EBRD partners with CBE and EBank to boost Egyptian SMEs’ export capacity
The European Bank for Reconstruction and Development (EBRD) and the Central Bank of Egypt (CBE) have launched the SME National Champions programme, partnering with local financial institutions – including Egypt’s Export Development Bank (EBank) – to accelerate the growth of high-potential small and medium-sized enterprises (SMEs).
The SME National Champions programme aims to empower Egypt’s most promising SMEs, supporting them with training, mentoring and opportunities to network with other non-financial service firms. Selected businesses will also receive personalised consulting and specialist capacity-building support tailored to their individual needs and objectives.
The programme began with a masterclass for members of EBank’s recently launched Export Club – a networking platform where EBank clients can share knowledge and access services with the ultimate goal of boosting their export capacity. Entitled “A Strategic Gateway to Saudi Arabian Market Success”, the session provided SMEs with practical insights and tools for entering the Saudi Arabian market and growing their businesses.
The SME National Champions programme is part of a broader collaboration between the EBRD and EBank aimed at expanding the financial and non-financial services that EBank provides to its exporting clients and enhancing the value proposition of its Export Club.
The EBRD will facilitate one-to-one business consulting by matching selected Export Club members with local and international consultants to help overcome barriers to export growth. In addition, members will gain access to masterclasses, training sessions led by industry experts and targeted content – all designed to equip them with the essential skills and best practices they need for success in new markets. This comprehensive support will help EBank to expand its non-financial offering and grow its Export Club in alignment with its own goals.
SMEs play a crucial role in Egypt’s economy, driving innovation, productivity and job creation. By joining forces with key partner financial institutions, the EBRD is aiming to enhance the SME sector’s competitiveness and its contributions to sustainable economic growth.
Egypt is a founding member of the EBRD. Since the start of its operations there in 2012, the Bank has invested more than €13.8 billion in the country through 198 projects.
Strategic Development Fund Signs Initial Agreement with REGENT to Set Up a Joint Venture for Seaglider Manufacturing and Services in the UAE.
Strategic Development Fund (SDF) and REGENT Craft signed an initial agreement to bring manufacturing and aftermarket services for advanced electric seaglider to the UAE, pending closing conditions and regulatory approvals.
SDF invested in REGENT in 2023, increasing its stake in late 2024 as negotiations on the UAE partnership progressed, with plans for further investment upon its successful establishment.
JV follows April 2024 agreement between Abu Dhabi Investment Office (ADIO) and REGENT to support the company’s manufacturing capabilities within the Smart and Autonomous Vehicle Industry (SAVI) cluster.
Learn more about REGENT here and learn more about demand for seagliders in the UAE here.
Strategic Development Fund (SDF), an Abu Dhabi-based investment company wholly owned by EDGE Group, one of the world’s leading advanced technology and defence groups, today announced that it has signed an initial agreement with REGENT Craft, a Rhode Island-based developer and manufacturer of all-electric seagliders. The agreement aims to establish a joint venture (JV) to manufacture REGENT’s electric seagliders in the UAE for supply to the Middle East, Africa and beyond, upon receipt of all necessary approvals.The JV will also provide aftermarket services, including maintenance, repair, and overhaul (MRO).
The venture aligns with EDGE’s and SDF’s strategic objectives in focusing on advanced technologies within specific strategic sectors, among which are aerospace, and dual-use technologies. It also supports projects that contribute to the development of the industrial ecosystem and enhance critical supply chain and production capabilities within these sectors.
SDF initially invested in REGENT in 2023 and increased its stake in 2024 as negotiations for the UAE partnership progressed. Upon the successful establishment of the partnership, which is subject to finalizing conditions and obtaining local and international regulatory approvals – SDF plans to further invest in the company, reinforcing its confidence in REGENT’s potential and strengthening their long-term collaboration.
Hamad Al Marar, EDGE Group Managing Director & CEO, commented: “SDF’s investment in REGENT Craft aligns with our commitment to focus on establishing strategic partnerships with key players in various industries to develop future-forward technologies. Our investments in critical sectors drive technological advancements and supports our goals to enhance the UAE’s industrial growth in strategic sectors.”
Abdulla Al Jaabari, Managing Director & CEO of SDF, commented: “We strongly believe in REGENT Craft’s vision and groundbreaking technology.This initial agreement marks a significant step in our strategic hybrid investment approach – combining investments in international startups with strategic partnerships to contribute to the development of transformative technologies in the UAE.”
Earlier this month, at the World Government Summit 2025 in Dubai, Billy Thalheimer, Co-founder and CEO of REGENT Craft, spoke at the “Future of Mobility Forum.” During his presentations and discussions across multiple forums, he discussed REGENT’s plans for establishing a state-of-the-art seaglider manufacturing plant in Abu Dhabi, UAE.
