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The Saudi Exchange Launches Saudi Depositary Receipts (SDRs) for the First Time in the Saudi Capital Market

By
شمس سيف
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The Saudi Exchange Launches Saudi Depositary Receipts (SDRs) for the First Time in the Saudi Capital Market
The Saudi Exchange Launches Saudi Depositary Receipts (SDRs) for the First Time in the Saudi Capital Market
  • SDRs launch is a milestone that marks another significant step in positioning the Saudi Capital Market as a leading global financial hub.
  • SDRs enable Saudi investors to diversify their portfolios by gaining exposure to internationally listed equities, traded in Saudi Riyals in the Saudi Capital Mark without the need for a foreign investor account.

 The Saudi Exchange announced the launch of Saudi Depositary Receipts (SDRs), introducing a new financial instrument that provides investors in the Saudi Capital Market with ease of access to shares of listed foreign companies in global capital markets. This milestone marks another significant step in positioning the Saudi market as a leading global financial hub.

Saudi Depositary Receipts facilitate investor access to foreign companies listed on other exchanges, with the ability to trade and settle in Saudi Riyals. In addition, SDRs offer liquidity and flexibility, facilitating the transfer of the security between the Saudi Capital Market and the foreign exchanges by enabling the conversion of the SDR into shares in the foreign exchange, which provides the opportunity to trade the company’s shares in two different exchanges.

On this occasion, Mohammed Al-Rumaih, CEO of the Saudi Exchange, said: “The launch of SDRs represents a major milestone in our efforts towards fostering the Saudi Capital Market’s position as a global financial hub. Through this recently introduced financial instrument, we are offering investors the opportunity to engage with global businesses and diversifying the investment landscape. We will maintain our commitment to advancing the competitiveness of the Saudi Capital Market and creating new opportunities for investors and issuers.”

Hanan Al Shehri, CEO of the Securities Depository Center Company (Edaa), said: “By leveraging recent enhancements from our post-trade infrastructure enhancement program, including Edaa’s straight-through processing and streamlined communication systems, we have established a robust framework that further supports financial instruments registration. The launch of SDRs demonstrates our dedication to supporting the dynamism of the Saudi Capital Market on a regional and global level.”

The introduction of SDRs marks a significant milestone in the Saudi Exchange’s mission to enhance capital market accessibility and expand investment opportunities for investors in the Saudi market. This initiative aligns with the Financial Sector Development Program (FSDP) under Saudi Vision 2030.

Minister Al-Jasser Lays Foundation Stone for the Logistics Corridor Connecting Jeddah Islamic Port and Al-Khumrah Logistics Park‏

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Sahfy Sahfy
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Minister Al-Jasser Lays Foundation Stone for the Logistics Corridor Connecting Jeddah Islamic Port and Al-Khumrah Logistics Park‏
Minister Al-Jasser Lays Foundation Stone for the Logistics Corridor Connecting Jeddah Islamic Port and Al-Khumrah Logistics Park‏

HE Eng. Saleh bin Nasser Al-Jasser, Minister of Transport and Logistic Services and Chairman of the Saudi Ports Authority, laid the foundation stone for the logistics corridor connecting Jeddah Islamic Port to the Al-Khumrah Logistics Park. The ceremony was attended by the President of Mawani, Eng. Suliman Almazroua, along with senior officials and leaders from the transport and logistics ecosystem.

The project, executed by Mawani with a value exceeding SAR 689 million, aims to establish a dedicated and direct logistics corridor linking Jeddah Islamic Port with the Al-Khumrah Logistics Park. The corridor stretches 17 kilometers and includes two lanes in each direction. A total of 12 bridges will be constructed along the route to facilitate the movement of trucks between the port and the logistics park, eliminating the need to use the city’s internal road network.

His Excellency Minister Al-Jasser stated that this direct logistics corridor will significantly enhance truck movement efficiency and increase the handling capacity of Jeddah Islamic Port by 10%. The project will also support the integration of transport modes, strengthen supply chains, and improve infrastructure development.

He added that the dedicated corridor will ease truck flow, enhance traffic efficiency, and improve road safety in Jeddah by reducing congestion through the separation of heavy truck traffic from general traffic routes. It will also eliminate visual and noise pollution around the port area.

This step is part of Mawani’s ongoing efforts to boost the operational efficiency of Jeddah Islamic Port by leveraging the strategic value of the Al-Khumrah Logistics Park. It aligns with the objectives of the National Transport and Logistics Strategy (NTLS), to solidify the Kingdom’s standing as a global logistics hub bridging the three continents.

The project will also include emergency access points, maintenance facilities, and a complete rainwater drainage system. It contributes to improving quality of life by lowering carbon emissions and preventing truck congestion.

This corridor will deliver a range of benefits to transporters, importers, exporters, logistics park users, and shipping lines by streamlining cargo and container movement and enhancing supply chain efficiency. It also presents new investment opportunities in the region.

