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SRMG Media Solutions (SMS) Signs an Exclusive Representation Agreement with thmanyah Advancing the Future of Digital Advertising

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Sahfy Sahfy
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SRMG Media Solutions (SMS) Signs an Exclusive Representation Agreement with thmanyah Advancing the Future of Digital Advertising
SRMG Media Solutions (SMS) Signs an Exclusive Representation Agreement with thmanyah Advancing the Future of Digital Advertising

SRMG Media Solutions (SMS), announces its exclusive partnership as the media representative for thmanyah, the largest and most influential podcast network in the Arab world. This strategic partnership empowers SMS to fully leverage the podcast giant’s vast products and platforms, offering innovative advertising opportunities that connect brands with thmanyah’s audience, enhancing both reach and impact.

As a next-generation, data-driven media solutions company, SMS delivers innovative, results-focused advertising strategies. By utilizing proprietary first-party data, advanced AdTech solutions and AI-driven audience segmentation, SMS creates personalized campaigns that drive growth, innovation and profitability. As the exclusive media partner for SRMG’s prestigious brands, SMS manages a distinguished media portfolio that includes Asharq Al-Awsat, Asharq News, Asharq Business with Bloomberg, Al Eqtisadiah, Akhbaar24, Arab News, Hia, Sayidaty, Billboard Arabia and Manga Arabia. With a global reach of more than 170 million users, SMS delivers engaging content across a diverse range of platforms, including digital and social media, websites, apps, newsletters, TV, audio channels, podcasts, print, and experiential IPs. 

thmanyah has established itself as a leader in the region’s creative industry with over 6.2 billion impressions, more than 700 million views and listens of its productions, over 124 million views of their documentaries and an exceptional newsletter open rate of 45%. thmanyah has gained widespread recognition for its more than 30 programs, newsletters, documentaries, and films, covering engaging topics such as culture, business, sports, and lifestyle. Recently, the company set a Guinness World Record for an episode of its “Fnjan” podcast, achieving the highest viewership in YouTube history, underscoring its substantial impact on the content industry. In a strategic move, thmanyah expanded its business scope, transforming from a content company into a media tech company, focusing on developing innovative tools to support Arab content creators and enable them to enrich online engagement.

Renowned for producing impactful content, thmanyah reaches millions of listeners globally, resonating with the interests of the new generation. This makes it an ideal partner for brands seeking to connect with a conscious and engaged digital audience. The partnership between thmanyah and SMS promises exciting opportunities for both regional and global brands, allowing them to capitalize on thmanyah’s expansive audience and high engagement levels through advanced digital solutions.

Ziad Moussa, Managing Director of SMS & ‏Faisal AlGhamdi, Chief Business Officer at thmanyah
Ziad Moussa, Managing Director of SMS & ‏Faisal AlGhamdi, Chief Business Officer at thmanyah

Ziad Moussa, Managing Director of SMS, said: “We are thrilled to become the exclusive media representative for thmanyah, which has forged a strong bond with audiences both in Saudi Arabia and beyond. The exceptional Arabic content thmanyah offers aligns perfectly with the aspirations of today’s digital audience, providing brands and advertisers with valuable engagement and interaction opportunities.”

For his part, ‏Faisal AlGhamdi, Chief Business Officer at thmanyah, commented “Our commercial offerings have seen significant growth, thanks to our loyal and highly engaged audience,” emphasizing that the agreement with SMS “will enable us to expand further, continue delivering high-quality Arabic content, and empower brands to stay ahead of the future of digital media consumption.

ADGM’s RA Imposes Fines of USD 3.6 Million on Special Purpose Vehicle AC Holding and Christopher Flinos, Bans Him as a Director

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Sahfy Sahfy
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ADGM’s RA Imposes Fines of USD 3.6 Million on Special Purpose Vehicle AC Holding and Christopher Flinos, Bans Him as a Director
ADGM’s RA Imposes Fines of USD 3.6 Million on Special Purpose Vehicle AC Holding and Christopher Flinos, Bans Him as a Director

 

 The Registration Authority (RA) of ADGM announced that it has concluded its investigation into the Special Purpose Vehicle (SPV), AC Holding Limited (AC Holding), and its sole shareholder and director, Christopher Flinos. 