“We are honoured to deepen our collaboration with SDF and make Abu Dhabi and the UAE a centre for seaglider manufacturing,” said Billy. “This transformative potential partnership will usher in a new era of sustainable transportation technology.”
The agreement follows an April 2024 Memorandum of Understanding (MoU) between the Abu Dhabi Investment Office and REGENT that aims to support the company’s development and manufacturing capabilities within Abu Dhabi’s Smart and Autonomous Vehicle Industry (SAVI) cluster.
Commenting on the development, His Excellency Badr Al-Olama, Director General of ADIO,said: “This agreement represents an important step forward in encouraging investment in advanced technologies, supporting innovation, and accelerating industrial development in Abu Dhabi. SDF and REGENT Craft’s partnership also advances the objectives of Abu Dhabi’s Smart and Autonomous Vehicle Industry (SAVI) cluster, solidifying the emirate’s position as a leader in sustainable, next-generation transportation solutions across air, land and sea.”
REGENT in the UAE
This collaboration will scale REGENT’s manufacturing capabilities and aftermarket services, enhancing its ability to meet the increasing demand for seagliders in the region and beyond. REGENT recently broke ground on a 255,000-square-foot seaglider manufacturing facility in Rhode Island, expected to come online in 2026.
Seagliders are a novel all-electric high-speed vessel that operate exclusively over water to connect coastal destinations for uses including passenger travel, cargo transport, offshore energy logistics, defense operations, and emergency response and aid.
REGENT projects the manufacturing and deployment of seagliders in the UAE have the potential to make significant contribution to the country’s annual GDP in the next decade through localizing supply chain, creating high value jobs, and increased domestic tourism and spending.
Seagliders, which use existing dock infrastructure, are expected to enter into service in the UAE in 2027, and REGENT has been working with key stakeholders in the country to enable a smooth integration into existing transportation networks.
REGENT is also working with Aramex, a global logistics and transportation solutions provider, to assess the feasibility of integrating REGENT’s high-speed seagliders into Aramex’s middle-mile logistics network.
REGENT is working with maritime classification society Lloyd’s Register and the UAE Marine Transport Affairs Department to advance seaglider maritime certification in the country.
EDGE Fortifies its Strategic Alliance with ELT Group at the Italy-UAE Entrepreneurial Forum
EDGE Group has announced that during the Italy-UAE Entrepreneurial Forum, its collaboration with ELT Group was further strengthened through the signing of a Letter of Intent (LOI).
The LOI was signed in the presence of prominent leaders, including UAE President His Highness Sheikh Mohammed bin Zayed Al Nahyan, and Italian Prime Minister Giorgia Meloni, underscoring a strong bilateral commitment to advancing technological innovation in the defence sector. This significant milestone reaffirms the joint commitment of both companies to harness advanced technology and defence solutions to address global security challenges.
The partnership between EDGE and ELT Group has evolved through several strategic initiatives, the latest being the Memorandum of Understanding (MoU) signed during IDEX 2025 in Abu Dhabi, which lays the groundwork for a joint venture focused on multi-domain electronic defence initiatives, marking the next phase of the collaborative journey.
Hamad Al Marar, Managing Director & CEO of EDGE Group, said: “This second major milestone in the important partnership with ELT Group reinforces our commitment to jointly expanding our capabilities and striving for industry leadership in the development of sophisticated technologies for the electromagnetic spectrum and cyberspace. By combining our expertise and scale, we are poised to capitalise on valuable opportunities for success and economic growth. Our approach will continue to prioritise international collaboration and innovation across all domains, ensuring we play a key role in safeguarding the security and protection of customers and nations worldwide.”
Both companies are committed to enhancing local expertise in technical support, maintenance, production, and supply chain management within the electronic defence sector. Their collaborative efforts are designed to contribute to the development of a sovereign and resilient UAE ecosystem that fosters innovation and sustainable growth.
Enzo Benigni, CEO of ELT Group, said: “The recent agreements reinforce an already solid partnership and create the opportunity for common growth in the search for challenging solutions to modern global security challenges. At the same time, they allow ELT Group to return to the country a complete product in terms of knowledge, technology and structured industrial cooperation.”
EDGE Group remains dedicated to delivering cutting-edge technological solutions and forging partnerships that drive progress and enhance security across the UAE and beyond.
Bokra Makes Its Mark in Fintech and Showcases Its Future Plans
Bokra, a leading fintech company, has unveiled its future plans and vision while discussing its latest business developments and strategic goals. The company offers a wide range of investment solutions for individuals and small to medium-sized enterprises (SMEs), enabling them to build investment portfolios in real estate, precious metals, and debt instruments through Sharia-compliant financial products. Additionally, Bokra provides tailored financing solutions designed to meet the needs of fintech-driven startups, helping them achieve their financial goals efficiently and seamlessly.
