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EBRD announces winners of EBRD AgVenture startup competition

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Sahfy Sahfy
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EBRD news story EBRD announces winners of EBRD AgVenture startup competition
EBRD news story EBRD announces winners of EBRD AgVenture startup competition

The European Bank for Reconstruction and Development (EBRD) has revealed the winners and runners-up of EBRD AgVenture 2024, the Bank’s competition for startups that are developing innovative technology to make the agricultural and food sector greener.  The announcement was made today at the World Agri-Tech Innovation Summit London.

The winners are Proofminder, Green Growth and Algebra Intelligence.

Proofminder provides an easy-to-use, AI-powered platform based in Hungary and designed to help growers achieve their production goals sustainably. By analysing hyper-precise drone images, Proofminder provides growers with time-sensitive information about each plant and leaf in the field. This results in increased yield and decreased use of chemicals, preventing biodiversity loss and enabling seed or crop producers and farmers to meet their production goals sustainably.

Green Growth is a Latvian startup, that provides food producers with the simplest way to track their harvest and provide proof of carbon capture, sustainability levels and crop origin. The essential data from machinery guides producers on how to reduce their use of fertiliser by up to 30 per cent and track the efficiency of their sustainability practices.

Algebra Intelligence is a Jordanian startup specialising in an IoT-based approach to optimising energy management and providing software-as-a-service solutions for digitising maintenance management. By implementing real-time monitoring, forecasting and proactive alerts on energy and water resources, agrifood clients can achieve significant improvements in efficiency and reduce their costs.

Winners were selected based on a variety of criteria, including the relevance of the problem that each company is trying to solve; the differentiation between its products or services and others in the market; the firms’ go-to-market strategy; their progress and traction; the experience of each team; and the firms’ financing.

The runners-up for the competition are BeeHold, Farmolog and Cropsa.

BeeHold is an innovative Serbian agri-tech startup dedicated to transforming beekeeping through the use of advanced artificial intelligence.

Farmolog is a Turkish start-up that collects primary data from farms and simplifies the related analysis and reporting around certification and operations.

Cropsa is a leading Egyptian financial platform that links companies, traders and farmers in the agricultural and veterinary sectors and facilitates the process of buying and selling production inputs.

The winning start-ups will benefit from tailored advisory support worth up to €80,000 through the EBRD’s Star Venture programme. They will also receive a €10,000 grant for additional services, including mentoring sessions with growth experts, and opportunities for networking and visibility at global agrifood tech forums. The runners-up will receive up to €50,000 for tailored advisory services and a further €10,000 grant for business growth needs.

The startups pitched to three experts from EBRD: Natalia Zhukova, Head of Food and Agribusiness, Ervin Luga, Head of Venture Capital Investment Programme and Jelena Erker, Senior Banker; and to investors: Andrew D. Ive, founder of Big Idea Ventures, Jan Kobler, Managing Partner at South Central Ventures. The event was moderated by Nemanja Grgic, Associate Director, Corporate Sector Advisory at the EBRD.

The EBRD AgVenture programme supports early-stage businesses that are developing technology to make the agricultural and food industries greener and more sustainable. It aims to help tackle the major problems that food systems face, such as how to make food production more efficient, address climate change, and include target groups and small businesses in global value chains.

The EBRD AgVenture competition is funded by Spain through the EBRD’s High-Impact Partnership on Climate Action – HIPCA (which is also supported by Austria, Canada, Finland, the Netherlands, South Korea, Switzerland, the TaiwanICDF, the United Kingdom and the United States of America).

Since 1991, the EBRD has invested over €200 billion in more than 7,200 projects on three continents, fostering the transition to open market-oriented economies and promoting private and entrepreneurial initiative.

Agility Global Invests in New Middle East & Africa Venture Capital Fund

By
شمس سيف
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Agility Global Invests in New Middle East & Africa Venture Capital Fund

 Agility Global, a multi-business operator and long-term investor, said its corporate venture capital arm will invest in a new fund aimed at providing capital to early-stage Middle East and Africa companies.

The new fund is managed by Global Ventures, a Dubai-based investment firm that specializes in growth-stage emerging markets investing in MEA. 

Through its venture capital arm, Agility Global has built a portfolio of investments that includes stakes in clean energy, digital logistics, e-commerce, healthcare and agri-tech startups. Its portfolio includes companies that are MEA-based or pursuing market opportunities and expansion in the region. 

Agility Global has backed efforts to strengthen the MEA’s entrepreneurial ecosystems and provided resources and expertise to early-stage companies developing go-to-market strategies.