The investigation found that AC Holding exceeded the scope of its ADGM SPV commercial license by purporting to be an investment company offering financial services for clients and processing wire transactions to convert Cryptocurrencies into Fiat currencies and vice versa. Moreover, AC Holding submitted four false annual accounts to the RA for the financial years 2019 to 2022.  

The RA also found that Christopher Flinos engaged in fraudulent trading, where AC Holding facilitated (unlicensed) cryptocurrency conversion transactions and a number of parties were misled about the transactions. Christopher Flinos also facilitated the falsification and provision of hundreds of company documents to fraudulently maintain bank accounts.

As a result, the RA has imposed the following financial penalties totalling USD 3,615,000: 

  • USD 15,000 against AC Holding for exceeding the scope of its license in contravention of ADGM Commercial Licensing Regulations 2015; 
  • USD 300,000 against AC Holding for filing false annual accounts about its balances with the RA and various fraudulent schemes in contravention of the ADGM Companies Regulations 2020; and 
  • USD 3.3 million against Christopher Flinos for providing false information to the RA, engaging in various fraudulent schemes and the falsification of company documents in contravention of the ADGM Companies Regulations 2020. 

The RA also disqualified Christopher Flinos from being the director of any ADGM-based company for the maximum allowed period of 15 years. The RA considers Christopher Flinos unfit to serve as a company director in ADGM due to his intentional misuse of AC Holding’s passive SPV commercial licence as a payment facilitator, as well as the fraudulent actions taken to facilitate such misuse. 

Hamad Sayah Al Mazrouei, CEO of ADGM Registration Authority, said, “Maintaining business integrity and safeguarding business confidence in ADGM are at the forefront of the Registration Authority’s objectives.  We remain committed to preventing and deterring conduct that may harm businesses, their clients and investors. Where non-compliance is identified, the Registration Authority will take effective, proportionate and dissuasive disciplinary action to protect ADGM participants. This includes banning individuals who lack fitness and propriety and pose an unacceptable risk to investors from holding leadership positions within companies in ADGM.” 

The RA acknowledges and thanks the ADGM’s Financial Services Regulatory Authority (“FSRA”) for their cooperation during the course of the RA’s investigation in relation to this matter.

To access a copy of the Final Notices describing the contraventions, click on the following links:

ADGM’s FSRA Imposes Fines of USD 8.85 Million on HAYVN Group, Cancels Licence of AC Limited Hayvn ADGM and Bans Founder Christopher Flinos

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Sahfy Sahfy
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ADGM’s FSRA Imposes Fines of USD 8.85 Million on HAYVN Group, Cancels Licence of AC Limited Hayvn ADGM and Bans Founder Christopher Flinos
ADGM’s FSRA Imposes Fines of USD 8.85 Million on HAYVN Group, Cancels Licence of AC Limited Hayvn ADGM and Bans Founder Christopher Flinos

 The Financial Services Regulatory Authority (“FSRA”) of ADGM has taken enforcement action following an investigation into serious regulatory breaches and misconduct related to the Hayvn Group of Companies, which operated under the name ‘HAYVN’, its former CEO, Christopher Flinos and related entities.  

The FSRA’s investigation found serious breaches and misconduct concerning the operations of three related party companies and Christopher Flinos.  As part of its investigation, the FSRA took steps to ensure that no ADGM client assets or money were lost as a result of the relevant misconduct.  

The enforcement action has resulted in the cancellation of Hayvn ADGM’s Financial Services Permission (“FSP”), the prohibition of Christopher Flinos indefinitely from performing any function in a financial services business in ADGM, as well as financial penalties totalling USD 8.85 million being imposed across the four parties involved.  Details of the total fines imposed are as follows:

  • USD 3.6 million against AC Holding Limited registered in the Cayman Islands (“Hayvn Cayman”), the parent company of a group of entities operating under the name ‘HAYVN’ that provided financial services related to Virtual Assets.
  • USD 3 million against AC Limited (Hayvn) (“Hayvn ADGM”), an ADGM-based subsidiary of Hayvn Cayman, licensed and regulated by the FSRA to conduct specific financial services activities in relation to Virtual Assets.
  • USD 1.5 million against AC Holding Limited (“AC Holding”), a Special Purpose Vehicle (“SPV”) registered with the Registration Authority (“RA”) of ADGM and not licensed by the FSRA to carry out any form of financial services activity in ADGM; unconnected to Hayvn Cayman and Hayvn ADGM.
  • USD 750,000 against Christopher Flinos, the former Senior Executive Officer (“SEO”) of Hayvn ADGM, Chief Executive Officer (“CEO”) of Hayvn Cayman, sole owner and director of AC Holding.

