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Agthia Group H1 2023 results – A Strong First Half: On Track to Meet Full Year Guidance‏

By
Sahfy Sahfy
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Agthia Group PJSC, one of the region’s leading food and beverage companies, today announced its results for the six months ending 30 June 2023. The Group delivered a strong performance during the first half – despite the currency headwind in Egypt and some demand phasing in Q2 from the earlier Ramadan and Eid holidays – with double-digit EBITDA growth reflecting strong growth in profitability across Snacking and Water, a laser focus on profit protection in Egypt, as well as further group-wide production and distribution economies.

Financial highlights

 Group net revenue increased 10.3% year-on-year to AED 2.2 billion (6% growth from pricing and 6.7% from volume#) reflecting a strong volume and value performance from dates, underpinned by premiumization and innovation, and good growth in Flour, our Food Portfolio, and international Water, which cushioned the adverse impact of currency devaluation in Egypt, price-elasticity in Saudi Protein and a more promotional and competitive landscape in Jordan.

Adjusting for the impact on revenue of currency devaluation in Egypt (AED -197 million), Group net revenue increased +20% year-on-year, with growth of 45% and 12% respectively from the Snacking and Agri segments, 21% growth from Protein and Frozen excluding currency impact, and 6% growth from Water and Food. LFL revenue, including Abu Auf in the prior comparable period, increased 3.1% year-on-year in AED terms.

  • EBITDA growth was ahead of revenue, up 18.3% year-on-year to AED 318.8 million (+31% excluding currency headwind), reflecting strong growth in profitability across Snacking and Water, a laser focus on profit protection in Egypt, as well as further group-wide production and distribution economies. In Snacking, strong pricing, favourable channel mix, and manufacturing efficiencies in our dates business was accompanied by double-digit EBITDA growth at BMB post channel and production optimization in Saudi. In Water and Food, strong growth across the international footprint, as well as cost efficiencies in Saudi and UAE water countered a lower margin mix and commodity inflation in the Agri-business.
  • Group net profit1 increased 6.6% year-on-year to AED 144 million, with the slower rate of growth relative to EBITDA reflecting the higher interest rate environment (interest costs + AED 34 million year-on-year) compared to the prior year.
  • Strong balance sheet: Agthia’s balance sheet remained robust with cash and equivalents of AED 0.6 billion post AED 579 million of debt prepaid in the year to date. The Group’s net debt to EBITDA ratio of 1.9x (net debt of AED 1.2 billion) was down from 2.3x as at December 2022.

Strategic highlights

 Good progress was made throughout the first half in expanding the Group’s capabilities and efficiencies to future proof growth.

  • Leveraging Agthia’s Egyptian platform: Egypt is a strategically important market for Agthia, not only in the favourable, long-term socio-demographics and structural demand for Protein, Snacking and Coffee products, but increasingly as a cost-effective manufacturing hub for key export markets across the GCC and North Africa.

During the half, Agthia strengthened its export focused resource and has already seen encouraging progress, with export revenue +18.2% year-on-year in AED terms, helped by new Food Service volumes in regional markets such as Jordan, Kuwait, and Bahrain, as well as vegetarian and plant-based orders into new international markets. Abu Auf is now selling Al Foah Date Crown and BMB ranges through its domestic channels in Egypt, sourcing Egyptian dates for Al Foah, and is scoping opportunities to increase export of its premium branded coffee, nuts, and healthy snacks.

 Investing in innovation: Innovation is the lifeblood of Agthia and plays a vital role in its strategic vision of being a leading food and beverage company in the MENA region and beyond by 2025, from innovative products that meet the evolving needs of consumers to process innovation that underpins a strong commitment to the planet.

As part of its growing innovation pipeline, Agthia launched the first locally produced 100% rPet water bottle in April, and a new functional water, “Al Ain Plus” in May, fortified with Zinc & Magnesium to meet the growing demand for healthier products and lifestyles. In our snacking portfolio, rollout of new gifting and value-added ranges in dates (for example, chocolate enrobed dates), as well as product and packaging innovation (snack packs, date pouches) have supported strong growth across the category, with BMB recently launching a new travel retail range, initially in Dubai International airport.

Agthia was also awarded the “Quality Standards Award” by the Ministry of Industry and Advanced Technology at the “Make It In The Emirates” Forum, in recognition of its commitment to setting a new benchmark for the industry and providing consumers with consistently secure and reliable food products.

