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World’s Largest AI Prompt Engineering Championship Opens Registration

By
شمس سيف
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World’s Largest AI Prompt Engineering Championship Opens Registration
World’s Largest AI Prompt Engineering Championship Opens Registration

Registration is open for the second edition of the Global Prompt Engineering Championship 2025 – the world’s largest generative AI prompt engineering competition that aims to cultivate a global community that exchanges expertise, knowledge, and innovations in the prompt engineering space. AI experts from around the world will compete in four categories – Art, Video, Gaming, and Coding – with a total prize pool of AED 1 million.

The championship offers creative local and global talents a platform to demonstrate their skills in the field of prompt engineering by crafting precise instructions for an AI tool to generate desired unique content.

Organised by the Dubai Centre for Artificial Intelligence (DCAI), an initiative overseen by the Dubai Future Foundation (DFF), the championship will take place during Dubai AI Week on 22–23 April 2025, held under the patronage of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, and Chairman of the Board of Trustees of Dubai Future Foundation.

This global challenge provides AI professionals and enthusiasts with a platform to push the boundaries of AI applications, collaborate on cutting-edge advancements, and immerse themselves in Dubai’s thriving innovation ecosystem, reinforcing the emirate’s position as a global leader in AI.

Applications close on March 22, after which 24 finalists – six per category – will be selected to compete live in Dubai at AREA 2071, Emirates Towers. The first day of championship will see competitions among six finalists in each of the four categories. The top 3 participants across each category will then advance to the final phase on the second day. Following two days of competing, top 3 prompt engineer winners will be selected and awarded a shared prize pool worth  of 1 million dirhams.

The evaluation will be based on speed, quality, and accuracy of the prompt engineering output that will be conducted by a specialised committee.

Saeed Al Falasi, Director of the DCAI, stated: “This April, the Global Prompt Engineering Championship will unite top AI engineers, designers, and prompt programmers in a high-energy environment to explore the next frontier of AI. This event strengthens Dubai’s position as a global testbed for AI innovation, ensuring technology is developed with real-world impact and for the benefit of humanity.”

Last year’s edition of the championship attracted thousands of submissions from nearly 100 countries. Thirty participants from 13 countries, including Lebanon, Egypt, Jordan, Syria, Morocco, India, Singapore, the Dominican Republic, Austria, France, Spain, the United Kingdom, and the United Arab Emirates, competed in three main categories: Art, Literature, and Coding.

For registrations and peer-to-peer voting, please visit the official Global Prompt Engineering Championship website: www.challenge.dub.ai.

Al Mal Capital REIT announces final dividend for the financial year 2024

By
Sahfy Sahfy
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Al Mal Capital REIT announces final dividend for the financial year 2024

Al Mal Capital REIT (“AMCREIT”), the first REIT listed on DFM, regulated by the Securities and Commodities Authority, and managed by Al Mal Capital PSC (“Al Mal Capital”), a subsidiary of Dubai Investments PJSC, has announced the final dividend for financial year 2024 amounting to AED 20,555,595 (as against AED 15,416,697 for six months ended 30 June 2024). The final dividend of AED 4.00 fils per unit is a milestone distribution, as it is on the enhanced unitholders’ capital of AED 513,889,872 raised through a rights issue in April 2024. The final dividend of AED 4.00 fils per unit combined with the interim dividend of AED 3.0 fils per unit paid in August 2024 has ensured that AMCREIT continues with its commitment of target annualized yield of 7.0% to the unitholders. AMCREIT will pay the interim dividend to the unit holders with the entitlement date set for March 27, 2025.

AMCREIT delivered yet another strong financial performance for year ended 31 December 2024. In line with its strategy of growing its portfolio in the mandated sector of Education, AMCREIT completed the acquisition of Carnation Education LLC (“Carnation”), thus enhancing its overall investment portfolio. The balance sheet of AMCREIT surpassed AED 1 billion in 2024 with the investment properties valued at AED 993 million (as against AED 578 million as of 31 December 2023).

With the acquisition of Carnation (owner of Kent College Dubai), AMCREIT’s net property income touched AED 65.6 million for the full year 2024, which represented an increase of c. 47% over the corresponding period of twelve months ended 31 December 2023. The total comprehensive income for the full year 2024 was AED 61.9 million, an increase of c.80% vis-à-vis the previous financial year 2023.

AMCREIT’s core focus in growing its portfolio in the mandated sectors supports its vision of providing its investors access to an asset class with strong fundamentals and sustained growth. AMCREIT’s investment properties neared c. AED 1 billion, a significant milestone given the first acquisition was completed towards the end of financial year 2021. The REIT’s portfolio comprises five school campuses including two in Ajman (operated by Al Shola Group), two in Sharjah (operated by GEMS Education) and one in Dubai (operated by Aldar Education).

Commenting on the dividend distribution, Mr. Naser Al Nabulsi, Vice Chairman and CEO of Al Mal Capital PSC said: “AMCREIT has delivered yet another solid performance in 2024. The year witnessed key successes including enhancement of the capital base with new investor participation, acquisition of another K-12 school taking the overall assets to five school campuses and the continued dividend distribution to the unitholders. AMCREIT believes in sustainable value creation to its unitholders and in line with this, the final dividend distribution of AED 4 fils per unit reiterates the commitment to deliver the target annualized yield of 7.0% for 2024.

