised EBITDA whilst there were no adjustments made to H1 2022 net income of AED 167 million [USD 45 million].

Applications for WEF UpLink ‘Smarter Climate Farmers Challenge’ received from across the world  

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Sahfy Sahfy
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The Saudi Ministry of Economy and Planning (MEP) announced today that applications have been received to date from participants from across the world for the ‘Smarter Climate Farmers Challenge’. The submission of solutions remains open until August 10 for this challenge, launched last month in partnership with the World Economic Forum’s (WEF) UpLink platform.

The ‘Smarter Climate Farmers Challenge’ is a call for solutions using climate-smart agriculture approaches to improve food production, promote better living standards, respond to climate change and lead to the efficient care of the planet’s resources within food ecosystems.

The challenge aims to improve living standards through boosting food production, responding to climate effects and enhancing food ecosystems. The launch of this challenge on July 2 followed the success of the WEF UpLink ‘Food Ecosystems in Arid Climates’ challenge, also supported by MEP.

Solutions for the second challenge to date have been submitted by upstarts in Asia, Africa, North America, South America, Europe and Oceania.

His Excellency the Saudi Minister of Economy and Planning Faisal F. Alibrahim had revealed the 10 winners, out of a total of more than 200 solutions submitted, for the ‘Food Ecosystems in Arid Climates’ challenge. The announcement was made at WEF’s Annual Meeting of the New Champions in China in June 2023, a three-day gathering attended by more than 1,500 global leaders from business, government, civil society, and other international organizations.

The winners were awarded funding and support to further build and refine their ideas. The solutions had been submitted by the participants in the first challenge in response to the challenge to share innovative ideas to enhance food security amid intensified droughts and desertification across the planet. The details of the announcement and winners can be viewed via this LINK.

Both Uplink Innovation Challenges are funded by the Ministry of Economy and Planning, and supported by 17 other entities, including: 3 BL Associates, Act4Food Act4Change, Centre for the Fourth Industrial Revolution in the Kingdom of Saudi Arabia (C4IR KSA), Clim-Eat, Cornucopian Capital, EAT, Innovative Institute for Food and Health, King Abdulaziz City for Science and Technology (KACST), Manuia, Ministry of Environment, Water and Agriculture KSA, Federation of Saudi Chambers, Omnivore, Sentient Ventures, Social Gastronomy, Movement, Unilever, WFP Innovation Accelerator, and World Food Forum.

International Leaders gather in Dubai to Discuss Sustainability at Forbes Middle East Summit

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Sahfy Sahfy
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The Forbes Middle East Sustainability Leaders’ Summit 2023 will convene international leaders in sustainability, technology, finance, and policy in Abu Dhabi from November 1-3. Under the theme: “Driving economic growth for a greener world,” the highly anticipated event will be chaired by His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade for the U.A.E.

HE Dr. Thani bin Ahmed Al Zeyoudi recently expressed his enthusiasm for the event and his upcoming role: “This is a prestigious and important summit, which brings together global and regional government representatives, business leaders, entrepreneurs, and policymakers to address the most pressing challenges related to sustainable economic growth and climate action that we face today. At the summit, we aim to foster collaboration, drive innovation, and create actionable solutions to pave the way for a greener, more sustainable future.”

The Forbes Middle East Sustainability Leaders’ Summit 2023 plays a crucial role in the global push for environmental conservation and sustainable development. This summit, being held in the capital of the U.A.E., is a timely demonstration of the potential and progress of energy transition in the region. The gathering of international leaders in sustainability, technology, finance, and policy will serve as an invaluable platform for discussing, innovating, and driving global strategies toward sustainable living. Taking place before the United Nations Climate Change Conference (COP28), it will set the tone for international and regional dialogue and decision-making, allowing the world’s leaders to approach the conference with informed perspectives, ambitious goals, and actionable strategies for combating climate change.

As the chair of the Forbes Middle East Sustainability Leaders’ Summit, HE Dr. Thani bin Ahmed Al Zeyoudi will lead discussions that will showcase the U.A.E. government’s visionary approach and its commitment to fostering sustainable development.

