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Agility Global PLC Reports Q1 2024 Net Profit of $30.5 Million

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شمس سيف
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Agility Global PLC Reports Q1 2024 Net Profit of $30.5 Million

Agility Global PLC, a multi-business owner and operator and long-term investor in global and regional businesses, today reported Q1 2024 earnings of $30.5 million, or 0.58 cents per share. EBITDA grew 34% to $169.5 million, and revenue increased 5.6% to $979.4 million. (Note that figures for the comparable period are carved-out financials).

About Agility Global PLC

Agility Global PLC was listed on the Abu Dhabi Securities Exchange (ADX) on May 2, 2024. Agility Global operates under two segments.

The controlled-business segment holds the company’s operating entities, whose financial performance is consolidated and reflected in the company’s income statement. This segment include Menzies Aviation, the world’s largest aviation services provider by number of countries; Tristar, a global leader in fuel and chemicals storage, shipping and logistics; and Agility Logistics Parks, a leading owner and developer of industrial real estate in the Middle East, Africa and South Asia.

The investment segment holds the company’s minority investment stakes, mainly a 9% stake in DSV, the world’s third-largest freight forwarder; and its stake in Abu Dhabi’s Reem Mall.

“Agility Global’s results reflect a strong start to the year. We are seeing double-digit growth in EBITDA generated by our businesses.” said Agility Global Chairman Tarek Sultan. “Over the past few years, we have been refocusing the business and investing for future growth. Today, we are well positioned to take advantage of growth in promising segments, and our results are an indication that we are on the right track.”

Interim Dividends

Agility Global’s board has approved the distribution of $65 million as interim cash dividends. Shareholders registered on the company’s registrar as of the settlement date 24 May 2024 are entitled to the dividends.

Q1 2024 Performance

Controlled Businesses

For Q1 2024, the consolidated EBITDA of the controlled businesses was $160.8 million and revenue $979.4 million. This reflects increases of 40.1% and 5.6%, respectively, over the same period in 2023.

The results have been mainly driven by the following:

Aviation Services: Menzies

Menzies Aviation reported EBITDA of $87.6 million and revenue of $576.9 million for the first quarter of 2024, increases of 32.4% and 14.4% over the same period a year earlier.

Menzies’ growth is largely the result of improved organic performance in key markets, including Europe, the Middle East, and the Americas. Menzies continues to witness a post-COVID recovery in the OSEAA (Oceania, SE Asia, and Asia) region, where there are increased flight and cargo volumes. In the first quarter, several new projects also contributed positively to the results, among them launches of operations in Chile, South Africa, India/Bangalore cargo, Spain, and Belgrade, along with an expanded scope of operations in Iraq/Baghdad. The overall growth, combined with a continued focus on cost discipline, has resulted in margin improvement.

Fuel Logistics: Tristar

Tristar, a global leader in fuel and chemicals storage, shipping, and logistics, had a good start to the year. Although revenue declined by 8.4% in the first quarter due to winding down of some contracts and the sale of some ships, however, EBITDA grew by 48.2% to reach $64.3 million. This growth is driven by strong performance across Tristar’s diversified portfolio of services.

Industrial Real Estate: Agility Logistics Parks

Agility Logistics Parks (ALP), a leading developer of warehouse parks and light industrial facilities, reported EBITDA of $9.4 million on revenue of $12.7 million, increase of 32.2% and 22%, respectively. ALP’s growth was driven mainly by its Saudi Arabia operations, which experienced increased demand for warehousing space. ALP has operations in Saudi Arabia, UAE, Africa, and India with 3.65 million SQM of land.

Investments Segment

Agility Global holds non-controlling minority stakes in a number of businesses, both listed and non-listed. As of 31 March 2024, the carrying value of those stakes was roughly $4.2 billion with a net asset value of $3.1 billion. The main investments in this segment are in DSV and Reem Mall.

DSV is a Copenhagen-based logistics company and a global top three freight forwarder. Agility Global owns a 9% stake in DSV, making it one of the largest shareholders in DSV. The carrying value of this investment as of March 31, 2024, was $3.1 billion. DSV share price has been volatile this year. Declines have been partially offset by hedging 73% of this investment through a funded equity collar. Due to the accounting treatment, DSV’s share price movement is reflected through the company’s equity. Thus, the financial performance of DSV is not reflected in the Agility Global Profit & Loss statement.

Reem Mall – Agility Global is also an investor in Abu Dhabi’s Reem Mall on Reem Island. Agility Global’s investment in Reem Mall is through equity and convertible debt. The mall had a soft opening to the public in February 2023. To date, 163 units are trading, and almost 74% of Gross Leasable Area (GLA) is committed. More tenants are expected to announce openings in coming months. The mall is the region’s first, fully integrated omnichannel retail ecosystem with digital, e-commerce, and logistics capabilities. It brings together all consumer and retail services to ensure a seamless customer experience.

Recap of Agility Global Q1 2024 Financial Performance

Net profit stood at USD 30.5 million equivalent to 0.58 cents per share.

EBITDA increased 34% to USD 169.5 million, and margins stood at 17.3%.

Revenue increased 5.6% to USD 979.4 million.

Agility Global enjoys a healthy balance sheet with USD 10.4 billion in assets and USD 5.1 billion in Equity.

Reported operating cash flow was USD 46.2 million for the first quarter 2024. Agility Global spent a total of USD 44.6 million in CAPEX and investments.