In this context, Ayman El-Sawy, the founder and CEO of Bokra Holding, stated: “Since its inception in 2023, Bokra has aimed to establish a strong foundation that ensures the highest levels of security, privacy, and protection for depositors’ funds, while obtaining all necessary licenses from the Financial Regulatory Authority. This goes hand in hand with developing an integrated technological infrastructure supported by the latest cybersecurity technologies. All of this is aimed at providing a secure platform that adheres to the highest safety standards to protect users and ensure their rights. We are committed to delivering innovative investment solutions that empower individuals and SMEs to achieve their financial goals with ease and security. We believe that fintech should be accessible to everyone, and this is what we strive to achieve through the Bokra platform, which combines advanced technology with specialized financial expertise.”
El-Sawy emphasized that Bokra not only provides investment services for individuals but also offers innovative investment and financing solutions for SMEs through its Business Portal. This portal allows clients to monitor their investments and track their progress with complete transparency.
As part of its efforts to safeguard clients’ funds, Bokra has recently obtained all necessary licenses to commence operations from the Financial Regulatory Authority. In line with its commitment to financial inclusion, the company is in the process of securing approvals to integrate modern technologies such as Digital KYC (Know Your Customer) and Digital Contracts, which will enable clients to use the Bokra platform with ease.
El-Sawy added that Bokra places great importance on promoting sustainability by encouraging individuals and businesses to invest in the Egyptian economy, aligning with the company’s vision to contribute to economic and social development. He also highlighted that the company’s goals align with the Egyptian government’s efforts to achieve financial inclusion and support the economy. Bokra is dedicated to fostering financial inclusion and enhancing financial literacy across the MENA region.
In this regard, the company aims to equip clients with financial and investment knowledge and tools that comply with Sharia principles, enabling them to achieve their financial goals effectively. Bokra provides innovative investment opportunities that contribute to financial stability and economic growth.
Egypt Kuwait Holding Company (EKHO.CA and EKHOA.CA on the Egyptian Exchange and EKHK.KW on Boursa Kuwait), one of the MENA region’s leading investment companies, reported today its consolidated results for the quarter ended 31 December 2024.
EKH recorded revenues of USD 167 million for 4Q 2024, growing 9% over the previous quarter, driven by top-line growth across the portfolio, reflecting the sustained market recovery. The Group maintained robust margins amid ongoing headwinds, recording gross profit and EBITDA margins of 41% and 42%, respectively. Meanwhile, net profit amounted to USD 46 million, with net profit margin expanding 5pp y-o-y to 28%. Net profit increased 20% q-o-q, supported by strong revenue performance and bottom-line growth at AlexFert, while attributable net income came in at USD 39 million.
In FY 2024, EKH recorded revenues of USD 642 million, with gross profit and EBITDA margins coming in at 40% and 39%, respectively. Net profit amounted to USD 185 million, translating into a 2pp y-o-y expansion in net profit margin to reach 29%, while EKH’s attributable net income totaled USD 163 million for 2024.
Loay Jassim Al-Kharafi
Commenting on the Group’s performance and business outlook, EKH Chairman Loay Jassim Al-Kharafi: “I am pleased to report that we delivered solid fourth quarter results, capping off a strong year defined by remarkable growth and expansion across key business segments.”
“Despite navigating significant headwinds throughout 2024, including currency fluctuations, gas supply disruptions, and other operational challenges, our resilience and strategic foresight have enabled us to overcome these extraordinary operating conditions and emerge stronger, laying the foundation for sustainable growth and long-term success. Our year-end results highlight several encouraging trends, including recovering prices and volumes for our core products, highlighting the resilience of our portfolio companies.”
“We remain focused on our priorities of boosting foreign currency generation, growing export potential, and strengthening our financial position, while contributing to broader regional development. In line with this objective, EKH’s first investment in Saudi Arabia is expected to commence commercial operations in the coming months. In addition, we are making solid progress on our investment pipeline and expect to make our first strategic investment beyond the MENA region this year, further expanding EKH’s global footprint. These milestones reaffirm our commitment to managing currency exposure, expanding to high-growth markets, and diversifying our portfolio across sectors and geographies.”
“In keeping with our commitment to our shareholders, we are pleased to propose a distribution composed of both cash and stock dividends. Delivering sustainable returns to investors remains a core pillar of our strategy as we continue to balance shareholder distributions with reinvestments for future growth.”
“Looking ahead to 2025, we will continue to optimize our capital deployment and prioritize investments that align with our strategic objectives, to maximize returns for our stakeholders.”
Jon Rokk
Commenting on the Group’s performance in FY 2024, EKH CEO, Jon Rokk: “I am proud to share that despite a challenging year marked by macroeconomic headwinds and external pressures, EKH has demonstrated remarkable resilience and adaptability, delivering a robust set of results. This achievement is a testament to the dedication and hard work of our people across all levels of the Group, whose commitment and agility have enabled us to navigate uncertainty, capitalize on opportunities, and drive growth.”