Khuloud Al Omian, CEO and Editor-in-Chief of Forbes Middle East, expressed her pride in having HE Dr. Thani bin Ahmed Al Zeyoudi as the chair of the upcoming summit, highlighting his wealth of knowledge, expertise, and dedication to developing sustainable green economic practices. “His vision will undoubtedly contribute to the summit’s success and inspire participants to take bold steps in their respective industries across the Middle East,” said Al Omian.

Participants can expect an engaging and comprehensive program featuring keynote addresses, panel discussions, interactive workshops, and networking opportunities. The agenda will cover a wide range of topics, including the importance of public-private partnerships in sustainable economic growth, inspiring climate action and resilience in the economy, examining the role of sustainable finance and investment in driving green trade practices, exploring policy and regulatory frameworks for a sustainable economy, and leveraging technology for capacity building and knowledge sharing. Innovation is the key driver for developing and bolstering the local and regional green economy, a focus that is particularly relevant in the context of the Forbes Middle East Sustainability Leaders’ Summit in Abu Dhabi. Advancements in sustainable technologies and practices, ranging from renewable energy solutions to waste management systems, have the potential to dramatically reshape the economic landscape of the region. Not only can they replace or reduce reliance on traditional, environmentally harmful industries, but they can also create new avenues for job creation and economic growth.

By fostering entrepreneurship and attracting global investments, the U.A.E. and its neighboring countries aim to become leading hubs for green innovation. This transformation is not only crucial for regional sustainable development, but it also sets a precedent and provides a replicable model for similar regions around the globe. In turn, this boosts the global green economy and helps to meet the goals of the Paris Agreement and other international environmental commitments.

The Forbes Middle East Sustainability Leaders’ Summit promises to be an impactful event that will empower global leaders, industry experts, and stakeholders to address the most pressing environmental challenges of our time. By accelerating the transition toward a greener, more sustainable world, the summit aims to create a legacy of sustainable development and prosperity for future generations.

PRCA MENA ANNOUNCED CONFERENCE AND DIGITAL AWARDS 2023

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Sahfy Sahfy
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PRCA MENA, the leading professional association for public relations and communications in the Middle East and North Africa, is thrilled to announce their Conference and Digital Awards 2023, set to take place on Wednesday, 8th November, at the Mӧvenpick Hotel & Residences Riyadh in Riyadh, Saudi Arabia.

The half-day conference will feature an array of insightful sessions aimed at empowering PR and digital communications professionals. The programme will include thought-provoking sessions such as “The Value of the PR Industry in the MENA region,” “AI vs. PR – Embrace the Revolution,” “PR Agencies in Saudi Arabia – Changes and Challenges,” and “Saudi VISION 2030 and PR” – Where Excellence Meets Innovation.”

Highlighting the rapidly evolving PR and digital communication landscape, these sessions will provide attendees with exclusive industry insights and strategies to succeed in a competitive market. PRCA MENA is dedicated to fostering growth, innovation, and excellence in the region’s PR industry, and this conference stands as a testament to its commitment.

As the sun sets, the focus will shift to the highly anticipated PRCA MENA Digital Awards gala dinner, commencing at 7:00 PM in the settings of the Mӧvenpick Hotel. These awards will recognise and honour the PR talents and outstanding campaigns in the digital communications realm. They serve as a platform to acknowledge and celebrate the exceptional work that is driving the digital landscape forward.

The Digital Awards are now open for submissions, and categories can be seen here.

Monika Fourneaux, Head of PRCA EMEA, commented, “We are thrilled to invite you for a day filled with knowledge-sharing, networking, and inspiration. The Conference and Digital Awards celebrations will bring together like-minded professionals, industry experts, and visionaries from across the MENA region and beyond. Together, we will shape the future of PR and digital communication, setting new standards of excellence.”