“We are passionate champions and advocates for businesses led by the region’s new generation of entrepreneurs and innovators,” said Agility Global Chairman Tarek Sultan. “The Middle East and Africa are brimming with innovation and entrepreneurial energy. Through our venture capital arm, Agility Ventures, and our investment in Global Ventures’ new MEA fund, we are encouraging the region’s startups and entrepreneurs to commercialize and scale great ideas and innovations.”

Sultan said: “We’re conscious that only about 15% of all VC ‘cheque-writers’ are women, and we’re excited to be backing a women-led fund in the region. We hope that as the ventures ecosystem in the region continues to grow, it will create new opportunities for a range of stakeholders, including women-led businesses, and we’re committed to being part of growing that broader ecosystem.” 

Noor Sweid, Founder and Managing Partner at Global Ventures, said: “Anticipating a shift towards resource efficiency in sectors such as supply chain, our new fund, Fund III, is strategically aligned with industries poised for technological transformation in emerging markets over the next decade. With our focus on supply chain technology, we are incredibly grateful for the support of Agility Global, a long-standing leader in the supply chain sector regionally and globally. We are thrilled to have a true partner in Agility Global as we continue to back mission-driven founders addressing critical challenges across the Middle East and Africa.”

Global Ventures manages three funds, all of which target innovation companies in the Middle East and Africa. Agility Global will invest in Global Ventures’ third fund, which was established earlier this year to provide capital to startups innovating in the areas of supply chain technology, energy technology, and agri-tech. 

Global Ventures’ first fund, launched in 2018, has a thematic focus on fintech. The firm established a second fund in 2022 to focus on investments in health tech and digital health innovation.  

About Agility Global

Agility Global is a multi-business operator and long-term investor in global and regional businesses. Its portfolio of diversified assets includes the world’s largest aviation services company (Menzies Aviation); a global fuel logistics business (Tristar); a leading logistics parks developer and operator across the Middle East, Africa and South Asia (Agility Logistics Parks); and other businesses in digital logistics, e-commerce logistics, remote-site services, and public-sector logistics. It holds minority stakes in DSV, the world’s third-largest freight forwarder; Reem Mall, a mega-mall in Abu Dhabi; commercial real estate and supply chain companies in the GCC, and emerging technology companies in e-commerce enablement, energy transition, digital supply chain, and more. Agility Global has a global footprint across six continents and 70+ countries, with a workforce of 50,000 employees. It is publicly listed on the Abu Dhabi Securities Exchange (ADX).

Visit: www.agilityglobal.com

LinkedIn: https://www.linkedin.com/showcase/agility-global-plc/

X: https://x.com/agilityglobalx

Instagram: https://www.instagram.com/agility_global/

Facebook: http://facebook.com/agilityglobal 

About Global Ventures

Global Ventures is an emerging-market venture capital firm, investing in mission-driven founders building companies across Africa and the Middle East. Since 2018, Global Ventures has invested in over 60 companies across ten markets, deliberately focused on sectors positively affecting millions of lives across the world, such as Supply Chain Tech, Energy Management, FinTech, Digital Health, EdTech and AgriTech.

More information on portfolio companies and Global Ventures’ sector reports can be found at: www.global.vc/ 

Global Ventures LinkedIn: Global Ventures

Global Ventures Instagram: @global.ventures

GESS Dubai 2024: Premier Education Conference Returns with World-Class Speakers and Innovative Workshops

By
Sahfy Sahfy
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GESS Dubai 2024: Premier Education Conference Returns with World-Class Speakers and Innovative Workshops
GESS Dubai 2024: Premier Education Conference Returns with World-Class Speakers and Innovative Workshops

GESS Dubai 2024, the region’s premier education conference and exhibition, returns from November 12 to 14 at the Dubai World Trade Centre, Sheikh Saeed Halls 1 to 3, promising a lineup of world-class speakers, dynamic sessions, and cutting-edge workshops. As the 17th edition approaches, this free-to-attend, CPD-accredited conference offers an exceptional opportunity for educators and professionals to explore the future of education and engage with leaders across various fields of expertise.

From educators and administrators to EdTech innovators and wellbeing specialists, the GESS Dubai 2024 speaker lineup covers a wide range of expertise designed to inspire, inform and transform. As education continuously evolves, the importance of bringing these thought leaders to the forefront cannot be overstated. Attendees will have the chance to participate in forward-thinking talks that explore everything from AI-driven classroom solutions to innovative wellbeing practices, all under one roof.