“Our fourth quarter results demonstrate strong sequential growth, with revenues and net profit up 9% and 20% q-o-q, respectively. At AlexFert, revenue grew by 26% q-o-q in 4Q 2024, driven by export urea prices continuing along their upward trajectory, coupled with rising volumes, with its plant now operating at full capacity enabled by a stable natural gas supply. Similarly, NatEnergy’s revenue grew by 15% q-o-q in 4Q 2024, while Kahraba’s distribution volumes surged 62% y-o-y in 4Q 2024, driven by growth from the recently introduced concession zone at 10th of Ramadan. To support this growth, we are investing in a second substation within the concession area, enabling us to effectively meet future capacity needs. Meanwhile revenues at ONS grew by a stellar 32% y-o-y in 4Q 2024, a direct result of production commencing at our two recently drilled wells, Aton-1 and KSE2.”
“Building on this solid foundation, our upcoming projects will be key to advancing our regional and international expansion, supporting both growth and diversification.”
“As part of our continued progression, we will be undertaking a corporate rebrand and identity transformation in 2025. This will not just be a facelift – it will be a bold statement of evolution. EKH is entering into a new phase, one that reflects our ambitions, our growth, and our relentless drive to build an even more dynamic and future-focused enterprise.”
Fertilizers | AlexFert
AlexFert booked USD 59 million in revenues during 4Q 2024, reflecting a 26% growth q-o-q, supported by sustained improvement in urea export prices, as well as government interventions to ensure natural gas availability, enabling AlexFert to operate at full capacity beginning December. Gross profit and EBITDA margins expanded by 1pp and 2pp y-o-y, respectively, in 4Q 2024, reflecting reduced expenses and enhanced operational efficiency. Net profit came in at USD 29 million, reflecting a 5pp y-o-y expansion in the net profit margin to 49% in 4Q 2024.
In FY 2024, revenues recorded USD 213 million, impacted by natural gas availability, while gross profit and EBITDA margins remained strong at 36% and 44%, respectively, coupled with a 2pp y-o-y expansion in the company’s bottom-line margin.
The company’s outlook remains optimistic, supported by steady natural gas supply secured by way of recent government interventions and sustained recovery in export urea prices, which increased 8% q-o-q in 4Q 2024 to reach USD364/ton. Global urea prices continued their upward trajectory in 2025, averaging USD387/ton during January 2025.
Petrochemicals | Sprea Misr
Sprea Misr reported revenues of EGP 1.54 billion in 4Q 2024, reflecting increases of 50% y-o-y and 16% q-o-q, driven by higher volumes and price growth across key products. Gross profit stabilised at 32%, while EBITDA margin expanded to 31%. Net profit grew 92% y-o-y to EGP 546 million in 4Q 2024, with net profit margin expanding by 8pp y-o-y to 36%.
In FY 2024, revenues recorded EGP 5.84 billion in FY 2024, up 19% y-o-y. Net profit stood at EGP 2.64 billion in FY 2024, reflecting a 2pp y-o-y expansion in bottom-line profitability to 45%, driven by interest income and FX gains during the year.
Sprea is ideally positioned to benefit from recovering local prices post-EGP devaluation as well as increased demand for Sulfonated Naphthalene Formaldehyde (SNF) due to the resumption and the expected pick up in construction activities in Egypt.
Utilities | NatEnergy
NatEnergy reported revenues of EGP 1.6 billion in 4Q 2024, marking a 46% y-o-y increase, primarily driven by Kahraba’s growing electricity distribution businesses, in addition to the high-pressure steel pipeline executed by Fayum Gas. In 4Q 2024, sequential results witnessed both gross profit and EBITDA margins climb up by 6pp q-o-q to land at 30%, with net profit for the quarter growing 49% y-o-y to EGP 505 million.
In FY 2024, revenues grew 30% y-o-y to reach EGP 5.3 billion, while net profit grew 21% to EGP 1.8 billion.
Looking ahead, NatEnergy’s outlook remains positive, benefiting from recently implemented increases in electricity tariffs, while management continues to focus on more profitable “infill” clients to further enhance its profitability. Moreover, Kahraba is in the process of investing in a second substation in its 10th Ramadan concession area to support growing demand in the industrial zone.
Oil and gas | ONS
ONS reported revenues of USD 19 million in 4Q 2024, increasing 32% y-o-y and 25% q-o-q, driven by growing volumes owing to the commissioning of two new wells. Net profit for the quarter stood at USD 9 million, translating into a net profit margin of 47%, up 6pp y-o-y.
In FY 2024, ONS posted revenues of USD 62 million in FY 2024, up 7% y-o-y, while net profit totaled USD 31 million, yielding a solid net profit margin of 50%.