For more information and registration for the Conference and Digital Awards Gala Dinner, please visit https://prca.mena.global/events/prca-mena-conference-and-digital-awards-2023/

Agthia and Brazil Set to Strengthen Bilateral Ties

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Sahfy Sahfy
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Brazil’s Minister of Agriculture, Livestock and Food Supply, H.E. Carlos Fávaro, who is on a state visit to the UAE, visited the Abu Dhabi headquarters of Agthia, the parent company of Al Foah – the world’s largest exporter of dates, accompanied by H.E. Ambassador Eliana Zugaib, Chargé d’affaires at The Embassy of Brazil in Abu Dhabi.

During the meeting with Agthia and Al Foah’s leadership, the delegation interacted with Mubarak Al Mansoori, President – Snacking & Government Relations, and discussed ways to expand collaboration, commercial ties, and trade, as well as Al Foah’s pivotal role in promoting dates and their ingredients as a superfood in the region. The populous nation is the world’s fifth-largest country and home to more than 200 million people. It is also a key market in Al Foah’s new market entry strategy, alongside the US, Japan, and other countries. Al Foah’s products are currently present in more than 1000 stores across Brazil and achieved a tenfold increase in its exports to the country since 2021.

Carlos Fávaro, Minister of Agriculture, Livestock and Food Supply in Brazil, said, “Brazil is the business and cultural gateway to South America, is an important trade partner for the UAE and Agthia. Today’s meeting with the Agthia and Al Foah team underscores the growing trade relationship between our two great nations, which has reached new heights in the past years”.

Mubarak Al Mansoori, President – Snacking & Government Relations, Agthia, said, “The accelerated expansion of Agthia Group’s exports to Brazil, particularly Al Foah dates, reflects our close relationship. Our partnership with the Brazilian government extends beyond commercial relations, as we cooperate to transfer Al Foah’s expertise in the dates processing industry. We look forward to collaborating closely with Brazilian experts and forging a mutually beneficial strategic alliance.”

Al Foah serves a network of more than 24,000 date farmers across the UAE, bringing knowledge, technology, and support to nurture high-quality crops. The company produces between 120,000 to 130,000 metric tonnes of dates per year, with approximately 90% of its production exported to over 48 countries worldwide.

United kingdom-Gulf States Trade Deal on Track

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Sahfy Sahfy
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Britain's Foreign Secretary James Cleverly shakes hands with Kuwait's Foreign Minister Sheikh Salem Al Sabah in Kuwait City, Kuwait July 26, 2023. KUNA/Handout via REUTERS ATTENTION EDITORS - THIS PICTURE WAS PROVIDED BY A THIRD PARTY

 

Total trade between the UK and GCC countries rose by more than 70 percent to £64.5 billion ($82.7 billion) in the year to the end of March, driven by rising oil prices and a demand for services as Gulf states move to diversify their economies.

According to an AGBI analysis of statistics released by the UK’s Department for Business and Trade on Tuesday, trade in goods and services eclipsed last year’s figure of £37 billion.

Over £15 billion of trade consisted of UK imports of oil and gas from GCC countries.

The fourth round of negotiations on a free trade agreement took place last week in London.

Discussions were held across 23 policy areas over 44 sessions and “good progress” was made, a government statement said.

Freddie Neve, senior Middle East associate at analyst Asia House, told AGBI that oil still accounts for a significant portion of UK-Gulf trade.

Average prices rose to $100 a barrel last year, compared with almost $70 in 2021.

“The UK has increased its purchases of Gulf oil and gas since the start of the Ukraine conflict to compensate for supplies it previously received from Russia,” Neve said.

Neve added that trade also continues to be boosted by the GCC’s efforts to diversify away from oil. This has encouraged growth in Gulf imports of UK professional services to assist delivery of various projects.

UK exports of services to the region rose significantly last year to nearly £18 billion.

Saudi Arabia, for example, is undergoing a major transformation with giga-projects such as Neom taking shape.

 

Chris Innes-Hopkins, UK executive director of the Saudi British Joint Business Council, said the latest figures reflected a “growing engagement” by UK companies in new sectors of the fast-growing Saudi economy.

