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Qatar and Türkiye Join regional Integrated Industrial Partnership for Sustainable Economic Development

By
Sahfy Sahfy
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Qatar and Türkiye Join regional Integrated Industrial Partnership for Sustainable Economic Development; over $2 billion worth of new industrial projects announced
Qatar and Türkiye Join regional Integrated Industrial Partnership for Sustainable Economic Development; over $2 billion worth of new industrial projects announced

The fifth meeting of the Higher Committee for Integrated Industrial Partnership for Sustainable Economic Development commenced on Sunday in Doha, the capital of Qatar. The meeting was attended by several key officials, including: His Excellency Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology in the UAE; His Excellency Sheikh Faisal bin Thani bin Faisal Al Thani, Minister of Commerce and Industry in the State of Qatar; Eng. Yarub Falah Al Qudah, Minister of Industry, Trade and Supply in the Hashemite Kingdom of Jordan; Lieutenant General Engineer Kamel Al Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport in the Arab Republic of Egypt; His Excellency Abdulla bin Adel Fakhro, Minister of Industry and Commerce in the Kingdom of Bahrain; His Excellency Ryad Mezzour, Minister of Industry and Trade of the Kingdom of Morocco; and His Excellency Mehmet Fatih Kaçir, Minister of Industry and Technology of the Republic of Türkiye.

This meeting reflects the commitment of the member countries to enhance industrial cooperation and foster sustainable economic development in the region.

Qatar and Türkiye join the partnership

The meetings of the Higher Committee announced the accession of Qatar and Türkiye to the Integrated Industrial Partnership for Sustainable Economic Development, increasing the number of member states to seven within just three years of the partnership’s launch. This significant addition enhances the strategic development of the partnership, which originated in Abu Dhabi in 2022, and reflects the shared ambition of member countries to improve industrial integration, strengthen cooperation, and build a resilient, competitive, and sustainable economy.

The inclusion of Qatar and Türkiye marks a pivotal advancement in regional industrial integration. Their accession supports the partnership’s objectives for industrial growth and expansion, bringing new momentum due to Qatar’s abundant natural resources and technological advancements, as well as Türkiye’s robust industrial capabilities. Both countries are recognized for their strengths in various sectors, including manufacturing industries, renewable energy, textiles and ready-made garments, pharmaceutical industries, chemical fertilizers and phosphates, mining and minerals, and food industries.

The Integrated Industrial Partnership for Sustainable Economic Development is particularly significant considering rapid global developments. Member countries are focused on strengthening supply chains and achieving self-sufficiency in strategic and priority industries. The accession of Türkiye and Qatar underscores the partnership’s vital role in driving sustainable economic growth, innovation and competitiveness.

Qatar’s inclusion in the Integrated Industrial Partnership for Sustainable Economic Development represents a crucial step in promoting regional collaboration across key industries. The Qatari economy exemplifies sustainable growth, with the industrial sector accounting for 25% of its GDP, bolstered by its unique chemicals, metals, and renewable energy industries. Through its National Strategy for Manufacturing Industries (2024-2030), Qatar aims to increase the industrial sector’s contribution to QAR 70.5 billion by 2030, thereby reinforcing its status as an industrial powerhouse.

Türkiye stands as a leading economic force, fueled by its diversified industries and economic resilience, with a GDP exceeding USD 1.1 trillion in 2023. Its strategic location provides access to markets with over 1.3 billion consumers, complemented by free trade agreements with numerous countries, enhancing its global competitiveness. Türkiye functions as a crucial hub for global supply chains, boasting robust industrial capabilities in sectors such as automotive, food processing, textiles, metals, and advanced technologies.

The inclusion of Qatar and Türkiye in the Integrated Industrial Partnership for Sustainable Economic Development underscores the partnership’s progress in promoting industrial integration and creating new opportunities for all member countries. Their advanced infrastructure, investment incentives, and skilled workforce will play a significant role in strengthening the regional industrial base and enhancing the competitiveness of the seven partner countries. This expansion paves the way towards achieving sustainable economic development goals, focusing on supply chain resilience, import substitution, and job creation.

During the meeting, several agreements were signed, and strategic projects valued at over USD 2 billion were announced, aimed at enhancing collaboration among member countries in critical sectors such as metals, pharmaceuticals, and plastic industries. These initiatives also prioritize the development of healthy food industries, biotechnology innovation, and advancements in electrical and high-tech industries.

Key announcements included a raw material supply agreement between Bahrain Steel and Qatar, valued at USD 1.3 billion. This agreement will facilitate the supply of 5 million metric tons of raw materials over the course of five years.

Additionally, a Memorandum of Understanding was signed between the UAE’s ISC Capital and Bahrain’s Peninsula farms to establish a sustainable microalgae production facility in the Kingdom, with an investment of USD 10 million. This project aims to advance microalgae production technology and provide industrial and medical solutions, aligning with Bahrain’s Economic Vision 2030. Furthermore, it is expected to create job opportunities in areas such as research, agriculture, extraction, laboratory work, and production, contributing to the local economy and workforce development.

Another significant announcement involved Egypt’s Giza Cable Accessories ‘s plan to establish a new facility in the UAE dedicated to producing cable accessories and electrical connectors, with an investment of nearly USD 7 million.

Additional agreements were finalized for the supply of PET plastic containers from Jordan’s Exceed Industries and plastic caps from Egypt’s Delta El Nile to UAE’s Hayatna – National Dairy, each valued at USD 10 million. Furthermore, a USD 15 million agreement was signed for the supply of animal feed from the UAE’s National Feed Factory (NFFM) to Qatar’s Al Rayyan Horse Essentials.

In the pharmaceutical sector, key agreements included a collaboration between the UAE’s Globalpharma and Morocco’s Zenith Pharma to manufacture, license, and transfer technology in areas such as injectable medications, biologics, and treatments for cholesterol and diabetes. This partnership, with an investment exceeding USD 50 million, aims to strengthen regional pharmaceutical security and enhance the capacity for local production of medical solutions.

To enhance regional investments, the UAE’s Mubadala Investment Company has announced the acquisition of two factories – Adwia Pharmaceuticals in Egypt and PHI in Morocco. This move significantly bolsters Mubadala’s pharmaceutical investments on both a regional and global scale.