ONS is poised for growth, fueled by its recent expansions, including the commencement of production at Aton-1 and KSE2 within its expanded concession area, with the two new wells supporting sustained gas production rates at 55 MMSCFD until the end of 2026. Furthermore, ONS will capitalise on the 10-year extension of the Concession Agreement approved by the Egyptian General Petroleum Company’s (EGPC) during the year.
NBFS & Diversified
In 4Q 2024, the Diversified segment reported attributable revenues of USD 25 million. Gross profit margin came in at 59%, up 4pp y-o-y and 10pp q-o-q, driven by the reassessment of insured asset values and premiums, as well as improved portfolio returns, supported by the high-interest rate environment.
Both Delta and Mohandes Insurance reported net profit growth of 72% and 27% y-o-y respectively in EGP terms during FY 2024.
Looking ahead, management is optimistic regarding the insurance sector’s ability to sustain its positive trajectory, driven by continued upward revaluation of insured asset values and stable premium growth. Furthermore, Nilewood is advancing towards the production of its first MDF board, with commercial operations set to begin in 1H25.
EKH’s standalone and consolidated financial statements and full earnings release for the period ended 31 December 2024 are available for download at ir.ekholding.com
Abu Dhabi signs groundbreaking agreements with China to strengthen economic and business partnerships
An Abu Dhabi economic delegation, led by the Abu Dhabi Department of Economic Development (ADDED), concluded a successful visit to China, which saw the signing of groundbreaking agreements to further enhance cooperation between government entities and private sector companies in Abu Dhabi and China, reaffirming the emirate’s efforts to build and cement partnerships with leading economies and trading partners.
The visit showcased the ‘Falcon Economy’s’ attributes, the ample growth opportunities available in Abu Dhabi, and the emirate’s commitment to transformative strategies to address new trends and changes in the global economy.
A strategic cooperation agreement was signed between the Abu Dhabi Government and Shanghai Municipal People’s Government, covering wide-ranging areas including business, trade, finance, science, technology, education, culture, health, tourism, and ports. The Foreign Affairs Office of the Shanghai Municipal People’s Government and ADDED will lead efforts and initiatives to achieve the objectives of the agreement in line with the joint communiques and statements announced by the leaderships of the People’s Republic of China and the UAE.
Over the course of six days, the Abu Dhabi economic delegation actively engaged in bilateral meetings with top government officials, key businesses and investors in Beijing, Shanghai, Shenzhen, and Hong Kong. The meetings included H.E. Chen Jining, Member of the Politburo of the Chinese Communist Party and Party Secretary of Shanghai, H.E. Yin Yong, the Mayor of Beijing, H.E. Gong Zheng, Mayor of Shanghai and H.E. John Lee, Chief Executive of Hong Kong.
The delegation also explored new opportunities with leading Chinese powerhouses including ByteDance, Xiaomi, Legend Holding, Xiaodong, BYD, CICC, and CATL.
His Excellency Ahmed Jasim Al Zaabi, Chairman of ADDED, said: “We are pleased with the outcomes of our visit to China, building on strong foundations to further enhance our partnership by exploring new opportunities in clusters with high-growth potential and emerging industries. The steady and impressive growth of bilateral trade and mutual investments between the UAE and China is a testament to our shared commitment to further strengthen the strategic cooperation, based on mutual trust, collaboration, and a common vision to address global economy’s challenges”.
“As economic cooperation is a key pillar in cementing relations, we are forging ahead with efforts to build bridges and enhance bonds with key economies, powerhouses, and trading partners around the world, guided by our leadership’s collaborative and proactive approach to shaping a better future for all,” H.E. Al Zaabi added.
In recent years, economic ties between the UAE and China have seen outstanding growth rates; with bilateral trade growing from just USD2 billion (AED7.4 billion) in 2000 to nearly USD100 billion (AED 367 billion) in 2023. In the first nine months of 2024, trade between the UAE and China reached $74.5 billion (AED273.4 billion) and is projected to rise to $200 billion (AED734 billion) by 2030. Chinese investments in the UAE rose 16% and UAE investments in China soared 120%.
The number of Chinese companies registered with the Abu Dhabi Chamber of Commerce and Industry grew by 38% in 2023 and 69.4% in 2024, reflecting the attractiveness of Abu Dhabi to Chinese businesses and investors.
H.E Badr Al Olama, Director General of the Abu Dhabi Investment Office (ADIO), H.E Rashed Lahej Al Mansoori, Director General of the Abu Dhabi Customs, H.E Shamis Al Dhaheri, Second Vice Chairman – Managing Director of the Abu Dhabi Chamber, H.E Hamad Sayah Al Mazrouei, CEO of the Registration Authority ADGM, and Ahmad Ali Alwan, CEO of Hub71, as well as senior officials and executives from the government and private sector participated in meetings and events organised as part of the Abu Dhabi economic delegation’s visit to China.