 

“The services sector is particularly buoyant and it’s good to see many smaller UK companies getting involved in fintech, creative industries and education opportunities among others,” he said.

 

Foreign secretary James Cleverly highlighted the UK’s growing partnership with Gulf countries last week during a three-day visit to Qatar, Kuwait and Jordan.

 

The UK government has announced that citizens from Gulf countries and Jordan will be among the first to benefit from the UK’s new Electronic Travel Authorisation visa scheme, which will make travel to the British isles cheaper and easier for visitors.

 

According to the Department for Business and Trade figures, the UAE was the UK’s largest trade partner in the Gulf last year, followed by Saudi Arabia.

 

Bradley Jones, executive director of the UAE-UK Business Council, said the Cop28 environmental conference, which will be hosted in Dubai later this year, is “really drawing attention” to opportunities for UK-UAE collaboration in sustainability and decarbonisation.

 

Lord Dominic Johnson, a minister of state in the UK’s Department for Business & Trade, added: “We are seeing extraordinary rates of growth for British companies operating in the Gulf.

“I spoke to one of the big accounting firms. They’re looking at 35 per cent annual growth.”

He said that he met a number of construction and infrastructure companies last month at the prime minister’s business reception in Downing Street who are reporting ”phenomenal rates of growth”, particularly in Saudi Arabia.

UK secretary of state for business and trade, Kemi Badenoch, visited Qatar, Saudi Arabia and the UAE in May to maintain momentum on the potential trade deal.

 

The European Bank for Reconstruction and Development supports the water sector in Egypt through the New Urban Communities Authority

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Sahfy Sahfy
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The European Bank for Reconstruction and Development (EBRD) is supporting the development of Egypt’s urban infrastructure sector by investing EGP 927 million (€ 27 million) in a securitised local currency bond issued by El Taamir for Securitization Company (El Taamir), a special purpose vehicle set up by the New Urban Communities Authority (NUCA).

This investment is part of the EGP 20 billion Issuance of September 2022, which is the largest securitised issuance in Egypt to date and benefits from a guarantee by the country’s Ministry of Finance. It was listed on the Egyptian stock exchange in November 2022.

NUCA has developed more than 40 cities with solid support from the private sector, including developers and contractors. NUCA will use the proceeds of the bond issuance for capital and operating expenditures.

The Bank’s investment will support a range of municipal infrastructure projects covering drinking water, sanitation, treated water storage and pumping stations, street lighting and power transmission.

Egypt has been undertaking a number of initiatives to achieve inclusive and sustainable growth in cities. The Bank will provide a comprehensive technical cooperation package to help NUCA build a sustainable path for water management in one of its new cities. This will include a gender-responsive water assessment to ensure that sustainable and inclusive governance of water resources benefits women and men equally.

The EBRD’s investment will also contribute to the development of green capital market products in the country, with dedicated technical support in preparation for NUCA’s potential green bond issuance.

The €810,000 technical support package is funded by the Netherlands through the High-Impact Partnership on Climate Action (HIPCA, also supported by Austria, Canada, Finland, Korea, Switzerland, Spain, TaiwanICDF and the United Kingdom) and the EBRD’s own funds.

Since 2012 the EBRD has invested over €10.4 billion in more than 160 projects in Egypt, with almost 55 per cent of its portfolio invested in sustainable infrastructure.

Aurora50 Launches NOORA, a New Corporate Network for Women in Abu Dhabi

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Sahfy Sahfy
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NOORA will see corporate leaders, senior women and other inclusion allies commit to achieving the UN’s Sustainability Development Goal of gender equality (SDG 5).

Research has revealed that networking allows women to form an inner circle and become leaders, helping private-sector organisations meet UAE targets for Emiratis and women in leadership.

The network and partnership were officially launched at the Women’s Pavilion in Dubai’s Expo City

Aurora50, the UAE-based training and development company dedicated to creating thriving, inclusive workplaces, in partnership with Abu Dhabi National Energy Company PJSC (TAQA), Accenture, Emirates Global Aluminium (EGA), Emirates Group, and ENOC, have announced the launch of a new membership community, NOORA to support ambitious corporate women, from first-time managers, through to leaders of leaders.

