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Orascom Development Egypt has released its consolidated results for Q2 2024

By
Sahfy Sahfy
-
Orascom Development Egypt has released its consolidated results for Q2 2024
Orascom Development Egypt has released its consolidated results for Q2 2024

Our first half result of 2024 testifies to our adept navigation of a challenging macroeconomic landscape affecting all Egypt’s business environments. Despite grappling with a non-cash foreign exchange loss of EGP 2.2 billion in 1H 2024, ODE’s financial performance underscores our unwavering focus on consistently enhancing operational efficiencies. Our resilient and diversified business model has effectively tackled inflationary pressures, with significant contributions stemming from our deep-rooted commitment to innovation and operational efficiency in overcoming hurdles. The outcome of our bolstered operational capabilities is evident in the growth of revenues, adj. Ebitda and margins. 

Financial Review: 

Q2 2024:

With impressive operating and financial outcomes, ODE’s second quarter highlights our adept execution capabilities and resilience in the face of significant challenges. 

  • Robust revenue growth: In Q2 2024, our performance excelled, achieving a remarkable 86.4% surge to EGP 6.0 billion. Our operational strength manifested across all business segments, with a notable 44.3% increase in real estate revenues and substantial growth of 42.5% and 44.3% in the hospitality and commercial asset segments, respectively. Furthermore, the EGP 1.3 billion land sale revenue contributed significantly to our overall financial results.
  • Gross profit: The quarter’s gross profit surged by a tremendous 164.1% to EGP 2.8 billion, with a substantial gross margin of 45.8% compared to 32.3% in Q2 2023. This increase underscores our commitment to operational excellence.
  • Significant Adj. EBITDA improvement: Adjusted EBITDA surged by 164.7% to EGP 3.0 billion, boasting a 49.4% margin, a substantial improvement from 34.8% in 1H 2023. 
  • Tremendous net income performance: Furthermore, in alignment with these achievements, the company’s net profit soared by 209.8% to EGP 1.9 billion, marking a significant milestone for ODE in line with all its impressive achievements.

1H 2024:

ODE reported prosperous first-half results, showcasing significant growth despite facing challenges from the devaluation of the EGP. Yet, we have effectively navigated these challenges to deliver strong performance in other areas.

  • Revenue growth: ODE achieved a record revenue of EGP 10.2 billion, an impressive 64.9% increase versus 1H 2023. 
  • Real estate revenue: up by a solid 42.5% to reach EGP 5.7 billion compared to 1H 2023, with a margin of 41%. 
  • Recurring income segments: ODE witnessed exceptional growth in recurring income segments, including hotels and commercial assets. These contributed EGP 3.2 billion to total revenue, an impressive 45.1% increase. 
  • Gross profit: Soared by a significant 95.2% to EGP 4.2 billion, boasting a healthy margin of 40.9% vs. 34.6% in 1H 2023. This improved performance underscores our operational excellence, resilience in the face of inflation, and the positive impact of key strategic initiatives such as the EGP 1.6 billion land sale in El Gouna and accelerated construction activities. 
  • Significant Adj. EBITDA improvement: Adj. EBITDA showed robust growth, expanding by 98.8% to a record EGP 4.6 billion, with a margin of 44.6% in 1H 2024. 
  • Other gains and losses: Other gains and losses reported a loss of EGP of 2.3 billion, mainly attributed to foreign currency debt due to the devaluation of EGP. 
  • Finance costs: up by 78.1% to EGP 856.9 million, primarily due to rising interest rates, which will be monitored closely.
  • Strong net income performance: ODE’s adjusted net income, excluding one-offs (which includes forex losses), increased by 135.7% from EGP 1.3 billion in 1H 2023 to EGP 3.2 billion in 1H 2024. Meanwhile, the reported net income during 1H 2024 reached EGP 942.7 million compared to EGP 1.0 billion.
  • Cash from operations: our cash flow from operations reached EGP 3.8 billion, driven by improved operational performance across all business segments. This robust growth underscores our commitment to operational excellence.  
  • Strong cash balance: On the balance sheet side, the company continued to preserve a healthy balance sheet and monitor its cash balances and liquidity. Our cash balance reached EGP 7.4 billion during 1H 2024, and our foreign currency cash stood at USD 70 million. Our net debt reached EGP 3.1 billion during 1H 2024. 

Group Real Estate: Our real estate business has set new operational and financial records, with a 110% increase in net real estate sales reaching EGP 15.7 billion, demonstrating ODE’s robust brand equity.

The sales figures for Q2 2024 reveal a substantial upsurge, reaching EGP 6.9 billion, signifying a 46.2% surge from EGP 4.7 billion in Q2 2023. This accrual brings our total real estate sales value to EGP 15.7 billion, demonstrating a remarkable 109.5% increase over the preceding period and setting a new milestone for first-half sales in ODE’s history. Notably, our international sales remain a core focus, comprising nearly 40% of our real estate sales, a testament to ODE’s strong market presence and the trust of our customers. The sales growth is further fueled by a 6.6% rise in the number of units sold, to reach 873 units compared to last year. El Gouna continues to lead new sales contributions at 50%, followed by O West at 36% and Makadi Heights at 14.0%. We have also continued to increase our average selling prices per sqm across all destinations. The combined growth in sales and construction pace has bolstered our real estate revenue by 44.3% to EGP 2.9 billion in Q2 2024. This brings our total real estate revenues for 1H 2024 to EGP 5.7 billion, reflecting a 42.5% increase over 1H 2023—meanwhile, Adj. EBITDA increased by 36.8% to EGP 2.3 billion in 1H 2024, with a margin of 41%, reaffirming our commitment to operational excellence. In 1H 2024, we experienced a 78.9% increase in real estate cash collections, which amounted to EGP 7.4 billion. Furthermore, the total deferred revenue from real estate that will not be recognized until 2027 has increased by 66.4% to EGP 30.3 billion, providing strong visibility on our real estate revenue across all our destinations over the next 3-4 years.

Group Hotels: In the first half of 2024, the hospitality portfolio experienced a remarkable 34.0% increase in revenues, reaching EGP 1.9 billion, despite facing numerous geopolitical challenges throughout the Middle East. 

ODE Hotels’ well-established business model once again delivered exceptional quarterly results despite facing various macro and geopolitical challenges worldwide. Our hotels achieved revenues of EGP 1.2 billion, marking a notable 42.5% increase over Q2 2023. This revenue growth drove our GOP to EGP 517.9 million, demonstrating a solid 24.9% rise from Q2 2023. The ability of our hotels to maintain high occupancy rates and enhance room rates has been instrumental in fueling this growth. Despite the conflict in Gaza, we have managed to sustain a healthy margin and achieve robust financial outcomes. We have achieved an Adj. EBITDA of EGP 578.8 million, representing a significant 64.2% increase from Q2 2023, with a substantial margin of 50.0%. In 1H 2024, total hotel revenues increased by 34.0% to EGP 1.9 billion, with GOP also rising by 18.8% to EGP 886.7 million compared to the previous year—moreover, Adj. EBITDA surged by 49.4% to EGP 865.1 million in 1H 2024, with an improved margin of 47% compared to 42%, driven by ongoing enhancements in operational efficiencies. This robust financial performance underscores our hotels’ resilience and adeptness at navigating a challenging market environment. Substantial investments have been allocated to elevate our properties, including upgrades to facilities and enhancements in technological infrastructure, all aimed at ensuring an exceptional guest experience. As we continue to monitor the industry’s evolving challenges, we remain committed to adjusting our strategies accordingly to deliver strong financial results and unmatched customer service.

Group recurring income assets: Strong recurring income growth, with revenues up 64.2% to EGP 1.3 billion.