AHRC Condemns the Restart of Israel’s Genocidal Campaign of Starving and Bombing Gaza

By
شمس سيف
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AHRC Condemns the Restart of Israel’s Genocidal Campaign of Starving and Bombing Gaza
AHRC Condemns the Restart of Israel’s Genocidal Campaign of Starving and Bombing Gaza

The American Human Rights Council (AHRC-USA) joins the world’s peace-loving community in condemning the restart of the Israeli genocidal policy of starving and bombing the Palestinians in Gaza. The victims of the Israeli genocidal acts are primarily infants, children, women, and the elderly. More than 404 people have recently been killed in cold blood during Ramadan. Ramadan is the holiest month in the Islamic calendar.

The Israeli breach of the already fragile ceasefire represents a dangerous turn. Israel continues to disregard all laws and norms simply because Netanyahu wants to prolong his political life. Netanyahu has no intention of having a permanent ceasefire in Gaza. The reality is that the Trump administration is responsible for the restart of the Israeli assault on Gaza because it has sided with the criminal defendant Netanyahu. Israel would not be able to relaunch such massive, horrific, and unspeakable attacks without the green light from the Trump administration.

There is a ceasefire agreement in three stages. Israel is violating this agreement. Netanyahu does not want a permanent ceasefire and enabled by the Trump administration, is trying to unilaterally change an agreement that took months to reach. Israel is negotiating in bad faith, and Mr. Trump is supporting this bad faith. Innocent people are starved and bombed as a result.

There is also the plight of the Palestinians in Israeli prisons. Thousands of Palestinian prisoners/hostages remain in Israeli prisons. Many are subject to ongoing well-documented torture and abuse. These thousands of Palestinians are not counted. Their lives have no value in the eyes of Israel and its supporters. Israeli honoring of the ceasefire agreement ends their plight.

AHRC urges the Trump Administration to uphold its peace promise. The current Israeli escalation of war crimes and the ongoing Israeli weaponization of food, water, and medicine are resulting in avoidable deaths and suffering. The US can put a permanent end to this war but for political expediency is choosing not to.

‘The Trump administration promised peace and a permanent ceasefire but what we see is enabling Netanyahu to commit more atrocities,” said Imad Hamad, AHRC Executive Director. “President Trump by supporting the most extreme Israeli government is making peace impossible,” continued Hamad.

EFG Holding Soars to Record EGP 24.4 Billion in Revenues, Driven by Strong Growth Across All Three Verticals

By
شمس سيف
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EFG Holding Soars to Record EGP 24.4 Billion in Revenues, Driven by Strong Growth Across All Three Verticals
EFG Holding Soars to Record EGP 24.4 Billion in Revenues, Driven by Strong Growth Across All Three Verticals

The Group’s Net Profit After Tax and Minority Interest Surged By 71% Year-On-Year to EGP 4.3 billion, Driven By Higher Profitability Growth Across Its Three Platforms.

EFG Holding, a financial institution with a universal bank in Egypt and the leading investment bank in the Middle East and North Africa (MENA), announced today its results for the full year ended 2024. The Group booked its highest-ever recorded revenues of EGP 24.4 billion, representing a remarkable 66% Year-on-Year growth, underpinned by increasing revenues reported by all lines of business of the Group, EFG Hermes, the investment bank vertical, followed by Bank NXT, the commercial bank vertical, and EFG Finance, the Non-Bank Financial Institutions (NBFI) vertical.

EFG Holding’s operating expenses increased 57% Y-o-Y to EGP 15.5 billion in FY24, driven by the increase in employee expenses, and other operating expenses. In terms of profitability, the Group’s net operating profit rose 84% Y-o-Y in FY24 to EGP 8.9 billion. Meanwhile, net profit before tax rose 81% Y-o-Y to EGP 7.7 billion in FY24. The Group’s net profit after tax and minority interest increased 71% Y-o-Y to reach a record high of EGP 4.3 billion, on higher profitability generated by the three verticals. The Group’s total assets stood at EGP 186.9 billion at the end of December 2024.

Karim Awad, Group CEO of EFG Holding, reflected on the Group’s performance, stating, “The outstanding financial performance of our institution in 2024 stands as a powerful testament to our relentless pursuit of excellence, strategic foresight, and our ability to adapt in a rapidly evolving economic landscape. This year’s earnings across all our verticals reinforce our position as a leading financial institution in the MENA region—one that continuously delivers value, fosters growth, and sets new industry benchmarks. Our continued focus on innovation, cross-selling capabilities, operational efficiency, and client-centric solutions has enabled us to deliver sustained value and maintain a competitive edge.”