It is worth noting that Jeddah Islamic Port is a major logistics and trade hub on the Red Sea coast. It spans 12.5 square kilometers and includes 62 multi-purpose berths, as well as a number of specialized terminals and state-of-the-art facilities.

Deliverect partners with Paymob to enhance payment solutions for Middle East restaurants and consumers

By
Sahfy Sahfy
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Deliverect partners with Paymob to enhance payment solutions for Middle East restaurants and consumers 
Deliverect partners with Paymob to enhance payment solutions for Middle East restaurants and consumers 
Deliverect partners with Paymob to enhance payment solutions for Middle East restaurants and consumers
Deliverect partners with Paymob to enhance payment solutions for       Middle East restaurants and consumers

Deliverect, a global ecosystem of on and off-premise solutions that empowers restaurants and retailers to sell anywhere and deliver everywhere, has partnered with Paymob, MENA’s leading financial services enabler. This collaboration sees Paymob listed on Deliverect Pay, enabling all restaurants in the Middle East to accept and process transactions seamlessly.

With Paymob now integrated with Deliverect Pay, it will enable restaurants to use its payment gateway system for online orders on Deliverect Direct. Restaurants can benefit from its embedded payment experiences, enjoy swift access to their funds, higher acceptance rates, and receive dedicated account management support. Food and beverage outlets will also have free daily settlement for the first three months along with preferential pricing.      

Additionally, customers and restaurants can also take advantage of multiple payment options including card, bespoke digital wallets and ‘Buy Now, Pay Later’ (BNPL) services.

The strategic partnership is part of Deliverect’s ongoing efforts to strengthen and elevate its payments ecosystem, delivering enhanced convenience for both outlets and consumers. This collaboration is also the first step of enhancing customers’ experience for both organisations with potential plans to integrate Paymob on Deliverect’s smart digital kiosks at all restaurants. 

Deliverect partners with Paymob to enhance payment solutions for Middle East restaurants and consumers
Deliverect partners with Paymob to enhance payment solutions for Middle East restaurants and consumers

Naji Haddad, Vice President of EMEA at Deliverect, said: “We are delighted to partner with Paymob, which has established itself as one of the leading financial service enablers in the MENA region. This collaboration is of huge significance as it represents the start of an exciting journey, adding Paymob to the array of payment options available on Deliverect.

“By expanding our ecosystem with the addition of Paymob, restaurants can benefit greatly from seamless operations, giving them swift and easy access to funds of each order that will help them grow and scale their businesses with greater efficiency. More importantly, it increases our offerings of more in-store and off-store payments, providing ease for customers and restaurants.”

Islam Shawky, Co-founder and Chief Executive Officer at Paymob, said: “Since its founding in 2015, We have made significant strides in positioning Paymob as a leader in financial services across industries. Our partnership with Deliverect further strengthens this position, adding to the growing list of businesses we work with to power F&B transactions industry in the region.

“Paymob has been carefully designed to ensure our payment infrastructure meets the needs of merchants, providing ease and accessibility. This empowers digital finance and allows us to expand our reach through our partnership with Deliverect by attracting new audiences.”

Egypt’s GDP recorded a growth rate of 4.77% in Q3 of FY 2024/2025

By
شمس سيف
-
Egypt’s GDP recorded a growth rate of 4.77% in Q3 of FY 2024/2025
Egypt’s GDP recorded a growth rate of 4.77% in Q3 of FY 2024/2025

The Ministry of Planning, Economic Development, and International Cooperation announced that the Egyptian economy continued its robust recovery, with real gross domestic product (GDP) growth accelerating to 4.77% in the third quarter of FY2024/2025 — the highest quarterly rate in three years — up from 2.2% in the same quarter last year. This pushed average growth for the first nine months of the fiscal year to 4.2%, compared to 2.4% during the same period a year earlier. This robust performance signals a sustained recovery and growing resilience of the economy amid global uncertainties. The strong outturn also reflects the continued implementation of the reform agenda, under the National Structural Reform Program, which is instrumental in maintaining macroeconomic stability, improving the governance of public investment, enhancing economic competitiveness, and expanding private sector participation.

Key sectors driving expansion include non-oil manufacturing sector, maintaining its upward performance, alongside significant growth in both the tourism sector (represented by restaurants and hotels) and the telecommunication sector – despite continued decline in the Suez Canal, due to geopolitical tensions, and the extractive industries sector.

On the expenditure side, growth was notably supported by net exports, which contributed approximately 2.7 percentage points to overall GDP growth. This positive contribution was driven by strong expansion in both goods and services exports, with total exports rising by 54.4% – significantly outpacing the 18.7% increase in imports.

Moreover, private investment accelerated at constant prices by 24.2% year-on-year during the third quarter of FY2024/2025, exceeding public investment for the third consecutive quarter and accounting for 62.8% of total implemented investments (excluding inventory). However, this increase was not sufficient to offset the sharp decline in public investment, which contracted by 45.6% year-on-year at constant prices. As a result, the overall contribution of investment to GDP growth was negative, reducing the overall growth rate by approximately 2.44 percentage points. Meanwhile, the share of public investment continued declining recording 37.2%, reflecting the government’s strategic shift toward restructuring capital expenditure, enhancing the governance of public investment, and creating greater space for private sector participation.