  • Launch of “Agthia Ventures”: Post the period end, Agthia launched “Agthia Ventures”, a Corporate Venture Capital (“CVC”) Fund, designed to expand its innovation capabilities as it continues to drive profitable growth in both new and existing markets.

Funded by Agthia and its parent company ADQ, an Abu Dhabi-based investment and holding company, the fund will be managed together with Touchdown Ventures, a global leader in establishing and operating bespoke CVC programs for blue-chip corporates, with over 100 completed venture investments to date. Investments will focus on opportunities in branded products and emerging food and value chain technologies globally – for example in snacks and beverages, novel ingredients and proteins, innovative packaging solutions, etc.

 Progressed the Group’s sustainability agenda: Agthia made continued progress across the four pillars of its sustainability agenda and, during the half, reduced its water usage ratio and GHG scope 2 emissions by 2.5% and 2.0% respectively, and electricity consumption by 2.1%.

 Accelerating the digital roadmap: Agthia progressed at pace during the half on our 5-year digital transformation roadmap, creating the foundations to transform Agthia into a consumer data-driven organization. The Group is one of the first UAE companies to launch Microsoft co-pilot (ChatGpt engine) in its Water Home Delivery Contact Center, improving its services to and interactions with customers. The Group also finalized a memorandum of understanding and cooperation with Microsoft, which enables it to accelerate its B2B route-to-market digitization, improve operations in retail stores, modernize internal ways of working, and increase employee engagement and productivity. Agthia is growing its Digital & Technology team with new hires and is now harmonizing business processes across our operations in Saudi, Kuwait, and Oman, leveraging SAP and Oracle systems.

Khalifa Sultan Al Suwaidi, Chairman of Agthia Group, commented: “Agthia’s results for the first six months of the year further demonstrate the management’s ability to successfully consolidate value-accretive businesses and leverage synergies while maintaining a profitable core, across all economic cycles. I am confident that Agthia will continue to create value for all stakeholders as it progresses its strategy to become a leading food and beverage company in the MENA region and beyond”.

Alan Smith, Group Chief Executive Officer, commented: “There is much to be proud of over the past six months, from innovative product launches into new, scalable markets and strengthening Agthia’s Board and Leadership Team, to launching a bespoke venture capital fund that will futureproof our research and development capabilities and offer additional avenues for profitable growth. The efficiencies we continue to generate across our portfolio are enabling us to accelerate investment in capacity, sustainability, and digital excellence, while maintaining a robust balance sheet. An economic backdrop characterized by inflationary headwinds and currency volatility has required us to remain disciplined and agile in our execution, and I am grateful for the continued support and dedication of all our colleagues across the Group in achieving this strong first half performance”.

DAE announces Financial Results for the six months ended June 30, 2023

By
Sahfy Sahfy
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Firoz Tarapore, Chief Executive Officer of DAE, stated, “Our first half 2023 results continue to demonstrate the strong demand we are seeing in the market for aircraft from our airline customers. COVID-era deferral programs are being repaid ahead of schedule and secondary market aircraft valuations remain robust. This resulted in revenue growth of 15% compared to the first six months of 2022.

We have continued with our program of active liability management, repurchasing a further US$102 million of principal amount of our bonds during the quarter, bringing the total to US$307 million in the first six months of 2023. We had US$368 million of remaining bond repurchase authorization at the end of the quarter. Our liquidity coverage ratio remains exceptionally strong at 281%, and our available liquidity is US$2.3 billion.

Our profitability metrics continue to trend towards pre-pandemic levels. The resilience of our business model continues to be demonstrated by the strength of our credit quality and funding metrics in the quarter. In addition, during the quarter, Fitch Ratings revised its Outlook on DAE to Positive from Stable.

DAE Engineering continues to increase its global footprint and grow its widebody maintenance offering with expanding relationships in Asia Pacific and the Americas. During the quarter, Joramco announced that Joramco Academy, one of the few training institutions in the Middle East with EASA approval, is extending its training offering with expansion in Ghana through a partnership with locally based Aerojet Aviation.”

Introducing the Predator BiFrost AMD Radeon™ RX 7600: Unleash Your Gaming Potential with Unprecedented Performance

By
Sahfy Sahfy
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Acer is thrilled to announce the launch of the Predator BiFrost AMD Radeon™ RX 7600 graphics card. Designed with DIY and budget gamers in mind, this graphics card delivers exceptional performance, stunning visuals, and outstanding efficiency for an unparalleled gaming and streaming experience.