The serious breaches and misconduct identified during the FSRA investigation included the following:

  1. Hayvn ADGM exceeded the scope of its FSP by allowing client transactions to be routed through accounts held by AC Holding, the unregulated SPV entity registered in ADGM, without any appropriate protections being in place.  It failed to establish and maintain adequate systems and controls to manage its operations and risks, as well as to recognise and record all of its client relationships, breaching the FSRA’s Anti-Money Laundering (“AML”) requirements. 
  2. Hayvn Cayman and AC Holding carried out significant unlicensed financial services activity in relation to Virtual Assets in ADGM from around October 2018 to around May 2024.  Hayvn Cayman routed client transactions related to the conversion of Virtual Assets to fiat currency and vice versa through the accounts held and controlled by AC Holding, the SPV that was not licensed by the FSRA and therefore prohibited from conducting any form of financial services activity in ADGM.  As a result, both Hayvn Cayman and AC Holding were found to have carried out unlicensed payments and arranging services in relation to Virtual Asset activities in ADGM.  
  3. Christopher Flinos played a central role in directing and controlling the unlicensed activity in ADGM and as SEO of Hayvn ADGM and CEO of Hayvn Cayman and as the sole director of AC Holding was found to have been centrally involved in the breaches and misconduct.  Christopher Flinos lacked integrity and failed to take reasonable care to ensure that Hayvn ADGM operated in compliance with the applicable rules and regulations of ADGM, for which he was ultimately responsible as SEO.
  4. Hayvn Cayman, AC Holding and Christopher Flinos created and disseminated false and misleading information about the nature of the transactions related to Virtual Assets routed through AC Holding’s accounts.  This included the provision of over 200 false and misleading documents on AC Holding letterheads to AC Holding’s banking partners to open and then maintain the operation of these accounts.  These documents were produced under the direction of Christopher Flinos with the involvement of both Hayvn Cayman and AC Holding.
  5. Hayvn ADGM, Hayvn Cayman and Christopher Flinos provided false and misleading information to the FSRA in response to requests for information including the nature and scope of the business operations associated with each entity above and specifically AC Holding undermining the integrity of the regulatory process.  

Emmanuel Givanakis, CEO of the FSRA of ADGM, said, “The FSRA will take robust and appropriate enforcement action against individuals and entities that violate our regulatory framework.  In this case, the actions of the entities and individuals involved were particularly serious, as they conducted unauthorised Virtual Asset activities through an unregulated entity based in ADGM.  Furthermore, Christopher Flinos was found to have provided false and misleading information and statements during the investigation.  Such misconduct will not be tolerated and warrants strong regulatory penalties which send a strong message of deterrence. ”

Givanakis added, “To address this serious misconduct, the licence of Hayvn ADGM has been cancelled, significant fines have been imposed on the entities involved, and Christopher Flinos has been prohibited from holding any functions in relation to financial services in ADGM.  The FSRA remains ever-vigilant and committed to holding entities and individuals accountable for their actions and ensuring the integrity of the financial system in ADGM.”

The FSRA of ADGM acknowledges and thanks ADGM’s Registration Authority and the Cayman Islands Monetary Authority (“CIMA”) for their cooperation during its investigation in relation to this matter.

The final notices issued to each of the four identified parties can be found below:

President El-Sisi Heads to Qatar, the First Leg of a Gulf Tour Sunday

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Sahfy Sahfy
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President El-Sisi Heads to Qatar, the First Leg of a Gulf Tour Sunday
President El-Sisi Heads to Qatar, the First Leg of a Gulf Tour Sunday

Today, President Abdel Fattah El-Sisi heads to the Qatari capital, Doha, at the start of a Gulf tour that will also include Kuwait.

Spokesman for the Presidency, Ambassador Mohamed El-Shennawy, said that during the visit, President El-Sisi is scheduled to meet with Emir of the State of Qatar, His Highness Sheikh Tamim Bin Hamad Al Thani, to discuss ways to enhance bilateral cooperation in various fields as well as regional developments, particularly those related to the Palestinian cause and efforts to achieve a ceasefire in the Gaza Strip. The President will also hold a meeting with representatives of the Qatari business community to explore economic cooperation opportunities.