On the investment bank side of the house, EFG Hermes had a strong year, surging 81% Y-o-Y to EGP 14.7 billion, boosted by unrealized gains on investments/seed capital, foreign exchange gains, and outstanding sell-side performance. Sell-side revenues surged 95% Y-o-Y to EGP 7.4 billion, lifted by Investment Banking’s exceptional revenues and higher Brokerage revenues. Investment Banking revenues surged a staggering 220% Y-o-Y to EGP 2.4 billion. In comparison, Brokerage revenues climbed 65% Y-o-Y on the back of higher revenues generated by the MENA markets, namely Egypt and UAE markets, to EGP 5.1 billion. This was complemented by the growth in Structured Products’ revenues after the devaluation and the increased executions of Egypt’s carry trade. Net profit after tax and minority interest rose 63% to reach EGP 2.5 billion.

Revenues at EFG Finance, the Group’s Non-Bank Financial Institutions (NBFI) vertical, jumped 60% Y-o-Y to EGP 4.8 billion, led by Valu and Tanmeyah, and followed by EFG Corp-Solutions’ Leasing business. Operating expenses rose 45% Y-o-Y to EGP 3.3 billion, driven by higher employee expenses, other G&A, provisions, and ECL. Valu’s revenues grew 66% Y-o-Y to EGP 1.9 billion, boosted by higher fees and commissions as loans issued increased Y-o-Y, higher securitization gains which came at EGP 835 million, and foreign exchange gains. Tanmeyah’s strong performance in the year’s second half resulted in a 50% increase in revenues Y-o-Y to EGP 1.9 billion, on higher net interest income as the outstanding portfolio grew Y-o-Y. EFG Corp-Solutions’ Leasing revenues more than doubled, up 117% Y-o-Y to EGP 787 million, while its Factoring revenues grew 38% Y-o-Y to EGP 165 million. EFG Finance’s net profit after tax and minority interest more than doubled, up 134% Y-o-Y to reach EGP 815 million.

Bank NXT saw another strong year, with its revenues increasing 37% Y-o-Y to EGP 5.0 billion in FY24, primarily driven by higher net interest income, which grew 54% Y-o-Y to EGP 3.9 billion. The Bank’s net profit after tax added 54% Y-o-Y to reach EGP 1.8 billion (of which the Group’s share is EGP 909 million) in FY24, as revenue growth outpaced the growth in expenses.

“Leveraging our strong balance sheet and expanding regional presence, we remain committed to seizing new opportunities and driving sustainable growth. The continued expansion of our Investment Bank in the GCC, alongside the positive momentum of Valu, Bank NXT, and Tanmeyah, reflects the strength of our strategy and adaptability. These developments reinforce our focus on delivering long-term profitability, generating value for our shareholders, and supporting our clients and communities. Guided by a clear strategic vision, we strive to contribute to the evolution of financial services across the MENA region.” concluded Awad.

EFG Holding’s FY24 financial results and management’s commentary are available.

Eighty percent of WHO-supported facilities in Afghanistan risk shutdown by June

By
شمس سيف
-
Eighty percent of WHO-supported facilities in Afghanistan risk shutdown by June
Eighty percent of WHO-supported facilities in Afghanistan risk shutdown by June

The World Health Organization (WHO) in Afghanistan is deeply concerned that funding shortages could force the closure of 80% of WHO-supported essential health care services. Millions, including vulnerable populations such as women, children, the elderly, the displaced and returnees, will be left without access to critical medical care.

As of 4 March 2025, 167 health facilities had shut down due to funding shortages, cutting off lifesaving medical care to 1.6 million people across 25 provinces.

Without urgent intervention, over 220 more facilities could close by June 2025, leaving an additional 1.8 million Afghans without access to primary health care. In the worst affected regions – Northern, Western and Northeastern Afghanistan – more than a third of health care centres have shut down, raising alarms about an imminent humanitarian crisis.

“These closures are not just numbers on a report, they represent mothers unable to give birth safely, children missing lifesaving vaccinations, entire communities left without protection from deadly disease outbreaks,” said WHO Representative and Head of Mission in Afghanistan Dr Edwin Ceniza Salvador. “The consequences will be measured in lives lost.”

Eighty percent of WHO-supported facilities in Afghanistan risk shutdown by June

Afghanistan is already battling multiple health emergencies, including outbreaks of measles, malaria, dengue, polio and Crimean-Congo haemorrhagic fever. Without functioning health facilities, efforts to control these diseases are severely hindered. Over 16 000 suspected measles cases, including 111 deaths, were reported in the first 2 months of 2025. With immunization rates at critically low levels (only 51% for the first dose of the measles vaccine and 37% for the second), children are at heightened risk of preventable illness and death.

Disruptions to WHO-led coordination mechanisms prevent health partners from tracking disease outbreaks, allocating resources and delivering essential services and threaten to push the country’s already fragile health care system deeper into crisis.

While some donors continue to support Afghanistan’s health sector, funding has been significantly reduced as development aid priorities have shifted. The needs, however, remain immense, and current support is not enough to sustain critical health care services for millions of Afghans.

“This is not just about funding. It is a humanitarian emergency that threatens to undo years of progress in strengthening Afghanistan’s health system,” said Dr Salvador. “Every day that passes without our collective support brings more suffering, more preventable deaths and lasting damage to the country’s health care infrastructure.”