Unleash the Power of AMD RDNA™ 3 Architecture

The Predator BiFrost AMD Radeon RX 7600 is powered by the cutting-edge AMD RDNA™ 3 architecture, revolutionizing the gaming industry with its advanced technology. Equipped with unified AMD RDNA™ 3 compute units and new AI accelerators, this graphics card sets a new standard for next-generation performance, visuals, and power efficiency.

Efficient Hybrid Cooling for Maximum Performance

Featuring innovative hybrid cooling technology, the Predator BiFrost AMD Radeon RX 7600 combines a ringed axial and blower-style fan. This intelligent cooling solution efficiently dissipates heat from the chassis and away from the GPU, ensuring optimal performance even during intense gaming sessions.

 Enhanced Streaming Quality and Performance

Experience improved visual quality while streaming and recording with the enhanced AMD Radeon™ encoders. The integration of Xilinx AI and content-adaptive machine learning technology in the AMD Media Framework provides crisper text and stunning visuals, elevating your streaming content to new heights.

Ultimate Transcoding Capability

The Predator BiFrost AMD Radeon RX 7600 maximizes video encoding and decoding[[i]] resources by simultaneously utilizing the AMD Ryzen™ processors’ built-in graphics and AMD Radeon™ discrete graphics with AMD SmartAccess Video technology[1]. Enjoy seamless transcoding and efficient processing, enabling you to multitask effortlessly.

Optimize Your Gaming Experience with BiFrost

Take control of your graphics card with the Predator BiFrost Utility APP. Monitor your GPU’s performance and adjust fan speed for optimal cooling. Additionally, customize graphics settings to enhance performance and cater to your specific gaming or creation needs, putting you in command of your gaming experience.

 

Software that Empowers You

The Predator BiFrost Utility APP offers a range of features to enhance your gaming experience. The Home menu allows you to check the current status of your graphics card, select the ideal mode for your needs, and save custom settings for seamless switching. The OSD (On-Screen Display) control panel enables you to enable/disable OSD function, choose real-time system information, and customize display panel settings such as hotkeys, location, colors, and size.

 

Availability

The Predator BiFrost AMD Radeon™ RX 7600 graphics card will be available for purchase in EMEA in July starting at USD 399.

Exact specifications, prices, and availability will vary by region. To learn more about availability, product specifications and prices in specific markets, please contact your nearest Acer office via www.acer.ae.

[[i]] Video codec acceleration (including at least the HEVC (H.265), H.264, VP9, and AV1 codecs) is subject to and not operable without the inclusion/installation of compatible media players.

Airalo, World’s Largest eSIM Marketplace, Raises $60 Million in Series B Financing

By
Sahfy Sahfy
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August 2nd, 2023 — Airalo, the pioneering eSIM marketplace revolutionizing global connectivity, announced today the successful completion of its Series B financing round, raising an impressive $60 million. Led by e& capital, the investment arm of e&, the global technology group, this brings Airalo’s total funding to $67.3 million. Antler Elevate, Liberty Global, Orange, T.Capital, Rakuten Capital, Singtel Innov8, Telefónica Ventures, Sequoia Capital India and SEA’s (now known as Peak XV Partners) Surge, KPN Ventures, and I2BF Global Ventures were among the prestigious group of investors who also participated. This diverse consortium of investors reflects the industry-wide recognition of Airalo’s transformative work in making global connectivity accessible and affordable for travelers worldwide.

This significant capital injection will propel Airalo’s growth plans, including expanding its vibrant community of millions of users, amplifying its global team, and introducing Airalo Partners—an innovative connectivity solution tailored to businesses and organizations across the globe. By combining cutting-edge technology and a user-centric approach, Airalo continues to empower travelers with seamless access to mobile networks, transforming their journeys into unforgettable experiences.

Co-founders Abraham Burak and Bahadir Ozdemir expressed their gratitude for the company’s progress and the ongoing support of its growing investor network, stating, “Over the past years, Airalo has alleviated the pain points and improved the experience of millions of travelers by providing very affordable and accessible connectivity all around the world. This new consortium of investors will further enable us on our quest to build the gateway to instant connectivity worldwide.”

Since its establishment in 2019, Airalo has remained steadfast in its mission to democratize global connectivity, making it both accessible and affordable for travelers worldwide. The Airalo marketplace, renowned as the world’s largest eSIM platform, empowers users with convenient access to eSIM (digital SIM) packages, allowing them to seamlessly connect to mobile networks in hundreds of destinations across the globe.