The President will then head to Kuwait, the second stop on his Gulf tour. The visit underscores the depth of the strategic relations between the two brotherly countries and their mutual keenness on expanding horizons of economic and investment cooperation.

In Kuwait, President El-Sisi is expected to meet with Amir of the State of Kuwait, His Highness Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, as well as Crown Prince, H.H. Sheikh Sabah Khaled Al-Hamad Al-Sabah, and First Deputy Prime Minister, Minister of Interior, and Acting Prime Minister Sheikh Fahad Yousef Saud Al-Sabah.

ASB Capital and State Street Global Advisors Partner to Manage New Shari’a Compliant Global Equity Fund 

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شمس سيف
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ASB Capital and State Street Global Advisors Partner to Manage New Shari’a Compliant Global Equity Fund 
ASB Capital and State Street Global Advisors Partner to Manage New Shari’a Compliant Global Equity Fund 
  • DFSA-regulated Fund will be launched in DIFC by ASB Capital to meet the growing regional demand for investment solutions.
  • Offers diversified allocation to select expected high-growth global equities providing investors with broad market exposure.
  • Managed by SSGA’s Active Fundamental Equity team, overseeing USD 18bn in AUM, with a proven track record in active equity management.

ASB Capital, a purpose-driven asset management firm, announced it will launch a new global equity Shari’a fund which will be managed in partnership with State Street Global Advisors (SSGA). The Fund will provide institutional investors, family offices, and individual investors exposure to a broad universe of publicly listed companies across global equity markets. The Fund, which will be domiciled in the Dubai International Financial Centre (DIFC) and regulated by the Dubai Financial Services Authority (DFSA), leverages, through delegation of investment management to SSGA, SSGA’s decades-long expertise in active equity management to deliver long-term value for investors seeking Shari’a-compliant, ethical investment solutions.

Managed by SSGA’s Active Fundamental Equity team, which oversees USD 18 billion in assets under management (AUM) as of Dec 31, 2024, the Fund leverages on a research-driven investment approach honed over 30 years. With the backing of SSGA’s proprietary Confidence Quotient Framework, the team identifies high quality, durable-growth companies with strong fundamentals and attractive valuations.

“The Fund reflects ASB Capital’s ongoing commitment to innovation and forming strategic partnerships with renowned global asset managers, unlocking access to global markets for investors in the region and beyond,” said Hichem Djouhri, Senior Executive Officer at ASB Capital. “Our collaboration with State Street Global Advisors allows us to offer investors unique opportunities to diversify their portfolios across sectors and geographies. Together, we are bringing world-class investment opportunities to the region and advancing the growth of Shari’a compliant ethical investment solutions. The global Shari’a compliant finance industry is expected to surpass USD 3.5 trillion by 2025, driving an increasing demand for ethical investment products.”

Emmanuel Laurina, Head of Middle East & Africa, from State Street Global Advisors added, “State Street Global Advisors brings decades of expertise in managing global equity strategies, including Shari’a compliant ethical investment solutions, to meet growing demand in the region. By working with ASB Capital, we combine their deep regional insight with our global capabilities, providing investors with access to a curated portfolio of high conviction and high-quality global equities. This collaboration allows us to deliver a sustainable, investment product that aligns with the rising demand for Shari’a compliant ethical investment solutions focused on strong fundamentals and targeting long-term growth.”

Michael Solecki, Chief Investment Officer for Active Fundamental Equities from State Street Global Advisors, said: “We are pleased to be collaborating with ASB Capital on this exciting opportunity bringing our unique focus on quality, durable growth and reasonable valuation to their platform.”

Launched earlier this year with a starting AUM of US$4.5 billion, ASB Capital is committed to providing innovative investment solutions to meet the evolving needs of institutional and individual investors. By focusing on sustainability and long-term growth, the firm aims to support the region’s growing appetite for ethical investment strategies that align with global financial trends.