GII Saudi Arabia plans to double its US investments in the next four years 

By
شمس سيف
-
GII Saudi Arabia plans to double its US investments in the next four years
GII Saudi Arabia plans to double its US investments in the next four years
  • GII has current US investments in New Jersey and Florida, plus the award-winning California-based EduTech provider zSpace, which launched a successful IPO on NASDAQ (New York) in late 2024 
  • GII group is exploring investments in US private equity and private debt opportunities

 Gulf Islamic Investments group (GII) plans a significant expansion of its US assets, aiming to double its existing portfolio of $750 million through GII Saudi Arabia in the next four years.

The successful public offering of an allocation of zSpace’s shares on the US NASDAQ in December 2024 brought GII to US public attention, in addition to several earlier US transactions.  GII’s expansion aims to focus on new investments in the US logistics, education and food production and processing sectors.

The Saudi-based operations of GII, a leading global alternative investment company with $3.5 billion of assets under management, are the ideal base for this expansion. GII’s existing operations in the Kingdom include a CMA-regulated Category One financial institution in Riyadh, the largest Saudi dental and dermatological chain (Al Meswak) and a medical insurance provider (Abeer Medical), the largest bakery in western Saudi Arabia (Emad Bakeries), a logistics joint venture in Jeddah (with Logipoint) and a new hydroponic farm in Ta’if, near the holy city of Makkah (Badia Farms).

The Chairman of GII Saudi Arabia and GII group Board Member Fawaz Al Tamimi commented: “We are keen to expand our investments in the USA, a country that GII knows well since our inception in 2014. The US is well-known as one of the best markets for private debt and private credit opportunities, which will allow GII to scale up its existing operations in these asset classes”.

Arabian Company for Agricultural and Industrial Investment Announces Successful Listing and Commencement of Trading on Saudi Exchange

By
Sahfy Sahfy
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Arabian Company for Agricultural and Industrial Investment Announces Successful Listing and Commencement of Trading on Saudi Exchange
Arabian Company for Agricultural and Industrial Investment Announces Successful Listing and Commencement of Trading on Saudi Exchange

Arabian Company for Agricultural and Industrial Investment (the “Company” or “Entaj”), one of the leading poultry brands in the Kingdom of Saudi Arabia (the “Kingdom”), announced today the listing of its shares on the Main Market of the Saudi Exchange, following the successful completion of its initial public offering (the “IPO” or “Offering”). The Company is now trading under the ticker symbol: 2287. 

The Offering consisted of 9,000,000 ordinary shares (the “Offer Shares”), with 90% of the Offer Shares allocated to Institutional Investors (the “Participating Parties”). The orders recorded during the institutional book-building exceeded SAR 93 billion (approximately USD 25 billion), representing a coverage of 208.4 times. The number of shares that were allocated to the Individual Investors tranche was 900,000 Offer Shares, representing 10% of the total Offer Shares. The offering saw 499,021 individual investors place orders totaling SAR 1.4 billion, reflecting a subscription coverage of 30.2 times for this tranche.

The Final Offer Price was set at SAR 50 per share, which is at the top end of the previously announced price range for IPO, with the Company successfully raising gross proceeds of SAR 450 million with an implied market capitalization of SAR 1.5 billion at listing.

Ziyad Al Sheikh, Vice Chairman, commented: “Today marks a historic milestone for Entaj as we officially list on the Saudi Exchange’s Main Market, a testament to two decades of growth, innovation, and expansion. The overwhelmingly positive investor reception underscores the strength of Entaj’s investment case and the trust in our vision. As we step into this new chapter, we remain steadfast in our commitment to excellence, transparency, and accelerating strategic growth in the Kingdom’s dynamic poultry sector. Our focus will continue to be on delivering long-term value for our shareholders while advancing the Vision 2030 goals of food security and local production.”

Raja M. Alharbi, CEO, said: “The successful completion of our IPO reinforces Entaj’s position as a leading force in Saudi Arabia’s highly competitive poultry sector. This milestone provides us with enhanced visibility, credibility, and access to resources, positioning us to drive sustainable growth in the years ahead. As a high-growth company, we remain focused on scaling production, expanding our distribution network, and enhancing operational efficiencies to meet the growing demand for fresh, locally produced poultry. We are deeply grateful to our employees, customers, and partners for their unwavering support in making this achievement possible, and we thank our investors for their trust and confidence in our growth story.”

For more information on the IPO, visit https://ipo.entaj.com/ 

Forbes Middle East Unveils its Fintech 50 2025

By
Sahfy Sahfy
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Forbes Middle East Unveils its Fintech 50 2025
Forbes Middle East Unveils its Fintech 50 2025

Forbes Middle East has revealed its annual Fintech 50 list, recognizing the region’s leading trailblazers in the digital financial services sector as they navigate shifting consumer expectations in an increasingly digital landscape. The ranked companies have collectively processed over $240 billion in transactions and secured more than $3.8 billion in total funding.

The ranking was determined based on external investment, total transaction volume, app downloads, active users, consumer impact, geographic footprint, and achievements in innovation, growth, and expansion over the past year. Fintech entities affiliated with exchange houses, traditional banks, or government institutions were not considered.

After securing $160 million in a Series E funding round in February 2025, Saudi-based fintech giant Tabby propelled its valuation to $3.3 billion, making it the region’s most valuable fintech startup and earning it the top spot in the 2025 Fintech 50 ranking.