Moreover, high-frequency indicators underscore a continued recovery of economic activity in Egypt during the third quarter. The industrial production index (excluding crude oil and petroleum products) grew by 16.03% in Q3 FY2024/2025, rebounding from around 4% contraction a year earlier. This recovery was led by strong output in key industries such as motor vehicles (93%), ready-made garments (58%), beverages (34%), paper (20%), and textiles (17%).

Despite ongoing global uncertainties, preliminary data suggest that Egypt’s real GDP growth in the fiscal year 2024/2025 is on track to surpass the initial target of 4%, supported by a rebound in private investments, a solid recovery in non-oil manufacturing activity, and strong GDP performance over the first nine months of the fiscal year.

Key Highlights:

  • In line with ongoing efforts to enhance productivity and export-led growth, sectoral growth showed strong performance across key tradable sectors, with notable accelerations in tourism (23%), non-oil manufacturing (16.03%), and telecommunications (14.7%). This momentum was supported by solid expansion in financial intermediation, insurance, electricity, wholesale and retail trade, and construction sectors.
  • The non-oil manufacturing sector continued its recovery, recording positive growth for the fourth consecutive quarter, reaching 16% during Q3 FY 2024/2025, marking a clear rebound from the contraction of around 4% recorded in the same period of the previous fiscal year. The sector was the largest contributor to GDP growth during the quarter, adding 1.9 percentage points to the overall rate. The continued strong performance aligns with ongoing efforts to boost investment in the industrial sector and provide targeted incentives to support industrial activity.
  • The non-oil manufacturing growth was also associated with a notable improvement in industrial export performance, as exports of finished goods recorded an annual increase of 12.7% during the third quarter, reinforcing the role of the industrial sector as a key driver of growth. The ready-made garments sector stands out as a prime example, having achieved annual growth exceeding 23.7% during the same period, benefiting from shifts in the global trade landscape. This reflects the resilience of the ready-made garments sector and its ability to respond swiftly to global demand.
  • On the other hand, some economic activities continued to decline during Q3 of FY 2024/2025. Suez Canal activity fell by 23.1%, compared to a sharper contraction of 51.6% in the same quarter of the previous fiscal year, which marked the onset of reduced vessel traffic due to escalating geopolitical tensions. These disruptions have continued to weigh on canal revenues to date.
  • In addition, the extractive industries sector continued to decline, with oil and natural gas extraction contracting during the quarter. However, new discoveries and field development is expected to gain traction in the coming period, supporting future production capacity and mitigating the sector’s downturn.
  • On the expenditure side, growth was notably supported by net exports, which contributed approximately 2.7 percentage points to overall GDP growth. This positive contribution was driven by strong expansion in both goods and services exports, with total exports rising by 54.4% – significantly outpacing the 18.7% increase in imports.

The Ministry of Planning, Economic Development, and International Cooperation announced that the Egyptian economy continued its robust recovery, with real gross domestic product (GDP) growth accelerating to 4.77% in the third quarter of FY2024/2025 — the highest quarterly rate in three years — up from 2.2% in the same quarter last year. This pushed average growth for the first nine months of the fiscal year to 4.2%, compared to 2.4% during the same period a year earlier. This robust performance signals a sustained recovery and growing resilience of the economy amid global uncertainties.

Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, highlighted that the Egyptian economy continued its robust recovery in the third quarter of the current fiscal year, demonstrating growing resilience amid mounting global uncertainties. The higher-than-expected GDP growth was driven by strong performance in key sectors—most notably non-oil manufacturing, tourism, and telecommunications—reflecting the tangible impact of Egypt’s macroeconomic policies and structural reform agenda. Dr. Al-Mashat emphasized that this momentum builds on the solid recovery observed since the start of the fiscal year and aligns with the government’s broader strategy to promote private sector–led growth and advance the transition toward a more competitive, export-oriented economy focused on tradable goods and services. This progress was also supported by expansion across other key sectors, including financial intermediation, insurance, and construction.

The Minister also underscored the pivotal role of the private sector in driving Egypt’s development trajectory, highlighting a sustained rise in private investment, which grew by 24.2% and outpaced public investment for the third consecutive quarter. As a result, private investments accounted for 62.8% of total investments (excluding inventory), underscoring the impact of policies designed to empower the private sector and elevate its role as a key engine of economic growth. This upward trend not only reflects growing investor confidence but also affirms Egypt’s commitment to sound governance of public investment and advancing reforms to unlock private sector potential.

The growth seen in Q3 was evident in the continued recovery of non-oil manufacturing, which accelerated by 16% during Q3 of FY 2024/2025, compared to a contraction of 4% in the same quarter of the previous year. This notable growth in the third quarter coincided with the government’s continued efforts to scale up investment in the industrial sector, which is considered a priority area under the National Structural Reform Program. This was also clearly reflected in the performance of the industrial production index (excluding crude oil and petroleum products), which recorded an average growth rate of 16.03% during the third quarter. Several industries posted significant growth rates, including motor vehicles (93%), ready-made garments (58%), beverages (34%), paper manufacturing (20%), and textiles (17%).