The Abu Dhabi Investment Forum (ADIF), organised by ADIO and ADGM in Beijing and Shanghai, attracted Chinese investors and businesses to explore opportunities in the emirate and capitalise on its business-friendly ecosystem to grow and expand globally.
During the visit, ADIO and ADGM inked agreements with leading Chinese entities, including Fosun International Limited (HKEX stock code: 00656), a global innovation-driven consumer group; Hejun Group, one of China’s leading consulting firms; Wind Information, China’s leading financial information services provider; andYicai, a leading Chinese financial media group and provider of reliable and insightful information and analysis of the economy, finance, tech, startups, and entrepreneurs.
The agreements aim to introduce Abu Dhabi’s investment opportunities to leading Chinese businesses and investors, enhance investment intelligence, support Chinese companies’ international expansion, and deepen economic ties between Abu Dhabi and China.
The Abu Dhabi Chamber of Commerce and Industry (ADCCI) signed a strategic cooperation agreement with the Shanghai Federation of Industry and Commerce to promote bilateral trade and mutual investment collaboration and streamline joint efforts to support Chinese companies seeking expansion in Abu Dhabi.
The Abu Dhabi-Shanghai Business Forum, organised by ADCCI, provided a suitable platform for businesses in China and the UAE to build relations and form agreements in B2B meetings.
Al Baraka Group Achieves Consolidated Net Income of US$309 Million for the Year Ending 2024, Setting a Record for the Highest in Its History, with Total Assets Exceeding US$26 Billion
Al Baraka Group B.S.C. (C) (“Group”) has achieved a significant leap in its financial performance during the last three months of 2024 and for the year as a whole, compared to 2023.
Despite a challenging business environment, the Group managed to achieve a remarkable surge in net income attributable to the shareholders of the parent company, which increased by 92% to reach US$33 million in the last quarter of 2024, compared to US$17 million during the same period in 2023. The basic earnings per share stood at 2.03 US Cents in Q4 2024, compared to 0.71 US Cents for the same period in 2023.
Meanwhile, the Group reported a decline in total comprehensive income attributable to the shareholders of the parent company for Q4 2024, which dropped by 68% to US$7 million compared to US$22 million for the same period in 2023. This decrease was primarily due to a higher negative foreign currency translation reserve in 2024 compared to Q4 2023.
Additionally, the Group achieved a significant increase in total net income for the last three months of 2024, recording 80% growth to reach US$66 million, compared to US$37 million for the same period in 2023.
The total comprehensive income attributable to the shareholders of the parent company for 2024 jumped by 49% to US$47 million, compared to US$31 million in 2023. This increase was primarily driven by higher net income resulting from increased revenues from financing and investment income sources in 2024 compared to 2023.
This significant improvement in the Group’s performance reflects the strong growth of its business, with a focus on increasing high-quality assets, diversifying financing and investment products, and deposits, as well as maximizing returns from these products and assets.
The Group’s financial results for 2024 demonstrated a noticeable increase in business volume and income, highlighting its ability to successfully navigate regional and global economic and financial developments. This success is attributed to the extensive expertise of the Group’s subsidiaries (“Units”) in their local markets, which have developed a strong ability to manage market fluctuations, particularly currency volatility, rising interest rates, inflation, intense competition, and rapid technological transformations. The Group has achieved this by implementing necessary precautions and strategies while maintaining steady financial performance.
Net income attributable to shareholders grew by 10% to US$157 million in 2024, compared to US$144 million in 2023, driven by higher income from financing and investment activities. The basic earnings per share reached 10.09 US Cents in 2024, compared to 8.94 US Cents in 2023.
Total net income for the Group increased by 9% in 2024 to reach US$309 million, the highest in the Group’s history, compared to US$283 million in 2023, for the same reasons mentioned earlier. However, the increase in financing costs during most of the year impacted on total operating income and limited the growth in net income.
These results highlight the quality and efficiency of the Group’s income sources, supported by strategies aimed at maximizing returns, expanding fee-based income, diversifying financing and investment deposit products, and implementing sustained growth strategies despite a volatile business environment.
The total equity attributable to the parent company’s shareholders and sukuk holders amounted to US$1.24 billion by the end of December 2024, reflecting a slight decrease of 1% compared to US$ 1.25 billion at the end of December 2023, due primarily to higher foreign currency translation reserves. Meanwhile, total equity reached US$2.00 billion at the end of December 2024, marking an increase of 1% compared to US$1.97 billion in December 2023.
The Group’s total assets grew by 4% to reach US$26.19 billion at the end of 2024, compared to US$25.26 billion at the end of 2023. This growth was driven by an increase in the Group’s operational activities.