Keynote Speakers and Their Talks:

  • Gavin McCormack, co-founder of Up-School.co and a Montessori-trained educator, is an advocate for child-centred learning and the power of connection between school and home. His keynote address, Educating with Intention: A Global Perspective, will explore methods of creating harmonious learning environments that support both academic and personal growth. He is also set to lead a workshop on Building Bridges: The Connection Between School and Home.
  • Darren Coxon, founder of coxon.ai, will deliver a keynote titled The Future of AI in Education: What’s Next? Darren’s talk will delve into how AI can transform the learning experience without compromising human connection, offering valuable insights into how educators can responsibly integrate AI into their schools. Darren will also participate in the AI and the Classroom: Friend or Foe? panel discussion to explore the implications of AI on the educational workforce.
  • Matt Green, TikTok Sensation, TV broadcaster, teacher, and tutor, aka The Rapping Science Teacher, is known for his educational rapping videos across social media. Director of Education at Arcadia Education, Matt Green is an authority on creating forward-thinking learning environments. His session, Unlocking Tomorrow’s Learning Spaces, will focus on the transformative role of physical and digital learning spaces. Matt’s approach emphasizes student-centred designs that promote flexible, dynamic learning experiences. Don’t miss his talk on Day 2.

Conference Zones and Highlights:

GESS Talks Live: Offering a carefully selected roster of speakers and guests from GESS podcasts and webinars. Attendees will enjoy an exclusive chance to interact with industry thought leaders in live sessions, enabling in-depth conversations and providing valuable insights after each presentation.

  • Finding Balance: Wellbeing Policies, Burnout Signals, and Personal Strategies for Educators
  • How to Develop Sustainable Schools Practically
  • Bridging Tomorrow: Navigating the Transition from K-12 to Tertiary Education and Beyond

Leaders in Education Conference: This exclusive conference is designed for principals and esteemed individuals within the Leaders in Education community. It explores the complex challenges faced by school leaders, emphasizing the vital skills and qualities required for successful leadership and achievement in senior positions. Some talks highlights include:

  • The Art of Resilience: How Performing Arts Foster Emotional and Social Growth in Young People
  • Fueling Dreams: The Power of Passion-Driven Education and Entrepreneurship
  • Launching an Inclusive International School in Saudi Arabia!

Sustainability and Wellbeing Hub: With a growing emphasis on sustainability in education, this zone will focus on incorporating green practices into school curriculums and addressing the critical issue of educator burnout. Key sessions include:

  • Outdoor Education in ‘The Indoor Epidemic’
  • FlexEd: How Are We Embracing Flexible Working in Schools?
  • The Impact of AI on Educator Wellbeing and Resilience: Risks and Opportunities

Workshop Space: Attendees can get hands-on experience through in-depth workshops covering a wide range of topics:

  • Rise with Resilience: The Blueprint of 4 Key Strengths
  • Future-Proof Your School: Winning Hearts with Next-Gen Learning
  • AI Solutions for Islamic Studies

EdTech in Action: As schools ramp up their investment in AR and AI, the EdTech in Action zone will demonstrate how these technologies are reshaping classrooms. Highlights include:

  • Literacy and AI: Why Traditional Literacy Practices Remain Fundamental in the Age of AI
  • Unlocking the Self-Paced Classroom: The Power of Augmented Reality
  • Cutting through the Edtech noise- Bringing it back to learning

Gaming @ GESS: In a study conducted by ISC Research for GESS Dubai, esports and gaming emerged as one of the extra-curricular activities already being offered by some schools. This new zone will feature exciting explorations into gamification, esports, and game-based learning. With live Q&A sessions, student-led game tournaments, and engaging demonstrations, educators can discover how these trends are influencing student engagement and creating innovative opportunities for growth.

Product Showcase: will allow exhibitors to introduce their latest products and solutions to an international audience. Attendees will have the chance to explore cutting-edge tools and technologies that promise to transform learning environments

Mark your calendars for November 12-14, 2024, and join over 8,000 educational professionals and decision-makers from 74 countries. Explore a world of educational innovation, hear from world-class speakers, and discover new strategies to enhance your school’s performance.

For more information and to register for free, visit: www.gessdubai.com.

Entaj Receives CMA Approval for its Initial Public Offering on the Saudi Exchange

By
شمس سيف
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Arabian Company for Agricultural and Industrial Investment (Entaj) Receives CMA Approval for its Initial Public Offering on the Saudi Exchange

 The Arabian Company for Agricultural and Industrial Investment (“Entaj”) is pleased to announce that the Capital Market Authority (“CMA”) has granted approval for the registration and initial public offering (“IPO”) of it shares on the Main Market of the Saudi Exchange (Tadawul).  