The manufacturing sector growth was also associated with a notable improvement in export performance, as exports of finished goods recorded an annual increase of 12.7% during the third quarter, reinforcing the role of the industrial sector as a key driver of growth. The ready-made garments sector stands out as a prime example, having achieved annual growth exceeding 23.7% during the same period, benefiting from shifts in the global trade landscape. This reflects the resilience of the ready-made garments sector and its ability to respond swiftly to global demand.

Several other economic sectors continued to register positive growth rates during Q3. In particular, the tourism sector (represented by hotels and restaurants) maintained its strong performance recording a growth rate of 23%. This was driven by a rise in the number of tourists, which reached 4 million during Q3 of the current fiscal year, while the number of tourist nights increased to 41 million.

Other sectors – such as financial intermediation, insurance, electricity, and construction – also recorded solid positive growth rates of 17.34%, 7.7%, 5.76%, and 3.13%, respectively. This broad-based sectoral expansion underscores the growing diversification of Egypt’s economic growth drivers, in alignment with the government’s strategic vision for structural transformation and inclusive development across all segments of the economy.

On the other hand, some economic activities continued to decline in the Q3 FY 2024/2025. Suez Canal activity declined by 23.1% during the quarter, although at a slower pace compared to the same quarter of the previous year, which witnessed a a sharper contraction of 51.6%. This earlier decline was triggered by the onset of reduced vessel traffic due to escalating geopolitical tensions. These disruptions have continued to weigh on canal revenues to date. Similarly, the extractives sector continued to decline, recording a 10.38% decline due to a slowdown in the oil and natural gas sub-sectors. Petroleum activity contracted by 9.52% and natural gas activity by 20.5%. However, investment in new discoveries and field development is expected to gain traction in the coming period, supporting future production capacity and mitigating the sector’s downturn.

On the expenditure side, growth was notably supported by net exports, which contributed approximately 2.7 percentage points to overall GDP growth. This positive contribution was driven by strong expansion in both goods and services exports, with total exports rising by 54.4% – significantly outpacing the 18.7% increase in imports.

Moreover, private investment accelerated at constant prices by 24.2% year-on-year during the third quarter of FY2024/2025, exceeding public investment for the third consecutive quarter and accounting for 62.8% of total implemented investments (excluding inventory). Nevertheless, this increase was not sufficient to offset the sharp decline in public investment, which contracted by 45.6% year-on-year at constant prices. As a result, the overall contribution of investment to GDP growth was negative, reducing the overall growth rate by approximately 2.44 percentage points, Meanwhile, the share of public investment continued declining registering 37.2%, reflecting the government’s strategic shift toward restructuring capital expenditure, enhancing the governance of public investment, and creating greater space for private sector participation.

Moreover, high-frequency indicators confirm the continued improvement in Egypt’s economic activity during the third quarter, with the Purchasing Managers’ Index (PMI) pointing to a sustained recovery in private sector performance during Q3 of FY 2024/2025. At the beginning of 2025, the PMI recorded 50.7 points – its highest level in 50 months. In February, the index remained above the neutral threshold, registering 50.1 points, indicating continued improvement in the performance of Egypt’s non-oil private sector. Although it declined slightly in March to 49.2 points, it remained close to the neutral level, reflecting relative stability and a continued recovery trend.

Building on this momentum, and as part of the government’s ongoing efforts to strengthen economic recovery and lay the foundation for sustainable growth, the Parliament approved the Economic and Social Development Plan for FY2025/2026 in June 2025, following its initial submission on April 15. The plan projects a growth rate of 4.5% and maintains the ceiling for public investments, which is capped at EGP 1.154 trillion in FY2025/2026. This comes within the broader efforts to rationalize and strengthen the governance of public spending in a way that supports macroeconomic stability, while also expanding the role of the private sector and foreign direct investment in financing development projects. The plan also places strong emphasis on advancing human development sectors, with around 47% of treasury-funded public investments allocated to health, education, and social services. This focus reflects the government’s deep commitment to investing in human capital as the cornerstone for achieving inclusive and sustainable development.

Finally, despite ongoing global uncertainties, preliminary data suggest that Egypt’s real GDP growth in the fiscal year 2024/2025 is on track to surpass the initial target of 4%, supported by a rebound in private investments and a solid recovery in non-oil manufacturing activity. Average growth for the first nine months of the fiscal year reached 4.2%, pointing to stronger-than-expected momentum in the real economy.

Although the outbreak of the war between Israel and Iran on June 13, 2025 initially raised concerns over regional spillovers and volatility in global markets, the actual impact on oil, commodity, and financial markets has so far been relatively contained. This has reinforced the government’s decision to maintain its FY2025/2026 growth target of 4.5%, as outlined in the Economic and Social Development Plan, while remaining vigilant in monitoring geopolitical developments and reassessing risks as needed.

