Home Blog Page 49

Lootah Biofuels Explores Collaboration with Vietnam’s SAVICO to Promote Sustainable Development

By
شمس سيف
-
Lootah Biofuels Explores Collaboration with Vietnam's SAVICO to Promote Sustainable Development

Lootah Biofuels, a pioneer in the circular economy producing biofuels from used cooking oils, has announced discussing potential collaboration with SAVICO Group, one of Vietnam’s largest companies in the circular economy, green technology, and renewable energy sectors.

The discussions took place during Lootah Biofuels’ participation in the Vietnam–UAE Business Forum, organised by Vietnam’s Ministry of Planning and Investment and the Vietnamese Embassy in cooperation with Dubai Chambers. The forum included the participation of His Excellency Pham Minh Chin, Prime Minister of the Socialist Republic of Vietnam; His Excellency Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade; His Excellency Abdulaziz Al-Ghurair, Chairman of Dubai Chambers; His Excellency Mohammed Ali Rashid Lootah, Director General of Dubai Chambers; and a number of officials, business leaders, and investors from both nations.

At the forum, Mr Yousif bin Saeed Lootah, Founder and CEO of Lootah Biofuels, and His Excellency Dr Nguyen Thanh Hong, Chairman of the Board of Directors of SAVICO Group, discussed strategies to strengthen bilateral cooperation aimed at achieving sustainable development goals in the UAE and Vietnam.

Commenting on the collaboration, Mr Yousif bin Saeed Lootah said, “We are delighted to collaborate with SAVICO Group, recognised for its investment in green technology and renewable energy, including offshore wind projects, liquefied natural gas, hydrogen production, carbon certification, and sustainable aviation fuel production through alliances with leading international energy companies. We aim to deepen our partnership to contribute to advancing sustainable energy solutions, which aligns with the UAE’s strategic vision and energy diversification goals in support of Net Zero targets.”

He added, “The Vietnam–UAE Business Forum highlighted the importance of enhancing economic cooperation and promoting joint investments in critical sectors, with a focus on green economy opportunities, digital transformation, and innovation. We are committed to leveraging the opportunities presented by the sustainability and circular economy sectors as part of our ongoing efforts to support clean energy and advance the biofuel industry, contributing to the UAE Climate Neutrality Strategy 2050 and the Sustainable Development Goals.”

In its pursuit of innovative biofuel technologies and sustainable energy solutions, Lootah Biofuels has entered strategic partnerships with leading global organisations such as FatHopes Energy in Malaysia and Deasyl SA. These partnerships aim to develop and distribute sustainable aviation fuel, along with other advanced biofuel solutions.

Lootah Biofuels is also committed to supporting the UAE Circular Economy Strategy, which outlines sustainable practices for the private sector, and the National Biofuels Policy, which promotes sustainable fuel alternatives and energy diversification. The company has set a goal of increasing biodiesel’s share in the national fuel mix to 20% by 2050.

Founded in 2015, Lootah Biofuels began producing biofuels from used cooking oils to provide clean, sustainable energy sources. Through its collection and recycling initiatives, the company reduces pollution, conserves resources, and mitigates the environmental impacts of waste oil disposal. Currently producing 6 million litres annually, Lootah Biofuels is expanding capacity to meet the growing demand for clean energy in the transport sector. With a network of partners supplying used cooking oils, over 200 domestic clients now use Lootah’s biofuels in their transport fleets.

The company’s use of cooking oils offers the highest carbon reduction among biodiesel feedstocks and enhances vehicle performance with superior lubricants that extend engine life.

Richer Countries Must Commit to Climate Payments at COP29 as Millions Displaced in Africa

By
Sahfy Sahfy
-
Richer Countries Must Commit to Climate Payments at COP29 as Millions Displaced in Africa
Richer Countries Must Commit to Climate Payments at COP29 as Millions Displaced in Africa

With millions of people already displaced by climate change disasters in Africa, the richer countries most responsible for global warming must agree at the COP29 climate conference in Baku, Azerbaijan to fully pay for the catastrophic loss of homes and damage to livelihoods taking place across the continent, Amnesty International said. They must also fully fund African governments’ adaptation measures to prevent further forced displacement, stop human rights violations and help them achieve a fast and fair phaseout of fossil fuel production and use.

These same countries must then follow up on their agreement by urgently financing the Fund for responding to Loss and Damage, the main international fund addressing climate change’s unavoidable harms. So far, such countries have pledged less than USD 700 million of the 400 billion dollars that lower-income countries estimate they need for loss and damage by 2030. Meanwhile, adaptation may cost USD 30 to 50 billion per year in sub-Saharan Africa alone. International financial institutions must ensure equitable distribution of the money to African countries based on need.

“African people have contributed the least to climate change, yet from Somalia to Senegal, Chad to Madagascar, we are suffering a terrible toll of this global emergency which has driven millions of people from their homes. It’s time for the countries who caused all this devastation to pay up so African people can adapt to the climate change catastrophe,” said Samira Daoud, Amnesty International Regional Director for West and Central Africa.

Global crisis, African catastrophe

Amnesty International research shows that in every corner of the African continent, droughts, floods, storms or heat are displacing people within countries and across borders, resulting in human rights violations including loss of shelter, disrupted access to food, health care and education, plus risk of gender-based violence and even death.

While African governments are responsible for protecting human rights in this crisis, they cannot adequately do so unless richer countries provide the funds.