Our commercial assets segment remains a dependable source of cash flow, playing a critical role in funding the group’s expansion and safeguarding against the cyclical downturns precipitated by unforeseen events. Revenue for Q2 2024 surged by 55.3% to EGP 687.3 million, while Adj. EBITDA also rose by 78.1% to EGP 241.8 million over Q2 2023. This elevates our commercial assets segment revenue to EGP 1.3 billion during 1H 2024, a 64.2% increase compared to 1H 2023. Adj. EBITDA reported a 98.3% increase to EGP 479.1 million, creating a margin of 36% in contrast to 30% in 1H 2023.

Agthia Group Reports 14.7% YoY Net Revenue Growth, 31.8% YoY Group Net Profit Growth During the First Half of 2024

By
Sahfy Sahfy
-
Agthia Group Reports 14.7% YoY Net Revenue Growth, 31.8% YoY Group Net Profit Growth During the First Half of 2024
Agthia Group Reports 14.7% YoY Net Revenue Growth, 31.8% YoY Group Net Profit Growth During the First Half of 2024

Agthia Group PJSC (“Agthia” or “the Group”), one of the region’s leading food and beverage companies, announced today its results for the six-month period ending 30 June 2024. Agthia delivered strong performance during H1 2024, on track to meet its full-year 2024 guidance. The Group’s profitable growth across all four segments, combined with leveraging group-wide efficiencies, resulted in both Group EBITDA and Group net profit growing faster than revenue.
H1 2024 Financial highlights
 Group net revenue increased 14.7% year-on-year to AED 2.5 billion (11.2% growth from volume and 3.5% from pricing).
Excluding AED 120 million one-off wheat trading sales in Agri-Business recorded in Q1 2024, the year-on-year net revenue growth was 9.3%. This was primarily driven by a continued shift of the Group’s product portfolio towards higher growth
segments in key target markets, along with innovations. Notably, 45% of Agthia’s growth in H1 2024 came from innovation alone (excluding one-off in Q1 2024). Group revenue, adjusted for the impact of currency devaluation in Egypt (AED -144.5 million), increased by 21.3% year-on-year. Despite the FX impact, Agthia’s Egyptian businesses combined delivered 20.3% year-on-year revenue growth in AED terms during the reporting period.
– Snacking: Revenue rose 19.5% year-on-year, led by the strong performance of the coffee segment, where Abu Auf continued to gain both volume and value share in the local market for premium-branded coffee in Egypt. Abu Auf’s H1 2024 growth was further supported by the ongoing organic expansion of the retail chain, opening 44 new stores, including mobile kiosks, along Egypt’s North Coast. Additionally, the dates category continued to deliver strong growth driven by innovations across mid and high-value ranges, along with an expansion in date varieties and significant value growth across retail channels in the UAE and internationally (e.g. India, Bangladesh, and Morocco). Excluding the FX impact, the segment’s revenue growth was 29.6% year-on-year.
– Protein & Frozen: Revenue grew 7.2% year-on-year, despite the pressure from the EGP devaluation. Excluding the FX impact, the segment’s revenue growth was 24.1% year-on-year. In Q2 2024, Agthia opened a new protein
manufacturing plant in Jeddah. This facility offers local production with better economic advantages and positions Agthia as a domestic protein supplier in Saudi Arabia. With a AED 90 million investment, the facility boasts an annualized production capacity exceeding 7,000 tons and houses two production lines capable of producing over 50 stock-keeping units.
– Water & Food: Revenue increased 4.0% year-on-year, with Al Ain bottled water retaining its market leadership position. This reflects an 8.3% year-on-year increase in total UAE water revenue growth, fueled by premiumization and
innovation, including a significant growth of glass bottled water sales. Agthia increased UAE glass bottle water capacity, which will enable the Group to triple its production of glass bottled water in the mid-term in response to strong consumer demand. Additionally, continuous improvements in customer service quality within the Home and Office Delivery (HOD) business led to strong growth of 9.9% year-on-year during the period. International business revenue also increased by 3.5% year-on-year, with notable performance in Oman and Kuwait.
– Agri-Business: Revenue increased 25.4% year-on-year (+5.2% excluding one-off wheat trading in Q1 2024). This was primarily driven by strong performance in Feed, which reflected effective sales execution, performance in Abu Dhabi Agriculture and Food Safety Authority’s (ADAFSA) compound feed program, and related new product development.

 EBITDA 1 growth was ahead of revenue, up 19.9% year-on-year to AED 382.4 million, reflecting strong growth in profitability across all segments, combined with a continued focus on profit protection in Egypt and group-wide efficiency generation. This led to Group EBITDA margin expansion of 65bps year-on-year to 15.1%. Excluding the impact of EGP devaluation
(AED -30.6 million), EBITDA would have grown 29.5% year-on-year, with EBITDA margin standing at 15.5% (an increase of 98bps year-on-year).
– Snacking: EBITDA growth of 42.5% reflected strong pricing, favorable mix effects in both domestic and international date markets, as well as strong profitability expansion in Abu Auf, which was supported by strong innovation,
premiumization, and strategic buying initiatives, leading to Snacking EBITDA margin expansion of 330bps year-on- year.
– Protein & Frozen: EBITDA grew by 20.5% year-on-year, significantly outpacing revenue growth, despite input cost volatility in Egypt and external challenges affecting Jordan. While currency headwinds continue to adversely impact
the Protein segment’s performance in Egypt, Agthia focused on productivity enhancement and disciplined cost management throughout the period. Thanks to these initiatives the segment profitability has expanded by 143bps in H1 2024.
– Water & Food: EBITDA increased 19.0% year-on-year on a combination of a favorable mix towards high-margin premium products and effective cost management, including strict control of overheads, streamlined routes to
market, direct cost efficiencies, and overall procurement improvements. Accordingly, EBITDA margin expanded by 193bps. UAE bottled water (EBITDA +56.9% year-on-year) emerged as the top performer within the segment.
– Agri-Business: EBITDA growth of 35.3% year-on-year outpaced revenue growth, driven by a favorable shift in product mix, higher facility utilization rates, and enhanced cost efficiencies.
 Group net profit grew 31.8% year-on-year to AED 190.0 million during H1 2024, with net profit margin standing at 7.5%, reflecting a 98bps expansion, notwithstanding FX headwinds and the introduction of income tax in the UAE.
 Strong balance sheet: Agthia’s balance sheet remains robust with cash and equivalents of AED 0.4 billion and liquidity of AED 1.8 billion. The Group’s net debt to EBITDA ratio of 1.6x (net debt of AED 1.2 billion) was slightly up compared to
December 2023.
 Proposed cash dividends: In line with the Group’s semi-annual dividend policy, Agthia’s board of directors has recommended the distribution of AED 85.7 million as an interim cash dividend (equivalent to 10.31 fils per share). This represents a 25% year-on-year increase. The dividend payment is subject to shareholder approval at Agthia’s next AGM.
 Full-year guidance maintained: Considering both the ongoing momentum across Agthia’s business and the continuing impact of currency headwinds on the Group’s Egyptian operations, Agthia anticipates full-year 2024 revenue growth between 10% and 12%, with a 40-60bps increase in EBITDA margin and a 30-50bps increase in Group net profit margin.
Strategic highlights
Strong progress throughout the year in expanding the Group’s capabilities and efficiencies to future proof the organization.
 Leveraging Agthia’s Egyptian platform: Agthia continued to execute its strategy of transforming Egypt into export hub. In H1 2024, export revenue from Egypt reached AED 50.7 million (+53.6% growth year-on-year). Since its acquisition, Abu Auf
has rapidly expanded its retail footprint, opening 44 new stores, including mobile kiosks, along Egypt’s North Coast during H1 2024.
 Investing in innovation: Innovation plays a vital role in achieving Agthia’s objective of becoming a leading food and beverage company in the MENA region. At the center of the Group’s innovation initiatives is a dedicated Central Innovation
Team, which coordinates innovation initiatives between business units, R&D, and external innovation. Notably, 45% of Agthia’s H1 2024 growth came from innovation alone (excluding one-off in Q1 2024). Here are some of the Group’s
innovation highlights since the beginning of the year:

1 Restatement of H1 2023 segment numbers: Comparable period reported segment EBITDA figures have been restated for head office cross-charge in accordance with the new transfer pricing policy effective Q1 2024 to comply with the UAE’s new corporate tax law. The objective is to ensure LFL comparability of reported segment performance. The restatement solely pertains to the allocation methodology and does not impact the total financial performance of the Group.