Al Baraka Group and its Units Sponsor AAOIFI 23rd Annual Shari’ah Boards Conference

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شمس سيف
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Al Baraka Group and its Units Sponsor AAOIFI 23rd Annual Shari’ah Boards Conference
Al Baraka Group and its Units Sponsor AAOIFI 23rd Annual Shari’ah Boards Conference

Al Baraka Group (“the Group”) and its banking unit in Turkey and Egypt, Al Baraka Turk Participation Bank and Al Baraka Bank Egypt announced their bronze sponsorship of the AAOIFI 23rd Annual Shari’ah Boards Conference. The conference is supported by the Central Bank of Bahrain and will be held on 20-21 April 2025  in the Kingdom of Bahrain.

This sponsorship of the AAOIFI annual conference demonstrate the Group’s strong commitment to supporting the initiatives organized by AAOIFI as a leading institution in developing Islamic financial accounting and auditing standards and keeping pace with emerging global requirements, which enhances the position of the Islamic banking industry regionally and globally

The two-day conference will feature keynote addresses from distinguished dignitaries and policymakers, signing of the Memoranda of Understandings, opening of the exhibition accompanying the Conference along with five panel discussion sessions. These discussions will focus on compensation for Breach of Binding Promise to Purchase, Sell, Take or Give on Lease, Governing Law for International Islamic Financial Transactions, Combination of Contracts in Structured Arrangements: Its Guidelines and Shari’ah Implications and Reinsurance: Its Importance, Structures, and Practical Applications. The discussions will be participated by a select group of scholars, scientists, academics, and specialists.

Alibaba Cloud Strengthens AI Capabilities with Innovations for International Customers

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شمس سيف
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Alibaba Cloud Strengthens AI Capabilities with Innovations for International Customers
Alibaba Cloud Strengthens AI Capabilities with Innovations for International Customers

Alibaba Cloud, the digital technology and intelligence backbone of Alibaba Group, today at its Spring Launch 2025 online event unveiled new AI models, tools and infrastructure upgrades for its international customers, underscoring its ongoing commitment to driving AI innovation worldwide.

“We are launching a series of Platform-as-a-Service（PaaS）and AI capability updates to meet the growing demand for digital transformation from across the globe. These upgrades allow us to deliver even more secure and high-performance services that empower businesses to scale and innovate in an AI-driven world,” said Selina Yuan, President of International Business, Alibaba Cloud Intelligence. “As cloud and AI become essential for global growth, we are committed to enhancing our core product offerings to address our customers’ evolving needs.”

Alibaba Cloud announced new offerings to international customers by expanding access to its foundational models and upgrading infrastructure products. Available through the company’s availability zones in Singapore, these models include the latest from its proprietary large language model (LLM) series, Qwen, such as the large-scale Mixture of Experts (MoE) model Qwen-Max, the reasoning model QwQ-Plus, the visual reasoning model QVQ-Max and the end-to-end multimodal model Qwen2.5-Omni-7b.

QwQ-Plus is an advanced reasoning model specializing in deep analytical thinking, tackling complex challenges like sophisticated QA tasks and expert-level math problems with precise, algorithm-driven solutions. Meanwhile, QVQ-Max is a visual reasoning model that effectively addresses complex multimodal problems with high accuracy and extended reasoning capabilities, supporting visual input and chain-of-thought output.

To further support the AI models on the PaaS front, Alibaba Cloud’s Platform for AI (PAI) has rolled out major enhancements to support scalable, cost-effective, and user-friendly solutions for generative AI and LLMs. PAI-Elastic Algorithm Service (EAS) debuts distributed inference capabilities with a multi-node architecture to satisfy the growing demands of super-large models fueled by the rise of MoE structure and ultra-long-text processing, addressing the limitations of traditional single-node architecture. To further boost performance and reduce costs, PAI-EAS introduces the prefill-decode disaggregation function which has led to a 92% increase in concurrency and a 91% boost in tokens per second (TPS) when deployed with the Qwen2.5-72B model, greatly improving scalability and efficiency.

PAI-Model Gallery has been upgraded to provide a comprehensive selection of nearly 300 cutting-edge open-source models, including the full range of Alibaba Cloud’s proprietary open-source models Qwen and Wan series, all accessible through a seamless, no-code deployment and management experience. It offers diverse deployment methods with underlying computing resources, along with new features like model evaluation for performance insights and model distillation, which reduces deployment costs by transferring knowledge from large to small models.