Egyptian e-payments pioneer Fawry lands in second place, backed by its 53.1 million-strong customer base. Saudi Arabia’s Insurtech and banking solutions firm Rasan follows in third, having gone public on the Saudi Exchange (Tadawul) in 2024, with a market cap of nearly $1.9 billion as of February 20, 2025.

The 2025 list highlights companies from 11 countries and introduces 12 new entrants, including digital asset platform CoinMENA, U.A.E.-based Ziina, and Egypt’s Sahl. The U.A.E. leads the ranking with 13 fintech firms, followed by Egypt (12) and Saudi Arabia (10), collectively representing 70% of the list. 

Of the 50 listees, 14 were founded by solo entrepreneurs, making up 28% of the ranking.

The Middle East’s Fintech 50:  Country Breakdown
U.A.E.  13 Jordan  2
Egypt 12 Morocco 1
Saudi Arabia   10 Oman  1
Kuwait  3 Yemen 1
Iraq 3 Tunisia 1
Bahrain 3

The Middle East’s Fintech 50 – Meet The Top 10 

1 | Tabby

Shopping & financial services app 

HQ: Saudi Arabia

2 | Fawry 

E-payment platform

HQ: Egypt

3 | Rasan

Insurtech & banking solutions

HQ: Saudi Arabia

4 | Wio Bank

Digital banking platform

HQ: U.A.E.

5 | MyFatoorah

Payment solutions company

HQ: Kuwait

6 | MadfoatCom 

Bill presentment & payment system

HQ: Jordan

7 | MNT-Halan 

Lending, BNPL & payments platform

HQ: Egypt

8 | Thndr

Investment platform

HQ: Egypt

9 | e& money

Financial super-app

HQ: U.A.E.

10 | Valu

Financial technology company

HQ: Egypt

Click here to view the complete list of The Middle East’s Fintech 50 for 2025.

HC Brokerage Signs Cooperation Agreement with Fawry Plus to Enhance Trading and Investment Services

By
Sahfy Sahfy
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HC Brokerage Signs Cooperation Agreement with Fawry Plus to Enhance Trading and Investment Services
HC Brokerage Signs Cooperation Agreement with Fawry Plus to Enhance Trading and Investment Services

HC Brokerage, one of Egypt’s leading securities brokerage firms, has announced the signing of a cooperation agreement with FawryPlus for Banking Services. The partnership aims to simplify trading in the stock market, in line with HC’s strategy to expand its service offerings and enhance accessibility for clients across Egypt.

Under this agreement, HC clients will be able to open securities brokerage accounts, complete bookkeeping procedures, and sign online trading contracts, among other services, through FawryPlus’ extensive branch network across all governorates. This eliminates the need for clients to visit HC branches or wait for company representatives.

Hossam Ezz, CEO of FawryPlus stated
Hossam Ezz, CEO of FawryPlus stated

Commenting on this strategic partnership, Hossam Ezz, CEO of FawryPlus stated: “Were delighted to partner with HC Brokerage, as this partnership reaffirms Fawry’s commitment to providing innovative solutions that support the growth of Egypt’s financial market fostering effective partnerships with brokerage firms to attract new segments of investors and integrate them into the formal financial sector.

He added: “FawryPlus places great emphasis on the Financial Inclusion Strategy (2022-2025) issued by the CBE. Our goal is to promote the financial inclusion, expand access to financial services for underserved consumers in rural and remote areas, improve financial literacy, and facilitate access to financial services for both individuals and businesses, ultimately encouraging a shift towards the formal financial sector.

Hassan Choucri, Managing Director of HC Brokerage
Hassan Choucri, Managing Director of HC Brokerage

“Hassan Choucri, Managing Director of HC Brokerage, expressed his enthusiasm for the partnership, stating: “This agreement marks a significant milestone in HC’s journey, enhancing our ability to provide more advanced financial and investment services in line with Egypt’s digital transformation and financial inclusion agenda.”

He added: “At HC, we are committed to expanding our reach by leveraging Fawry Plus’s extensive branch network. This enables us to offer innovative solutions tailored to the needs of diverse investor segments, both individual and institutional, while contributing to the development of Egypt’s capital market.”

He further emphasized: “As a leading financial advisor with over 25 years of experience in both local and regional markets, HC continuously adapts to the evolving financial landscape. The recent shift in the Egyptian stock market, where individual investors now account for the majority of trading, underscores the need for more efficient and innovative solutions to support their growth and enhance market performance.”

This collaboration ensures that HC’s diverse and integrated services are now available to all investor segments, including individuals and institutions, without the need for travel between governorates or visits to the company’s headquarters. It reflects HC’s commitment to adopting the latest digital technologies to promote financial inclusion and facilitate broader access to financial services.

FawryPlus is a leading player in promoting financial inclusion, providing accessible banking services such as digital wallet activation, prepaid cards, Know Your Customer (KYC) registration, financial inclusion account openings, and electronic remittance and collection services. Through its extensive network and innovative model, FawryPlus bridges the gap in financial service accessibility, empowering individuals and businesses to manage their financial affairs efficiently.