Additionally, a MoU was signed between Morocco’s Dolidol and the UAE’s Intercoil. This collaboration aims to expand manufacturing capabilities for mattresses and foam production in the UAE.

These new projects underscore the commitment of the member countries of the Integrated Industrial Partnership for Sustainable Economic Development to achieving sustainable economic development. They aim to accelerate economic growth, support sustainability, and enhance collaboration in economic and investment initiatives. The initiatives are expected to create new job opportunities, strengthen food and industrial security, and foster innovation across crucial and advanced industries. Collectively, these efforts represent significant strides toward establishing the region as a leading global hub for industrial investment.

During the Higher Committee meetings, a comprehensive review of the partnership’s achievements was conducted. His Excellency Omar Al Suwaidi, Secretary-General of the tripartite higher committee and Undersecretary of the Ministry of Industry and Advanced Technology in the UAE, presented a detailed report outlining the outcomes, which included the successful implementation of strategic projects and support for vital sectors across member countries. The meeting also provided updates on ongoing projects and discussed the future work plan, aimed at further enhancing regional cooperation and contributing to sustainable development.

Member countries reviewed their competitive advantages, which include advanced infrastructure, supportive policies, and investment incentives designed for investors. They highlighted promising investment opportunities in strategic sectors, demonstrating the commitment of the partnership’s countries to attract industrial investments and create a favorable investment environment that fosters regional economic integration.

Four industrial companies were honored by the attending ministers for their significant contributions in supporting the the Integrated Industrial Partnership for Sustainable Economic Development: The UAE’s Global Pharma and Jordan’s Savvy Pharma were recognized for their outstanding efforts in pharmaceutical research and development among member countries. Emirates Steel and Bahrain Steel were acknowledged for their essential role in the supply of raw materials, as agreed in the previous Higher Committee meeting held in Bahrain in January 2024.

The ministers encouraged other participating private sector companies present to follow the example set by these distinguished companies. They emphasized the importance of enhancing contributions to partnership projects and leveraging the competitive advantages provided by this initiative to promote sustainable development and advance vital sectors that benefit the member countries.

HE Dr. Al Jaber began his speech by extending greetings from His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the UAE, and conveying his wishes for continued success in achieving the shared goals of the partnership’s countries. He emphasized that this partnership embodies a unified vision focused on enhancing sustainable economic development and strengthening complementary relations among member countries by leveraging their competitive advantages and the significant potential of the partnership.

HE Dr. Al Jaber also expressed his gratitude to Qatar for hosting the fifth Higher Committee meeting and welcomed the inclusion of Qatar and Türkiye into the partnership, highlighting their roles in advancing the collective goals of the initiative.

HE Dr. Al Jaber said: “We welcome the inclusion of Qatar and Türkiye in the Integrated Industrial Partnership for Sustainable Economic Development, and we are confident that this step will bolster the common interests of all members, especially considering the industrial and economic standing of both countries. Their extensive track record of success across various sectors, particularly in the industrial field, plays a crucial role in supporting investment opportunities both regionally and globally.”

His Excellency also expressed gratitude to the Executive Committee and the working teams from the member countries for their dedicated efforts in overseeing the implementation of work plans, reviewing the latest project developments, and organizing workshops for the private sector. He noted that these efforts have led to tangible progress in achieving the partnership’s objectives and fostering cooperation among member countries.

HE Dr. Al Jaber added: “The Integrated Industrial Partnership for Sustainable Economic Development is a remarkable success story that began in Abu Dhabi in May 2022. It has already transformed several agreements signed during previous meetings into tangible projects that we are now witnessing come to fruition. We are pleased to observe today the announcement of several new projects and agreements in key priority sectors, valued at over USD 2 billion.”

He emphasized that these projects contribute to the integration of expertise and capabilities among the partnership’s countries, helping to build a sustainable common industrial base by leveraging each country’s competitive advantages. Furthermore, these initiatives support supply chain resilience, reduce production costs, foster research and development, enhance the qualification of national competencies, and create thousands of job opportunities. Ultimately, they contribute to achieving the strategic goals of the partnership while fostering industrial growth and regional cooperation.

HE Sheikh Al Thani said: “The Integrated Industrial Partnership for Sustainable Economic development represents a strategic step towards enhancing industrial collaboration and integration among our countries by aligning key industrial sectors and establishing joint initiatives that contribute to improving the competitiveness and sustainability of the industrial sector.”

He added: “Qatar joining the partnership is a significant leap that reflects our strong commitment to enhancing industrial cooperation within the region. We are confident that this partnership will play a fundamental role in supporting sustainable development efforts by providing outstanding investment opportunities and fostering cooperation within the private sector. Moreover, Qatar’s substantial economic potential and smart infrastructure will be instrumental in achieving the partnership’s objectives and accelerating economic growth.”

HE Kacır said: “For Türkiye, strategic synergy between industrial innovation accumulated by national technology initiative, and effective global cooperation is among the key priorities. To this end, joining this partnership will not only provide strategic collaboration opportunities for our industries but also promote technological advancement and create new endeavors for sustainable economic development in our region. I believe this partnership will serve as a catalyst for enhancing regional collaboration by improving industrial capabilities and building greater value-chain resilience.”

HE Fakhro expressed his gratitude to Qatar for the warm welcome and the organization of the meetings. He welcomed the inclusion of Qatar and Türkiye into this industrial alliance, which has evolved into a regional economic center that enhances industrial integration, particularly in advanced sectors such as petrochemicals, automotive, aviation, and electronics. Fakhro emphasized the Bahrain government’s commitment to support manufacturers participating in this partnership by providing the necessary facilities, aligning with the Industrial Sector Strategy (2022-2026) aimed at enhancing regional industrial integration.

He added: “The commitment of countries in the alliance and quality projects developed in cooperation with the private sector reflect our firm belief in the importance of industrial integration and the development of supply chains to achieve economic diversification and increase the competitiveness of the industrial sector in the region. We encourage the private sector to seize these opportunities to expand production lines, reduce costs, and enhance the sustainability of supply chains.”

HE Al-Qudah said: “We are delighted with today’s meeting as parties to an industrial partnership that was launched as a tripartite initiative in 2022 and has now expanded to a seven-party partnership with the accession of Qatar and Türkiye. These two enriching members add diversity in natural resources and capabilities, as well as richer ideas and strategic directions, which will allow us to come together for build a more prosperous region.”