In Somalia alone, more than a million people have been displaced by protracted drought and recurrent floods which have decimated farms, killed livestock and destroyed houses, forcing communities already vulnerable from decades of civil war to flee to camps for internally displaced persons or to Kenya and Ethiopia.

In coastal Senegal, rising seas have destroyed entire villages, forcing thousands of people inland where they suffer lack of jobs and shelter without adequate support.

In Chad, rising temperatures have pushed livestock herders to the country’s southern agricultural regions to find grazing land and water, leading to deadly clashes with farmers in the absence of effective conflict management and support for both groups.

Many parts of the continent are suffering severe droughts, likely exacerbated by climate change.  A six-year drought in southern Madagascar has forced more than 56,000 Antandroy people off their ancestral lands to search for new land to settle, only to face a host of human rights violations in other parts of the country. People left behind struggle for food, water and health care.

Meanwhile, successive severe droughts in southern Africa have pushed people to the edge. In Angola, hunger has forced mostly women and children to migrate to Namibia in search of food, raising the risk of exploitation, trafficking, gender-based violence and disrupted education.

But even in Namibia, half the population is food insecure, and the government has declared a drought state of emergency, as have the governments of Lesotho, Malawi, Zambia and Zimbabwe. None of these countries have the money to address the drought.

“Across Africa, the worst effects of climate change are already here. Extreme droughts, floods, storms and heat are destroying livelihoods and local economies and forcing more and more people to flee their homes. In every instance Amnesty International has researched, national governments do not have the resources to properly respond. The countries that caused these rapidly escalating unnatural disasters must foot the bill to address them,” said Tigere Chagutah, Amnesty International’s Regional Director for East and Southern Africa.

Full and equitable financing

Mobilizing and providing the dollars needed is only the first step toward addressing the worst effects of climate change in Africa. The Fund for responding to Loss and Damage must equitably disburse the money so it reaches the countries who need it most, including through direct access by impacted African communities.

Likewise, international financial institutions and lending nations must grant debt relief to African countries that request it to help them invest in climate adaptation measures that protect human rights. In recent years, for instance, Ethiopia’s government has spent three times as much money on repaying debt than on adapting to climate change, while countries from Congo to Mozambique regularly spend far more on servicing debt than on climate change response.

“Given the scale of climate-induced displacement and human rights violations in Africa, half-measures and lip service are not enough from the richer countries who caused this crisis. But commitments at COP29 to fully and equitably pay for loss and damage and adaptation measures in Africa are just the start. The countries responsible for climate change, along with international finance institutions, must follow through and deliver the needed resources. Africa cannot wait any longer,” said Tigere Chagutah, Amnesty International’s Regional Director for East and Southern Africa.

Siemens and Emirates Smart Solutions Partner to Modernize Esna Barrage and Lock in Luxor

By
Sahfy Sahfy
-
Siemens and Emirates Smart Solutions Partner to Modernize Esna Barrage and Lock in Luxor
Siemens and Emirates Smart Solutions Partner to Modernize Esna Barrage and Lock in Luxor

Siemens signed a contract with Emirates Smart Solutions (ESS), a subsidiary of Etimad Holding Group in the UAE, to renovate the Esna Barrage and Lock in Luxor. This project has been assigned to Emirates Smart Solutions by the Ministry of Water Resources and Irrigation.

Under the contract, Siemens will supply, design, install, test, and operate a SCADA system to control the movement of the Esna Barrage’s gates, in addition to providing a monitoring system for water levels, which will be integrated into the Distributed Control System (DCS) for the Esna Hydroelectric Power Station.

This project holds strategic significance for Egypt as Siemens delivers integrated solutions for monitoring and controlling critical barrages along the Nile, aligning with the Egyptian government’s efforts to maximize water utilization efficiency in the country. The contract also includes Siemens supplying a gate movement control system that utilizes a new motor and variable speed drives, alongside fiber optic networks.

Siemens’ SCADA system effectively controls and monitors industrial processes in real-time, collecting data from sensors and devices and presenting it through a user-friendly interface. This software enables operators to manage equipment and machinery remotely and make data-driven decisions. SCADA also enhances operations, increases efficiency, and ensures safety across various sectors, including manufacturing, energy, and utilities.

Commenting on this significant project, Mr. Mostafa El-Bagoury, CEO of Siemens Egypt, stated: “We are excited about our partnership with Emirates Smart Solutions, tasked with executing the renovation project for the Esna Barrage and Lock on behalf of the Ministry of Water Resources and Irrigation. This project will enhance Egypt’s water resource infrastructure and contribute to improved water resource management, a key focus for the Egyptian government at this time. Siemens’ advanced solutions, particularly the SCADA monitoring and control system, will play a crucial role in enhancing the barrage’s performance, increasing its efficiency, and reducing the need for frequent maintenance and repairs, thereby achieving substantial long-term cost savings. Together, these benefits will improve the operational capabilities of the Esna Barrage and extend its productive lifespan.”

Dr. Mohamed Al-Naqbi, Chairman and Managing Director of Emirates Smart Solutions, added that the company has been operating in Egypt and many African countries for years in the fields of infrastructure, vital utilities, information technology, and systems and technological programs, including artificial intelligence. He noted: “This project is part of our collaboration with the Ministry of Water Resources and Irrigation, following our provision of the optimal solution for monitoring, control, and management systems for the Esna Barrage and Lock through advanced technological solutions offered by Siemens. This will enable the Ministry to monitor and control water levels and flow rates through the Barrage. Furthermore, this project marks the beginning of a series of initiatives to integrate the operational processes of all dams, reservoirs, and barrages along the Nile, providing decision-makers and operators with real-time key performance indicators and allowing for significant improvements in the operational efficiency of Egypt’s water resources.”