To enhance data management efficiency in the AI era, Alibaba Cloud has integrated its native AI inference capabilities – powered by Qwen – into its flagship cloud-native relational database PolarDB. With in-database machine learning capabilities, it eliminates data shifting typically required for inference workflow, significantly reducing processing latency while boosting efficiency and data security. Engineered for text-centric workloads, the new feature is ideal for scenarios including conversational RAG (Retrieval-Augmented Generation) agent development, text embedding generation, and semantic similarity search.

It also integrates its data warehouse AnalyticDB into Model Studio, Alibaba Cloud’s generative AI model and application development platform, as the recommended vector database for RAG solutions. This enhancement connects organizations’ proprietary knowledge bases directly to AI models and tools available on Model Studio, streamlining development of context-aware applications.

New SaaS AI Tools to Accelerate Industry Transformation

Alongside its AI models, infrastructure and platform upgrades, Alibaba Cloud unveiled a new suite of Software-as-a-Service (SaaS) AI products aimed at accelerating digital transformation across industries. Powered by AI, these tools will enable international customers to expand their capabilities in data analytics, automation and content creation.

  • AI Doc: An intelligent document processing tool that leverages LLMs to efficiently parse various types of documents, including business reports, forms, product manuals and purchase documents, accurately extract information based on business requirements, and swiftly generate tailored reports. For example, when deployed within Alibaba Cloud’s AI-driven sustainability solution, Energy Expert, businesses can process documents quickly, and generate the reports that follow environmental, social, and governance (ESG) reporting frameworks, guidelines, and standards.
  • Smart Studio: An AI-powered content creation platform enabling seamless text-to-image, image-to-image and text-to-video applications to enhance marketing and creative outputs across various industries, such as e-commerce, gaming, education, and entertainment. For instance, it can harness the power of AI create personalized online shopping experiences for customers, allowing users to effortlessly change outfits, customize virtual hairstyles, makeup, and accessories, and generate images from natural-language descriptions or product designs in a single click.

At the event, Alibaba Cloud also launched a new AI search function on its official website. Powered by Qwen, this AI assistant is designed to help potential enterprise clients, especially SMEs, speed up their solution discovery and gain key insights to facilitate strategic decision-making. It also offers access to cost-effective and scalable cloud solutions, along with free AI and cloud computing training resources.

Upgraded partner incentive policies were also introduced to better support resellers and distributors by providing increased flexibility, higher commission rates, and more rewarding opportunities for mutual growth. This commitment to empowering partners is further reinforced by enhanced training and support resources, designed to strengthen their capabilities and drive success within evolving ecosystem.

In February 2025, Alibaba Group announced an investment of US $53 billion (RMB 380 billion) over the next three years to advance its cloud computing and AI infrastructure, reinforcing its commitment to long-term technological innovation. This historic investment, which exceeds Alibaba’s total AI and cloud spending over the past decade, underscores the company’s ongoing dedication to AI-driven growth and its role as a leading global cloud provider. Alibaba Cloud now operates a global infrastructure network with 87 availability zones across 29 regions.

Egypt Kuwait Holding General Assembly Approves Board Recommendation to distribute Cash Dividend of 3.5 US cents per share and 5% Stock Dividend for FY 2024

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شمس سيف
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Egypt Kuwait Holding General Assembly Approves Board Recommendation to distribute Cash Dividend of 3.5 US cents per share and 5% Stock Dividend for FY 2024
Egypt Kuwait Holding General Assembly Approves Board Recommendation to distribute Cash Dividend of 3.5 US cents per share and 5% Stock Dividend for FY 2024

Egypt Kuwait Holding (EKH) recently convened its Ordinary and Extraordinary General Assemblies for the fiscal year 2024, during which all agenda items were approved, including the company’s financial statements for the past fiscal year and the auditor’s report.

The General Assembly approved the distribution of dividends for the year 2024 amounting to USD 53.2 million, representing 19% of the Company’s capital. This includes a cash dividend equivalent to 14% of the share’s par value, amounting to USD 39.11 million—or 3.5 US cents per share. It also approved the distribution of stock dividends totaling USD 14.09 million, representing 5% of the company’s issued and paid-up capital—granting shareholders one free share for every twenty original shares—for the fiscal year ending December 31, 2024.

Reflecting on the compnay’s recent performance, Loay Jassim Al-Kharafi, Chairman of the board of EKH, said: “We are proud of the Group’s strong performance last year, during which we maintained robust profitability across all operating sectors. We look forward to 2025 as the launchpad for a new phase of growth and selective expansion, driven by an ambitious strategy to cement our Group’s and subsidiaries’ market standing and expanding our presence regionally and globally.”