With over 300 branches across Egypt and operating seven days a week FawryPlus prioritizes reaching remote areas that lack access to financial services, enabling banks to serve their customers beyond official working hours. FawryPlus has also revolutionized the banking sector with its “One Zone, One Bank” model, which offers a centralized banking hub for more than 36 banks, making it easier for individuals and businesses to access various financial and banking services under one roof.

Orascom Development Egypt (ODE) has released its consolidated results for Q4 2024.

By
شمس سيف
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Orascom Development Egypt (ODE) (EGX: ORHD.CA) has released its consolidated results for Q4 2024.
Orascom Development Egypt (ODE) (EGX: ORHD.CA) has released its consolidated results for Q4 2024.
ODE Delivers Exceptional Financial Results in FY 2024: Real estate sales reached a record EGP 32.5 billion, a 67% increase. Revenues experienced a substantial surge of 42%, amounting to EGP 21.8 billion, while net profit stood at EGP 3.4 billion, reflecting 10.5% growth despite being impacted by FX losses of EGP 1.8 billion. 

Key Highlights of Q4 2024 vs. Q4 2023

  • Total revenues increased by 27.4% to EGP 6.3 billion.
  • Adj. EBITDA elevated by 50.0% to EGP 2.7 billion with a margin of 42.4%, showcasing our operational excellence.
  • Net profit increased by 11.6% to EGP 1.2 billion.
  • Net real estate sales rose by 46.8% to EGP 9.3 billion.
  • Sold a 110,000 sqm land parcel to Hassan Allam Properties for USD 34.7 million (USD 341/sqm).
  • Sold a 26,532 sqm land plot at the back end of El Gouna, an extension to the land previously sold during 1H 2024. The total transaction value for this land amounts to c. EGP 370 million (USD 274/sqm).

Key Highlights of FY 2024 vs. FY 2023

  • Total revenues increased by 42.2% to EGP 21.8 billion.
  • Adj. EBITDA experienced an increase of 62.5% to EGP 9.3 billion, resulting in a margin of 42.9%. 
  • Net profit increased by 10.5% to EGP 3.4 billion, while adjusted net profit, after excluding FX losses, increased by 55.5% to EGP 5.3 billion.
  • Our hospitality division achieved record revenues of EGP 4.3 billion, reflecting a 41.6% increase despite challenging market conditions.
  • FY 2024 marked another milestone year for the company, with total real estate sales reaching EGP 32.5 billion, representing a 67% year-over-year growth. 
  • Cash flow from operations increased by 151.5% to EGP 7.1 billion.

In 2024, ODE has exemplified an outstanding ability to sustain a positive growth trajectory, achieving impressive financial and operational results. This success has been realized despite significant challenges, including a foreign exchange loss of EGP 1.8 billion. Our resilient and diversified business model has been crucial in mitigating the negative effects of inflation that have impacted numerous sectors. This accomplishment underscores our steadfast commitment to innovation and operational efficiency, which have proven essential in navigating the complexities of the market. Importantly, we’ve experienced exceptional growth in real estate sales, which has significantly bolstered our overall revenue. Our relentless pursuit of operational excellence has also led to improved adjusted EBITDA, reflecting our capability to manage costs while maximizing profitability. Additionally, our net profit has demonstrated impressive growth, and all associated margins—key indicators of financial health—have also improved, highlighting our operational success this year. These record-breaking results reflect our strategic vision, meticulous planning, and the unwavering dedication of our teams in driving ODE forward through a challenging economic landscape.

Financial Review: 

Q4 2024:

With solid operating and financial results, ODE’s fourth quarter highlights our adept execution capabilities and resilience in the face of significant challenges. 

  • Total revenue: In Q4 24, revenues increased by 27.4% to EGP 6.3 billion. The increase was due to exceptional growth in recurring income segments (hotels and commercial assets), which contributed EGP 2.3 billion to total revenue, marking an impressive 70.3% increase compared to FY 23. In addition to the land sale concluded during the period in El Gouna.
  • Gross profit: During the quarter, the gross profit increased by 54.4%, reaching EGP 2.6 billion, accompanied by a gross margin of 41.6%. This substantial growth was primarily attributed to our enhanced business performance across all segments and the land sale concluded during the quarter.
  • Adj. EBITDA: Adjusted EBITDA elevated by 50.0% to EGP 2.7 billion, boasting a 42.4% margin vs. 36.0% margin in FY 23.  
  • Net income: The company’s net profit increased by 11.6% to EGP 1.2 billion.
  • Land sales: Sold a 26,532 sqm land plot at the back end of El Gouna, an extension to the land previously sold during 1H 24. The total transaction value for this land amounts to c. EGP 370 million (USD 274/sqm).

FY 2024:

ODE has reported robust results, demonstrating significant growth despite all the challenges. 