Siemens’ scope of work for this project will include the supply and installation of necessary equipment and systems, encompassing assembly and installation of equipment, engineering services, detailed design and planning, and oversight of the installation to ensure compliance with required standards and specifications. Additionally, operational tests will be conducted on the installed systems to verify their effectiveness, ensuring they operate at full capacity and meet project requirements. Furthermore, Siemens will provide training for Ministry of Irrigation employees through courses designed to enhance their knowledge of smart solutions for operating and maintaining the installed systems.

MultiBank Group and Al Ansari Exchange Launch Innovative Cash Payment Services

By
Sahfy Sahfy
-
MultiBank Group and Al Ansari Exchange Launch Innovative Cash Payment Services
MultiBank Group and Al Ansari Exchange Launch Innovative Cash Payment Services

MEX Global, a subsidiary of MultiBank Group, the world’s largest financial derivatives institution headquartered in Dubai, has launched cash payment services in partnership with Al Ansari Exchange, a subsidiary of Al Ansari Financial Services P.J.S.C. and the largest outward personal remittance and foreign exchange company in the UAE. This innovative service enables clients in the UAE to conveniently deposit and withdraw funds through Al Ansari Exchange’s extensive branch network.

The new integrated service is exclusively available to users in the UAE who are onboarded through MEX Global, which is regulated by the Securities and Commodities Authority (SCA). By leveraging Al Ansari Exchange’s established presence with over 260 branches across the UAE, this agreement seeks to enhance the client experience, providing them with more flexibility and access to their funds.

In his comments, Naser Taher, Founder and Chairman of MultiBank Group, said: “Navigating financial transactions should be seamless and accessible. Our collaboration with Al Ansari Exchange reiterates our commitment to providing cutting-edge financial solutions that empower our clients and facilitate their banking needs in a secure and efficient manner. At MultiBank Group, we are continuously expanding our offerings and enhancing our services through strategic partnerships and innovative solutions, driven by our dedication to excellence and ensuring the highest level of customer satisfaction.”

MultiBank Group, established in California, USA, in 2005, serves over 1 million clients in more than 100 countries and maintains a daily trading volume surpassing $15.6 billion. Known for its forward-thinking trading solutions, strong regulatory oversight, and outstanding customer support, the Group offers a comprehensive range of financial services, including brokerage and asset management. MultiBank Group is regulated across five continents by over 16 of the most esteemed financial regulatory bodies worldwide.

Global Trade and Infrastructure Summit at Logimotion to highlight connectivity and sustainable infrastructure

By
شمس سيف
-
Global Trade and Infrastructure Summit at Logimotion to highlight connectivity and sustainable infrastructure

The upcoming Global Trade and Infrastructure Summit (GTIS), taking place from 10-11 December at Logimotion, will explore the complexities of global trade and infrastructure, bringing together experts from around the world. 

Based on the theme: “Fostering Connectivity, Propelling Growth”, GTIS, will offer an international perspective on the strategies and challenges influencing the movement of goods and people. The event will focus on sustainable trade practices and examine the transformative role of technology in shaping global infrastructure.

“GTIS offers a deep dive into the multifaceted aspects of international trade and infrastructure, spotlighting the strategies, challenges and innovations in both emerging and developed economies,” said Dishan Isaac, Exhibition Director of Logimotion. 

He added: “The mission of the two-day summit is to provide a comprehensive platform for dialogue, knowledge exchange, and collaborative growth, and will bring together ministers of transport and infrastructure, industry leaders, strategists and academics.”

Prominent figures who will be contributing their leadership insights at the conference include H.E. Dr Mohamed Al Kuwaiti, Head of Cyber Security, UAE Cyber Security Council, UAE; Thuraya Al-Harthi, Director – Government Digital Services Unified Portal, Ministry of Transport, Communications and Information Technology, Oman; Bunthorn SOK, Deputy Director-General, Ministry of Commerce, Cambodia; and Dr Stéphane Graber, Director General, FIATA International Federation of Freight Forwarders Associations, Switzerland. 

The summit will open with a keynote address on ‘The UAE’s vision for sustainable and smart infrastructure’, outlining the country’s focus on reducing carbon emissions, implementing green building standards and moving towards renewable energy sources. 

On the opening day, Abdulla M. Alashram, Group Chief Executive Officer, 7X, UAE, will address the UAE’s role in shaping the future of international trade. His keynote speech will focus on how the UAE strengthens global trade by investing in state-of-the-art infrastructure, providing seamless trade routes and promoting innovative trade policies. 

A highlight of the launch day of GTIS is a panel discussion on ‘Building resilient supply chains through sustainable practices’, which will explore how implementing a circular economy can enhance supply chain resilience. The discussion will also delve into sustainable sourcing practices and emphasise the importance of stakeholder collaboration in driving sustainable supply chain initiatives. 

  1. The international panel of experts featured in this session includes Cristina Albuquerque, Director of Global Electric Mobility, WRI Ross Center for Sustainable Cities, Brazil; Louis Yaw Afful, Group Executive Director, African Continental Free Trade Policy Network Group (APN Group), Ghana; and Dr. Ayad Aldaijy, Former Advisor, Ministry of Environment, Water and Agriculture, KSA, among others.