This approval, dated 27/3/1446H (corresponding to 30/09/2024G), facilitates the offering of 9,000,000 shares, representing 30% of the Company’s total issued share capital. Entaj’s prospectus detailing information on financial statements, operational activities, risks and the management will be published prior to the start of the subscription period.

The CMA approval is valid for 6 months from the approval date by the CMA’s Board. Further information regarding the CMA’s rules on approval, can be found here. 

In connection with the IPO, SNB Capital has been appointed as the Financial Advisor, Lead Manager, Bookrunner and Underwriter.

Commenting on the approval, Eng. Raja Alharbi, Chief Executive Officer said: “We are delighted to receive the approval from the CMA to proceed with our initial public offering. This milestone marks an important step in Entaj’s journey toward expanding our presence in the Saudi Arabian market and beyond. As one the leading players in the poultry and food production sector, this IPO will allow us to further invest in innovation, increase our production capabilities, and enhance our distribution networks to meet growing consumer demand. We remain committed to delivering sustainable value to our investors and contributing to the development of the Kingdom’s economy in line with Vision 2030.”

Entaj was established 2004G as the brand of ARASCO Foods and is one of the most prominent poultry producers in the Kingdom of Saudi Arabia. Arabian Agricultural Services Company (“ARASCO”) established Arabian Company for Agriculture and Industrial Investment on [24/11/1432H] as a [Limited liability company] to invest in agricultural activities in the Kingdom and transferred its entire poultry business (along with the “Entaj”) brand to the Company.

For more information, please visit the CMA’s website (www.cma.org.sa) and Entaj’s website (www.entaj.com ), where the IPO prospectus will be published in due course. 

ADNOC Drilling Signs Turnwell Agreements and Accelerates Initial $1.7 Billion Unconventionals Campaign

By
Sahfy Sahfy
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ADNOC Drilling Signs Turnwell Agreements and Accelerates Initial $1.7 Billion Unconventionals Campaign
ADNOC Drilling Signs Turnwell Agreements and Accelerates Initial $1.7 Billion Unconventionals Campaign

ADNOC Drilling Company PJSC (“ADNOC Drilling” or the “Company”) (ADX symbol: ADNOCDRILL / ISIN: AEA007301012)announced today the creation of the Turnwell joint venture with SLB and Patterson-
UTI and the acceleration of its 144 unconventional oil and gas well program, following the successful and efficient delivery of the first wells in the campaign.
The Company through its wholly owned subsidiary ADH RSC LTD has signed
definitive agreements for the creation of the Turnwell joint venture (JV) with SLB and
Patterson-UTI. Focused on the UAE’s world-class unconventional energy resources,
post completion of the JV, ADNOC Drilling through its wholly owned subsidiary will
hold a 55% majority equity stake, SLB a 30% equity stake and Patterson-UTI the
remaining 15% equity stake.
Turnwell was established to be the unconventionals drilling arm of ADNOC Drilling
and execute a $1.7 billion contract, awarded to ADNOC Drilling, to provide drilling
and associated services to deliver 144 unconventional oil and gas wells. Following
Turnwell’s efficient and successful start-up and operational delivery, ADNOC has
accelerated the campaign’s completion timeline. The economic impact of the
acceleration will benefit ADNOC Drilling’s 2025 earnings as well as its long-term
growth through the potential acceleration of phase two with thousands of wells.

ADNOC Classification: Public

Commenting on the acceleration of the well program, Abdulrahman Abdulla Al
Seiari, Chief Executive Officer, ADNOC Drilling, said: “Today marks a defining
moment for Turnwell and our key partners SLB, and Patterson UTI. The acceleration
of the well program, is a testament to the innovation, collaboration, and pursuit of
excellence that will define our joint venture.
“Turnwell will not only unlock the immense potential of the UAE’s world-class
unconventional energy resources but will also set new benchmarks for the global
energy industry. We are proud to lead the way in responsibly shaping the future of
energy, both in the UAE and beyond.”
To achieve this accelerated timeline, Turnwell has adopted batch drilling, a method
that improves efficiency and reduces costs. Additionally, Gordon Technologies, a
market-leading provider of Measurement While Drilling (MWD) technology and an
Enersol company, will support the delivery of these wells. MWD technology reduces
drilling time, improves well-bore quality, and increases overall drilling efficiency.
The involvement of Enersol companies in this campaign is pivotal. Enersol, a
technology-focused investment JV between ADNOC Drilling and Alpha Dhabi
Holdings, acquired a 67.2% stake in Gordon Technologies. The use of technology
from Enersol companies, by Turnwell, demonstrates the unique opportunities
Enersol companies have to penetrate and grow in the Middle East market, while
continuing to strengthen their presence in the traditional markets.