He added: “The growth we achieved in revenues and increased investments reflects the strength of our financial position, the resilience of our business model, and our ability to achieve sustainable growth despite local, regional, and global market challenges. At the same time, we remain committed to continuous development and pursuing promising opportunities.”

Al-Kharafi noted that the Group successfully navigated the operational and economic challenges of 2024 thanks to the efficiency of its strategy and the flexibility of its business model. This strengthened its ability to achieve sustainable growth and continue delivering long-term results. The company’s strong performance in 2024 reflects a notable recovery in pricing and higher sales volume of key products), further reinforcing confidence in the Group’s solid and sustainable business portfolio and paving the way for the implementation of its ambitious expansion plans in 2025.

Jon Rokk, CEO of EKH, stated:”In 2025, we will continue to pursue opportunities aligned with our strategic objectives and actively contribute to generating added value for both our shareholders and clients.”

He added: “We are gearing up to expand our footprint in 2025, with plans to enter the Saudi market for the first time and kick off a new project in Northern Europe. At the same time, we will continue growing our existing operations and strengthening our presence in the Egyptian market.” He noted that the company intends to spend between $150 million and $200 million in CAPEX over 2025 and 2026, targeting both new opportunities and the expansion of its existing portfolio.

Rokk further affirmed that Egypt Kuwait Holding is embarking on a transformative chapter—one that encapsulates its bold growth aspirations and forward-looking drive to build a strategic, agile organization.

He also presented the Group’s financial results for the previous year, during which revenues rose to $642 million, accompanied by a 40% growth in gross profit margin and a 39% increase in EBITDA margin. Net profit reached $185 million, with net profit margin increasing by 2 percentage points to reach 29%. The net profit attributable to the company’s shareholders amounted to $163 million during the same period.

In the fourth quarter of 2024 alone, the company recorded revenues of $167 million—reflecting 9% quarter-over-quarter growth—driven by revenue increases across various subsidiaries, indicating improving market conditions. The company successfully maintained high profit margins despite economic headwinds, with gross profit and EBITDA margins reaching 41% and 42% respectively, while net profit for the fourth quarter amounted to $46 million.

Middle Eastern Banks Set for AI-Driven Transformation, Finastra Report Reveals

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Sahfy Sahfy
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Middle Eastern Banks Set for AI-Driven Transformation, Finastra Report Reveals
Middle Eastern Banks Set for AI-Driven Transformation, Finastra Report Reveals

The adoption of artificial intelligence (AI) in the Middle Eastern banking sector could significantly contribute to regional economic growth, potentially adding as much as 13.6% to GDP by 2030, according to industry analysts. Finastra’s Financial Services State of the Nation 2024 survey reveals that banks in the UAE and Saudi Arabia are already accelerating their deployment of AI, putting the region on the cusp of potentially substantial economic and operational advancements.

The report highlights that the UAE ranks among the top global adopters of AI in financial services, with 71% of its institutions having deployed or improved AI capabilities in the past year, supported by strong public and private sector investments. Saudi Arabian institutions also show momentum in adoption, alongside prioritizing operational modernization and strategic partnerships. In both regions, institutions have deprioritised marketing use cases for generative AI (Gen AI). Instead, firms are utilizing it within core processes, such as for Know Your Customer (KYC) or Anti-Money Laundering (AML) checks, improving risk management and decision-making, and enhancing IT operations. 

Adam Lieberman, Chief AI Officer at Finastra, noted, “The Middle East’s forward-thinking regulators, solid digital infrastructure, and receptive customer base create an ideal environment for banks to leverage AI. Banks utilizing cloud-native platforms and unified data environments will not only maximize the benefits of AI for workforce productivity, but also significantly boost their capacity for innovation, risk management, and geographic expansion.”

The report further highlights that personalized customer experiences enabled by AI are becoming standard expectations in financial services. UAE banks particularly excel in this area, deploying advanced AI-driven chatbots for seamless, contextually aware customer interactions available around the clock.