Later on day one, experts will take the stage to discuss the global impact of evolving trade policies, including the effects of the ‘great decoupling’ on traditional trade routes. Panelists from Egypt, the UK, Nigeria, and the US will examine evolving trade policies and their global impacts, while also addressing regulatory challenges in cross-border digital trade.

The final day of GTIS will begin with a focus on cutting-edge innovations in transport infrastructure, featuring a panel discussion on ‘Advancing global connectivity through innovative approaches in transport and mobility infrastructure’.  

This session will delve into integrating multimodal transport networks to provide seamless connectivity while examining the effectiveness of high-speed rail and transit solutions in reducing travel times.

With the recent launch of Etihad Rail for commercial operations, the discussion gains added significance, underscoring the impact of this important development on the UAE’s transport and logistics sector. The session will also touch on sustainable and eco-friendly mobility options.

Panelists include Luis Felipe de Oliveira, Former Director General and CEO of Airports Council International (ACI World), Canada; Nadia Abdul Aziz, President of the National Association of Freight and Logistics (NAFL), UAE.

Held in the dynamic hub of Dubai, Logimotion is a pioneering event that unites global leaders in the mobility and logistics sectors. Designed to access a dynamic market, the event is tailored to showcase technologies and solutions within the industry and provide valuable insights through immersive conference sessions.

Logimotion will take place at the Dubai World Trade Centre from 10-11 December. 

e& announces Q3 2024 earnings with consolidated revenue growth of 10% to AED 14.4 billion

By
شمس سيف
-
e& announces Q3 2024 earnings with consolidated revenue growth of 10% to AED 14.4 billion

e& today announced its Q3 2024 consolidated financial results, reporting consolidated revenue of AED 14.4 billion, growing 10 per cent year-over-year in constant currency, while consolidated revenues for the first nine months of year 2024 recorded AED 42.7 billion, growing 9 per cent YoY, reflecting continued growth across most verticals.

e& completed an important milestone by closing the transaction of PPF Telecom that will enhance the group portfolio diversification while it continues to grow its digital services across enterprise solutions, fintech, and media and entertainment sectors. This diversification will allow it to pursue its strategic ambition of transitioning to a global technology player.

e&’s total subscriber base witnessed a YoY increase of 6 per cent, reaching 177.3 million. The total number of e& UAE subscribers reached 14.7 million, representing a YoY growth of 5 per cent.

Financial Highlights

  Q3 2024 Q3 2023 9M 2024 9M 2023
Revenue AED 14.4 billion AED 13.4 billion AED 42.7 billion AED 40.0 billion
Net Profit AED 3 billion AED 3 billion AED 8.5 billion AED 7.7 billion
EBITDA AED 6.5 billion AED 6.9 billion AED 19.4 billion AED 19.6 billion
Earnings per Share AED 0.34 AED 0.34 AED 0.97 AED 0.88

 

Hatem Dowidar, Group Chief Executive Officer, e&, said: “e& continued its strong momentum in the first nine months, with consolidated revenue growing 9 per cent in constant currency to AED 42.7 billion.

We scaled up e&’s telecom footprint to 20 countries, bringing our overall reach to 38 markets. This growth, coupled with our solid performance in both local and international markets, drove our consolidated net profit to reach AED 8.5 billion growing 10 per cent during the first nine months. Furthermore, consolidated EBITDA reached AED 19.4 billion, resulting in EBITDA margin of 45 per cent, while our telecom EBITDA margin remained resilient at 49%”.

“Now that we have completed the acquisition of a controlling stake in PPF Telecom Group, we look forward to the opportunities that will arise as we expand our global horizon, impacting the lives of over 1 billion people across the Middle East, Asia, Africa, and now Central and Eastern Europe—marking our first operational foothold in Europe. By combining our expertise with PPF Telecom’s strong local presence, we’re well-positioned to drive digital transformation and empower societies across this region,” added Dowidar.

He concluded, “e& remains dedicated to championing the UAE’s leadership vision as the country continues to advance its digital agenda as a role model of digitalisation. Our investment in cutting-edge infrastructure and strategic partnerships will ensure that we continue to deliver futuristic solutions and digital services that drive sustainable progress and transformation.”

 

Key Operational Highlights

e&

e& successfully completed its landmark partnership with PPF Group, acquiring a controlling stake (50 per cent plus one economic share) in the service and infrastructure companies of PPF Telecom Group (“PPF Telecom”) across Bulgaria, Hungary, Serbia and Slovakia. This acquisition marks a significant step in e&’s ongoing global expansion ambitions, diversifying and growing its geographical presence to 38 countries. This milestone is poised to transform the telecom landscape in the Central and Eastern Europe (CEE) region and deliver enhanced value to over 10 million customers across the four markets.

e& signed a US$ 1 billion-plus (AED 3.7 billion) agreement with Amazon Web Services (AWS) over the next six years to accelerate the impact of cloud-driven innovation and digital transformation across the Middle East region. The alliance will focus on delivering core cloud services like storage, computing, networking, cybersecurity, and AI and machine learning (ML). Part of this investment will be dedicated to training and certifying up to 60,000 individuals—including 6,000 UAE nationals—in cloud technologies and AI.

e& and the United Nations Development Programme (UNDP) have partnered to promote digital inclusion and sustainable development in the Arab States region. The collaboration will focus on bridging digital divides, supporting MSMEs, using AI for climate resilience, and fostering public-private partnerships for digital cooperation.

e& has become one of the first telecom operators to the GSMA’s Responsible AI (RAI) Maturity Roadmap. The roadmap enables telcos to assess where they currently stand in terms of their existing maturity in using AI responsibly against where they want to go. It then provides clear guidance and measurement tools to help fulfil those ambitions while ensuring industry-wide best practice in the responsible use of the technology.