Commenting on these results, Shaikh Abdullah Saleh Kamel, Chairman of the Board, stated: “The Group and its banking Units faced highly complex conditions in 2024, which created significant uncertainty in our business environment. We had to tackle a dual challenge: maintaining our financial stability while also ensuring strong returns.
Thanks to our strategic business initiatives, we successfully met this challenge and delivered strong financial and profitability results. We also focused on enhancing fee-based income, diversifying our product mix, particularly in financing, retail banking, and investment deposits.
Additionally, we supported risk management measures and financing policies to various business sectors to safeguard our portfolios while ensuring the protection of the local communities in which we operate, as part of our ethical responsibility toward them.”
Mr. Houssem Ben Haj Amor, Board Member and the Group CEO added: “The geopolitical and economic developments over the past year presented multiple challenges for our business environment, particularly the rising cost of financing and operations due to persistently high funding costs, increasing inflation rates, and currency depreciation. Additionally, some of our subsidiaries experienced business slowdowns due to local economic pressures.
In the face of all these challenges, and leveraging our extensive experience in the markets we operate in, we successfully developed business strategies capable of absorbing and efficiently managing these challenges, thus ensuring strong returns that reaffirm the resilience of our income sources. This is clearly reflected in the diverse components of our income statement and balance sheet.”
He further added: “We have particularly succeeded in utilizing our extensive geographic presence, alongside our banking expertise to introduce innovative products that enhance our competitiveness. among these products is the “Trade Finance Platform”, which enables exporters and importers who are clients of Al Baraka banks’ across different countries to connect and collaborate.
Additionally, we launched the “Borderless Banking” initiative, enabling Al Baraka customers to open bank accounts in other countries within our banking network. We started this initiative through collaboration between Al Baraka Islamic Bank Bahrain and Al Baraka Turk Participation Bank, reflecting the strength of the international partnership between our subsidiaries.
Shaping the Future of Fertility : Dr Razan Jawdat’s Breakthroughs in Genetic Screening
Dr Razan Jawdat is a renowned scientist at King Faisal Specialist Hospital & Research Centre (KFSHRC), specialising in reproductive genetics. With a background in molecular genetics, her work focuses on Preimplantation Genetic Testing (PGT). This cutting-ِِِedge technique enhances reproductive outcomes and prevents hereditary diseases. Dr. Jawdat’s expertise in genomic testing at the embryology level has placed KFSHRC at the forefront of reproductive medicine, ensuring healthier future generations.
Her work is particularly impactful in regions with high consanguinity, where the prevalence of genetic disorders is significantly elevated. By integrating Single Nucleotide Polymorphisms (SNP) array analysis by key mapping and next-generation sequencing technology into IVF protocols, she has contributed to the refinement of genetic screening techniques, reducing the burden of inherited conditions. Her work supports families facing repeated pregnancy loss for unknown reasons and genetic risks, empowering them with precise reproductive choices.
With her contribution, KFSHRC has established itself as a centre of excellence in reproductive health and genetic medicine, which aligns with Saudi Arabia’s Vision 2030 healthcare objectives. Through her and her team’s pioneering efforts, the institution has gained national and international recognition as a leader in genomic medicine and IVF. Dr. Jawdat’s clinical focus ensures that PGT is applied selectively to cases such as Recurrent Implantation Failure (RIF) of unknown causes and Repeated Miscarriages (RM), maximizing its efficacy through an evidence-based approach.
Her colleagues at KFSHRC include a wide range of IVF consultants, embryologists, PGT technologists, and clinical scientists, including Dr Wafa Qubbaj and Dr Serdar Coskun. Their collective expertise has progressed the field of reproductive genetics, establishing new benchmarks in patient care and scientific advancement. Additionally, her work goes beyond clinical applications to include training programs and academic initiatives to foster local expertise in genetics at the preimplantation stages.
Committed to driving advancements in reproductive genetics, Dr. Jawdat actively collaborates with leading global research institutions to refine methodologies and improve patient outcomes. Her participation in international conferences reflects her dedication to knowledge-sharing and interdisciplinary cooperation. At LEAP 2025, she underscored the transformative role of PGT, particularly in addressing the challenges of inherited disorders in consanguineous populations, reinforcing the importance of genetic innovations in reproductive medicine.
Dr. Jawdat envisions a future where Saudi Arabia continues to lead in genomic medicine, ensuring that PGT is more accessible and sustainable. Her work aligns with the country’s long-term healthcare objectives, driving precision medicine and genetic counselling advancements. “No family should have to face the uncertainty of genetic disease, repeated pregnancy loss, or unexplained implantation failure without answers. PGT empowers families with solutions—helping them select the healthiest embryos for a successful pregnancy. Carrier screening before pregnancy is essential, especially for consanguineous couples, to identify risks early and make informed choices. With these advances, we are not just improving fertility care—we are shaping a future of healthier generations.