The Saudi Exchange Amends Tick Size Bands of Securities to Enhance Market Efficiency

By
Sahfy Sahfy
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The Saudi Exchange Amends Tick Size Bands of Securities to Enhance Market Efficiency
The Saudi Exchange Amends Tick Size Bands of Securities to Enhance Market Efficiency

The Saudi Exchange announced today amendments to the structure of its minimal incremental price movement bands, or “tick size” bands, for Main and Parallel (Nomu) Market securities, excluding debt instruments. 

With these changes, the Saudi Exchange is expanding the applicability of smaller tick sizes, which will enable more precise pricing and enhance overall market efficiency. Expanding the applicability of smaller tick sizes will also minimize spread constraints, thereby reducing trading costs for investors. The amendments also include a band for securities priced at or above SAR 500.  

Mohammed Al-Rumaih, CEO of the Saudi Exchange, said: “At the Saudi Exchange, we have long been committed to fostering an advanced capital market that caters to the evolving needs of investors. These enhancements to tick sizes are the result of our close engagement with market participants and ensure that the Saudi Exchange remains highly competitive and attractive to investors around the world. These changes will offer many benefits, including lower trading costs, fairer prices, and a smoother trading experience for investors.”

 The new structure introduces expanding the applicability of smaller tick size bands, in addition to an additional band for securities priced at SAR 500 and above to maintain an appropriate range of spreads across price bands.

The implementation of these enhancements is part of the efforts of Saudi Tadawul Group (STG), and its subsidiaries, to develop the Saudi capital market, in line with the objectives of the Financial Sector Development Program (FSDP) and reinforce its position as a globally attractive investment destination.

SPECIALIZED MEDICAL COMPANY ANNOUNCES THE SUCCESSFUL LISTING AND COMMENCEMENT OF TRADING ON SAUDI EXCHANGE

By
Sahfy Sahfy
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SPECIALIZED MEDICAL COMPANY ANNOUNCES THE SUCCESSFUL LISTING AND COMMENCEMENT OF TRADING ON SAUDI EXCHANGE
SPECIALIZED MEDICAL COMPANY ANNOUNCES THE SUCCESSFUL LISTING AND COMMENCEMENT OF TRADING ON SAUDI EXCHANGE

Specialized Medical Company (“Company” or “SMC”), one of the leading healthcare providers in the Kingdom of Saudi Arabia (“Kingdom”), recognized as a center of excellence delivering comprehensive and integrated healthcare services across a wide range of specialties, announces the successful completion of its initial public offering (the “IPO” or the “Offering”). The Company is now trading under the ticker symbol: 4019.

Bassam Chahine, CEO at Specialized Medical Company commented: “Today marks a major milestone in SMC’s journey. Our successful listing on the Saudi Exchange is a reflection of the market’s strong confidence in our equity story and our commitment to delivering high-quality, accessible, and digitally enabled healthcare services across the Kingdom. The overwhelming demand from both institutional and retail investors reinforces the strength of our operating model, our ambitious growth roadmap, and our role in advancing the Kingdom’s Vision 2030 healthcare transformation. I would like to thank our employees, partners, and shareholders for their trust and support, we are proud to welcome new investors to join us as we enter this next chapter of growth.”

The Offering consisted of 75,000,000 ordinary shares (the “Offer Shares”) with 80% of the Offer Shares allocated to Institutional Investors (the “Participating Parties”). The orders recorded during the institutional book-building exceeded SAR 121.3 billion (approximately more than USD 32.4 billion), representing a coverage of 64.7 times. The number of shares that were allocated to the Individual Investors tranche was 15,000,000 Offer Shares, representing 20% of the total Offer Shares. The Offering saw 317,820 individual investors place orders totaling SAR 542.2 million, reflecting a subscription coverage of 1.45 times for this tranche.

The Final Offer Price was set at SAR 25.00 per share, which is at the top end of the previously announced price range for the IPO, with the Company successfully raising gross proceeds of SAR 1,875 million (USD 500 million) with an implied market capitalization at a listing of SAR 6,250 million (USD 1,667 million).

For more information on the IPO, please visit www.ipo.smc.com.sa

Students Shine in Regional World Wildlife Event, Showcasing English Proficiency and Compassion for Nature

By
شمس سيف
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Students Shine in Regional World Wildlife Event, Showcasing English Proficiency and Compassion for Nature
Students Shine in Regional World Wildlife Event, Showcasing English Proficiency and Compassion for Nature

Students from 10 countries across the MENA region have demonstrated outstanding English language skills, teamwork, and a strong commitment to wildlife conservation through the recent World Wildlife Event. With a remarkable 439 entries from young learners and adults, the competition celebrated not only biodiversity but also the students’ ability to communicate their knowledge and passion effectively.

Participants explored important topics such as endangered species, ecosystem preservation, and conservation efforts in their communities. Many students showcased impressive research, critical thinking, and collaboration — key soft skills that will serve them well beyond the classroom.