A new year-long partnership between e& and Nokia’s research arm, Nokia Bell Labs, will see both parties collaborating on research and development to create AI-based use cases for strategic industrial sectors. The goal is to develop responsible AI solutions for sustainable enterprise and industrial automation applications and accelerate innovation concepts toward real world deployments.

e& UAE

The opening of the second AI-powered autonomous store, EASE (e& Autonomous Store Experience), at Dubai Mall set  new standards in customer experience. The store powered by state-of-the-art AI technology, offers a unique and seamless shopping experience with more advanced features, such as FastPass and visitor line activation via biometrics or the e& UAE app.

e& UAE launched the Fibre-To-The-Room (FTTR) service, which enhances the performance of Wi-Fi networks. This innovative service is ideal for smart homes, gamers, and other tech-dependent users who require high-speed internet connections with minimal latency to ensure optimal performance.

The introduction of the self-activated instant eSIM with 10GB of complimentary data for visitors gave them a Free Visitor Line eSIM immediately upon passing through immigration by scanning a QR code and completing a quick facial recognition step, thereby eliminating queues and streamlining the process.

e& UAE achieved Platinum status in TM Forum’s Open API certification, making it the first telecommunications operator in the MENA region to receive this level of accreditation for 20 unique APIs.

Building on Smiles’ position as the UAE’s leading everyday rewards SuperApp, a new subscription model was introduced. Called “Smiles Unlimited,” it is the only super subscription that unifies all the benefits of unlimited free food and grocery delivery, service fee waiver for home services, and unlimited Buy-One-Get-One on thousands of brands into one subscription package.

e& UAE unveiled ‘Care Plus,’ a support service designed specifically for business customers, a pioneering offering that empowers businesses to tailor their support levels precisely to their unique requirements and critical priorities.

e& enterprise

e& enterprise successfully completed its 100 per cent acquisition of GlassHouse, a leading Türkiye-based provider of managed cloud, business continuity and SAP Infrastructure services. The acquisition strengthens e& enterprise’s capabilities in private cloud and managed services, bolstering its overall value proposition with the addition of SAP capabilities and vertical expertise within the banking and financial services sector. It also marks a significant milestone in e& enterprise’s international growth strategy, following successful market entries into Saudi Arabia in 2019, Egypt in 2023, and now Türkiye, Qatar and South Africa.

e& enterprise launched its Utility Co-Pilot, an innovative utility virtual assistant, available in the Microsoft Marketplace. This cutting-edge solution leverages Generative AI (GenAI) and advanced data management techniques to revolutionise utility management, offering unprecedented efficiency, transparency, and customer satisfaction.

e& enterprise’s “end to end (E2E)” digital transformation team successfully completed Emirates Transport’s consulting engagement, helping define their digital transformation roadmap and positioning it as a preferred tech partner for its implementation. This involved providing consulting services to define technical requirements through its “3+1” transition model, bridging the gap between digital strategy and execution.

Help AG, the cybersecurity arm of e& enterprise, has achieved significant recognition by winning the ‘Best Managed Security Provider Award’ at the Future Security Awards 2024, solidifying its position as a leader in the cybersecurity space. Additionally, Help AG has received Managed Security Service Provider (MSSP) authorisation for Zscaler, further enhancing its ability to deliver cutting-edge security solutions to clients and ensuring they remain protected in an ever-evolving digital landscape.

Beehive has achieved a significant milestone, surpassing AED 3 billion in total SME funding across the GCC. This achievement highlights the company’s success in supporting small and medium-sized enterprises in the region. Additionally, Beehive’s partnership with ADCB as its first key account banking partner further solidifies its position as a trusted partner in the financial services industry.

e& life

e& life delivered robust growth, driving the group’s expansion across all consumer digital verticals. e& money achieved substantial progress, tripling its Total Gross Transaction Volume (GTV) and increasing remittance GTV by 2.4x year-over-year. The platform has issued 703,000 cards to date and attracted 1.29 million registered users, further strengthening its position in the digital financial services market and aligning with e&’s strategic vision for fintech.

Careem demonstrated exceptional growth in Q3 2024, with GTV surging 177 per cent year-over-year and GTV per user rising by 122 per cent, underscoring a strong and engaged user base. Additionally, Careem Plus, its monthly subscription programme’s monthly active users now surpassed 50 per cent of the total active user base, reflecting all-time high user engagement and platform traction.

STARZ ON has quickly gained momentum in the GCC streaming market. Since its launch in January 2024, it has amassed over 4.1 million installs, becoming the most downloaded SVOD/AVOD app in the region. With over 1,000 hours of new content and an increase of 103,000 monthly active users compared to Q2 2024, STARZ ON has solidified its position as a leading OTT platform with 1.44 million active users. Through its partnership with evision, the group acquired premium new content, including The History Channel, History 2, and Crime+Investigation, and broadcasted the Cricket World Cup (ICC) exclusively across in MENA.