HE Al-Qudah added that the current challenge is to sustain and institutionalize the measures taken by member countries to recover. He outlined two crucial levels for action: first, at the national level, through economic and administrative legislation, enabling tools, and supportive regulatory structures; and second,

 

at the regional level, by fostering economic integration that harnesses benefits to establish joint projects and facilitate trade exchange without obstacles. He concluded that these measures will contribute to a proactive approach based on strengthening economic and social resilience through both internal and external strategies.

HE Al-Qudah said that the Jordanian government, under the guidance of His Majesty King Abdullah II bin Al-Hussein of the Hashemite Kingdom of Jordan and in partnership with the private sector, is working to empower Jordanian manufacturers. The goal is to enable them to play a more significant role in the partnership alongside their counterparts in member countries.

He added: “Our economic policies and legislation are focused on fostering collaboration with regional states. This includes the Investment Environment Law, which offers incentives and exemptions to investors, supports energy costs, accelerates procedures, and ensures equal treatment for both Jordanian and non-Jordanian investors.”

HE Lieutenant General Al Wazir said: “Partnership and industrial integration between our countries is no longer an option, but rather an urgent necessity to enhance our competitiveness in global markets and achieve comprehensive development.”

He added: “In a world characterized by accelerating economic, technological and geopolitical changes, cooperation among our countries is the most effective way to overcome challenges and capitalize on available opportunities in sustainable industries. These industries align with global trends and aim to reduce carbon emissions and preserve natural resources. This approach will help maximize the benefits derived from available resources and create new job opportunities, in line with each country’s strategy and goals.”

HE Mezzour said: “The Integrated Industrial Partnership for Sustainable Economic Development embodies the ambition of our countries to enhance integration and collaboration with the goal of building a strong economic alliance. This alliance aims to ensure the security of supply chains and enhance value chains between our nations, as well as to launch industrial partnership projects with high added value.”

He added: “By unifying our efforts and investing in the potential of integration between our resources and industries, we are working to enhance competitiveness and innovation in our industrial sectors, ultimately achieving sustainable industrial growth.”

Executive Committee Meetings

Doha hosted the meetings of the Executive Committee of the Industrial Partnership for Sustainable Economic Development, where participants discussed the latest developments in ongoing projects and proposals for new projects. These discussions included collaborations with companies in various sectors, such as food, agricultural technology, minerals, chemicals, pharmaceuticals, electrical equipment, sustainability, and more.

Zayed Sustainability Prize Opens Global Call for Transformative Solutions

By
Sahfy Sahfy
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Zayed Sustainability Prize Opens Global Call for Transformative Solutions
Zayed Sustainability Prize Opens Global Call for Transformative Solutions

The UAE’s Zayed Sustainability Prize, a portfolio entity of Erth Zayed Philanthropies which has impacted 400 million lives worldwide by advancing innovative solutions to pressing global challenges, has officially announced its call for submissions for 2026. Marking 17 years of continued support and empowerment for the next generation of sustainability champions, the Prize invites small to medium enterprises (SMEs), nonprofit organisations, and high schools to submit their projects in six distinct categories: Health, Food, Energy, Water, Climate Action, and Global High Schools. 

In 2024, the Prize received 5,980 submissions from 156 countries, reflecting a growing international commitment to sustainable development. As the 2026 submission cycle begins, the Prize aims to build on this momentum and seize the unique opportunity at the Nexus of Next, a dynamic convergence of technological innovation, human ingenuity, and strategic vision to accelerate progress worldwide. 

Commenting on the launch, H.E. Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Director General of the Zayed Sustainability Prize said: “The Zayed Sustainability Prize honours Sheikh Zayed’s vision of advancing inclusive sustainable and humanitarian development. By supporting projects that harness new technologies to improve lives and drive prosperity in local communities, the Prize places people at the heart of progress, and demonstrates the role of the Nexus of Next in accelerating socio-economic growth worldwide.”

The Prize will reward US $1 million to the winners of each organisational category, while those in the Global High Schools category – split into six world regions – can claim up to US $150,000 to deploy or further expand their project. This funding has already enabled tangible progress and improved living conditions in vulnerable areas around the world, from expanding healthcare access in Southeast Asia to reducing food poverty in Sub-Saharan Africa. 

The most recent Zayed Sustainability Prize winners were recognised at an Awards Ceremony in Abu Dhabi in the presence of H.H. Sheikh Mohamed bin Zayed, President of the United Arab Emirates, alongside 11 Heads of State and several Ministers and business leaders. These distinguished guests witnessed the promise and impact of each winner, as well as the UAE’s firm commitment to providing a platform for such solutions to grow. 

For the 2026 cycle, applicants in the Health, Food, Energy, Water and Climate Action categories must prove that their solution is improving access to essential services in their communities, and that they can implement a long-term vision for better living and working conditions. For the Global High Schools category, projects should be led by students and must demonstrate innovative approaches to address sustainability challenges.

To encourage a broader range of organisations and high schools to participate, the Prize accepts submissions in multiple languages, including Arabic, Chinese, English, French, Russian, Spanish, and Portuguese.

The evaluation of each submission to the Prize consists of a rigorous, three-stage process. First, due diligence is conducted on all submissions to ensure that they meet the Prize’s evaluation criteria of Impact, Innovation, and Inspiration. This identifies the qualified entries and results in the selection of eligible candidates. Following this, evaluations are undertaken by a Selection Committee consisting of category-specific panels of independent international experts. From this shortlist of candidates, the finalists are chosen and then sent to the Prize Jury who unanimously elect the winners across all six categories.  

Winners of the Zayed Sustainability Prize will be announced at an Awards Ceremony in 2026.

For more details and to submit your application, please click here.

Arabian Company for Agricultural and Industrial Investment Announces its IPO Offer Price Range and the Commencement of the Institutional Book-Building

By
Sahfy Sahfy
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Arabian Company for Agricultural and Industrial Investment Announces its IPO Offer Price Range and the Commencement of the Institutional Book-Building
Arabian Company for Agricultural and Industrial Investment Announces its IPO Offer Price Range and the Commencement of the Institutional Book-Building

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”), announces the price range for its initial public offering (the “IPO” or “Offering”) and the commencement of the institutional book-building period for Participating Parties.