With coverage spanning over 200 countries and regions, Airalo’s exceptional services have garnered the trust of millions of users worldwide. The company’s remote-first approach has fostered a diverse and talented team of over 250 professionals hailing from 44 countries and six continents. This dedicated team includes a global partnerships squad, which nurtures strong collaborations with businesses and organizations worldwide. Testament to its global appeal, the Airalo website and app are available in 22 languages, with an expansion plan to offer support in 53 languages in the near future. The Airalo app currently boasts a remarkable rating of 4.7 stars on the App Store and 4.6 stars on the Google Play Store, while being the #1 travel app mobile app stores in multiple countries, further affirming its user satisfaction.

In light of the successful funding round, e& capital shared its enthusiasm for joining forces with Airalo. “We are pleased to lead the Series B financing round for Airalo, a company that has come a long way over the past 18 months with a focus on providing exceptional customer experience. We have complete confidence in Airalo’s ability to expand its user community, strengthen its diverse team, and introduce its latest product Airalo Partners, a groundbreaking connectivity solution for global businesses and organizations. We believe that Airalo has the potential to become a travel essential and are excited to support their journey towards becoming the definitive gateway to instant connectivity worldwide,” said Kushal Shah, Managing Director, e& capital.

Airalo’s remarkable growth trajectory and unwavering commitment to transforming the travel experience have positioned it as a trailblazer and travel essential.

With the infusion of new capital and strategic partnerships, Airalo is poised to accelerate its expansion, ensuring that travelers around the world can stay seamlessly connected, no matter their destination.

Emirates News Agency and Abu Dhabi Chamber sign MoU

By
Sahfy Sahfy
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Emirates News Agency (WAM) has signed a Memorandum of Understanding (MoU) with the Abu Dhabi Chamber of Commerce and Industry (ADCCI). The agency is set to become a media partner for the 21st cycle of the Sheikh Khalifa Excellence Award and the Public-Private Partnership Conference. These events seek to highlight the achievements of the business community and private sector in the Emirate of Abu Dhabi, while also promoting the Emirate’s investment landscape and diverse sectors.

The MoU was signed during an official ceremony, which was held in the presence of His Excellency Abdulla Mohamed Al Mazrui, Chairman of the Federation of UAE Chambers of Commerce and Industry and Chairman of the Abu Dhabi Chamber; Mohammed Jalal Al Rayssi, Director-General of the WAM; His Excellency Ahmed Khalifa Al Qubaisi, CEO of Abu Dhabi Chamber, and a number of officials and heads of departments from both sides.

The MoU comes in line with Abu Dhabi Chamber’s efforts to realise the objectives of its 2023-2025 strategy, by leveraging partnerships with local and federal authorities to achieve prosperity throughout the Emirate of Abu Dhabi. The Chamber is committed to meeting the requirements of the private sector, while showcasing Abu Dhabi’s thriving economic and investment environment, which plays a pivotal role in attracting and incubating businesses. Through this MoU, WAM will play a crucial role in disseminating positive messages about the Emirate’s dynamic economic landscape and development journey.

 

His Excellency Abdulla Mohamed Al Mazrui, Chairman of the Federation of the UAE Chambers of Commerce and Industry and Chairman of the Abu Dhabi Chamber of Commerce and Industry (ADCCI), said: “The MoU aligns with the Abu Dhabi Chamber’s strategic objectives, which centre on providing all forms of support to the private sector in the Emirate of Abu Dhabi. The Chamber ensures unleashing the sector’s potential and leveraging investment and economic opportunities to drive economic growth. Through our strategic partnership with WAM, we strive to showcase and promote the integrated economic system through a leading national media platform, which delivers trusted and insightful content about the business community in the emirate.”

 

Mohammed Jalal Al Rayssi, Director-General of the WAM, said: “We are proud of this strategic partnership, focused on showcasing the qualitative achievements of the private sector and the flourishing investment landscape of Abu Dhabi. WAM will cover a number of the most prominent economic events and activities organized by Abu Dhabi Chamber”.

“As part of this MOU, WAM is poised to become a media partner for the Sheikh Khalifa Excellence Award, now in its 21st cycle. This award has earned a prestigious reputation over the years, with its emphasis on high standards, innovation and competitiveness. It has also contributed to strengthening the business environment in Abu Dhabi.” He added.