Supporting the UAE’s continued efforts to achieve 30% women’s representation in leadership roles, the new network is dedicated to women in the country and provides members with unlimited access to a real-world community of like-minded and ambitious women from diverse professional backgrounds, industries and nationalities.

The need to create such networks was highlighted in research from the US Kellogg School of Management, which revealed that women with a strong inner circle are more than three times more likely to be promoted than those without. Yet, women account for only 31% of senior roles globally.

Diana Wilde, co-founder of Aurora50, said: “We are delighted to launch NOORA with such influential and committed founding partners. Together we are forming a real-world community for like-minded and ambitious women.

“Research shows women climb the career ladder faster when they have a strong network. But no networks have existed in the UAE for the ambitious corporate career woman until now. Members will also be given opportunities to lead collaborations and solve industry challenges. Women will lead with impact”, Diana Wilde added.

Members of Noora will have the opportunity to participate in face-to-face workshops addressing industry challenges and will also have regular opportunities to network in person. Additionally, they can connect via the online membership platform at any time.

NOORA has two chapters: a lobby for first-time managers and a mezzanine for established leaders.

Nabil Almessabi, Chief Human Resources Officer at TAQA, commented: “TAQA is pleased to be a founding partner with Aurora50 on the launch of the NOORA program which will act as an important platform for networking as well as provide a community for professional women across several sectors. At TAQA, we are committed to identifying opportunities that will empower and enhance the experience of our female employees and create an ecosystem where they thrive professionally and have fulfilling careers at TAQA.”

TJ Lightwala, Accenture’s Marketing Senior Practice Lead & Inclusion and Diversity lead in the Middle East, said: “At the heart of every successful business lies the undeniable power of accessible, creative, and untapped talent. At Accenture, we wholeheartedly champion open, honest, and meaningful conversations that drive us toward achieving equality for all. Being part of the Noora initiative reflects our commitment to building a workplace culture that celebrates diversity and equality, fueled by visionary leadership. Through tangible actions and unwavering support, we strive to create an inclusive organisation where women thrive and break through barriers, ensuring they reach their full potential.”

Katherine Hahm, General Counsel and Head of Ethics & Business Integrity at Emirates Global Aluminum, said: “EGA is proud to be a founding partner of NOORA, a dedicated community designed to support ambitious women at all levels of leadership. At EGA, we’ve always championed the advancement of women in our industry, understanding that their unique perspectives and skills are integral to our success. NOORA provides a much-needed platform for women to forge connections, exchange ideas and amplify their professional growth. This partnership demonstrates our belief in the potential and capabilities of women in our industry and beyond. We’re excited to be a part of this journey, and we’re looking forward to seeing the transformative impact of NOORA on the UAE’s corporate landscape.”

Oliver Grohmann, Senior Vice President Human Resources at the Emirates Group, said: “We’re pleased to partner with Aurora50 and be a launch partner of the NOORA initiative. This dovetails with our continued efforts to empower all women at the Emirates Group, and we hope to inspire other businesses to follow suit. We believe that by combining resources, expertise and networks, we can accelerate the creation of a pipeline of women leaders who can make long-lasting impact on our industries and community.”

His Excellency Saif Humaid Al Falasi, Group CEO, ENOC, said: “We are delighted to announce our partnership with Aurora50 to launch the “NOORA” initiative. This partnership represents a strategic step for ENOC Group towards empowering our female employees and fostering an environment that champions their success. The UAE is one of the leading nations in the MENA at achieving and promoting gender equality, with women playing a vital role in building the community, economy and future of our country. Supporting the UAE’s continued efforts towards empowering women we at ENOC Group continuously look for such partnerships to benefit and offer valuable insights and skills, supporting their personal and professional growth, ultimately to benefit the entire Group as we strive for excellence together”.

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