The price range for the Offering has been set between SAR 46 and SAR 50 per share (the “Price Range”). The institutional book building period commences today, 9 February 2025G and will close at 3pm (KSA time) on 13 February 2025G.

On 30 September 2024G, the Capital Market Authority (the “CMA”) approved the Company’s application for registering its share capital and the Offering of 9,000,000 ordinary shares (the “Offer Shares”), representing 30% of the Company’s total issued share capital. The final offer price will be announced following the end of the institutional bookbuilding period. 

The Offerings’ net proceeds will be distributed to the Selling Shareholder, which is Arabian Agricultural Services Company (ARASCO). The Company will not receive any part of the Net Offering Proceeds.

BACKGROUND TO THE OFFERING

The Company has obtained the necessary approvals from the Capital Market Authority and Saudi Exchange to proceed with the offering and listing process as shown below:

The Offering will consist of 9,000,000 ordinary shares (the “Offer Shares”), representing 30% of the Company’s total issued share capital. 

The Offer Shares will be offered for subscription to Individual Subscribers and Participating Parties (as defined below).  

In the event of sufficient demand from retail investors, the Financial Advisor, in coordination with the Company, shall have the right to reduce the number of Offer Shares allocated to Participating Entities to a minimum of eight million, one hundred thousand 8,100,000 ordinary Shares, representing 90% of the Offer Shares.

The Offer Shares will be listed and traded on the Saudi Exchange’s Main Market following the completion of the Offering and listing formalities with both the CMA and the Saudi Exchange.

The Company appointed SNB Capital (“SNB Capital”) as the lead manager (“Lead Manager”), financial advisor (“Financial Advisor”), bookrunner (the “Bookrunner“), and underwriter (the “Underwriter“). 

The CMA licensed receiving banks will act as Receiving Agents (collectively, the “Receiving Agents”) for retail investors, including SNB Capital, SAB Invest, Al Rajhi Capital, Saudi Fransi Capital Company, Alinma Investment Company, Riyad Capital Company, AlJazira Capital Company, Alistithmar for Financial Securities and Brokerage Company , AlBilad Capital Company, ANB Capital Company, Derayah Financial Company, Yaqeen Capital Company, Alkhabeer Capital Company, GIB Capital Company, and Sahm Capital Financial Company.

Please refer to the Prospectus for details on the expected timetable of the Offering.

Subscription for the Offer Shares is restricted to the following groups of investors:

Tranche (A): Participating Parties: 

This tranche comprises the parties entitled to participate in the book-building process specified under the Book-Building Instructions issued by the CMA. This includes investment funds, Qualified Foreign Investors, GCC Corporate Investors, and certain other foreign investors under swap agreements (collectively referred to as the “Participating Parties” and each a “Participating Party). The number of Offer Shares to be provisionally allocated to the Participating Parties is nine million (9,000,000) Offer Shares, representing one hundred per cent. (100%) of the Offer Shares. The final allocation will be made after the end of the subscription period for Individual Subscribers (as defined in tranche (B) below) by the Financial in coordination with the Company using the discretionary allocation mechanism. As a result, some of the Participating Entities may not be allocated any Offer Shares. If there is sufficient demand from Individual Subscribers, the Financial Advisor shall have the right, in coordination with the Company, to reduce the number of Offer Shares allocated to Participating Entities to eight million, one hundred thousand (8,100,000) Offer Shares, representing ninety per cent. (90%) of the Offer Shares.

Tranche (B): Individual Subscribers: 

This tranche comprises Saudi Arabian natural persons, including any Saudi female divorcee or widow with minor children from a marriage to a non-Saudi spouse, who can subscribe for her own benefit in the names of her minor children on the condition that she submits proof that she is a divorcee or widow and the mother of her minor children, as well as any non-Saudi natural person resident in the Kingdom or GCC natural person who has an investment account and an active portfolio with one of the Receiving Agents (collectively, the “Individual Subscribers” and each an “Individual Subscriber”, and together with the Participating Entities, the “Subscribers”). A subscription for Offer Shares made by a person in the name of his divorced wife shall be deemed invalid and the applicant shall be subject to the sanctions prescribed by law. If a duplicate subscription is made, the second subscription will be considered void and only the first subscription will be accepted. A maximum of nine hundred thousand (900,000) Offer Shares representing ten per cent. (10%) of the total Offer Shares shall be allocated to Individual Subscribers. If Individual Subscribers do not subscribe in full to the Offer Shares allocated to them, the Financial Advisor may, in coordination with the Company, reduce the number of Offer Shares allocated to Individual Subscribers in proportion to the number of Offer Shares subscribed by them.

UAE`s Ministry of Finance Announces Issuance of a Cabinet Decision on the Introduction of Top-up Tax for Multinational Enterprises

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Sahfy Sahfy
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Ministry of Finance Announces Issuance of a Cabinet Decision on the Introduction of Top-up Tax for Multinational Enterprises
Ministry of Finance Announces Issuance of a Cabinet Decision on the Introduction of Top-up Tax for Multinational Enterprises

The UAE`s Ministry of Finance has announced the issuance of Cabinet Decision No. 142 of 2024 on the introduction of the Top-up Tax for Multinational Enterprises, providing further details on the UAE Domestic Minimum Top-up Tax (UAE DMTT). This follows the announcement made by the Ministry on December 9, 2024.

The UAE DMTT is closely aligned with the GloBE Model Rules issued by the Organisation for Economic Co-operation and Development (OECD). The UAE DMTT will apply to Entities that are members of Multinational Enterprises (MNEs) operating in the UAE with annual global revenues of €750 million or more in the Consolidated Financial Statements of the Ultimate Parent Entity in at least two out of the four financial years immediately preceding the financial year in which the UAE DMTT applies.

The UAE DMTT provides relief through a Substance-based Income Exclusion, a carve out which reduces net Pillar Two income subject to the UAE DMTT to determine the Excess Profit for the purposes of computing the UAE DMTT, by an amount calculated based on payroll and the carrying value of tangible assets.

Aligned with the GloBE Model Rules, the UAE DMTT also allows for an exclusion where an Entity meets the relevant de minimis exclusion criteria, under which the UAE DMTT for an Entity will be considered zero, provided that certain criteria are met. 

To bolster the UAE’s competitiveness as a leading investment hub, the UAE DMTT has been structured to exclude Investment Entities, as defined under these rules.