Al Rayssi pointed out that the agreement also includes media partnership for the Public-Private Partnership Conference, which provides an opportunity to highlight the thriving economic model in the UAE and the prospects for cooperation between various sectors, in a way that enhances the country’s growth in various vital sectors.

Al Rayssi further emphasized that the various partnerships forged by WAM with various institutions serve as an effective means to bolster reliable economic content. Thus, they play a pivotal role in keeping pace with the most important economic events, underlying the media’s influence as a driving force for economic growth and development. These collaborations enable WAM to highlight pioneering economic experiences and available investment opportunities.

Al Rayssi affirmed WAM’s commitment to providing accurate and comprehensive coverage that reflects the economic success of the UAE and supports the advancement of the private sector, allowing it to continue to play a central role as a key engine of economic development.

His Excellency Ahmed Khalifa Al Qubaisi, CEO of the Abu Dhabi Chamber, said: “For decades, WAM has been publishing reliable media messages, which reflect the UAE’s journey of development across a range of fields. This agreement contributes to highlighting the development of the private sector in Abu Dhabi and the UAE, and showcasing the Abu Dhabi Chamber’s initiatives and projects, which demonstrates the Chamber’s support for the business community and cements its position as the voice of the private sector.”

“Our cooperation with leading media agencies and other partners in the public and private sectors plays a key role in enhancing media coverage of the latest news and updates on business, investment opportunities, and economic developments in the Emirate of Abu Dhabi and the UAE. This contributes to propelling sustainable economic development and realising our new strategic vision,” His Excellency added.

The signing of the MoU aligns with the Abu Dhabi Chamber’s new strategy for the next three years spanning 2023 to 2025, which centres on consolidating the Chamber’s position as the voice of the private sector. It also emphasises the Chamber’s standing as a trusted partner for both the public and private sectors, by fulfilling the needs of the private sector to drive the Emirate of Abu Dhabi’s economic growth.

Cooperation Protocol signed between Social Housing and Mortgage Finance Fund and aiBANK

By
Sahfy Sahfy
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The Social Housing and Mortgage Finance Fund signed a cooperation protocol with aiBANK to bolster the level of their partnership and cooperation and finance a larger number of applicants for the Fund. The protocol was signed by Ms. Mai Abdel Hamid, CEO Social Housing and Mortgage Finance Fund and Mr. Tamer Seif El-Din, CEO and Managing Director of aiBANK.

The protocol signing ceremony was attended by several officials from both sides, including Mr. Abdallah Roshdy, Executive Vice President of the Social Housing and Mortgage Finance Fund, Ms. Omneya Elmaadawi, Subsidy & Operations Director of the Social Housing and Mortgage Finance Fund , Mr. Amr Gamali, Deputy CEO – Business Banking at the aiBANK, Ms. Iman Badr, Senior Director of Consumer & Business Banking at aiBANK, Mr. Tamer Mostafa, Senior Group Head of Business and Sustainable Development at aiBANK, Mr. Sherif Nada, Chief of Retail, Branches Network, and Business Banking at aiBANK, Ms. Heba ElSaeed, Head of Financial Inclusion at aiBANK and Mr. Mustafa El-Shazly, Head of Mortgage Finance at aiBANK.

Ms. Mai Abdel Hamid, CEO of the Social Housing and Mortgage Finance Fund, commented that the protocol is part of the Fund’s continuous efforts to provide diverse financing solutions to citizens who wish to obtain their desired housing units. The Fund currently collaborates with 31 financing institutions and real estate financing companies. Ms. Mai Abdel Hamid also affirmed that aiBANK is an essential partner for the Fund in real estate financing. The bank provides real estate financing to limited – and middle-income citizens who apply for housing units within the Fund’s projects. She further explained that the new cooperation protocol with aiBANK comes within the framework of previous decisions made by the Cabinet. One of these decisions is to set income limits for clients from all sources of income. The maximum payment for limited-income citizens is set at EGP 6,000 per month for single individuals and EGP 8,000 per month for families. As for middle-income citizens, the maximum income is EGP 13,000 per month for single individuals and EGP 18,000 per month for families.

Ms. Mai Abdel Hamid added that the fruitful cooperation between the Social Housing and Mortgage Finance Fund and aiBANK benefits citizens from the presidential initiative ‘Housing for all Egyptians’ for limited- and middle-income citizens. She pointed out that the new cooperation protocol aims primarily to continue providing suitable services for citizens who wish to obtain their housing units through the real estate financing system.