– Snacking: Abu Auf launched instant coffee jars and espresso beans to diversify its coffee portfolio and expanded its snacking portfolio with savory flavored popcorn, crackers, coated peanuts, protein bars, and nut bars. Date Crown
launched an organic date range.
– Protein & Frozen: Launched new Nabil brand premium products in Jordan, including high-quality beef and chicken burgers as well as a new range of varieties within the frozen potato category in the UAE.
– Agri-Business: Launched two new specialty Flour products to meet specific client needs, as well as new Agrivita Dairy Premix in response to UAE farmers’ growing needs for improved animal nutrition.
 Progressed the Group’s sustainability agenda: Agthia continues to make progress across its sustainability agenda.
Notably, during H1 2024, the Group reduced CO2 emissions by 7.6% year-on-year. Agthia have also begun various trials to study the potential inclusion of electric trucks and other vehicles, where feasible, to further reduce CO2 emissions across a
broader spectrum of its operations. Additionally, in Q2 2024, Agthia commissioned the ALPIN Turkey Solar Energy Plant, which consists of 1,088 solar panels with a total capacity of 850.45 kW per hour. This initiative aims to further increase the
use of renewable energy as part of the Group’s total energy mix.
 Accelerating the digital roadmap: The Group continues to deliver on its 5-year digital transformation journey with a focus on improving the customer experience and its commercial foundations, making Agthia a data-driven organization
connected with its customers, all while ensuring secure and reliable digital and technology operations. During Q2 2024, Agthia restructured its Digital & Technology leadership team with the arrival of external experienced professionals
combined with internal talents.
Agthia launched the new Al Ain water home delivery application with new payment options and an improvement in the end- to-end customer experience. The Group also started rollout activities of a new point of sale across over 200 Abu Auf stores in
Egypt and continued the rollout of Sales Force Automation across its Egyptian operations.
The adoption of new technologies to support its employee safety remains a top priority for Agthia. Recently, the Group launched AI Image Recognition to prevent accidents at its facilities. Additionally, the Group implemented a mobile time and
attendance solution using geo-location monitoring, which helps prevent employees on-the-go from being involved in accidents due to overwork hours.
Khalifa Sultan Al Suwaidi, Chairman of Agthia Group, commented: “Agthia continues to deliver strong performance, solidifying our growth momentum in the first half of the year. Our unwavering commitment to strengthening our business and
achieving our long-term goals remains clear. This quarter’s results underscore our resilience and strategic focus on driving sustainable value across our diverse portfolio. Going forward, we are well-positioned to seize opportunities in the MENA region and beyond, leveraging our strengths in innovation, digitalization, and operational excellence.”
Alan Smith, Group Chief Executive Officer of Agthia Group, commented: “Agthia delivered solid top and bottom-line results in the first half of the year, reaffirming our ability to navigate effectively challenging and dynamic operating environments. Our
teams maintained their focus and agility in the execution of our long-term growth strategy, and we continue our efforts to drive sustainable long-term growth by investing in our brands, capturing synergies and driving efficiency gains. In early July, we officially launched our state-of-the-art protein facility in Jeddah, solidifying our position and establishing one of the key growth drivers for Agthia in the largest market in the GCC. The results of the first half of the year build a strong foundation for Agthia, and we reiterate our full-year guidance. We are also pleased to confirm our first interim dividend payment, intending to return approximately AED 85.7 million to shareholders in September 2024.”
The Group’s H1 2024 results are available on the Group’s website www.agthia.com and at www.adx.ae

Ziina Becomes First Venture-Backed Start-Up To Secure UAE Central Bank SVF License

By
Sahfy Sahfy
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Ziina, the UAE’s leading financial platform supporting consumers and entrepreneurs, announces that it has secured the Stored Value Facility (SVF) license from the UAE Central Bank. This marks a significant milestone for Ziina, enabling it to rapidly expand its range of specialised financial services and reinforcing its position as one of the only privately-owned fintech in the UAE with such authorisation. This major achievement aligns with the UAE Central Bank’s strategy to drive innovation, enhance financial inclusion, and support economic growth, emphasising the country’s commitment to becoming a global leader in the digital economy.

Empowering ZiinaFinancial Services for a Digital Economy

Ziina’s SVF license will enable it to provide comprehensive financial services, including business and consumer accounts, peer-to-peer payments, bill pay, external payment link issuance, QR codes for remote point-of-sale transactions, and prepaid card services. The company will also serve as a principal member of networks such as Visa and Mastercard, offering Banking Identification Number (BIN) sponsorships. These services are designed to support over 557,000 businesses, improving operational efficiency and promoting growth.

With SMEs representing 94 percent of all companies in the UAE and contributing 63.5 percent to the non-oil gross domestic product (GDP), their role in the economy is vital. Despite their importance, SMEs frequently experience cash flow challenges, primarily due to delayed client payments. Ziina’s expanded services are designed to address these challenges, equipping businesses with the tools necessary to improve operational efficiency and promote growth.

Driving Financial Inclusion and Cashless Transactions

The UAE is quickly moving towards a cashless society with SMEs crucial in this transition, as 60% of consumers plan to go cashless by 2024. The digital payments market in the MENA region is projected to reach $9 billion by 2028 according to GlobalData, a 124% increase from 2021, driven by convenience and accessibility. Current trends in the UAE show a strong preference for credit cards and digital wallets, especially for online transactions, and the popularity of payment options like Buy Now Pay Later is rising, aligning with the expanding e-commerce sector.

Faisal Toukan, CEO and Co-Founder of Ziina, emphasised the importance of the license: “Securing this license is a monumental step for us, reinforcing our commitment to the highest standards of compliance and security. The UAE’s Central Bank has outlined a bold vision for financial technology, and we are thrilled to work closely with their team to support this vision. This regulatory approval allows us to expand our services further, strengthening our role as a dedicated financial partner for SMEs—the true backbone of the UAE’s economy—by offering them a fast and secure way to send, receive, and grow their money.”

Supporting the UAE’s Digital Economy Vision

As part of the UAE’s ambitious Digital Economy Strategy, the country aims to double the digital economy’s contribution to its GDP from 9.7% in 2022 to 19.4% within the next decade. This strategy demonstrates the UAE’s commitment to becoming a global hub for digital innovation and economic growth. Ziina’s growth is fueled by the UAE’s robust infrastructure, extensive connectivity, and dynamic entrepreneurial environment. The Central Bank’s nine-pronged Financial Infrastructure Transformation (FIT) Programme, which includes initiatives like a domestic card scheme and an instant payments platform, aims to support financial inclusion and enable a cashless society through digital payments.

Ziina’s suite of financial services is designed to support businesses at every stage, fostering an ecosystem conducive to long-term success and growth. The Ministry of Economy projects that the number of SMEs will increase to over 1 million by 2030, further highlighting the importance of dependable financial services.

Alongside securing the license, Ziina is also reportedly in the process of raising a substantial financing round from institutional investors. This funding is intended to support Ziina’s growth strategy throughout the Middle East, further strengthening its ability to offer essential financial services to the region’s economic landscape.

Kayrouz calls on legislature to address FOIA flaws allowing governments to hide facts in injury cases

By
Sahfy Sahfy
-
Kayrouz calls on legislature to address FOIA flaws allowing governments to hide facts in injury cases
Kayrouz calls on legislature to address FOIA flaws allowing governments to hide facts in injury cases

Tougher legislation is needed to strengthen Michigan FOIA laws to prevent the repetition of an injustice in which a police officer was able to manipulate a crime scene investigation and prevent the release of information in a motor vehicle accident involving her son, prominent Michigan Attorney Joumana Kayrouz said Monday.