As part of a transitional measure and to create a tax environment conducive to economic growth, no UAE DMTT will be levied during the initial phase of an MNE Group’s international activity, provided that none of the of the ownership interests of the Entities located in the UAE are held by a parent entity subject to a Qualified Income Inclusion Rule in another Jurisdiction. 

The UAE DMTT should be interpreted in line with the Commentary and Administrative Guidance issued by the OECD, available via this link. 

Cabinet Decision No. 142 of 2024 is available on the UAE Legislation’s website: www.uaelegislation.gov.ae/en.

Alibaba Cloud Releases Qwen 2.5 Max Globally: Latest AI model Shows Competitive Performance against Global Top-Tier Models

By
شمس سيف
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Alibaba Cloud Releases Qwen 2.5 Max Globally: Latest AI model Shows Competitive Performance against Global Top-Tier Models
Alibaba Cloud Releases Qwen 2.5 Max Globally: Latest AI model Shows Competitive Performance against Global Top-Tier Models

Alibaba Cloud has recently unveiled its latest proprietary large language model (LLM), Qwen2.5-Max for global developers and customers. The advanced AI model has achieved impressive results on Chatbot Arena, a well-recognized open platform that evaluates the world’s best LLM and AI chatbots. Qwen2.5-Max is ranked seventh overall in the Arena score, matching other top proprietary LLMs and demonstrating exceptional capabilities, particularly in technical domains. It ranks first in math and coding, and second in hard prompts, which involve complex prompts in addressing challenging tasks.

Eric Wan, General Manager of the Middle East, Turkey and Africa, at Alibaba Cloud Intelligence, said: “We believe our latest AI Models such as Qwen2.5 Max could bring tangible values to developers and customers. This cutting-edge model underscores our continuous commitment to making computing power more accessible and AI more available. Qwen2.5 Max is designed to enhance human efficiencies across various sectors with its exceptional capabilities, making it an invaluable tool for global businesses.

This advanced LLM from Alibaba Cloud is a large-scale Mixture of Experts (MoE) model that was pretrained on over 20 trillion tokens and further enhanced with curated Supervised Fine-Tuning (SFT) and Reinforcement Learning from Human Feedback (RLHF) techniques. Leveraging these technological advancements, Qwen2.5-Max has demonstrated exceptional strengths in knowledge, coding, general capabilities, and human alignment, securing leading scores in major benchmarks including MMLU-Pro, LiveCodeBench, LiveBench, and Arena-Hard.

Global developers and customers can have access to Qwen2.5-Max through Model Studio, Alibaba Cloud’s generative AI development platform, in a cost-efficient manner. They can also experience the model’s capability on the Qwen Chat platform.

Over the past year, the global cloud leader has released a series of Qwen models across text, audio, and visual formats in various sizes to meet the increasing AI demands from developers and customers worldwide. Recently it also unveiled its latest open-sourced, visual-language model, Qwen2.5-VL, which exhibits remarkable multimodal capabilities and can act as a visual agent to facilitate task execution on computers and mobile devices. It also released Qwen2.5-1M, an open-source model capable of processing long context inputs of up to 1 million tokens. Earlier this year, it has unveiled an expanded suite of LLMs and AI development tools, upgraded infrastructure offerings, and new support programs for global developers during its Global Developer Summit in Jakarta.

Edita Launches Humanitarian Initiative for Gaza in Collaboration with Misr El Kheir Foundation

By
شمس سيف
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Edita Launches Humanitarian Initiative for Gaza in Collaboration with Misr El Kheir Foundation
Edita Launches Humanitarian Initiative for Gaza in Collaboration with Misr El Kheir Foundation

Edita Food Industries S.A.E. (EFID.CA on the Egyptian Exchange and EFID.L on the London Stock Exchange), a  leader in the Egyptian packaged snack food market, announced a significant humanitarian initiative to support  the people of Gaza. The initiative, carried out in collaboration with Misr El Kheir Foundation, comes in response  to the recent reopening of the Egypt-Gaza border, providing an opportunity to extend support to those in  need. 

As part of this initiative, Edita will donate products worth EGP 5 million to help people in Gaza. These  contributions aim to bring vital support to them, providing nourishment that fosters hope and helps pave the  way for the return to normalcy and renewed livelihoods. 

Edita’s contribution to Gaza reflects its unwavering commitment to social development and its long-term  sustainability strategy aimed at creating a positive impact on communities. Supporting Gaza has always been  a priority for the company, and this initiative builds on its continued efforts to empower local communities  and provide essential nourishment, reaffirming its dedication to their well-being. 

Eng. Ahmed Samy, CEO of Edita Food Industries – Snacking and Bakery Business Unit, stated, “This initiative is about standing in solidarity with the people of Gaza. We call on other Egyptian companies to join us in  uniting efforts, optimizing the impact through unified action and multiplying the support for Gaza.” 

In response to Edita’s call, many companies such as Benefit Egyptian International Company (owner of V7 & V  SuperSoda Brands), Corona Food Industries, Harvest Foods Company, Prisma Foods (the owner of Raw Kettle  Cooked Potatoes brand), Regina Co. for Pasta & Food Industries, and The Arabian Food Industries Domty have  joined the initiative, further strengthening the collective humanitarian effort. Their participation expands the  reach of aid, ensuring that essential support reaches more people in Gaza, highlighting the power of unity in  delivering meaningful relief. 

The initiative is receiving coverage across social media and various media platforms, with responses from  media outlets. This attention underscores the collective support the initiative has generated.

Saudi Tadawul Group announces the fifth edition of the Capital Markets Forum in Riyadh

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شمس سيف
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Saudi Tadawul Group announces the fifth edition of the Capital Markets Forum in Riyadh
Saudi Tadawul Group announces the fifth edition of the Capital Markets Forum in Riyadh

Saudi Tadawul Group (“STG”) is pleased to announce the fifth edition of its flagship event  Capital Markets Forum (CMF), which will take place from 18-20 February 2025 in Riyadh under the patronage of H.E. Mohammed Al-Jadaan, Minister of Finance and Chairman of the  Financial Sector Development Program Committee. The forum will be held under the theme  ‘Powering Connections,’ showcasing Saudi Arabia’s expanding capital market offerings and  its emergence as a pivotal global financial hub. 