Mr. Tamer Seif El-Din, CEO and Managing Director of aiBANK, stated that this protocol is aimed at providing financing worth EGP 800 million for limited-and middle-income groups in response to the Egyptian Central Bank’s initiative to encourage banks to expand in the field of real estate financing and direct their efforts towards limited-and middle-income groups. This aligns with the bank’s social responsibility alongside its economic role and strategy towards enhancing financial inclusion by achieving structural reform of real estate financing through providing long-term financing at low-interest rates to ensure adequate support for those groups. This aligns with the Egyptian Central Bank’s initiative for real estate financing for limited-and middle-income groups at a subsidized interest rate ranging between 3%, 5%, 7%, and 8% for a maximum period of 30 years.

 

mr. Seif El-Din added that the bank had financed a total of 6,180 clients through the aforementioned initiatives, where its portfolio increased by a growth rate of 60%, a value of up to EGP 782 million divided into financing for limited-income clients by 87% and middle-income clients by 13% in 2023, compared to the same period in 2022, with an amount of EGP 488 million divided into financing for limited-income clients by 96% and middle-income clients by 4%.

He noted that this confirms the success of the cooperation between aiBANK and the Social Housing and Mortgage Finance Fund, as well as the bank’s commitment to supporting and facilitating the ownership of housing units with the best service and in the shortest possible time.

Mr. Seif El-Din also mentioned that a dedicated integrated service center has been allocated in a new administrative headquarters in Bandar Mall in Maadi to facilitate procedures and services for citizens.

At the end of the protocol signing, both parties expressed their mutual desire to continue their close cooperation, affirming that the protocol is only the beginning of further collaboration in the future, which would benefit limited- and middle-income citizens who wish to obtain their housing units.

Sharjah Summer Promotions 2023 attracts large turnout of visitors in July

By
Sahfy Sahfy
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The 20th edition of Sharjah Summer Promotions 2023, the trade and tourism event organized by the Sharjah Chamber of Commerce and Industry (SCCI), has registered a tremendous response in past one month.

The 65-day event, which will continue until September 3, is witnessing a large turnout of residents and visitors of the Emirate of Sharjah to enjoy the wonderful shopping experiences offered by shopping malls and take advantage of attractive offers and major discounts up to 75% on the most famous international brands.

The initial indicators of the offers launched on July 1 showed positive results that were significantly reflected in the revenues and sales of retail and entertainment sector.

Yields were greatly increased due to the large turnout of shoppers and visitors to the Emirate seeking the Sharjah Summer Promotions’ distinguished shopping surprises, live entertainment activities, attractive promotions and valuable prizes awarded by SCCI to celebrate this year’s exceptional edition, in addition to the prizes awarded by shopping centers in all cities and regions of the emirate.

Abdulaziz Mohammed Shattaf, Assistant Director-General of the Communication and Business Sector at SCCI, opined that the “Sharjah Summer Promotions 2023” steadily achieve successes in strengthening the retail and entertainment sector in Sharjah and consolidating its position as a leading shopping destination in the region.

He also noted that the offers have succeeded in transforming Sharjah Summer Promotions into an attractive season full of distinctive and enjoyable events and experiences for families. The event provides a wide range of diverse activities that extend over more than two months, including many entertainment programmes and big discounts, raffles and prizes.

Shattaf also pointed out that the summer season has become a special period to visit the Emirate of Sharjah to take advantage of the special offers and promotions granted by partners in various sectors, including hotels, restaurants, entertainment and retail.

Visitors and residents of the Emirate of Sharjah are waiting for more entertainment events and shopping surprises that will be offered during the coming period, as well as valuable vouchers worth more than AED100,000, tourist and hotel packages, as well as a grand draw on the Nissan Patrol 2023, at the end of the promotions on September 3.

Shoppers will have the opportunity to live an extraordinary shopping experience including amazing discounts up to 75% on various goods and fashion, hotel accommodation packages, and food tasting that delights the whole family. The discounts will enable them to take advantage of promotions at shopping malls and shops across Sharjah as well.