 

e& international

In Pakistan, Upaisa, the digital financial services platform of Ubank and Ufone, launched a new debit card in conjunction with Mastercard. The innovative offering is a step forward in advancing Pakistan’s digital economy, offering consumers a secure, convenient, and seamless way to conduct digital transactions both locally and globally.

PTCL announced the launch of Pakistan’s first-ever AI-enabled Customer Services platform, developed in collaboration with STech.ai, which sets a new benchmark in digital innovation and customer experience excellence. In addition, PTCL Flash Fibre (FTTH) crossed the milestone of 600,000 subscribers in September.

Transforming Egypt’s Mediterranean coast, e& Egypt has signed a landmark agreement with Modon Holding to spearhead the development of cutting-edge smart city infrastructure for the Ras El Hekma project. e& Egypt has also been awarded the “Best Workplace Environment in Diversity and Inclusion” by Global Business Outlook.

e& capital

e& capital and AT&T Ventures announced a strategic investment in Derq, the leading provider of real-time AI-powered intelligent transportation system (ITS) solutions. The investments will be used to expand Derq’s activities in the US, GCC, and beyond, and accelerate the company’s investments in product development and growing its intellectual property (IP) portfolio.

Al Baraka Group and Al Baraka Turk Participation Bank are the Golden Sponsor of the AAIOFI – IDB Bank 19th Conference

By
شمس سيف
-
Al Baraka Group and Al Baraka Turk Participation Bank are the Golden Sponsor of the AAIOFI – IDB Bank 19th Conference

Al Baraka Group (“the Group”) and its banking unit in Turkey, Al Baraka Turk Participation Bank, announced their gold sponsorship of the 19th Annual AAOIFI Conference on Islamic Banking and Finance. The conference is supported by the Central Bank of Bahrain and with cooperation of Islamic Development Bank (IDB) and will be held on 3-4 November 2024. This year’s conference revolves around: “Leveraging Islamic Finance to Build a Sustainable, Efficient and Resilient Halal Ecosystem for Muslim Economies”.

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

The annual conference is considered as one of the most significant gatherings in the Islamic finance industry where Shari’ah scholars, policymakers and decision-makers convene to discuss pressing matters in the Islamic finance industry globally. 

The two-day conference will feature keynote addresses from distinguished dignitaries and policymakers, along with seven panel discussion sessions. These discussions will explore how Islamic finance can build a sustainable Halal ecosystem, covering topics such as transitioning from Halal finance to a Halal economy, enhancing supply chains and addressing governance and transparency in Islamic finance, among other relevant topics.

Future Investment Initiative: The World’s Visionary Leaders Address Humanity’s Challenges

By
Sahfy Sahfy
-
Future Investment Initiative: The World’s Visionary Leaders Address Humanity’s Challenges
Future Investment Initiative: The World’s Visionary Leaders Address Humanity’s Challenges

The opening day of the 8th annual Future Investment Initiative (FII) kicked off at the King Abdulaziz International Conference Center, where global leaders, visionary innovators, and influential investors gathered to explore the theme “Infinite Horizons: Investing Today, Shaping Tomorrow.”
Under the leadership of CEO Richard Attias, FII Institute once again showcased its commitment to redefining the future of global investment and innovation, sparking dialogues around critical issues shaping the world. In attendance was Dr. Mustapha Madbouly, Prime Minister, Arab Republic of Egypt and Prime Minister of Pakistan, Shahbaz Sharif.
“The Future Investment Initiative is about breaking traditional boundaries in thinking and expanding the possibilities of human achievement,” said Richard Attias, CEO of FII Institute. “On Day 1, we’ve seen global visionaries layout powerful ideas and strategies that will shape how we address today’s most pressing challenges and open up new horizons for humanity.”
Standout moments from Day 1 of FII8:
Opening Plenary Session: The day commenced with insightful remarks by Attias, setting the stage for discussions that would bridge investment, innovation, and sustainable development. H.E. Yasir Al-Rumayyan, Governor of the Public Investment Fund (PIF), followed with a call to action, urging leaders to harness innovative strategies in the face of global shifts.

H.E. Yasir Al-Rumayyan introduced the findings of the 2024 FII PRIORITY Compass: providing crucial insights into the evolving landscape of global challenges. The report highlighted urgent priorities such as cost of living, governance and healthcare, urging stakeholders to align their strategies with sustainable development goals. He notes, “At this crucial moment, we stand on the edge of infinite horizons. We have the responsibilities and opportunities to shape a future that invests not only in our economies, but in humanity itself.”

Board of Changemakers: Geoeconomics: A distinguished panel, including BlackRock’s Laurence Fink, Moderna’s Stephane Bancel, Hong Kong Exchanges and Clearing Limited Laura Cha, Citadel’s Ken Griffin, Sanofi’s Paul Hudson, Google’s Ruth Porat, HSBC’s Former Group CEO Noell Quinn, Facebook’s Co-founder Eduardo Saverin, Former CEO & Chairman, Google KBE Dr. Eric Schmidt, The Blackstone Co-Founder and Chairman, Stephen Schwarzman and Carlye Chairman and FII Institute Secretary of the Board, David Rubenstein discussed the rising influence of the Global South, technological disruptions, and the need for novel economic systems to support sustainable global progress