Future Food Forum 2024 to highlight UAE’s food ecosystem transformation driving future of regional food sector

By
Sahfy Sahfy
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Future Food Forum 2024 to highlight UAE’s food ecosystem transformation driving future of regional food sector
Future Food Forum 2024 to highlight UAE’s food ecosystem transformation driving future of regional food sector

The UAE Food & Beverage Business Group (F&B Group), under the patronage of the UAE Ministry of Economy and in strategic partnership with the Dubai Chamber, has announced the upcoming Future Food Forum 2024, set to take place on the 2nd and 3rd of October 2024.

As the UAE continues to solidify its position as a global leader in food innovation and sustainability, this two-day event will gather key industry stakeholders, government representatives, and academia to explore cutting-edge technologies, sustainable practices, and collaborative strategies driving the future of food production. Now in its sixth year, the Future Food Forum will feature FoodTech Valley as an organising partner, with support from the Abu Dhabi Food Hub and DP World.

With the GCC food and beverage sector expected to continue growing to reach a market value of US$128.2 billion by 2029, the highly anticipated sixth edition of the Forum focuses on driving the UAE’s cluster strategy further with the theme “Future Consumer, Future Government, and Future Food”. The strategy was launched last year at the Forum by the UAE Minister of Economy, H.E. Abdullah bin Touq Al Marri, and remains at the core of country’s economic goals and key pillars of the UAE’s food and agricultural transformation roadmap that aims to increase UAE food sector contribution to GDP by US$10 billion and to create 20,000 jobs.

Over the years, the Forum has established itself as a pivotal platform for driving policy change within the food and beverage sector. Serving as a bridge between government, policymakers, and industry leaders, the Forum will facilitate meaningful dialogue on the future agenda for the food sector. The event is the culmination of several dynamic, high-level policy workshops aimed on food cluster and the pressing challenges and opportunities within the industry.

By fostering a dynamic ecosystem through cross-sector collaboration and leveraging economies of scale, the UAE seeks to position itself as a global leader in the food and beverage industry, while also addressing the growing demand for sustainable and innovative food solutions. This year’s theme aims to tackle emerging topics such as Extended Producer Responsibility (EPR) and the circular economy, sustainability and green practices in manufacturing, international trade agreements such as CEPA, digital transformation and governance, and the growing importance of “free from” products and nutrition.

In addition to shaping policy, Future Food Forum 2024 is pushing the boundaries of innovation in the F&B industry by introducing cutting-edge technologies. The event will debut the “Foodverse,” a metaverse-based virtual platform designed specifically for the food sector. This digital environment promises to revolutionise B2B meetings, product presentations, and networking opportunities, offering participants a new and immersive way to engage in the future of food.

Saleh Lootah, Chairman of F&B Group, commented, “Future Food Forum continues to serve as a platform for collaboration in the future of the food industry. This year’s edition is even bigger and hosts key stakeholders from the public and private sectors and across the food manufacturing, supply chain and food-tech sectors to build on the seven key pillars announced by the UAE government to increase the food sector’s contribution to UAE GDP and increasing Emirati participation in the sector. We strongly believe in the impact of Future Food Forum in driving transformative change in the regional food system.”

Besides being a platform for sharing market insights and evolving themes, Future Food Forum will once again feature the ‘Free From Food Dubai’ exhibition, which returns this year, showcasing innovation in the free from, organic, vegan, functional and healthy ingredient food industries, and will be co-located under the Future Food Forum.

The event features a growing list of sponsors, including Agthia, Al Ghurair Foods, Al Ain Farms, IFFCO, Almarai, BRF, and Tetra Pak, as well as industry organisations such as IFPA. The Forum set the stage for several specialised panel discussions and presentations redefining F&B sector practices and showcasing government engagement with the food and beverage sector.