With Saudi Arabia (93%) and the UAE (90%) among the global leaders in enthusiasm towards AI, the region could harness substantial value. PwC projects AI will contribute $320 billion to the Middle East economy by 2030, while McKinsey estimates the global banking sector could see an additional $1 trillion annually from AI-driven efficiencies. As AI systems become more advanced, agentic AI is also proving to be a game changer for enhancing user experiences and driving further efficiency gains.

Finastra remains dedicated to supporting Middle Eastern banks through strategic collaboration and advanced technology solutions, enabling institutions to fully realize the immense potential of AI.

Africa – First AI Hackathon on Islamic Finance: Strengthening the Adoption of Standards in Islamic Finance with Artificial Intelligence

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Sahfy Sahfy
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Africa - First AI Hackathon on Islamic Finance: Strengthening the Adoption of Standards in Islamic Finance with Artificial Intelligence
Africa - First AI Hackathon on Islamic Finance: Strengthening the Adoption of Standards in Islamic Finance with Artificial Intelligence

The Islamic Development Bank Institute (IsDBI)  (https://IsDBInstitute.org) is pleased to announce the launch of its First AI Hackathon on Islamic Finance, scheduled to take place from 8–10 May 2025. This pioneering event brings together students and young professionals in computer science, artificial intelligence, and finance to work on AI-powered solutions that support the adoption and implementation of selected AAOIFI Financial Accounting Standards (FAS). The hackathon aims to encourage creative and practical solutions that bring Islamic finance standards to life in a more accessible, efficient, and globally harmonized way.
With cash prizes and recognition, participants will compete in teams to design impactful AI tools that improve standardization, compliance, and decision-making within the Islamic finance ecosystem. The teams will gain hands-on experience, engage with leading experts, and help shape the future of Islamic finance through innovation and purpose-driven technology.
Are you ready for the AI revolution?
Join us for an exciting AI Hackathon where students and professionals from the fields of computer science, AI and Finance and Accounting collaborate to develop AI-powered solutions centered around selected AAOIFI Financial Accounting Standards (FAS).
This first-of-its-kind hackathon will explore how AI can be tailored to make these standards easier to implement and adopt, more comprehensive, user-friendly and globally compatible, leading to higher compliance rates and better financial decision-making in the Islamic Finance sector (financial engineering, compliance, product structuring and standardization).
Why Participate?
Participating in this AI Hackathon is more than just a competition—it’s an opportunity to make a real impact in the evolving landscape of Islamic finance.
Exciting Rewards and Recognition – Compete for prizes, gain recognition from industry leaders, and boost your career with an achievement that sets you apart.
Make an Impact in Islamic Finance – Contribute to the future of financial standardization and compliance in the Islamic finance sector, helping institutions make better decisions and enhance regulatory adherence.
Innovate with Purpose – Leverage AI to enhance the implementation and adoption of Islamic Financial Accounting Standards, making them more accessible, efficient, and globally compatible.
Learn, Network and Showcase – Gain hands-on AI experience in Islamic finance, collaborate with industry experts, and showcase your skills to stand out in the field.
Awards:

  • First Place: 10,000 USD
  • Second Place: 7,000 USD
  • Third Place: 4,000 USD

Who Can Participate?
Students and Professionals in teams of 3-5 with required specialties in Computer Science, AI and Finance and Accounting.
Evaluation Criteria and Judging Panel
Your submission will be assessed based on:
Accuracy and Compliance – Alignment with AAOIFI standards.
Innovation and Creativity – Novel approaches to solving your own proposed challenges.
AI Performance Improvement – Effectiveness in refining AI-generated outputs.
User Friendliness – intuitive user experience.
The Judging Panel will include experts in Islamic Finance, AAOIFI Accounting Standards and Artificial Intelligence.
Frequently Asked Questions (FAQ)
Can I join as an individual?
You have to form a team containing at least 3 members with the required expertise in computer science, AI and finance (maximum of 5 team members).
Will the hackathon be virtual or on-site?
It is a hybrid format where the pre-event workshops will take place online, but the actual hackathon will be on-site, the venue will be communicated in due course.
Stay Tuned for More Details!
We’re gearing up for an exciting AI Hackathon on Islamic Finance, and we can’t wait to share more details with you!
Follow us and keep an eye on our official channels, exciting announcements are coming your way!
Details about registration, workshops, venue, and much more will be revealed soon!
Get ready to shape the future of AI in Islamic finance! Start building your dream team for this groundbreaking hackathon!

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