Special Conversation on Energy: H.R.H. Prince Abdulaziz bin Salman Al Saud highlighted Saudi Arabia’s leading role in the energy transition, emphasizing sustainable energy development as critical to achieving net-zero targets worldwide.
5. Second Board of Changemakers: Banking & Investment: Industry titans, including H.E. Dr. Muhammad Al Jasser, Chairman, Islamic Development Bank (IsDB) Group; Tony O. Elumelu, Chairman, United Bank for Africa (UBA) Group; Founder, Tony Elumelu Foundation; Jane Fraser, CEO, Citi; Jenny Johnson, President & CEO, Franklin Templeton; Ron O’Hanley, Chairman & CEO, State Street Corporation; Ted Pick, CEO, Morgan Stanley; Marc Rowan, Co-Founder & CEO, Apollo Global Management; Harvey M. Schwartz, CEO, Carlyle; Neil Shen, Founding & Managing Partner, HongShan; David Solomon, Chairman & CEO, Goldman Sachs; Makoto Takashima, Chairman of the Board, Sumitomo Mitsui Banking Corporation; and Bill Winters, Group CEO, Standard Chartered analyzed the changing dynamics in financial management, emphasizing adaptability in the face of evolving economic conditions and geopolitical factors.
6. Titan of Industry – TikTok CEO Shou Chew captivated audiences with insights into the impact of social media and digital platforms on global community-building, creativity, and cultural exchange, moderated by Richard Attias. Chew said “TikTok has more than a billion users now. It’s not just an app for young people but caters to everyone. It is not just about entertainment, but community, heritage, culture and arts.”
7. Launch of the AI Inclusive Initiative: A global pledge aimed at ensuring inclusive AI deployment in emerging markets. This initiative brings together tech companies, knowledge partners, government policymakers, and the private sector. Funding will be deployed to projects in Emerging Markets. FII Institute 19 Knowledge Partners will be providing expertise and capacity-building support.

  1. Third Board of Changemakers on AI: Future of AI including CEOs such as Shou Chew, CEO, TikTok; Jack Hidary, CEO, SandboxAQ; Benjamin Horowitz, Co-Founder & General Partner, Andreessen Horowitz; Travis Kalanick, CEO, CloudKitchens; Ruth Porat, President & CIO, Alphabet & Google; Jay Puri, Executive Vice President of Worldwide Field Operations, NVIDIA; Dr. Eric Schmidt, Founder & CEO, Schmidt Family Foundation; Co-Founder, Schmidt Sciences; Former CEO & Chairman, Google focused on significant advancements in AI technologies over the past year, including breakthroughs in areas such as generative AI. The session also addressed the dual-edged impact of AI on employment. The conversation turned to the ethical challenges posed by AI, such as algorithmic bias, privacy concerns, and the implications of AI in decision-making processes.
  2. A Special Discussion on The Future of AI with Elon Musk left FII8 guests with key insights on how AI should prioritize the well-being of humanity. He emphasized, “Going Forward, we need AI that loves humanity, which is why xAI was created. It seeks the best interests of humanity” promoting a future where these technologies serve to uplift and enhance the human experience. 
  3. Announcement: Today, 12 financial and non-financial announcements were made all centered around the theme of investing in impactful solutions for humanity. These announcements highlight a commitment to fostering positive change across various sectors, emphasizing sustainable development, and innovation.

As FII8 progresses during the week, the Institute will convene deeper discussions on fostering collaboration, responsible investment, and bold new solutions that transcend conventional boundaries, all in pursuit of a sustainable and prosperous future for all.

The FII Institute: Major Survey Reveals Global Citizen Confidence Crisis

By
Sahfy Sahfy
-
The FII Institute: Major Survey Reveals Global Citizen Confidence Crisis
The FII Institute: Major Survey Reveals Global Citizen Confidence Crisis

A global survey has revealed dramatic drops in satisfaction levels amongst citizens from 24 countries, representing 62% of the world’s population. 

Over half of respondents reported they were dissatisfied with the world situation – an 11% drop from 2023 levels. The US has seen a 20% drop in confidence levels in the past year.  

Financial insecurity ranks as the top concern for all citizens, with inflation and job security the main issues. Concerns about poor government performance, healthcare, and technology have displaced environmental concerns, which have dropped to fifth place and represent the top concern for only 13% of respondents.

These shifts provide insight for leaders and policymakers as they seek to navigate global economic challenges and increasingly polarised societies. 

The survey commissioned by the Future Investment Initiative (FII) Institute, in partnership with Ipsos, identifies citizen sentiment, focusing on the economy, health, technology, healthcare, and government performance. 

This survey, known as FII PRIORITY Compass, takes place every year and polls a demographically representative sample of ages, backgrounds, and countries, providing data and insights that help shape and inform discussions at FII Institute summits throughout the year. 

The purpose of the institute is to make a positive impact on humanity by addressing common issues facing humanity, such as economic growth, prosperity, climate change, technology regulation, and equitable access to healthcare and education.  

This year’s FII PRIORITY Compass report identifies several key issues: 

  • Levels of dissatisfaction are plummeting worldwide
  • 40% of respondents selected cost of living as their main concern for the third consecutive year
  • 57% report worsening inflation, with this issue especially acute in the Global North where 66% cite inflation worsening
  • Governance ranked as a second priority for world with 71% of respondents expressing dissatisfaction with corruption levels in their countries, with particularly high concerns in regions with political instability
  • Healthcare is the third biggest concern, with more than 50% not satisfied about the adequate number of doctors, the most commonly reported issue 
  • Only 13% of respondents report that the environment is their top concern
  • The only country where environment is the top concern of citizens is India
  • The Global South is much more optimistic (60%) than Global North (34%) about the potential of technology to improve their lives
  • Of all countries surveyed– the citizens of Saudi Arabia are most satisfied with their own lives (84%) 
  • 37% view AI as a potential threat, while 39% are uncertain, highlighting societal concerns about its impact

FII8 takes place in Riyadh (29 – 31 October), with over 7000 leaders, investors, experts, academics and innovators are taking part in over 200 panels and discussions designed to tackle the big issues facing humanity. This research will inform these discussions by providing insights into the actual issues that impact everyday people.