  • Revenue growth: An outstanding increase of 42.2% to reach EGP 21.8 billion.
  • Real estate revenue: Increased by 28.5% to EGP 12.9 billion compared to FY 23, with a margin of 39.4% vs. 38.8% in FY 23. 
  • Recurring income segments: Experienced exceptional growth in recurring income segments (hotels and commercial assets), contributing EGP 7.3 billion to total revenue, marking an impressive 48.0% increase compared to FY 23.
  • Gross profit: Increased by 58.8% to EGP 8.7 billion, boasting a healthy margin of 40.0% vs. 35.8% in FY 23. This improved performance underscores our operational excellence and the positive impact of key strategic initiatives such as land sales and accelerated construction activities. 
  • Adj. EBITDA: Adj. EBITDA showed robust growth, expanding by 62.5% to a record of EGP 9.3 billion, with a margin of 42.9% in FY 24. 
  • Other gains and losses: A loss of EGP 2.6 billion was reported, mainly due to foreign currency debt resulting from the EGP’s devaluation. 
  • Finance costs: Increased by 49.3% to EGP 1.7 billion, primarily due to rising interest rates. 
  • Strong net income performance: ODE’s adjusted net income, excluding one-offs (forex losses), increased by 55.5% from EGP 3.4 billion in FY 23 to EGP 5.3 billion in FY 24. Meanwhile, the reported net income during FY 24 increased by 10.5% to reach EGP 3.4 billion vs. EGP 3.1 billion in FY 23.
  • Cash from operations: Increased by 151.5% to EGP 7.1 billion, driven by improved operational performance across all business segments. This robust growth underscores our commitment to operational excellence. 
  • Strong cash balance: On the balance sheet side, the company continued to preserve a healthy balance sheet and monitor its cash balances and liquidity. Our cash balance reached EGP 7.4 billion, our foreign currency cash stood at USD 77.4 million, and our net debt reached EGP 2.8 billion in FY 24.  

Group Real Estate segment: achieved unprecedented operational and financial milestones, with a 67% increase in net real estate sales, reaching EGP 32.5 billion. This marks the highest sales figure in ODE’s history.

The fourth quarter of 2024 marked another record-breaking period for the company, with total sales reaching EGP 9.3 billion, a remarkable 46.8% increase from EGP 6.3 billion in Q4 23. This achievement brings our cumulative real estate sales value to an unprecedented EGP 32.5 billion, reflecting a significant 67.1% growth. Our international sales continue to be a cornerstone of our strategy, accounting for nearly 41% of our real estate sales in FY 24, up from 37% in FY 23. This underscores ODE’s robust market presence and the trust we have earned from our customers. Among our projects, O West is the largest contributor to sales, representing 39% of the total, El Gouna at 38%, and Makadi Heights at 23%. Additionally, we have successfully increased our average selling prices per square meter across all destinations. The robust sales and construction activity growth has enhanced our real estate revenue by 3.3%, reaching EGP 3.8 billion in Q4 2024. Consequently, our total real estate revenues for FY 24 have risen to EGP 12.8 billion, reflecting an increase of 28.5%. Additionally, our Adj. EBITDA grew by 30.3% to EGP 5.1 billion for FY 24, with a margin of 39.4% as opposed to 38.8% in FY 23, reaffirming our commitment to operational excellence. Throughout 2024, we recorded a 46.9% increase in real estate cash collections, totaling EGP 14.7 billion. Furthermore, the total deferred revenue from real estate, which will not be recognized until 2029, has increased by 65.4% to EGP 37.3 billion. This trend provides substantial visibility regarding our real estate revenue across all destinations over the coming 3 to 4 years.

Group hotels segment: Achieved record-breaking revenues in 2024 amidst global challenges, showcasing resilience and industry leadership. Revenues were up by 42% to EGP 4.3 billion, with an Adj. EBITDA margin of 48%.

ODE Hotels delivered strong quarterly results driven by its well-established business model. Our hotels recorded revenues of EGP 1.4 billion, marking a notable 78.8% increase over Q4 23. This revenue growth drove our GOP to EGP 782.2 million, demonstrating a 95.1% increase vs. Q4 23. The ability of our hotels to maintain high occupancy rates and enhance room rates has been instrumental in fueling this growth. Despite the conflict in the Middle East, we have managed to sustain a healthy margin and achieve robust financial outcomes. We have achieved an Adj. EBITDA of EGP 700.4 million, representing a 98.9% increase from Q4 23. In FY 24, total hotel revenues increased by 41.6% to EGP 4.3 billion, with GOP also rising by 42.7% to EGP 2.4 billion compared to the previous year—moreover, Adj. EBITDA surged by 56.9% to EGP 2.1 billion in FY 24. This robust financial performance highlights our hotels’ resilience and adeptness at navigating a challenging market environment. Substantial investments have been allocated to elevate our properties, including upgrades and renovations to facilities and enhancements in technological infrastructure, all aimed at ensuring exceptional guest experience.

Group recurring income segment: A substantial increase in recurring income, with revenues rising by 58.4% to reach EGP 3.0 billion and a margin of 34%. 

The commercial assets segment remains a dependable source of cash flow, crucial to funding our group’s expansion and mitigating cyclical downturns from unforeseen events. It is central to our future strategy. In Q4 24, revenue surged by 58.9% to EGP 903.7 million, while Adj. EBITDA grew by 58.1% to EGP 259.3 million compared to Q4 2023. This brings our commercial assets segment revenue to EGP 3.0 billion for FY 24, marking a 58.4% increase from FY 23. Adj. EBITDA outpaced revenue growth, reaching EGP 1.0 billion, up by 77.4%, Adj. EBITDA margin reached 34% vs. 30% in FY 23, demonstrating operational excellence through successful restructuring, improved service quality and increased profitability. 