World Alzheimer’s Month: Tackling Alzheimer’s in Saudi Arabia with Global and Local Efforts

By
شمس سيف
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World Alzheimer’s Month: Tackling Alzheimer ’s in Saudi Arabia with Global and Local Efforts

As Saudi Arabia joins the global community in observing World Alzheimer’s Month in September, the focus is on addressing the increasing prevalence of Alzheimer’s disease within the Kingdom. According to the Ministry of Health in Saudi Arabia, the number of Alzheimer’s cases in Saudi Arabia is expected to rise significantly, and emerging treatments will require the urgent development of a global framework, and close collaboration with all stakeholders – patients, specialists, pharmaceutical industry regulators – to address the challenges collaboratively.

Alzheimer’s disease is an illness that affects millions of people worldwide, with the number of people living with dementia across the world expected to increase up to 139 million in 2050, according to the World Health Organization. For World Alzheimer’s Month, Dr. Gabrielle Walcott-Bedeau, Assistant Provost, Academic & Student Affairs Associate Professor from the Department of Physiology, Neuroscience and Behavioral Science at St. George’s University (SGU), shares the importance of understanding this neurodegenerative disease and key preventative measures.

Understanding Alzheimer’s Disease

Alzheimer’s disease causes a slow decline in memory, which worsens over time, gradually destroying brain cells. The destruction is caused by the buildup of abnormal proteins, but people with Alzheimer’s may live for over a decade without obvious symptoms.

As the brain cells die, the disease attacks the area of the brain responsible for memory, so the earliest symptom often noticed is memory loss, especially recent memories.

A global health concern

Alzheimer’s disease is more common than many expect. It is responsible for up to 80% of all dementia cases in older adults, affecting over 50 million people globally. The Ministry of Health estimates that Alzheimer’s affects around 130,000 people in the Kingdom, yet awareness about early detection and care remains limited

Causes and prevention

Despite extensive research, the exact cause of Alzheimer’s disease is still not fully understood. However, scientists believe that it is likely caused by a combination of genetic, environmental, and lifestyle factors.  Several studies have highlighted the importance of a healthy lifestyle that may reduce the risk or delay the onset of the disease:

  • Healthy diet: Nutrition plays an important role in brain health. A diet rich in fruits, nuts, and fiber may help reduce the risk of Alzheimer’s.
  • Physical activity: Regular exercise is good for your body and your brain. Activities such as walking, swimming, or yoga can help maintain cognitive function and reduce the risk of memory loss.
  • Social engagement: Staying connected with others through positive and healthy social interactions benefits brain health. Whether it’s spending time with family, joining a local club, or engaging in community activities, staying socially active can help protect the brain from the risk of Alzheimer’s disease.

Alzheimer’s disease remains a critical health issue both globally and within Saudi Arabia. As part of World Alzheimer’s Month initiatives, the Kingdom continues to collaborate on international efforts to improve care, raise awareness, and advance research for this disease.

EBRD forecasts moderate growth of 2.1 per cent in the SEMED region

By
شمس سيف
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EBRD forecasts moderate growth of 2.1 per cent in the SEMED region
  • Growth in the SEMED region forecast at 2.1 per cent for first half of the year, picking up to 2.8 per cent for 2024 as a whole
  • Downward revision from the previous forecast reflects slower investment recovery in Egypt and the ongoing war in Gaza and Lebanon
  • Average growth is projected to pick up slightly to 3.9 per cent in 2025

Growth in the southern and eastern Mediterranean (SEMED) is forecast at 2.1 per cent for the first half of 2024, according to the latest Regional Economic Prospects report, published today by the European Bank for Reconstruction and Development (EBRD). This is slightly down on the 2.7 per cent in the same period last year. However, growth is expected to pick up to 2.8 per cent in 2024 as a whole and 3.9 per cent in 2025.

This moderation is also a downward revision on the previous forecast for 2024 owing to a slower-than-expected recovery in private and public investment and disruptions in the energy sector in Egypt, severe droughts in Morocco and Tunisia, and the impact of the war in Gaza on the economies of Jordan and Lebanon.

The SEMED economies in detail

Egypt

Growth in Egypt is estimated at 2.7 per cent for the fiscal year ending June 2024 (FY 2023-24), rising to 4 per cent in FY 2024-25 as the economy adjusts from the crisis period. On a calendar-year basis, growth is expected at 3.2 per cent in 2024 and 4.5 per cent in 2025. Inflation remains high but is moderating, having fallen to 25.7 per cent in July 2024 from a peak of 38.0 per cent in September 2023. Expansion in the retail and wholesale trade, agriculture, communications and real estate sectors counterbalanced sharp contractions in the gas and non-oil manufacturing industries.

External accounts have recovered since the devaluation of the Egyptian pound in March 2024, supported by increased financial inflows from international partners and investors. In parallel, foreign exchange reserves rose to their highest level in five years.