Kayrouz cited the accident recently reported in the local news that took place more than a year ago in Dryden Township involving an Amazon driver, represented by the Kayrouz Law Firm, who was seriously injured in a motor vehicle accident in which the other driver, a speeding 15-year-old unlicensed driver, fled the accident scene and was able to delay justice because of the interference of his mother, Amanda Szymanski, an Almont Police Officer in LaPeer County. Kayrouz is urging the Michigan State Legislature to strengthen the FOIA laws and to increase punishment for violations of those laws.

After her son fled the accident scene, Officer Szymanski went to the accident scene and lied to investigators, claiming she was in the vehicle with her son when the accident occurred, according to Ali Ajrouch, lead attorney of the Kayrouz Law Firm.

“This isn’t just a case about an accident involving a hardworking Amazon delivery driver and an unaccompanied underaged driver, or even just about a mother who wanted to protect her son,” Ajrouch said.

“As a police officer, Officer Szymanski should know the difference between right and wrong, and yet she used her position and influence to avoid justice. She corrupted the process. Her influence blocked the legal process from arriving at the truth. The Integrity of the Michigan FOIA system is at stake. The public must be assured that this type of insider interference to corrupt a process will not happen again.”,  Ajrouch added.

The 40-year-old Amazon driver was in a coma for over one week after suffering severe traumatic brain injury including intracranial bleeding and a skull fracture. His injuries required multiple surgeries including a craniectomy, clavicle surgery and ear surgery. These devastating injuries have permanently deprived him from being able to support his young family now and in the future.

The accident involving Officer Szymanski’s underaged son occurred in Dryden Township on Sunday, July 2, 2023, when the Amazon delivery driver was struck by a GMC Acadia in LaPeer County driven by Officer Szymanski’s 15-year-old son.

“While the focus during the past year has been on Officer Szymanski’s deceitful and unprofessional conduct, a man was seriously injured and left defenseless at an accident site in a sparsely-populated rural area. Shockingly, Officer Szymanski’s conduct has prevented our client from receiving the urgent and immediate medical care he so badly needed at the scene,” Kayrouz said, noting that “efforts” have been made by the Dryden Township Law Department not to cooperate in providing requested required FOIA disclosures. Litigation is still ongoing.

“No citizen is safe if this kind of clout interference blocks justice so easily for so long. It raises questions about Szymanski’s role in these delays. It is too easy for someone on the inside like Officer Szymanski to manipulate public information and result in a delay in the process of justice. She swore an oath to protect the public and defend the rights of victims, but instead through her actions and those of the Dryden Township Law Department, the rights of my client have been greatly compromised and so has the public’s faith in our system of justice,” Kayrouz said.

“This is not, however, a blanket indictment of the responsibility of law-abiding police officers who everyday place their lives on the line to defend the public”. Kayrouz and Ajrouch praised the Macomb County Prosecutor’s Office after the case was referred from the Lapeer County Prosecutor’s office to the Macomb County Prosecutor’s Office per the normal conflict of interest process. The Macomb County Prosecutor’s Office has now authorized criminal charges against Officer Szymanski and her son in connection with the crash.

Kayrouz and Ajrouch said Officer Szymanski’s interference in the case to protect her son is right out of a Hollywood television series, “Your Honor,” in which a judge used his powers to protect his son, who was also involved in a car crash which resulted in a fatality.

“Szymanski’s actions raise questions about the role of the police to protect the public. These are questions that must be raised and addressed. Something must be done to strengthen not only the FOIA laws, but to also discourage anyone in the justice system from so easily manipulating the pursuit of justice. This type of internal interference cannot be repeated”.

AL HAMRA TARGETS OVERSEAS INVESTORS WITH A MONTH LONG, SPECIAL ACTIVATION AT HARRODS IN LONDON

By
Sahfy Sahfy
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AL HAMRA TARGETS OVERSEAS INVESTORS WITH A MONTH LONG, SPECIAL ACTIVATION AT HARRODS IN LONDON
AL HAMRA TARGETS OVERSEAS INVESTORS WITH A MONTH LONG, SPECIAL ACTIVATION AT HARRODS IN LONDON

Al Hamra, a pioneering lifestyle developer and real estate investment company in Ras Al Khaimah, will be targeting UK and GCC investors and residents via a special activation in London at the world’s leading luxury department store, Harrods.

In a first for a regional developer, and running for the whole month of August, Al Hamra will have a stand on Harrods’ fifth floor showcasing the exclusive luxury living options at a range of recently launched premium and ultra luxury residential properties to potential investors.

Part of a wider initiative to connect with target audiences in key locations, Al Hamra’s Harrods activation will allow the potential investors to explore Destination Al Hamra in Ras Al Khaimah and the premium lifestyle it offers.

Among the pipeline of exciting projects being showcased to Harrods visitors is the Waldorf Astoria Residences Ras Al Khaimah – the emirate’s most prestigious address. Comprising 43 ultra-luxury residences, penthouses, sky palaces and villas, the development promises unparalleled living experiences with palatial interiors and unrestricted views of the Arabian Gulf and the region’s first integrated gaming resort – The Wynn Al Marjan Island.

Al Hamra Waterfront, another premium residential project located on the shores of the Royal Yacht Club of Ras Al Khaimah, offers 622 apartments, 19 townhouses and a range of world-class leisure and recreational amenities across five residential towers.

With superb travel links and a business-friendly environment for investors and entrepreneurs, Ras Al Khaimah’s property values are continuing to rise steadily. Demand is at an all-time high, driven by sophisticated investors from a range of nationalities who are choosing the Emirates as a place in which to live, work, play and invest.

Offering an attractive business environment, the Emirate was named the fourth-best city for expats to live and work in by the InterNations Annual Report 2023, and, in 2019, Ras Al Khaimah was ranked 30th for ease of doing business among 190 economies in the World Bank’s global survey. Worldwide interest has also increased due the recent announcement of the UAE’s first fully integrated casino resort coming soon to Ras Al Khaimah, and a raft of leading global hospitality brands and branded residences are also planning new properties in the emirate.

Al Hamra’s presence at Harrods will help highlight to visitors the advantages of living in an established integrated community with a fully-serviced marina and championship 18-hole golf course – a DP World Tour venue, as well the high return on investment for premium real estate in an exclusive project with a limited number of available properties for sale.

Benoy Kurien, Group CEO of Al Hamra, said: “We are always seeking new and innovative ways to directly communicate with investors and buyers in our key markets, and are delighted to be partnering with Harrods – a brand that shares our values of premium excellence – on this first-of-its-kind activation for Al Hamra. The Al Hamra team will be present on the ground in the heart of London for the entire month of August, highlighting its ultra luxury and premium residential projects and the destination’s unparalleled waterfront lifestyle offering to potential new investors.

“The United Kingdom is one of Al Hamra’s primary target markets, and a majority of residents and investors across Al Hamra’s extensive residential portfolio are from the UK and Europe. Our expertise in delivering innovative lifestyle experiences and products in Ras Al Khaimah, combined with the Emirate’s visionary approach, has created an array of premium real estate opportunities.

“Attracted to Al Hamra’s luxurious waterfront lifestyle, these developments offer a wide range of amenities for residents and tourists alike, and allied with Ras Al Khaimah’s tax-free, business-friendly environment, we have seen high levels of demand from this all-important market and look forward to welcoming visitors to our pop up.”

The Harrods activation will be launched under the umbrella of Al Hamra’s strategic five-year plan, which outlines several targets between 2023 and 2027. It focuses on diversifying revenue streams, expanding services, and leveraging existing assets to create new and sustained opportunities for growth via a three-pronged approach that brings hospitality, retail, and real estate to the forefront.