Jubail Island’s Water Network Connection a Sign of Progress and Commitment

By
Sahfy Sahfy
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REINFORCES ITS COMMITMENT TO DELIVERING THE PROJECT ON TIME WITH CONNECTION OF THE WATER NETWORK
Jubail Island is delighted to announce the successful connection of the water network on the island, marking a significant milestone that reinforces LEAD Real Estate Developer’s unwavering commitment to delivering the project on time.
The water network has been seamlessly linked to the existing water Transmission Line, operated by Abu Dhabi Transmission & Despatch Company (TRANSCO), in coordination with the Abu Dhabi Distribution Company (ADDC). This connection paves the way for the final stages of testing and commissioning the internal water network of Jubail Island. Additionally, we are pleased that we have recently handed over the plots of land to our valued stakeholders. This achievement keeps us firmly on track with our schedule and guarantees the on-time handover of the villas.
The connection of the water network to Jubail Island ensures that homeowners will have access to a reliable supply of clean and fresh potable water. The network is complemented by the existing sewage system, which plays a crucial role in regulating water flow throughout the island.
The significant milestone is a critical step in supporting the completion of construction works on the island. The water connection closely follows the first official energization on the island, with the development’s substations now operating, providing permanent grid power to key areas. The key milestones work together in harmony to ensure the seamless completion of the villas and apartments that are currently undergoing the final steps of development before being handed over to their owners.
Commenting on the importance of the milestone, Engineer Abdulla Saeed Al Shamsi, Corporate Director of Jubail Island Investment Company (JIIC), said: “Connecting the official water network from Abu Dhabi to Jubail Island is solid evidence of the immense dedication and collaborative efforts of our team and government authorities. The process of connecting water to construction projects is a complex undertaking that involves meticulous testing, infrastructure works, and development. Through close cooperation with TRANSCO and ADDC, we have achieved this significant stage of Jubail Island’s journey by ensuring that all engineering and site works adhere to the required standards and specifications.”
“The connection to the official water supply is a momentous step forward, following the recent completion of the main infrastructure works and the activation of electrical substations. These accomplishments further underscore Jubail Island’s unwavering commitment to homeowners, partners, and stakeholders, assuring them of the timely delivery of residential units. We are thrilled and filled with joy as we move one step closer to transforming Jubail Island into a living reality.”
The AED12 billion Jubail Island project is owned by JIIC and developed and managed by LEAD Development, and will be home to an idyllic collection of six residential village estates located between Yas Island and Saadiyat Island.
Nestled among the breath-taking natural beauty and rich biodiversity of the mangroves, and covering more than 2,800 hectares, the landmark community will offer residents every convenience and amenity, seamlessly blending sustainable living, luxury, and wellness in an iconic new addition to Abu Dhabi’s real estate landscape.

Green Hydrogen: The Future of Energy in the GCC

By
Sahfy Sahfy
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UAE aims to become ‘reliable producer and supplier by 2031’
Oman and Saudi Arabia also working on green hydrogen projects
Analysts believe GCC members can become major exporters of the fuel

The UAE has unveiled its national hydrogen strategy as analysts predict that GCC members can play a key role as exporters.

The blueprint for hydrogen is a “long-term plan to turn the UAE into a leading and reliable producer and supplier of low-carbon hydrogen by 2031”, according to Suhail bin Mohammed Al Mazrouei, minister of energy and infrastructure.

It forms part of the updated national energy strategy, which was approved by the UAE cabinet in July. Al Mazrouei said the hydrogen plan would be “a crucial tool to help the UAE achieve its commitment to net zero by 2050″.

Sharif Al Olama, an under-secretary at the energy ministry, said the strategy included “tangible steps” to establish two hydrogen hubs and explore three more, which could create thousands of jobs.

Business consultancy Frost & Sullivan published a report in January, saying hydrogen “is expected to play a key role in decarbonising the economy across end-use sectors in the GCC.”

It added: “GCC countries, especially the UAE, Saudi Arabia and Oman, are working on national strategies aimed at developing the hydrogen market in the region and positioning themselves as future hydrogen exporters.”

Stuart Bolton, an associate at law firm Watson Farley & Williams (Middle East), predicted last year that the UAE would “seek to play a similar role in hydrogen as it has established in oil and gas and will seek to capitalise on its strategic geography, mature energy infrastructure and established trading markets to be as influential in this sector”.

Bolton believes the Emirati government “sees hydrogen more as a means of economic diversification, rather than a central part of its domestic green energy transition plan, which will be primarily met by solar power.

The UAE will play an important role in exporting hydrogen to energy-hungry countries that lack the space or infrastructure.”

Oman, meanwhile, is on track to become the sixth-largest hydrogen exporter in the world and the largest in the Middle East by 2030, according to the International Energy Agency.

The sultanate aims to produce at least 1 million tonnes of renewable hydrogen a year by the end of the decade, up to 3.75 million tonnes by 2040 and up to 8.5 million tonnes by 2050.