In Casablanca, Morocco, students engaged deeply with their local environment, researching native wildlife including the extinct Atlas lion, and sharing stories and folklore that connect them to their heritage. This experience enriched their understanding of both language and science while fostering a genuine care for nature.

Meanwhile, students and teachers in Kuwait proudly contributed by raising awareness about biodiversity through creative projects and presentations, demonstrating their communication skills and social responsibility.

Special recognition goes to Bahrain for the highest number of young learner submissions and Algeria for the most adult entries, highlighting broad community engagement.

This event has been a fantastic opportunity for our students to combine language learning with meaningful environmental advocacy,” said Nadia Elhabak, Senior Teacher “Watching young people articulate their ideas with confidence and empathy assures me that we are nurturing not only proficient English speakers but also responsible global citizens committed to making a difference.”

This event highlights the British Council Teaching Centre’s commitment to nurturing confident English speakers who are also compassionate global citizens. Through initiatives like the World Wildlife Event, students are empowered to develop essential language skills alongside empathy and a strong sense of environmental stewardship.

US-Iran tension exposes decline of dollar’s safe haven status: Nigel Green

By
شمس سيف
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US-Iran tension exposes decline of dollar’s safe haven status: Nigel Green
US-Iran tension exposes decline of dollar’s safe haven status: Nigel Green

The financial markets’ reaction to intensifying US-Iran tensions has revealed a sharp erosion of the US dollar’s safe haven status, warns Nigel Green, CEO of global financial advisory deVere Group, as investors eye Tehran’s next move.

In the wake of targeted US strikes on Iranian nuclear sites—an escalation that risks dragging the region into broader conflict—the dollar firmed only modestly.

The muted response has stunned many, especially given the severity of the geopolitical backdrop. But the reaction is telling: the greenback is no longer the automatic refuge it once was.

“We’re witnessing a moment of reckoning for the dollar’s reputation as the ultimate safe haven,” says Nigel Green.

“The market’s restrained response, even amid a high-stakes standoff, underscores how investor faith is shifting. The world is watching Iran, but it’s also quietly reassessing the reliability of the dollar in times of crisis.”

This shift in sentiment comes after the dollar has fallen 8.6% against a basket of major currencies this year. The slide, Nigel Green explains, is partly driven by anxiety over the long-term damage from President Donald Trump’s trade tariffs, which have undermined US growth expectations and clouded policy stability, and concerns of US national debt.

“For decades, dollar dominance was a given in turbulent times,” the deVere CEO notes. “Whether during the Gulf War, the global financial crisis, or post-9/11, capital would pour into the dollar as a proxy for security. But that certainty is fading.”

In contrast, the latest flare-up in the Middle East has not sparked a stampede into the greenback. While there was an initial uptick, investors remain hesitant to commit. The tepid gains suggest the move may be a temporary, tactical reaction, not a structural vote of confidence.

“There’s a growing consensus that the US fiscal trajectory, political dysfunction, and weaponization of the dollar through sanctions carry real risks.”

Markets are now on edge for Iran’s next move. Should Tehran retaliate in a way that threatens global oil flows or draws further US escalation, the world could see significant volatility. But that volatility may not result “in the kind of dollar inflows we would have expected in the past.”

He continues: “If Iran responds forcefully and oil prices surge, we could see capital move rapidly—but not necessarily into US assets.

“Some will still run to the dollar, but fewer and more cautiously. Others will favour commodities, the eurozone, or even emerging markets seen as insulated from US-led risks.”

The rebalancing away from dollar dominance has been building for years. Nigel Green points to the aftermath of the 2008 crisis, when unprecedented quantitative easing began to undermine the dollar’s long-term value, and to more recent years where Washington’s unpredictable foreign and trade policy has alienated allies and undermined confidence.

“The world has started hedging against the dollar,” he says.

“Central banks are diversifying their reserves. Institutions are exploring alternatives. Digital currencies, including central bank digital currencies and Bitcoin, are part of the mix too.”

Still, the deVere chief executive warns against complacency. “The dollar won’t vanish as a safe haven overnight, but its gravitational pull is weakening.”

With the world awaiting Iran’s response, investors are on high alert.

“But a key subplot isn’t just about military escalation—it’s about a fundamental realignment in how global capital perceives risk and safety.

“The greenback’s mystique is fading,” Nigel Green concludes. “We’re in a new era where blind trust in the dollar no longer defines financial crises.”

Valu’s EGX Debut: A Landmark Listing for a Transformative Fintech Leader and a Milestone for Egypt’s Fintech Industry and Financial Inclusion

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شمس سيف
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Valu’s EGX Debut: A Landmark Listing for a Transformative Fintech Leader and a Milestone for Egypt’s Fintech Industry and Financial Inclusion
Valu’s EGX Debut: A Landmark Listing for a Transformative Fintech Leader and a Milestone for Egypt’s Fintech Industry and Financial Inclusion

EFG Holding, a leading financial institution with a universal bank in Egypt and the leading investment bank in the Middle East and North Africa (MENA), and its universal financial technology powerhouse U Consumer Finance S.A., known by the trademark Valu, announced today the commencement of trading of Valu on the Egyptian Exchange (EGX). This landmark milestone underscores Valu’s transformative impact on Egypt’s fintech landscape and EFG Holding’s unwavering commitment to innovation, financial inclusion, and sustainable growth.