Downside risks relate to continued disruptions in the energy and electricity sectors and delays in implementing structural reforms as part of an International Monetary Fund (IMF) programme.

Jordan

Spillovers from a prolonged war in Gaza are weighing on the Jordanian economy and are slowing growth for 2024 as a whole to a forecast of 2.2 per cent, particularly through suppressed tourism and investment flows and with consumers holding back on large expenditures in times of increased uncertainty. A slight uptick in growth to 2.6 per cent is projected for 2025, provided geopolitical conditions improve and reforms continue to progress.

Inflation remained moderate despite a slight pick-up during the year to 1.9 per cent in July 2024. Unemployment remained high at 21.4 per cent in the second quarter of 2024, and significantly higher for women (34.7 per cent) and youth (43.7 per cent).

The Central Bank of Jordan has maintained a stable policy interest rate between July 2023 and August 2024, mirroring the decisions of the Federal Reserve as part of its effort to preserve the currency peg.

Lebanon

GDP is expected to contract in Lebanon by 1.0 per cent in 2024, amid deteriorating stability, political inaction and stalled reforms. Growth could return to 2.0 per cent in 2025, but only if the armed war is contained and there is progress on reforms and an IMF programme in place.

Exchange rate volatility eased as Lebanon’s central bank introduced several measures to unify the multiple exchange rates in the economy. This was further helped by the adoption of the 2024 budget law which aligns the exchange rate closer to the prevailing market rate.

As a result, inflation dropped significantly to 35.4 per cent in July 2024 (from a peak of 352 per cent in March 2023). Economic conditions remain dire following years of very high inflation and high unemployment of over a third of the labour force.

Morocco

Growth is projected at 2.9 per cent in 2024, rising to 3.6 per cent in 2025. While unfavourable weather conditions are expected to weigh on economic activity this year, the recovery in the manufacturing and tourism sectors, supported by a pick-up in exports and domestic demand, should provide some breathing space. Inflation continued to ease, reaching 1.3 per cent in July 2024, supported by lower food and energy prices.

The government is pursuing a path of gradual fiscal consolidation, which narrowed the deficit to 4.3 per cent of GDP and stabilised public debt at around 70 per cent of GDP in 2023, thanks to higher tax revenues and lower subsidies, despite the rise in external debt servicing costs. The current account deficit narrowed on the back of lower imports and the stronger performance of tourism, remittances, and automotive and electric exports.

Downside risks relate to Morocco’s high dependence on energy imports and seasonal agricultural production, which makes the economy vulnerable to climate and external shocks.

Tunisia

Growth is expected to remain modest at 1.2 per cent in 2024 and 1.8 per cent in 2025, supported by lower inflation, a narrowing current account deficit and continued reform efforts. Contraction in agriculture and mining was offset by an expansion in tourism, financial services, and some industrial sectors. Significant downside risks include the limited fiscal space, large external debt and the economy’s vulnerability to external and climate shocks.

Growth was supported by recovering exports of olive oil, mechanical and electrical goods, and increasing domestic demand amid easing inflation, which dropped to a 30-month low of 7.0 per cent in July 2024.

In March 2024, ratings agency Moody’s upgraded Tunisia’s outlook from negative to stable on the back of maintained access to some bilateral and multilateral external funding, despite the slow progress on an IMF-supported programme.

EBRD’s first investment in a venture capital fund in the West Bank and Gaza

By
Sahfy Sahfy
-
EBRD’s first investment in a venture capital fund in the West Bank and Gaza
EBRD’s first investment in a venture capital fund in the West Bank and Gaza

The European Bank for Reconstruction and Development (EBRD) is supporting the nascent venture-capital ecosystem of the West Bank by committing US$ 3 million to Ibtikar Fund II, the new fund raised by Ibtikar, the region’s prominent institutional-quality fund manager. The investment marks the EBRD’s first equity investment in a venture capital fund in the West Bank.

Ibtikar will seek to generate long-term capital appreciation from equity and equity-related investments in up to 25 early-stage Palestinian technology companies, with the flexibility to also invest in selected companies in neighbouring countries with a connection to the West Bank and Gaza.

The fund closed with US$ 25 million in total commitments, above its initial target of US$ 15 million and doubling the size of its maiden fund.