FII8 happens one month after world leaders gathered in New York for the United Nations General Assembly (UNGA) and three weeks before G20 leaders meet in Rio de Janeiro. It happens four weeks before world leaders gather to discuss climate action at COP29 in Azerbaijan.

Richard Attias, CEO of the Future Investment Initiative Institute says: 

“This study is a wake-up call for leaders and policymakers worldwide. The findings make sobering reading, representing as they do the genuine concerns of citizens across the globe.  We have a unique opportunity to shape a better and safer world, but only if leaders tune in the issues that matter.

Emirates Foundation and PureHealth, launches “Walk 1000” to promote health and fitness across Abu Dhabi

By
شمس سيف
-
Active Abu Dhabi, an initiative by Emirates Foundation and PureHealth, launches "Walk 1000" to promote health and fitness across Abu Dhabi

Active Abu Dhabi an initiative by Emirates Foundation and PureHealth, has announced the launch of the “Walk 1000” community health initiative to promote health and fitness in the Emirate of Abu Dhabi. This initiative will kick off on November 1st with support from the Department of Community Development, Abu Dhabi Police, and the Ministry of Defense, along with sponsorship from Mubadala, Ali & Sons, Al Masaood Energy, Aldar Properties, Bayanat, and EDGE.

The challenge is split into several categories. The flagship event is a 1,000km walk – equivalent to around 24 marathons starting from Al Sila, through the Liwa desert and past Jabel Hafeet, out to Al Ain, before ending in Al Wathba. The group will walk on average 33km a day, passing 30 landmarks of cultural, historical and environmental significance.

Ten athletes will be participating in the walk, including Mansour Al Dhaheri, Faisal Alketbi, Khalifa Almazrouei, Ayesha Almemari, Khalfan Alkaabi, Ohoud Al Dhaheri, Jurry Ducay, Becky Gosney, Tarek Ahmed, Daniel Tesfaye. Their journey will be closely followed in a documentary that will air globally in March 2025 to showcase Abu Dhabi to the world.

During the 30-day activation, the route’s stages will take in sites that have been thoughtfully curated for their historical and cultural significance, representing the rich heritage and history of the Abu Dhabi region. They serve as a testament to the cultural and architectural values that shape the community’s identity, conveying historical narratives and preserving legacies that reflect the depth of the past. Environmental sites, such as the Baynounah Houbara Bird Sanctuary, emphasise the critical importance of biodiversity preservation and sustainable resource management, contributing to heightened environmental awareness. Technological sites like the Al Sadeem Observatory exemplify advancements in scientific research and innovation, aligning with the emirate’s ambitious vision for the future.

There will also be opportunities for members of the public to participate in the walk, with details available soon on Active Abu Dhabi’s social media channels. Individuals are invited to take on a 30-day walking challenge by clocking 6,000 steps a day on PureHealth’s Pura app.

Commenting on the announcement, His Excellency Ahmed Taleb Al Shamsi, CEO of Emirates Foundation, said: “We are delighted to collaborate with our valued partners and announce today the launch of this unique sports and health challenge, which embodies our goal of inspiring the community in the emirate—regardless of age or ability—to promote physical activity and maintain healthy habits.

“Our purpose is to inspire the Abu Dhabi community to elevate their holistic health and be part of a happier, healthier, and more cohesive society. The WALK 1000 by Active Abu Dhabi will help us effect positive behavioural change across communities, while helping us value and preserve our rich cultural heritage, highlight our innovative centres of technological excellence, and raise awareness on the need to further protect the environment.”

In preparation for WALK 1000, a full calendar of weekly community-focused activations is being held at locations across Abu Dhabi to allow people to take part at their own level and improve their fitness. These include special ladies’ only sessions as well as activities to encourage people of determination to get active.

Mansour Al Dhaheri, Founder of Active Abu Dhabi, added: “I am very proud to be helping to create another opportunity for residents across Abu Dhabi to get outside and get active. Whatever your age or level of ability, the walk and range of community-focused events are ideal opportunities to make changes in your lifestyle and start your health and fitness journey. I am grateful to our sponsors, our partners, and special guests for their constant support, and look forward to starting this 1,000-kilometre walk with the whole of Abu Dhabi behind me.”

Shaista Asif, Group CEO of PureHealth, said: “We are thrilled to launch Walk 1000, an Active Abu Dhabi initiative in collaboration with Emirates Foundation. Since the launch of Active Abu Dhabi in March this year we’ve seen the truly transformative power of community when it comes to championing activity. By encouraging everyone to take just a few more steps each day, we believe we can foster healthier lifestyles, strengthen our communities, and ultimately improve overall well-being.”

The initiative aims to inspire the community to stay active and prioritize physical fitness, highlighting that just 150 minutes of moderate exercise per week can have a positive impact on overall health. For more information, visit: www.activeabudhabi.com

1...484950...90Page 49 of 90

EVEN MORE NEWS

POPULAR CATEGORY

©