Details on the Destinations  

El Gouna: 

El Gouna has established itself as the premier destination of choice, with total real estate sales achieving a new record of EGP 12.4 billion. This figure signifies a noteworthy increase of 63.8% from EGP 7.6 billion in FY 23. The significant growth in net real estate sales was primarily propelled by a considerable rise in average selling prices, which escalated by 81.2% to EGP 233,250 per square meter compared to FY 23. Meanwhile, in Q4 24, average selling prices witnessed an even more remarkable increase, surging by 99.9% to EGP 280,496 per square meter. During 2024, we successfully delivered 371 units to our clients across various projects. Looking ahead to 2025, we plan to deliver an additional 394 units. The real estate revenues during FY 24 increased by 25.6%, reaching EGP 6.3 billion.

During Q4 2024, we advanced our land monetization acceleration strategy and successfully finalized two land sales, generating a total value of EGP 2.1 billion. The first transaction occurred in November 2024, in which we sold a land plot to Hassan Allam Properties for USD 34.7 million, equating to USD 341/sqm. This land, situated in the central area of El Gouna, encompasses an area of 110,000 square meters. Subsequently, in December 2024, we completed the sale of a 26,532 sqm land parcel at the rear of El Gouna, an extension of the land previously sold in 1H 24. The total value of this transaction is c. EGP 370 million, corresponding to USD 274/sqm. Total land revenues increased by 317.5% to EGP 1.6 billion in FY 24.

Moving to the hospitality business, El Gouna’s hotels achieved unprecedented revenue levels in 2024 despite facing global challenges, demonstrating both resilience and leadership within the industry. In Q4 24, our hotels reported robust operational and financial performances, with revenues increasing by 86.2% to EGP 1.3 billion (Q4 23: EGP 724.2 million). Hotel occupancy reached an impressive 78%. Furthermore, the ARRs experienced a significant rise of 70.2%, reaching EGP 5,380 per night compared to Q4 23. The GOP surged by 91.6%, amounting to EGP 790.1 million. For FY 24, hotel revenues grew by 60.1% to EGP 4.2 billion, marking the highest level ever recorded. FY 2024 occupancy rate stood at 71%, while ARRs increased by 57.7% to EGP 4,535 per night. The GOP exhibited substantial growth of 53.6%, achieving EGP 2.4 billion. Foreign guests comprised 79% of the total hotel occupancy for FY 24. Shifting to our last segment in the destination, El Gouna’s commercial assets recorded a remarkable 58.3% increase in revenue to reach EGP 2.8 billion. Overall, El Gouna’s total revenues reflected a significant increase of 52.4%, reaching EGP 14.9 billion during FY 24.

O West, Egypt: 

O West continued strengthening its leading position in West Cairo and achieved an impressive sales record of EGP 12.5 billion during FY 2024, marking a remarkable growth of 37.3% compared to FY 23. Meanwhile, Q4 24 alone saw real estate sales increase by 36.6% to EGP 3.9 billion. Our average selling prices increased by an impressive 91.9% to EGP 122,900/sqm vs. Q4 23, while FY 24 average selling prices were up by 72.8% to EGP 99,786/sqm vs. FY 23. In terms of development progress, our construction pace is accelerating. We delivered 1,015 units during 2024. Construction of the O West Club is progressing steadily, with plans to become partially operational during 1H 2025. The club has over 4,750 members, providing a steady recurring income stream. O West’s total revenues increased by 31.7% to EGP 5.3 billion during FY 24, reflecting its continued growth and leading position in the local market.

Makadi Heights, Egypt:

Makadi Heights delivered outstanding real estate sales figures, achieving EGP 3.5 billion in Q4 24, an impressive 283.8% surge compared to Q4 23, showcasing extraordinary growth. This brings our FY 24 total real estate sales to EGP 7.5 billion, up by an impressive 178.4% compared to FY 2023. In Q4 24, the average selling price per square meter increased by 47.0%, reaching EGP 100,901 per sqm compared to Q4 23. Similarly, the FY 24 average selling price per square meter rose by 71.5% to EGP 89,748 per sqm, reflecting the growing value of our properties. The number of units sold increased by 68.4%, with 731 units sold in FY 24. Notably, international sales represented 59% of total real estate sales during FY 24. Makadi Heights successfully delivered 500 units during 2024, with many being early deliveries thanks to the destination’s accelerating construction pace. Total revenues from Makadi Heights reached EGP 1.4 billion, an increase of 37.4% compared to FY 23.

Taba Heights, Egypt:

Taba Heights continues to pose a challenge for the group, with efforts aimed at lowering the cash burn rate in both the short and medium term, while also preparing for the return of tourism. The aim is to ensure the destination is operationally ready once tourism resumes to normal levels. The company is committed to implementing a cautious and practical strategy to mitigate the impacts of the ongoing crisis. In FY 24, total revenues from Taba Heights amounted to EGP 172.3 million, showing a 64.1% decrease compared to FY 23. Of the six hotels, only one remains operational, with the occupancy rate reaching 27% during FY 24.

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