Valu’s listing on the EGX was executed through an innovative in-kind dividend distribution, where EFG Holding distributed 20.488% of Valu’s share capital to its shareholders, as of the record date, June 12th, 2025. The transaction was funded by EGP 335,322,346 from EFG Holding’s distributable retained earnings. Shareholders received one Valu share for every 3.3273 EFG Holding shares held, with fractional ownership being rounded in favor of minorities, enabling shareholders to directly participate in the growth of one of Egypt’s most dynamic fintech platforms. On its debut, global technology heavyweight Amazon has acquired shares representing a 3.95% direct shareholding in Valu for a price per share of EGP 6.041. EFG Finance Holding (EFG Finance), a subsidiary of EFG Holding, will continue to own 67% of Valu post trading and sale of shares to Amazon. 

In a market that saw total issuances grow by 31.2% in 2024, Valu outpaced the industry with 66.5% growth, solidifying its leadership with a 25% share of Egypt’s consumer finance sector. By Q1 2025, Valu had facilitated over 9.2 million transactions and was processing around 16,000 transactions daily – making it the largest network after the major card networks. Its strong customer engagement is underscored by high stickiness, with users averaging 12 transactions annually, rising to 22 with card usage. Following its recent fintech license from the Financial Regulatory Authority (FRA), Valu now offers a fully digital, end-to-end experience – including seamless eKYC, digital contracts, and secure record-keeping – further reinforcing its position at the forefront of financial innovation in Egypt.

Valu’s robust financial performance is a testament to its scalable business model and ability to deliver sustainable value. Between 2019 and 2024, Valu achieved a 146% CAGR in gross revenue, with a net profit of EGP 423 million in FY 2024 – a 78% year-on-year increase. Valu’s exponential trajectory is fueled by a diverse funding strategy, including direct and indirect bank funding, securitizations, and strategic deals. This ensures financial stability and scalability, enabling Valu to innovate relentlessly.

Dr. Mohamed Farid, Executive Chairman of the FRA, stated, “The procedures followed for registering and trading the shares of Valu represent a modern and innovative legal means to benefit from the distribution of dividends of listed companies and their affiliated activities. This helps expand the ownership and trading base without needing a public or private offering or a capital increase. It also leverages the ownership structures of investors in listed companies, reflecting the flexibility of regulatory frameworks and the evolution of available solutions to enhance the efficiency and competitiveness of the Egyptian capital market and increase its ability to attract new investments. The Authority expedited the examination, study, and coordination of technical and institutional matters with all relevant parties to ensure the safety of shareholder rights trading, and market stability. The listing conditions were met, especially regarding the number of shareholders and freely traded shares, by distributing Valu company shares as dividends to the listed company’s shareholders. Valu is the first consumer finance company listed and traded on the Egyptian Exchange. This step enhances the integration of non-banking financial activities under the Authority’s supervision. It opens the door to expanding the base of listed companies in this promising sector through stock exchanges. This, in turn, contributes to attracting new investors and adding new securities, thereby enhancing liquidity and trading levels.”

Ahmed El Sheikh, Executive Chairman of the EGX, congratulated the company’s leadership on the successful and innovative listing and offering process and the commencement of trading. El Sheikh stated: “We welcome all companies from all sectors to increase the number of listed companies to enhance the supply side, and we welcome all innovative ideas and solutions within the framework of the listing rules and governing legislation.” El-Sheikh added, “This step confirms the EGX’s trading systems’ readiness to accommodate listings and implement new, unconventional ideas by introducing innovative technologies. It also demonstrates the EGX’s role as a key catalyst for market development by providing solutions that meet the needs of companies and investors, offering them flexible and diverse alternatives to fulfill listing requirements in accordance with governing legislation. Simultaneously, it reflects EGX’s capacity to continuously develop its technological infrastructure. The successful execution in a record time, utilizing an upgraded version of the Private Transactions Market system and activating Application Programming Interfaces (APIs) for customer registration, embodies the EGX’s vision towards supporting further digital transformation and using modern technologies in the market. It also supports our efforts to increase the number of companies with listed securities on the exchange and boost trading rates.”

Karim Awad, Group CEO of EFG Holding, remarked, “Valu’s listing on the Egyptian Exchange is a proud and defining milestone for EFG Holding. It reflects the culmination of years of strategic investment, innovation, and unwavering belief in the power of financial technology to transform lives. As one of the most recognized and trusted household fintech brands in Egypt, Valu has built a loyal customer base and a resilient, scalable platform for sustainable growth. Its success is a testament to the strength of our ecosystem and our ability to incubate and scale market-leading businesses. We are confident in Valu’s ability to continue delivering exceptional value to customers and shareholders alike.”