Bank of England rate cut ‘welcomed’ but demands investor action

By
Sahfy Sahfy
-
Bank of England rate cut ‘welcomed’ but demands investor action ​
Bank of England rate cut ‘welcomed’ but demands investor action ​

The Bank of England’s decision to cut interest rates for the first time since the pandemic began has been hailed as “a welcome step in the right direction,” by the CEO of one of the world’s largest independent financial advisory and asset management organizations.

Nigel Green of deVere Group is speaking out as the UK central bank unveiled a 25-basis-point reduction of its key rate at the August meeting. The rate has been held at a 16-year high of 5.25% since August 2023.

He says: “The Bank was late to get going with raising interest rates at the start of the cycle and has, we believe, been late to pivot and start cutting rates.

“They have finally done so today, however, and it will be broadly welcomed.”

The reduction in interest rates aims to stimulate the economy by lowering borrowing costs, thereby encouraging increased spending and investment. This strategic shift is expected to alleviate financial pressures on businesses and consumers, setting the stage for robust economic growth.

“The Bank of England’s interest rate cut is part of a broader global trend among central banks, including the European Central Bank (ECB), to unwind restrictive monetary policies and foster economic growth,” notes the deVere CEO.

“The beginning of this new era presents global investors with a range of opportunities to optimize their portfolios by targeting sectors and asset classes poised for growth in a lower interest rate landscape.”

The tech sector is set to benefit from increased investment in innovation and digital transformation. “Investors will be focusing on tech stocks and exchange-traded funds (ETFs) that offer exposure to emerging technologies such as AI, cloud computing, and cybersecurity,” says Nigel Green.

“As the global transition to sustainable energy accelerates, the renewable energy sector offers attractive investment opportunities. Investors will be looking for more exposure into renewable energy companies, green bonds, and infrastructure projects that align with global sustainability goals.”

Lower borrowing costs can boost the real estate sector, making REITs an appealing asset class for income-oriented investors. “REITs with diversified portfolios that include residential, commercial, and industrial properties should grow.”

He continues: “Emerging market equities and bonds present growth potential as these regions benefit from lower interest rates and increased capital inflows. Diversifying into emerging markets helps enhance portfolio returns and provide exposure to fast-growing economies.

“With reduced interest rates, corporate bonds offer attractive yields for fixed-income investors. Investors will look for investment-grade corporate bonds to balance risk and return, while taking advantage of favorable borrowing conditions.”

​

Despite the optimistic outlook, investors should adopt strategies to manage risks associated with market volatility and geopolitical uncertainties.

This can be done by ensuring a balanced portfolio by diversifying across various asset classes and geographic regions to mitigate risks and stabilize returns; and emphasizing a long-term investment strategy to navigate economic uncertainties and capitalize on growth opportunities over time.

Nigel Green concludes: “The Bank of England’s decision to cut interest rates represents a pivotal moment in the global economic landscape. As central banks around the world unwind monetary policies, investors are presented with transformative opportunities to enhance their portfolios.

e& delivers strong H1 2024 performance, consolidated revenue up 6% to AED 28.3 billion

By
Sahfy Sahfy
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e& delivers strong H1 2024 performance, consolidated revenue up 6% to AED 28.3 billion
e& delivers strong H1 2024 performance, consolidated revenue up 6% to AED 28.3 billion

 e& today announced its consolidated financial results for the first half of 2024, reporting consolidated revenues of AED 28.3 billion, a year-over-year (YoY) growth of 6 per cent, demonstrating strong performance across all business verticals.

Reflecting the effectiveness of its strategic focus on growth in local and international markets, the group’s consolidated net profit grew by 17 per cent to AED 5.5 billion. Furthermore, consolidated EBITDA reached AED 12.9 billion, resulting in a healthy EBITDA margin of 46 per cent.

e&’s robust financial results are driven by its relentless focus on maintaining its growth momentum with a strong commitment to drive innovation while enabling a digital future for customers across its markets. This is further evidenced by the group’s growing subscriber base, with total subscribers reaching 175 million in a significant YoY increase of 6 per cent while the total number of e& UAE subscribers reached 15 million, representing a YoY growth of 5 per cent.

Financial Highlights for H1 2024

  H1 2024 H1 2023 Per cent change
Revenue AED 28.3 billion AED 26.6 billion 6% (*)
Net Profit AED 5.5 billion AED 4.7 billion 17%
EBITDA AED 12.9 billion AED 12.8 billion 2% (*)
Earnings per Share AED 0.63 AED 0.54 17%
Consolidated Group Subscribers 175 million 165 million 6%

(*) At constant exchange rates, revenue increased by 8 per cent and EBITDA increased by 3 per cent year-over-year.

Delivering on its promises of maximising value to its shareholders, e&’s Board of Directors approved an interim dividend of 41.5 fils per share for the first half (January to June) of 2024, in accordance with the new dividend policy that was greenlit by the shareholders at the Annual General Meeting (AGM) earlier this year.

The newly approved dividends policy stipulates an incremental increase of AED 0.03 per share every year for the fiscal years 2024, 2025, and 2026.

H.E. Jassem Mohamed Bu Ataba Alzaabi, Chairman, e&, said: “e& showcased remarkable resilience and sustained its upward trajectory in the first half of 2024, achieving consolidated net profits of AED 5.5 billion, representing a year-over-year growth of 17 per cent. This robust performance was driven by our unwavering commitment to excellence and innovation”.

“We are proud of the progress made in the first half of 2024, which was bolstered by our recent acquisitions, partnerships, and strategic expansion of our digital services portfolio. These efforts significantly strengthen e&’s position as a leader in digital transformation, providing state-of-the-art solutions to our diverse customer base”.

Reflecting on e&’s growth trajectory and future prospects despite challenges in some of its markets, H.E. Alzaabi commented, “e& remains committed in delivering top-tier services and advanced technologies with a focus on purpose and value. Our ongoing investments in digital infrastructure and emerging technologies position us as a driving force for innovation and growth, making us the preferred partner in advancing the digital economy. With the support and vision of the UAE leadership, we will continue to play a crucial role in shaping the digital landscape and driving socio-economic progress, thereby reinforcing the UAE’s status as a global innovation hub”.

Hatem Dowidar, Group Chief Executive Officer, e&, said: “e&’s performance in the first half of 2024 highlights our dedication and efforts to foster growth and efficiency while demonstrating resilience and adaptability to the various challenges in some of our markets”.

“e& achieved impressive results with consolidated revenue increasing by 6 per cent to AED 28.3 billion, and consolidated EBITDA rising by 2 per cent year-over-year to AED 12.9 billion. Our success is driven by our relentless pursuit of technological innovation, delivering tangible value to our customers and shareholders. We have embraced advanced and emerging technologies, launching numerous AI-driven initiatives and platforms, underscoring our leadership in digital transformation. Strategic partnerships have enhanced our service portfolio, while we continue to expand our global presence through successful acquisitions”.

“Looking ahead, I am confident that our dedication to empowering individuals, businesses, and communities through technology will pave the way for growth and create a meaningful impact in people’s lives. Despite the challenges in some markets, we will focus on seizing the opportunities ahead. With the unwavering efforts of our teams, we can accelerate our progress, take bold actions to enhance our value proposition, and expand access to connectivity. We are deeply grateful to our customers and shareholders for their continued support and trust as we explore new avenues and achieve new milestones,” added Dowidar.