Bringing together investors, issuers, and financial leaders, CMF Riyadh 2025 will provide a  dynamic platform for exploring investment opportunities through engaging panel  discussions and interactive dialogues. CMF Riyadh is a premier platform that fosters  collaboration and dialogue, positioning itself as the largest capital market event globally. The  forum reflects STG’s commitment to strengthening Saudi Arabia’s capital market as a  leading global financial hub. It provides a valuable space for market participants to exchange  insights and expertise. 

Additionally, the forum serves as a unique opportunity for investors to connect with a diverse  range of issuers in Saudi Arabia’s capital market. Over the past three years, the event has  seen exceptional success, with more than 25,000 meeting requests, over 10,000 attendees,  and more than 4,000 investors. 

Eng. Khalid Al Hussan, CEO of the Saudi Tadawul Group, stated: “the Saudi Capital Markets Forum 2025 reflects our unwavering commitment to advancing the growth of Saudi Capital  Market in line with global best practices, the Financial Sector Development Program, and  Saudi vision 2030. By bringing together thought leaders, decision-makers, and investors, we  aim to power meaningful connections that shape the future of global capital markets. This  year’s theme, ‘Powering Connections,’ underscores the group’s focus on driving innovation,  enhancing collaboration, and reinforcing Saudi Arabia’s leadership as a dynamic global  financial hub.” 

The forum will open on the first day at KAFD Conference Center, bringing together capital  market leaders, decision-makers, and investors for discussions on key topics such as: digital  transformation, Environmental, Social, and Governance (ESG) investments, regional  economic integration, and market diversification. 

The event will feature an exceptional line-up of speakers, including government leaders,  decision-makers, and global financial experts. Notable participants include H.E.  Mohammed Al-Jadaan, Minister of Finance and Chairman of the Financial Sector  Development Program Committee; H.E. Khaled Al-Falih, Minister of Investment; Poppy  Gustafsson, Minister of Investment for United Kingdom: Mrs. Sarah Al-Suhaimi, Chairperson  of Saudi Tadawul Group; Eng. Khalid Al-Hussan, Group CEO of Saudi Tadawul Group; Bonnie  Chan, CEO of Hong Kong Exchanges and Clearing Limited; and Roland Chai, President of  Nasdaq Europe. 

The day will also conclude with the highly anticipated presentation of the 2024 Saudi Capital  Market Awards, which will recognize exceptional achievements and contribution of market  participants across 17 categories. These include prestigious categories such as “IPO of the  Year 2024 (Main Market & Nomu – Parallel Market)”, “ESG Relations Program of the Year,” and  many more. 

The awards underscore the critical role of market participants in advancing the Kingdom’s  financial ecosystem in line with global best practice. The Saudi Capital Market Awards are  an integral part of Saudi Tadawul Group’s mission to promote growth and reinforce best  practices within the Kingdom’s financial sector, in line with the Financial Sector  Development Program and Saudi vision 2030. 

The second and third days of CMF 2025, taking place at the Four Seasons Hotel Riyadh, will  feature specialized initiatives aimed at enhance investor engagement and expanding  financial market knowledge. Participating institutions will host dedicated workshops as part  of the “Investor Hub”, focusing on the latest market developments, key industry updates,  and major announcements. This platform will provide companies with a direct channel to  engage with investors and present their strategic insights.  

Additionally, the “Investor Bootcamp”, will feature educational sessions led by financial  market experts. Designed specifically for students and early-career professionals, this  training program will offer practical knowledge on financial markets, investment strategies,  and essential skills for success in the financial sector. 

These initiatives reflect Saudi Tadawul Group’s commitment to empowering the next  generation by enhancing financial literacy and equipping young talent with the skills needed  to shape the future of capital markets. They also aim to strengthen collaboration and  engagement between local and global investors, issuers, and key stakeholders in the  financial sector. 

Ai Everything Global 2025: Insight-fuelled debates & thought-provoking discussions show AI’s divisive power on enthralling first day in UAE capital

By
Sahfy Sahfy
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Ai Everything Global 2025: Insight-fuelled debates & thought-provoking discussions show AI’s divisive power on enthralling first day in UAE capital
Ai Everything Global 2025: Insight-fuelled debates & thought-provoking discussions show AI’s divisive power on enthralling first day in UAE capital

After weeks of rising excitement across the international AI community, Ai Everything GLOBAL is officially underway in the UAE after a thrilling opening day kicked off the year’s largest public-private global AI gathering.

Organised by Dubai World Trade Centre (DWTC) and KAOUN International in affiliation with GITEX GLOBAL, Ai Everything Global is the world’s premier AI event. It welcomes the most influential AI stakeholders across Abu Dhabi and Dubai from February 4-6 – paving the way for participants to examine the technology’s global impact, propel cross-continental collaboration, and define new boundaries for AI innovation.

Live from the St. Regis Saadiyat Island Resort, the Ai Everything Summit headlined the Tuesday programme as a capacity crowd and action-packed agenda marked a sensational start to the AI industry’s 2025 international events and exhibitions calendar.

H.E. Faisal Al Bannai, Adviser to the UAE President & Secretary General of the Advanced Technology Research Council (ATRC), hailed the influence and impact of AI globally during an inspirational keynote speech. H.E. declared: “Every generation throughout human history likely said they lived during an interesting time; however, I believe we can truly say that we are living in a world where AI innovation is redefining and reshaping what’s possible like never before. The Age of Intelligence is just beginning – and there is still so much to transpire and achieve in terms of AI. The possibilities are increasingly immense with how fast the AI ecosystem is innovating and evolving – and open source is one of many aspects encouraging collaboration and empowering all to harness AI capabilities.”

H.E. Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy & Remote Work Applications, also emphasised AI’s vital role in the UAE’s future socio-economic development. He said: “We want to deploy things that benefit quality of life. If we want this technology to proliferate, if we want AI to be part of each and every one of our lives, we have to make sure it is also economic in terms of ability to access it, with a good economic value.”

Ai Everything Global 2025, H.E Omar Sultan Al Olama, UAE’s Minister of State for Artificial Intelligence, Digital Economy and Remote Work Application
Ai Everything Global 2025, H.E Omar Sultan Al Olama, UAE’s Minister of State for Artificial Intelligence, Digital Economy and Remote Work Application

It’s Ai in Everything: Diverse Perspectives Amidst Tectonic Market Shifts

Featuring distinguished government heads, technology directors, and Chief AI Officers alongside market-leading AI innovators, executives, and policymakers, the Ai Everything Summit staged an enthralling series of the most thought-provoking, insight-fuelled debates and discussions surrounding current AI dynamics and the industry’s future trajectory.