This financing package consists of a sovereign-guaranteed EBRD loan of up to US$ 56.5 million (equivalent to €54.7 million), plus an EU investment grant of up to €12.4 million. These funds will finance the construction of a new high-voltage electricity substation in northern Jordan in order to improve the grid’s capacity, enabling it to handle existing and new generation in the north of the country. In addition to the new substation, four new overhead transmission lines will be constructed: two 400 kV lines providing connections to the existing Samra and Amman West substations, and two 132 kV lines connected to the Hasan Industrial and Jerash substations.
As Jordan pursues its ambitious renewable energy targets for 2030, the strengthening of transmission infrastructure is crucial to support the growing share of renewables. This new substation will not only improve the grid’s ability to handle additional generation capacity, but also facilitate cross-border interconnections, as well as reduce transmission losses by optimising power flows across the national grid.
The financing will be complemented by a comprehensive technical cooperation package, which will provide access to high-quality vocational training for men and women who want to work as electrical technicians, equipping them with market-relevant digital skills and energy efficiency competences. An EU-funded technical cooperation grant of €2.2 million will also be provided with a view to appointing a project implementation consultant for NEPCO.
The EBRD’s Head of the Eastern Mediterranean, Gretchen Biery, said: “We are proud to support NEPCO, in collaboration with the European Union, in developing vital transmission infrastructure that strengthens Jordan’s power sector. This project enhances regional interconnectivity and supports the country’s green transition, in line with its Economic Modernisation Vision.”
The EU’s Ambassador to Jordan, Pierre-Christophe Chatzisavas, said: “Jordan can count on the European Union as it advances its green transition. By connecting renewable energy projects, this new infrastructure will not only help Jordan to address domestic needs, but also open additional avenues for regional cooperation.”
NEPCO’s Managing Director, Sufian Al-Bataineh, said: “We welcome the support of the EBRD and the EU in enhancing transmission infrastructure, in line with Jordan’s Economic Modernisation Vision to build a more resilient and sustainable power sector. This project will strengthen regional interconnectivity and advance the green transition. We look forward to continued collaboration to boost economic growth, energy security and sustainability.”
NEPCO is a state-owned public company. It is the owner and operator of Jordan’s transmission system, as well as the single buyer of electricity.
Since the start of its operations in Jordan in 2012, the EBRD has invested almost €2.3 billion across 74 projects, providing more than €815 million to projects in the country’s energy sector through 14 loans.
The Saudi Exchange Company announces the launch of the capital management system on the sidelines of the Capital Markets Forum
On the sidelines of the Capital Markets Forum, the Saudi Exchange announces the launch of its new Capital Management System (“CMS”), marking a transformative shift in access to offerings on the Saudi capital market.
Following the implementation of the first phase in managing IPOs in Nomu – Parallel Market, and after the success of the pilot phase in the Main Market, the system will now be fully launched to receive subscriptions for a wide range of securities. This expansion aims to further develop the Saudi capital market and increase its attractiveness to investors.
The new system provides investors with a seamless subscription experience, allowing them to subscribe directly through their investment portfolios without the need to open new accounts. This simplifies the process, saving time and effort while expanding access to a broader range of investment opportunities, thereby enhancing their investment flexibility and decision-making.
For issuers, CMS significantly shortens the time required to access the market, enabling them to list their financial securities more efficiently. It also allows them to reach a broader investor base, increasing the likelihood of a successful offering and boosting demand for IPOs.
For financial institutions and subscription managers, including Capital Market Institutions (CMIs), CMS will provide them with greater flexibility in managing IPO processes, reducing administrative burdens and streamlining the subscription workflow. Additionally, it reinforces their strategic role in the Saudi capital market by improving their operational efficiency and execution speed.
Mohammed Al Rumaih, CEO of the Saudi Exchange, commented: “The rollout of the new Capital Management System, by Saudi Exchange, to all market participants is another demonstration of our commitment to strengthening the Saudi capital market, in alignment with the goals of the Financial Sector Development Program and Vision 2030. This system simplifies the investment process by allowing subscriptions through single access points, thereby enhancing accessibility and efficiency for both issuers and investors. The CMS not only facilitates broader engagement with diverse investment opportunities but also embodies our mission to position Saudi Exchange as a globally connected and innovative capital market. We recognize the significant value this creates in bridging investors’ aspirations with market opportunities, and we strongly encourage all market participants to activate their preferred CMI accounts to fully benefit from what CMS has to offer.”
There will be 15 participating CMIs in the new CMS initially; AlBilad Capital, Alistithmar Capital, AlJazira Capital, AlKhabeer Capital, Alinma Capital, AlRajhi Capital, ANB Capital, BSF Capital, Derayah Financial, GIB Capital, Riyad Capital, SAB Invest, Sahm Capital, SNB Capital, and Yaqeen Capital.
For more information on the CMS by Saudi Exchange, please visit [Link].