Hydrom, a subsidiary of state-owned Energy Development Oman, signed agreements worth $10 billion to develop two green hydrogen projects in June.

In Saudi Arabia, around $8.5 billion is being invested to build the world’s largest production facility for green hydrogen – hydrogen that is produced on a CO2-neutral basis through the electrolysis of water.

The Neom Green Hydrogen Project is being developed by Neom Green Hydrogen Company, a joint venture between Acwa Power, Air Products and Neom. It is expected that the plant will start producing green hydrogen from 100 percent renewable energy sources in 2026.

The global hydrogen production market was valued at $130 billion in 2021, according to the World Bank, and is estimated to grow by up to 9.2 per cent per year through 2030.

GCC members have several competitive advantages that could help them in the global green hydrogen economy, including their solar and wind resources, financial muscle and export networks.

While the UAE, Saudi Arabia and Oman are making significant moves, Qatar is continuing to focus on LNG and overseas production of blue hydrogen. Kuwait and Bahrain remain cautious and are sticking to investments and feasibility studies.

WOW Summit Dubai 2023: The Ultimate Web3 Event for the Global Elite

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Sahfy Sahfy
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Brace yourself for an extraordinary experience that transcends limits and propels you into a realm of unmatched grandeur and innovation. Welcome to the World of WEB3 Summit Dubai, widely hailed as the WOW SUMMIT Dubai—the most monumental Blockchain extravaganza in the Middle East. Get ready to be immersed in the epitome of opulence and exclusivity on October 8th and 9th as this remarkable Web3 event of the year unfolds before your eyes. Prepare to embark on a journey curated for the privileged few who dare to dream bigger and reach higher.

Following its unparalleled triumphs in Lisbon and Hong Kong, WOW Summit Dubai 2023 emerges as an unstoppable force destined to surpass all expectations. It unites distinguished industry titans, esteemed government officials, visionary funds, enterprising venture capitalists, boundary-pushing NFT and digital artists, trailblazing entrepreneurs, and influential multinational corporations. Against the awe-inspiring backdrop of Dubai, the undisputed Global Capital of Web 3.0 and NFT Marketplace, this extraordinary affair will unfold at the iconic Atlantis the Royal, The Palm—a sanctuary of innovation where dreams transform into reality.

The Summit aims to drive the innovative trajectory of Web3, covering cutting-edge trends and innovations in technology. Through carefully selected programs, attendees will explore topics including the Web2 – Web3 transition, CBDC, regulations, asset tokenization, and the social impact and applications of blockchain and DLT technologies for real-life applications. With our discerning selection process, we ensure that only the most eminent leaders from across the globe receive invitations, making WOW Summit Dubai a truly unique experience unlike any other blockchain event held in Dubai to date.

Renowned Blockchain visionaries and digital assets leaders, alongside respectful UAE government officials will grace the conference stage, including Eowyn Chen, CEO, Trust Wallet; Joy John, Director, Cloud Native and Innovation, EMEA, Oracle; Talal Tabbaa, CEO CoinMena; Prof. Hoda Alkhzaimi, Director for EMARATSEC & Co-chair of the WEF Global Future Council; Ben Caselin, MaskEx SVP & CSO; Scott Tiel, TOKO Founder & CEO of TOKO by DLA Piper; Sam Katiela, Founder & CEO of Mamemo and Chairman of Crypto Valley Partners.

The summit will cover a wide range of topics and activities, providing valuable insights into the main NFT use cases, the latest updates on DEFi, DAOs, and dApps, digital asset management companies, global digital assists regulations, and more. Additionally, startup competitions will be held, offering valuable prizes to the winners and a chance to win up to USD 1,000,000 with the MMPro Expert program.

Ivan V. Ivanov, global CEO of WOW Summit, said: “Our mission is to organize an exclusive event unlike any other in the landscape of blockchain, web3, and crypto events. Our vision is to create an unparalleled experience, setting us apart from others in the region. We are fully committed to delivering top-notch content, showcasing world-renowned speakers, and forging strategic partnerships that define the cutting edge. To ensure the utmost value for our attendees, we meticulously verify all participants, guaranteeing the finest networking opportunities and the best event experience possible.”

WOW Summit Dubai 2023 is an event not to be missed by those seeking to witness the convergence of luxury, innovation, and groundbreaking advancements in Web3.

What are you waiting for? Join us now as we redefine the boundaries of what is possible and chart a course towards unprecedented success.

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