As a unifying platform for addressing pressing industry challenges and analysing the most incredible opportunities amidst deep structural market shifts, the Summit welcomed renowned visionaries from a wide variety of increasingly AI-critical industries. Alongside the energy, education, healthcare, finance, government, Industry 4.0, and creative economy sectors, Ai Everything Global cast a unique spotlight on AI’s rising influence across film, television, and digital entertainment.

Amongst the many major Day 1 highlights was an incredible interactive presentation by Jonathan Bronfman, the world-famous creator of Vanity AI tech used in Hollywood Blockbusters like ‘Spider-Man: No Way Home’ and Netflix’s record-breaking viewership series ‘Stranger Things’ and ‘Squid Game’. The Co-Founder of Canadian VFX studio Monsters Aliens Robots Zombies (MARZ) shared fascinating insights surrounding the movie industry’s AI-driven revolution during ‘The Death of Retakes: How AI is Rewriting Hollywood in Minutes’.

Bronfman spoke in glowing terms regarding AI’s future in film, insisting the industry will benefit tremendously from the technology’s revolutionary capabilities. He said: “Gen AI will impact Hollywood in a massive way. The spectacle traditionally seen in movies like Mission: Impossible, Star Trek, and Star Wars is expensive and time-consuming. GenAI will make film production and development more affordable which studios desperately need – while still attracting audiences to the big screen.”

Whilst advocating AI-Hollywood collaboration, Bronfman assured audiences that people will always be essential, despite rising concerns regarding AI displacing industry jobs: “A fully GenAI movie or series is not a threat to Hollywood. The human touch will never disappear because human creativity and intelligence are unmatched. If you look at YouTube influencers and the way they’re pulling eyeballs away from Hollywood already; consumption habits are changing massively. That’s the biggest threat facing the industry.”

Ai Everything Global 2025, Jonathan Bronfman, President & CEO, Monsters Aliens Robots Zombies (MARZ), Canada
Ai Everything Global 2025, Jonathan Bronfman, President & CEO, Monsters Aliens Robots Zombies (MARZ), Canada

From governance frameworks, commercialisation requirements, and cross-industry pivots to market-altering developments, first-hand projections, and the global AI leadership race, the summit was met with critical acclaim as attendees examined the radical winds of change reverberating across digital economies globally. With AI proving both unifying and divisive globally, audience members witnessed world-leading experts present a range of broad perspectives.

Amongst the many was a panel discussion titled ‘How is AGI Accelerating? Navigating the Growing Pressure to Fast-Track AI Innovation’. Stuart Russell, Professor of Computer Science at UC Berkeley, stressed an urgent necessity for stringent AI industry regulations, revealing: “This narrative that regulation stifles innovation is toxic – the record shows us that unregulated digital technologies can cause severe harm. We – as experts in AI – do not understand how this technology works. And when it doesn’t work, nobody has a way of fixing it. Nodody really knows what’s next. Whether making the next generation of large language models bigger will produce AGI is just speculation at the moment.”

Another standout session involved Kate Darling, Research Scientist at MIT Media Lab in the US. During an interactive presentation and robot demo, she shed light on groundbreaking research surrounding a future where robots and people work and co-exist in harmony: “Engineers have been working for decades to produce a robot that’s robust, reliable, and safe enough to roll out on the public street. For me personally, the most interesting thing isn’t necessarily the technical developments that we’ve seen. The really interesting thing is what happens when you take AI and robotics and put them together with people. Because as people start to encounter these technologies in their daily lives, we see some really interesting reactions.”

Ai Everything Global 2025, Kate Darling, Research Scientist at MIT Media Lab, US
Ai Everything Global 2025, Kate Darling, Research Scientist at MIT Media Lab, US

Examining the Winds of AI-Driven Change Globally

As the first AI-focused event following recent era-defining AI developments – from the $500 billion Stargate announcement to DeepSeek’s emergence and divisive debates at the 2025 World Economic Forum – Ai Everything Global provided the perfect platform to examine evolving global power dynamics.

Whilst fulfilling its critical touchpoint pledge for the technologically ambitious to broaden industry acumen, engage with AI leaders, and accelerate strategies through prolific public-private networking, a unique spotlight was cast on regional AI integration and deployment progression.

Stephen Burt shared positive insights when elaborating on whether affordable AI is the key to breaking a perceived big tech power concentration and driving innovation. The Government of Canada’s Chief Data Officer said: “We can get there, and we’ve actually done the basics in ensuring we have the core data in the right places alongside required infrastructure. Whether the big AI winners are in Silicon Valley, from the venture capital area, or elsewhere around the world, achieving desired results is possible because AI models are becoming so much more accessible.”

Ott Velsberg, the Estonian Government’s renowned Chief Data Officer who oversees data and AI governance in Europe’s top-rated country for digital public sector services, also revealed how countries globally could thrive following successful AI and data analytics utilisation: “A more proactive government is the way to go – actively collaborating with the private sector whilst educating the public sector. Over the last two years, data-intensive companies have grown their revenue by 60% on average, which amounts to €5.7 million daily. International collaboration has grown stronger than ever before – and different universities and countries are also pulling their resources together when faced with adversity.”

Next Up at Ai Everything Global 2025

After a defining first day in Abu Dhabi, the Ai Everything Global programme switches to another of the UAE’s rising AI capitals of the world as Dubai Exhibition Centre (DEC) hosts a highly anticipated Exhibition Showcase (5-6 February).

Live from Expo City, Wednesday and Thursday will highlight groundbreaking R&D use cases alongside the most transformative real-world applications covering governments, business, society, and core pillars of global economies.

Awaiting visitors is an exclusive first-hand discovery of the most patented and award-winning AI innovations from 70-plus countries, featuring a highly curated selection of over 500 exceptional pure AI companies and fastest-rising startups, with 70% marking their regional debut.

Among the many world-leading tech powerhouses exhibiting are ASUS, Alibaba Cloud, AWS, Dell, e&, Fortinet, G42, HP, and IBM. Others include Intel, Lenovo, Nokia, Oracle, Palo Alto Networks, Red Hat, Technology Innovation Institute (TII), and Zoom.