 Key Operational Highlights

e&

e& was crowned the Fastest Growing Tech Brand and the Most Valuable Brand Portfolio in the Middle East and Africa (MEA), according to the 2024 Brand Finance Global 500 Report in recognition of the group’s exceptional performance in increasing the value of its brand portfolio to US$17 billion in 2024, reflecting the confidence of investors and partners in e&, which has also been named the world’s Strongest Telecom Brand in the World for 2024 with a score of 89.4 out of 100 on the BSI Index with a leadership rating of AAA. e& was also named a Great Place to Work® by the Great Place to Work Institute in recognition of the company’s efforts to foster a positive, supportive, and engaging work environment for its employees.

e& and Abu Dhabi National Oil Company (ADNOC) joined forces to build the world’s largest private 5G network for the energy sector. This groundbreaking initiative will revolutionise the industry by enabling blazing-fast data transfer and connectivity across ADNOC’s 11,000-square-kilometre operation. This powerful network will empower ADNOC’s AI solutions to access remote onshore and offshore sites, driving significant technical advancements and innovation.

e& and Vodafone joined forces to empower other regional and international operators to adapt  to the evolving voice landscape with cross-border managed voice solutions. The group also signed an agreement with Dell Technologies to drive 5G innovation through Dell’s Open Telecom Ecosystem Lab (OTEL) and another with Huawei to build green and energy-efficient networks.

In a major move for the telecom industry, e& and its partners in the Global Telco AI Alliance formed a joint venture in H1 2024. This venture aims to develop cutting-edge Large Language Models (LLMs) specifically designed to revolutionise customer service through advanced AI solutions.

e& Carrier & Wholesale (C&W) has made advancements in accelerating the growth of connectivity with milestone agreements in the subsea cable space with  2Africa subsea cable, the most extensive subsea cable system landing in the UAE to date, making a huge leap forward in positioning the UAE as a global hub for digital connectivity and providing advanced digital infrastructure that supports economic development and innovation.

A collaboration with Ooredoo will introduce the Gulf Gateway Cable (GGC-1), connecting data centres in Abu Dhabi and Doha while facilitating seamless communication and data exchange. In addition, C&W launched the region’s first Smart Connect (Bandwidth on Demand) service, allowing operators to scale their connectivity requirements on the go with unmatched flexibility and control over bandwidth provisioning.

e& joined forces with Telecom Egypt, Indonesia’s Telin, and a major unnamed Indian telecom company to develop the ICE IV subsea cable project. This ambitious project aims to connect Southeast Asia and India seamlessly to the Middle East. Additionally, e& has expanded its state-of-the-art Tier III SmartHub network to Abu Dhabi. This expansion strengthens the region’s entire digital ecosystem by providing advanced infrastructure.

e& Carrier & Wholesale continued its ascendancy, winning the ‘Edge Innovation of the Year’ Award at the 2024 Data Centre Solutions (DCS) Awards, followed by ‘Middle East Regional Operator of the Year’ and ‘Best Regional Data Center Operator’ at the Carrier Community Global Awards (CCGA). In addition, e& group won top positions in the MMA MENA Smarties Awards for its innovative solutions in customer and user experience and design.

e& UAE

e& cemented its leading position in telecommunications and technology, shattering speed records by achieving the world’s fastest data transfer rate of 30.5 Gbps on its live 5G network in the UAE. This breakthrough strengthened the country’s reputation as a global hub for digital innovation and reinforced e&’s leadership in 5G technology.

Setting an industry benchmark in the Middle East, e& UAE announced a network upgrade capability that will deliver speeds of up to 50 Gbps. Powered by the successful completion of the Middle East’s first symmetric 50-Gigabit-capable Passive Optical Networks (50G-PON) broadband service, e& UAE is set to accelerate the digital experience for households and businesses.

Further demonstrating its commitment to advancing 5G technology, e& UAE released a comprehensive whitepaper highlighting the transformative potential of 5G networks in driving progress across various sectors and providing the advanced infrastructure needed for the UAE’s prosperous digital future.

e& continued to play an integral strategic part in the UAE’s global leadership in Fibre-to-the-Home (FTTH) penetration, cementing the country’s top position with a penetration rate of 99.3 per cent. e& UAE remains squarely focused on realising the nation’s connectivity ambitions, enabling homes and businesses to benefit from the latest high-speed internet services, enhancing productivity, and enriching the customer experience.

Championing innovation, e& UAE partnered with Corning Incorporated to bring cutting-edge Fibre-to-the-Yacht (FTTY) services to the water’s edge at Yas Marina in Abu Dhabi. This collaboration utilises Corning’s advanced fibre optic cables to deliver high-speed internet connectivity to all yachts docked there.

e& UAE also collaborated with Nokia to bring Multi-Access Edge Slicing, a first for its network, and also broadened its partnership with Oracle to fuel AI advancements, deploying NVIDIA H100 GPU clusters within e& UAE’s Oracle Cloud Infrastructure (OCI) Dedicated Region, located at its data centres.

e& UAE set a new benchmark as the first company outside North America to deploy Microsoft’s Azure Operator Nexus and Azure Operator 5G Core solutions. Continuing its efforts to elevate customer experiences using custom Generative AI (GenAI), e& UAE partnered with Amazon Web Services (AWS).

In a strategic move to enhance global connectivity, e& UAE became the first operator to join Yahsat’s Direct-to-Device (D2D) ecosystem, which brings satellite coverage to standard smartphones.

Spearheading advancements in aerial mobility and autonomous systems across the country, e& UAE announced a partnership with Multi Level Group (MLG) to drive innovation in electric vertical take-off and landing (eVTOL) aircraft and drone development, as well as integrated solutions utilising its leading 5G network and digital expertise. The partnership was revealed in live demonstrations of eVTOL aircraft and drones powered by e& UAE’s 5G network.

Demonstrating its commitment to delivering outstanding customer service, e& UAE continued to drive innovation, expanding its market reach and opening the second AI-powered autonomous telecom store, ‘EASE,’ in Dubai Mall. The self-service telecom store is designed with cutting-edge technology to help customers seamlessly purchase products and services.

e& UAE has successfully implemented AI-driven solutions to enhance customer experience, resulting in over 30 per cent fewer technical calls and a 40 per cent reduction in technician visits.

In a strategic collaboration to foster economic growth, the company partnered with the Abu Dhabi Chamber of Commerce and Industry to empower Small and Medium Enterprises (SMEs), leveraging its expertise in digital technologies to facilitate digital transformation processes for SMEs in Abu Dhabi.

e& UAE brought Copilot for Microsoft M365, the transformative AI tool, to small and medium-sized businesses (SMBs) and enterprises. Copilot is an AI-powered assistant that integrates with various Microsoft 365 applications, seamlessly boosting productivity, creativity, and overall workflow efficiency while extending the data privacy and security of the Microsoft cloud.

Supporting Small and Medium Businesses, e& UAE celebrated business excellence by launching the third edition of its SMB Awards 2024, a benchmark for recognising and celebrating outstanding achievements of SMBs in the UAE.

Demonstrating its commitment to social responsibility and digital inclusion, e& launched an AI-powered browser extension called “Wider Web” to support an autism-friendly browsing experience. The free-to-use browser extension empowers autistic users and caters for their needs by offering a customisable, sensory-friendly web-browsing experience.

Marking an important step towards digitised education in the country, e& UAE launched its groundbreaking AI-powered platform, GoLearning. The e-learning platform redefines the learning experience, offering a vast library of over 10,000 accredited courses, including a generous selection of more than 4,000 free courses focused on professional and personal development. GoLearning empowers everyone to pursue endless learning opportunities and skill development, focusing on maintaining the highest quality content.

In its continuous effort to support young Emirati talents and empower them with opportunities in the private sector, e& held the 2024 edition of its virtual coding camp to enable students and teachers with the essential technical skills to navigate and succeed in today’s dynamic digital world. It also announced the opening of applications for the sixth cohort of its AI Graduate Programme, which is set to commence in September 2024.