Walid Hassouna, CEO of Valu, added, “Today marks a transformative milestone in Valu’s journey. Becoming a publicly listed company is a powerful validation of the impact we’ve made and the future we are building. Since our inception, we’ve been driven by a mission to democratize access to finance and empower individuals and businesses through innovative, tech-enabled solutions. Listing Valu brings our mission of financial inclusion full circle. As we enter this new chapter, we remain committed to innovation, inclusion, and excellence.”

Valu’s listing and trading on the EGX marks a significant addition to Egypt’s fintech ecosystem. Valu brings fresh energy and innovation to the market, offering retail and institutional investors an exciting opportunity to engage with a high-growth, customer-centric company. With its proven track record, scalable business model, and commitment to financial inclusion, Valu is poised to deliver promising growth prospects, further solidifying its position as a transformative force in Egypt’s financial landscape. 

Valu and EFG Holding engaged EFG Hermes Promoting and Underwriting S.A.E, to act as the sole financial advisor in connection with the transaction, and Zulficar & Partners to act as legal counsel. EFG Holding also engaged Gibson, Dunn & Crutcher LLP to act as legal counsel to EFG Holding in connection with the international aspects of the Transaction.

Valu began trading today under the ticker valu.

ONEE and EBRD launch first sustainability-linked loan in Moroccan power system to drive a low-carbon future

By
شمس سيف
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ONEE and EBRD launch first sustainability-linked loan in Moroccan power system to drive a low-carbon future
ONEE and EBRD launch first sustainability-linked loan in Moroccan power system to drive a low-carbon future

EBRD and ONEE sign €300 million loan agreement to support ONEE’s financial resilience
Loan structured as a sustainability-linked loan – the first in the region’s energy sector – with ambitious climate-related targets
Project will also support ONEE’s digitalisation journey
The European Bank for Reconstruction and Development (EBRD) and Morocco’s Office National de l’Electricité et de l’Eau potable (ONEE) have signed a €300 million loan agreement.

ONEE is involved in generation, transmission and renewables. Morocco is strongly committed to the energy transition in order to achieve its objective of having 52 per cent of its installed capacity from renewables by 2030. In this context, ONEE and the country as a whole are taking important steps towards decarbonisation, while maintaining the security and affordability of energy.

The loan is structured as a sustainability-linked loan (SLL) – the first one in the MENA and Africa region’s energy sector. It provides an example of how energy utilities can link financing with support for the transition to a low-carbon economy. The proceeds will be used to improve the company’s financial resilience, helping to alleviate the impact of the energy crisis.

The SLL builds on ONEE’s increasing climate ambitions via two key performance indicators – namely, reducing the carbon intensity of electricity generated in Morocco and increasing renewable sources’ share of the country’s total electricity production. The company’s Sustainable Performance Targets (SPTs) are in compliance with Morocco’s updated Nationally Determined Contribution (NDC) commitments, and a leading independent second-party opinion provider has confirmed the SLL’s alignment with the internationally recognised Sustainability-Linked Loan Principles, rating the overall project as “ambitious”. This verification process was supported by FSD Africa.

As part of the loan, ONEE has committed to undertake retirement of some Carbone intensive thermal capacities in the medium term, building on Morocco’s enhanced climate ambition of transitioning to a net-zero economy by 2050 as announced at COP28. The EBRD will be supporting ONEE’s efforts to (i) prepare a decarbonisation strategy, (ii) improve its climate governance and expand the digitalisation of the company’s core activities by establishing a digital roadmap strategy and implementing digital use cases.

As part of this decarbonisation effort, ONEE is further strengthening its network and capacity planning to facilitate the renewables to be connected to the grid, as well as continuing to optimise electricity dispatch by taking into account the network’s carbon intensity.

Morocco is at the forefront of the climate action agenda, and the EBRD has been one of the leading financiers of green technologies in the country for more than a decade now, being particularly active in private-sector financing.”

Mark Bowman, the EBRD’s Vice President for Policy and Partnerships, said: “This landmark sustainability-linked loan – the first of its kind in the region’s energy sector – demonstrates that innovative finance can drive real impact. The EBRD’s support, in close coordination with the Moroccan Government, is helping ONEE to accelerate its decarbonisation and digitalisation journey while strengthening its financial resilience in response to the energy crisis. This reflects our commitment to sustainable growth and long-term impact.”

Tarik Hamane, the CEO of ONEE, commented: “Under the guidance of His Majesty Mohammed VI, Morocco is recognised as having one of the most ambitious strategies in the region for promoting renewable energy and pioneering green technologies. We are proud that ONEE is playing a major role in the integration of renewables into the energy mix with a view to increasing renewables’ share to 52 per cent by 2030. The EBRD has been a long-standing and trusted partner in supporting our decarbonisation and energy transition goals. This new partnership marks another important milestone in our joint efforts to build a more sustainable, resilient, and low-carbon power system.”

Morocco is a founding member of the EBRD and became a beneficiary of Bank resources in 2012. To date, the EBRD has invested more than €5.4 billion in the country through 119 projects.

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