Micro and small businesses are central to the Palestinian economy, accounting for over 98 per cent of local enterprises and generating more than 60 per cent of gross domestic product, but they face significant economic challenges and capital shortages. Ibtikar will provide local technology startups with the necessary resources to scale up their operations, access new markets and drive sustainable development. This will help to advance digitalisation and foster job creation by supporting young entrepreneurs and the employment of women. It will also enhance economic links between the West Bank and Gaza and neighbouring countries.

Anne Fossemalle, EBRD Director for Private Equity Funds investment, said: “We are excited to support the further establishment of the early-stage innovation ecosystem in the West Bank in partnership with Ibtikar. This is our first investment in a venture-capital fund in the West Bank and we look forward to taking part in supporting local startups, particularly in these unprecedented times.”

Habib Hazzan, Managing Partner of Ibtikar, said: “We are excited to welcome the EBRD to Ibtikar Fund II, as we share a common vision for empowering Palestinian entrepreneurs. This collaboration will enhance our ability to fund innovative Palestinian startups that will become leaders in regional and global markets and prove that the startup ecosystem in the West Bank has matured and is attractive for top-tier, international investors.”

Since the launch of its activities in the West Bank and Gaza in May 2017, the EBRD has approved 27 transactions worth a total of US$ 142 million.

ADFW Unveils Top Finance Leaders Set to Speak at 2024 Edition

By
Sahfy Sahfy
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ADFW Unveils Top Finance Leaders Set to Speak at 2024 Edition
ADFW Unveils Top Finance Leaders Set to Speak at 2024 Edition

Under the patronage of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, and Chairman of the Executive Council, Abu Dhabi Finance Week (ADFW), the flagship financial event of the MEASA region hosted by ADGM, has announced that its 2024 edition will gather more than 300 speakers from across the globe, including the CEOs and Chairs of 50 major global financial institutions.

Among the confirmed speakers are finance titans such as Sergio Ermotti – Group CEO of UBS, Bill Huffman – CEO of Nuveen, David Hunt – President & CEO of PGIM, Isabelle Scemama – Global Head of AXA IM, Bill Ford – Chairman & CEO of General Atlantic, Shayne Nelson – Group CEO of Emirates NBD, Ray Dalio – Founder of Bridgewater, Rajiv Jain – Chairman and CIO of GQG Partners, Mohammed Alaradhi – Executive Chairman of Investcorp, His Excellency Ambassador Majid AlSuwaidi – CEO of Alterra, Jeremy Allaire –Co-Founder, Chairman and CEO of Circle and Mohamed Abdelbary – CEO of ADIB. 

His Excellency Ahmed Jasim Al Zaabi, Chairman of ADGM, said: “As Abu Dhabi continues to solidify its position as a global financial powerhouse, ADFW 2024 will be a pivotal moment for the financial industry. The rapidly increasing participation of CEOs from globally significant financial institutions underscores ADFW’s rising prominence and influence as a leading platform. At ADGM, we are committed to driving meaningful dialogue, fostering innovation, and reinforcing Abu Dhabi’s role as the Capital of Capital.”

Local and regional government and government-affiliated leaders will also take centre stage at this year’s ADFW with prominent names such as Sheikha Shamma bint Sultan Bin Khalifa Al Nahyan – President & CEO of the UAE Independent Climate Change Accelerators (UICCA), H.R.H. Prince Khaled bin Alwaleed bin Talal Al Saud – Founder and CEO of KBW Ventures, H.E. Abdulla Bin Touq AlMarri – Minister of Economy of the UAE, H.E. Dr. Thani bin Ahmed Al Zeyoudi – Minister of State for Foreign Trade and Minister in charge of Talent Attraction and Retention at Ministry Of Economy of the UAE, H.E. Dr. Amna bint Abdullah Al Dahak – Minister of Climate Change & Environment of the UAE, H.E. Mohammed Ali Al Shorafa Al Hammadi –Chairman of the Department of Municipalities and Transport (DMT).

Other speakers from world-renowned organisations include Robert Salomon – Dean of Stern at NYUAD, Chi-Man Kwan – Group CEO and Founder of Raffles Family Office, Kim Fournais – CEO, Saxo Bank, Christian Angermeyer – Founder, Aperion Investments, Hatem Dowidar – Group CEO of E&, Rishi Khosla – Co-Founder & CEO of Oaknorth, Javier Carranza – Global Head of Wealth of Grupo Santander, Shamsir Vayalil – Founder and Non-Executive Chairman & CEO of Burjeel Holdings and Andrew Sullivan – EVP & Head of International Businesses of Prudential.

 

ADFW is currently registering interests and will be open for registration in the coming weeks. For more information please visit:  www.adfw.com

 

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