In recognition of its efforts to provide a supportive work environment for employees, e& UAE attained the highest position in Brand Finance’s inaugural Employer Brand Report 2024 ranking as the Top Global Telecom Employer, marking yet another important milestone in its track record.

e& life

e& life, the business pillar of e& that enriches people’s digital lives, continued to embrace its vision of simplifying its services, releasing the updated version of the e& money app, which became the UAE’s number one fintech app in terms of monthly active users. e& money 2.0 now boasts full Arabic language support, making it accessible to a wider audience.

evision, the media and entertainment streaming arm of e& life, continued to enhance and develop its content library to meet the diverse requirements of MENA audiences. In the first half of 2024, evision recorded significant growth, surpassing 5.5 million subscribers. STARZ ON, its ad-supported streaming platform in the Middle East and North Africa, has been a key driver of growth.

The STARZ ON free experience was enhanced with a diverse range of content, including sports, Arabic and Turkish programming with Noor Play, and Mandarin and Korean programming with iQIYI. The strategic partnership with Noor Play also extends to cover a diverse range of premium content across Starzplay, eLife, SwitchTV and other e& platforms

To cater to the sub-continent audience, evision secured exclusive rights to the ICC Cricket World Cup and acquired exclusive rights to exciting Hotstar (Disney Star), Zee, and Viacom 18 content.

evision further solidified its entertainment offerings by signing multi-year deals with major studios including Sony Pictures Television and Amazon MGM. These deals bring the latest blockbusters, renowned classics, and family favourites from both cinema and television to Starzplay, eLife and Switch TV.

In addition, evision strengthened its sports portfolio by acquiring exclusive rights to UFC for the MENA region.

 e& enterprise

e& enterprise remains a powerhouse for digital transformation in the private and public sectors. Its innovative tech solutions and enhanced digital services continue to empower businesses across industries to achieve their goals and accelerate growth.

e& enterprise marked a significant step towards regional digital transformation leadership. It expanded its global footprint by acquiring GlassHouse, a leading Turkish provider of managed cloud, business continuity, and SAP infrastructure services. This strategic move grants e& enterprise entry into the pivotal Turkish market, positioning it for significant growth and expansion.

In the first half of 2024, e& enterprise signed two landmark collaboration agreements with Burjeel Holdings, including the launch of a pioneering telemedicine services project and an MoU to transform delivery models and redefine healthcare in the UAE and beyond. This strategic collaboration represents a transformative approach to healthcare that prioritises accessibility, efficiency, and sustainability across the region.

Pioneering a new approach to digital payments, e& enterprise forged a strategic partnership with Fils. This partnership establishes a sustainable digital payments model, empowering companies to provide customers with greater transparency.  Companies can now share the carbon footprint associated with each transaction, along with the option to offset emissions through reliable methods.

With Abu Dhabi Social Support Authority (ADSSA), e& enterprise developed the “House Visits and Interviews Management System.” marking a significant milestone in ADSSA’s digital transformation journey. The system streamlines social workers’ field visits, ultimately enhancing the efficiency and impact of social support services for low-income families in Abu Dhabi.

e& enterprise continues to champion digital innovation in the region. Through a strategic partnership with SAS, it brings cutting-edge AI solutions and advanced data analytics to businesses in the UAE and Saudi Arabia. This partnership empowers companies across various sectors to leverage the power of AI and data for operational improvements and informed decision-making. e& enterprise also signed an agreement with Dubai Public Prosecution (DPP) to develop the world’s first central digital system for remote investigation and litigation, streamlining the justice system and enhancing its efficiency and speed.

Reaffirming its commitment to accelerating Saudi Arabia’s digital transformation, e& enterprise entered a strategic partnership with the King Abdullah Financial District (KAFD) and the International Data Corporation (IDC). This project focused on analysing the Kingdom’s current digital landscape, e& enterprise’s investments in the region, and its alignment with the goals of Saudi Vision 2030. Creating jobs and boosting customer experience, e& enterprise opened a new state-of-the-art Contact and Customer Experience Centre in Riyadh equipped with the latest technologies to deliver exceptional customer service. The new facility is designed to support Saudisation and is expected to create over 1,500 new local job opportunities across administrative, technical, and specialist roles.

e& enterprise partnered with NICE to bring cutting-edge customer service solutions and the Contact Centre as a Service (CCaaS) platform to businesses in the UAE.

e& enterprise has joined forces with Payit, the leading e-wallet from First Abu Dhabi Bank, to streamline digital payment processes for businesses across the UAE. This strategic partnership leverages e& enterprise’s Payment as a Service (PaaS) platform to increase customer satisfaction and boost digital payment adoption rates.

Demonstrating its commitment to innovation, e& enterprise unveiled haifin, the new brand identity for its leading blockchain-based trade finance platform. Previously known as UAE Trade Connect, haifin simplifies and facilitates trade across the MENA region.

haifin welcomed three new members to its consortium which included two banks and one fintech, including Sharjah Islamic Bank which became the 14th bank to join the platform. Haifin is now ISO/IEC 27001:2022 certified and has 18 members including commercial banks, Islamic banks and fintechs.

e& enterprise, in collaboration with the National Health Insurance Company (Daman), has launched a global first – Hayakom, a revolutionary digital service chain for the health insurance sector. This innovative platform aims to significantly enhance customer service experiences within the UAE’s health insurance landscape.

e& international

e& international marked a significant step forward in its global expansion during the first half of 2024.

Uzbekistan’s Perfectum joined e& international’s Partner Market Programme in a strategic move designed to accelerate digital transformation within the country’s telecommunications sector. The programme offers Perfectum access to e& international’s extensive expertise and cutting-edge solutions. By leveraging this partnership, Perfectum can fuel business growth, drive innovation across industries, and play a key role in Uzbekistan’s digital future.

PTCL launched a new combined UPTCL app that covers PTCL, Ufone, and Flash Fibre in one app. The app is the first platform of its kind in Pakistan that serves as a single digital channel for wireless and fixed line customers to manage their connections, profiles, payments, and more.

e& Egypt launched e& Neo, in conjunction with Mashreq Bank , the first digital banking services in Egypt.

e& Egypt received the “Business Excellence Award – Egypt 2024”, earning special recognition for outstanding Culture and People Practices.

Onic, e&’s digital brand in Pakistan, secured a double victory at the Pakistan Digital Awards, clinching Best Mobile App and Digital Ambassador of the Year.

Etisalat Afghanistan acquired 15 MHz of spectrum in the 1800 and 2600 bands, holding the largest spectrum in the market.

e& capital

e& capital, the investment arm of e&, has become a major player in the Middle Eastern venture capital (VC) ecosystem. It has invested nearly US$ 150 million in startups that are shaping the future of technology in the MENA region and the world.

e& capital’s investments cut across various exciting technology-led industries, including AI, SaaS, edtech, healthtech, telecommunications, and entertainment, strategically complementing the group’s wide range of services. Key investments include Ikigai, an AI platform developed from MiT research that delivers highly accurate forecasts and time series predictions; Airalo, the global leader in travel eSIMs; and Traydstream, a platform digitising and automating the trade finance industry globally.