For more information, please visit aieverythingglobal.com.

European Bank for Reconstruction and Development exits Ibnsina Pharma in Egypt

By
Sahfy Sahfy
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European Bank for Reconstruction and Development exits Ibnsina Pharma in Egypt
European Bank for Reconstruction and Development exits Ibnsina Pharma in Egypt

The European Bank for Reconstruction and Development (EBRD) has fully exited its remaining 8.8 per cent stake in Ibnsina Pharma through the Egyptian Exchange (EGX).

The Bank acquired a 20 per cent stake in Ibnsina Pharma in 2015 through a combination of primary and secondary transactions to finance the development of the company’s warehouses, distribution centres and overall supply chain. Since then, the company has grown strongly, becoming the top pharma distributor in the Egyptian market and successfully expanding into a number of non-pharma operations.

Omar Abdel Gawad, the CEO of Ibnsina Pharma, said: “Our partnership with the EBRD has been invaluable to our growth story and expansion – a key part of our journey to becoming the number one player in the Egyptian market.”

Hassan Massoud, who oversees the EBRD’s private equity business in the southern Mediterranean, said: “Ibnsina Pharma has been an incredibly successful investment for the Bank, despite the very challenging Egyptian macro environment. The scale and timing of this transaction is testament to the depth of the Egyptian Exchange (EGX) as a credible exit venue for successful private equity investments.”

Ibnsina Pharma is an Egyptian joint stock company established in 2000 which specialises in the distribution of pharmaceutical products. The company is based in Cairo and operates a nationwide network of distribution outlets and warehouses.

The EBRD has carried out a number of equity investments in order to promote and support the private sector in Egypt, investing in companies such as Infinity (Africa’s largest renewable energy developer), Hassan Allam Renewable Energy, Global Corp (a leading leasing and factoring company) and Tamweely (a leading microfinance company). The Bank has also successfully invested in – and now exited – Egyptian healthcare providers such as Cleopatra Hospitals and Adwia/KELIX bio.

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 196 projects. The EBRD has invested in sectors such as finance, agribusiness, and manufacturing and services, as well as supporting infrastructure projects in areas such as power, municipal water and wastewater services, and helping to upgrade transport services‎.

Islamic Corporation for the Development of the Private Sector Signs the Country Work Program 2025 for Egypt, Unveiling $100 Million Financing Plan.

By
Sahfy Sahfy
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Islamic Corporation for the Development of the Private Sector Signs the Country Work Program 2025 for Egypt, Unveiling $100 Million Financing Plan.
Islamic Corporation for the Development of the Private Sector Signs the Country Work Program 2025 for Egypt, Unveiling $100 Million Financing Plan.

The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IsDB), has signed it’s the Country Work Program 2025 for Egypt, marking a significant milestone in its strategic partnership with the country.

The signing ceremony took place in Cairo, in the presence of key government officials, including HE Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, and Governor of Egypt at the Islamic Development Bank; HE Lieutenant General Engineer Kamel Al-Wazir, Deputy Prime Minister for Industrial Development, Minister of Industry and Transport; and HE Dr. Sherif Farouk, Minister of Supply and Internal Trade.

The agreement was officially signed by Engineer Hani Salem Sonbol, Acting CEO of ICD, who highlighted the corporation’s ongoing commitment to Egypt’s economic development.

The 2025 country work program focuses on strengthening the private sector and driving economic growth in Egypt. Key initiatives include direct financing, investments, and financing tools aimed at boosting key sectors such as industry, infrastructure, energy, and agriculture.

Additionally, the program seeks to enhance financial inclusion by providing lines of finance to Egyptian banks, particularly to support small and medium-sized enterprises (SMEs). ICD also plans to raise market awareness about the importance of Islamic finance as a tool for development and to facilitate access to capital markets by forming strategic alliances with international investors.

One of the key components of the program is ICD’s intention to provide up to $100 million in new financing to support private sector projects in Egypt.
Engineer Kamel El-Wazir, the Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, said: “The Islamic Corporation for the Development of the Private Sector has proven, over the past years, its vital role in supporting the member countries of the Organization of Islamic Cooperation (OIC) by providing innovative financial solutions and supporting developmental projects that contribute to stimulating economic growth, creating job opportunities, and enhancing the role of the private sector, particularly small and medium-sized enterprises.”

He added: “We recognize that the private sector plays a pivotal role in the economic development process, and therefore, a large part of this cooperation will focus on empowering entrepreneurs and supporting small and medium-sized industries, which are the cornerstone of any strong economy. Through this program, efforts will be made to provide the necessary financing for these industries, as well as encourage innovation and entrepreneurship. This support will contribute to creating new job opportunities, enhancing sustainable economic growth, and improving competitiveness in regional and international markets.”
Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, and Egypt’s Governor at the Islamic Development Bank, praised the successful partnership with the Islamic Corporation for the Development of the Private Sector (ICD). She highlighted the continuation of this fruitful partnership through the ICD’s Country Work Program in the Arab Republic of Egypt for 2025, which includes supporting the private sector in various diverse aspects. The program will allocate $100 million to financial institutions to finance small and medium-sized enterprises, as well as providing funding for large private sector companies operating in strategic sectors that are crucial to economic development. This includes particularly the industrial and agricultural sectors, which are key components of the country’s structural reform plan aimed at enhancing their contribution to GDP.
Eng. Hani Salem Sonbol, Acting CEO of ICD, commented: “We are proud of our long-standing strategic partnership with the Arab Republic of Egypt. In 2025, we aim to deepen this relationship further by supporting the Egyptian government’s development plans. Our focus will be on enhancing the capacity of Egypt’s private sector and financial institutions, especially in supporting SMEs. Additionally, we will leverage our expertise to provide advisory services in the sukuk sector, particularly in assisting Egypt with issuing foreign currency sukuk and attracting new international investments to bolster financial flexibility.”

He further added, “Our efforts will also include supporting the Arab-African Trade Bridges (AATB) Program, which aims to increase investments in member states, including Egypt.”

Since its inception, ICD has provided Egypt with a total of $315 million in financing, including support for private sector companies, financial lines for banks, and direct investments in key sectors such as energy, food, and industry. This financing has played a crucial role in boosting economic growth, creating jobs, and fostering the development of Egypt’s private sector.

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