Global leaders to address: the evolving dynamics of fan engagement at New Global Sport Conference

By
Sahfy Sahfy
-
Global leaders to address ‘The Future of Fandom’ and explore the evolving dynamics of fan engagement at New Global Sport Conference
Global leaders to address ‘The Future of Fandom’ and explore the evolving dynamics of fan engagement at New Global Sport Conference

The second edition of the New Global Sport
Conference (NGSC) gathers visionary leaders from esports, gaming, business,
mainstream sports, and entertainment to explore this year’s theme ‘The Future of
Fandom’.
Hosted at the Four Seasons Hotel Riyadh At Kingdom Centre on August 24-25,
NGSC will discuss how fandom is evolving and its significant impact on business
planning, content creation, IP and media rights, marketing, and strategic community-
building.
NGSC will host sessions that will highlight the challenges and opportunities in
crafting a new global sporting legacy, the role of technology in shaping the future of
competitive gaming, and the art of storytelling in esports.
More than 60 global leaders from their respective sectors will share insights on
innovation, market expansion, and the creation of game titles designed to endure for
decades. The theme of the event is especially apt considering an astounding 67% of
Saudi Arabia’s native population identify as gamers.
The first speakers to be announced for this year’s #NGSC24 include:
● HRH Prince Faisal bin Bandar bin Sultan, Chairman of the Saudi Esports
Federation
● Ralf Reichert, CEO of the Esports World Cup Foundation
● Magnus Carlsen, World Chess Champion
● Toshimoto Mitomo, Executive Deputy President and CSO, Sony

● Lisa Hanson, CEO, Niko Partners
● Andrew Chen, General Partner, Andreessen Horowitz
● Dr. Songyee Yoon, Managing Partner of Principal Venture Partners and
Trustee of the Asian Art Museum Foundation of San Francisco
● Sir Leonard Blavatnik, Founder of Access Industries and Owner of DAZN
● Jann Mardenborough, Sim Racing & Motorsports Driver

Ralf Reichert, CEO of the Esports World Cup Foundation, said: “I’m thrilled about
the upcoming New Global Sport Conference, which will bring together some of the smartest and most experienced leaders across esports, gaming, tech, media, sports, and
entertainment, to dive into how esports redefines fan engagement. Building on the success of our first Esports World Cup and hosting it in Riyadh, we aim to spark conversations that will push the industry forward for years to come.”

The conference will focus on key themes such as ‘Fan Engagement in Sports and
Esports’ exploring the latest trends and strategies. These include the use of social
media, gamification, real-time interaction, personalized fan experiences, innovative
marketing tactics, and AI-driven content to enhance fan loyalty and drive growth.
Speakers at the conference will also shed light on the recent news about a historic
milestone for the development of esports, coming out from the International Olympic
Committee (IOC), partnering with the National Olympic Committee (NOC) of Saudi
Arabia to host the inaugural Olympic Esports Games 2025 in the Kingdom for the
next 12 years.

Global leaders to address ‘The Future of Fandom’ and explore the evolving dynamics of fan engagement at New Global Sport Conference

NGSC’s inaugural edition last year saw the unveiling of the first Esports World Cup –
currently taking place in Riyadh – and the Esports World Cup Foundation. The latter,
a non-profit organization, is dedicated to fostering collaboration within the esports
community and ensuring the sector’s long-term sustainability. Building on the
success of its inaugural event, the NGSC continues to grow, having integrated the
2022 and 2023 editions of the Next World Forum under its umbrella.
Together with the Esports World Cup and the Esports World Cup Foundation, NGSC
aligns with Saudi Arabia’s comprehensive National Gaming & Esports Strategy,
which was unveiled in 2022. The strategy is aligned with Vision 2030 and highlights
the Kingdom’s commitment to leadership and innovation in this global dynamic
sector.
Moreover, the strategy reflects Saudi Arabia’s vision to position the country at the
forefront of the global gaming landscape, create 39,000 jobs locally, and contribute
$13.3 billion to the Kingdom’s economy.

CIPS Global State of Procurement and Supply 2024 Report: A Comprehensive Insight into the Future of Procurement

By
Sahfy Sahfy
-
CIPS Global State of Procurement and Supply 2024 Report: A Comprehensive Insight into the Future of Procurement
CIPS Global State of Procurement and Supply 2024 Report: A Comprehensive Insight into the Future of Procurement

The Chartered Institute of Procurement & Supply (CIPS) recently published the highly anticipated Global State of Procurement and Supply 2024 report, in partnership with GEP. The survey, which gathered insights from chief procurement officers (CPOs), procurement directors, and heads of procurement and supply across 122 organisations with a combined turnover of $73 billion, sheds light on the evolving landscape of the procurement and supply function.

The report highlights the increasing influence of the procurement and supply function within organisations. An impressive 68% of respondents noted that the influence of procurement and supply is on the rise. In over two-thirds of the surveyed organisations, procurement and supply manage or influence 60% of spend on direct goods. Despite small team sizes (51% of which have fewer than 20 members), CPOs are making significant impact and commonly report to CFOs.

“Sustainability is a key focus for procurement leaders. The report reveals that 69% of organisations plan to invest in sustainability measures, and 77% have an ethical sourcing policy. Respondents believe that procurement has significant power to influence Environmental, Social, and Governance (ESG) issues. The challenge now is to build skills in managing sustainability effectively,” said Sam Achampong, Regional Managing Director, CIPS MENA.

Top 5 areas where procurement and supply will invest in the next 12 months:

  • Sustainability 69%
  • Digital technology 65%
  • Staff development and training 60%
  • Strategic sourcing 39%
  • Supply chain visibility 39%

Technological Advancements in AI and Automation

The role of technology and AI in procurement is another crucial finding. While automation is increasing, with 2% of procurement functions fully automated and 27% partly automated, the human element remains vital. A UK procurement leader noted, “Although automation is growing, it’s only making the relationship element more important to procurement success.” Investment in digital technology is a priority, with 65% focusing on this area in the next 12 months.

Addressing Supply Chain Shortages and Ensuring Continuity

Geopolitical factors are a major concern, cited by 69% of procurement leaders as a cause of potential supply chain disruptions. The report underscores the growing concern over supply chain shortages due to inflation, geopolitical uncertainty, and logistical disruptions. To ensure continuity of supply in a volatile world, strategies such as diversifying suppliers, insourcing, and holding more stock are critical.

To manage volatility and ensure continuity, procurement leaders are focusing on several strategies. Diversifying suppliers reduces dependency on any single source, insourcing critical components increases control, and holding more stock provides a buffer against disruptions. Leveraging data and technology also plays a crucial role in monitoring supply chains and predicting potential issues before they escalate.

“We’re incredibly excited about the year-one findings. It really is a treasure trove of insight into procurement and supply chain issues. It’s also a very senior-level insight,” Achampong added. “Our aim over time is to enable procurement and supply leaders to benchmark their function – and the pressures they’re facing – against other global professionals.”

The CIPS Global State of Procurement and Supply 2024 report provides invaluable insights for procurement professionals worldwide. As the function continues to evolve, the data and trends highlighted in this report will help leaders navigate the challenges and opportunities ahead.

ARAB BANK GROUP PROFITS GROW BY 25% TO $ 503MILLION FOR THE FIRST HALF OF 2024

By
شمس سيف
-
ARAB BANK GROUP PROFITS GROW BY 25% TO $ 503MILLION FOR THE FIRST HALF OF 2024

Arab Bank Group reported solid results for the first half of 2024, with 25% increase in net income after tax reaching $503 million as compared to $401 million for the same period last year. The Group maintained its strong capital base with a total equity of $11.5 billion.

Assets grew by 5% reaching $68.7 billion and at constant currency, the Group’s loans grew by 8% to reach $38.1 billion, and deposits grew by 6% to reach $50.5 billion.

Mr. Sabih Masri, Chairman of the Board of Directors, stated that the solid financial performance during the first six months underscores the successful execution of the bank’s prudent risk practices, diversified business model and its focus on core banking activities. Mr. Masri emphasized on the Group’s ability to continue achieving robust performance which reinforces its leading position in the market.

Ms. Randa Sadik, Chief Executive Officer, stated that the strong financial results reflect the bank’s robust assets base and strong capitalization. Ms. Sadik highlighted that the bank’s net operating profit grew by 11% driven by core banking activities coupled with controlled operating expenses. The bank continues to implement its digital strategy, expanding the offering of innovative digital solutions across the bank’s various business segments.

Ms. Sadik added that the bank’s balance sheet strength, solid capitalization, and high liquidity levels have well positioned the bank for sustainable growth. The Group’s loan-to-deposit ratio stood at 75.4% and credit provisions held against non-performing loans continue to exceed 100%. Arab Bank Group maintains a strong capital base that is predominantly composed of common equity with a capital adequacy ratio of 17.5%.

Arab Bank has recently received the “Best Bank in the Middle East 2024” award from New York-based international publication “Global Finance”, for the ninth consecutive year.

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