Al-Mashat Discusses Preparations for Investment Conference with EU

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Sahfy Sahfy
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Al-Mashat Discusses Preparations for Investment Conference with EU & Calls for EBRD to Expand Private Sector Financing
Al-Mashat Discusses Preparations for Investment Conference with EU & Calls for EBRD to Expand Private Sector Financing

Dr. Rania Al-Mashat, Minister of International Cooperation and Governor of Egypt at the European Bank for Reconstruction and Development (EBRD), held a discussion session with Ms. Odile Renaud Basso, President of the EBRD, to discuss developments in the strategic partnership and the efforts made to advance development efforts, especially in light of enhancing relations between Egypt and the EU, reflecting on the the visit of the President of the European Commission to Egypt last March.

At the beginning of the meeting, the Minister of International Cooperation thanked the President of the EBRD for her efforts and fruitful cooperation over the past four years, to strengthen the relationship between the Bank and member states in a way that enhances development efforts, noting the vital role that the Bank plays as an active member in the system of multilateral development bank, , especially in light of the challenging global environment.

The two sides discussed the ongoing preparations for the investment conference scheduled to be held next June with the European Union within the framework of efforts to upgrade relations between the two countries. In this regard, the President of the EBRD applauded the national program that Egypt implemented with the IIMF to enhance macroeconomic stability and implement economic and structural reforms, and efforts to strengthen management of State-owned companies.

Al-Mashat, who holds the position of Vice President of the current session of meetings, confirmed that the Egyptian government appreciates the bank’s efforts and endeavors over the past years in supporting Egypt through the work team of the bank’s office in Egypt and its leaders, looking forward to more efforts and joint work to increase investments and implement many projects and providing support to the private sector, which is reflected in increasing job opportunities and improving citizens’ livelihoods through development.

She also indicated that the European Union will provide investment guarantees worth 1.8 billion euros to the private sector, and that the conference will represent a qualitative shift in Egyptian-European relations with the participation of all financial institutions as well as the private sector, which will encourage investment efforts in Egypt, calling on the EBRD to provide more financing tools to increase directed support to private sector companies in Egypt.

She noted that cooperation between Egypt and the EBRD has witnessed remarkable progress, as they worked closely at various levels, which supported the state’s efforts to achieve development and implement many priority projects, stressing the fruitful strategic relationship with the bank, as Egypt is a founding member. Since 2012, the relationship has developed continuously, bringing the investment portfolio to about 12 billion euros in 178 projects, more than 80% of these funds were directed to the private sector.

She stated that the most important characteristic of the bank’s investments in Egypt is that they are largely directed to the private sector, which is consistent with the state’s priorities and efforts aimed at increasing the involvement of the private sector in leading development efforts, developing small and medium enterprises, and supporting women entrepreneurs, explaining that during the past year, 1.3 billion euros were invested in 16 projects, 96% of which were directed to the private sector.

She pointed to Egypt’s appreciation for the partnership with the EBRD in implementing the energy axis within the country platform of the “NWFE” program, as a major development partner, as work is being done to mobilize the investments, financing, and grants necessary to implement renewable energy projects with a capacity of 10 gigawatts, and replace a number of traditional electric power stations. .

She stated that in light of global calls for the importance of cooperation between multilateral development banks and unifying efforts with member states to overcome development challenges and maximize the impact of the efforts made, the “NWFE” program is a model for this cooperation by creating constructive partnerships to enhance technical and financial cooperation in formulating and implementing it. The projects included within the program build on the comparative advantage of each partner.

Moreover, the meeting discussed efforts to expand the scope of the EBRD’s work to include more member states, especially on the African continent, as part of its efforts to support development efforts in various countries of the world. The Minister of International Cooperation pointed out the importance of establishing an institutional framework for tripartite cooperation between the Bank, member states, and newly-member states to enhance benefit from development efforts and exchange experiences on implemented projects.

Aramex Appoints Arqaam Securities as Liquidity Provider

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شمس سيف
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Aramex Appoints Arqaam Securities as Liquidity Provider

 Aramex (DFM: ARMX), a global leader in comprehensive logistics and transportation solutions, announced today that the Company has appointed Arqaam Securities LLC, a leading regional financial institution regulated by the Securities and Commodities Authority (SCA) of the UAE, as Liquidity Provider for its shares listed on the Dubai Financial Market (DFM).

Under the terms of the one-year agreement, Arqaam Securities will begin trading Aramex shares independently, by entering two-way daily quotes into the market trading system within the defined parameters of the mandate, and in compliance with the regulations and controls set by Dubai Financial Market (DFM) and SCA.  Arqaam Securities’ ownership of Aramex shares shall not exceed, at any time, 5% (five percent) of the total number of the Company’s listed shares. All regulatory approvals have been secured.

The decision to appoint a licensed liquidity provider as approved by the Board on December 8th, 2023, aims to enhance market liquidity for market participants and to reduce the spread between the bid and ask prices. By engaging a top licensed financial institution to provide liquidity services, Aramex demonstrates its dedication to facilitating smoother trading experiences for investors while reinforcing its position as a responsible and responsive participant in the DFM. Aramex shares have 50% free float and are 100% open to foreign investment. Aramex has two strategic shareholders, with Geopost owning 28% and Abu Dhabi Ports owning 22% in the Company’s shares.

Nicolas Sibuet, Chief Financial Officer, Aramex, said: “At Aramex, we are committed to exploring avenues that drive shareholder value, enabling greater flexibility and adaptability in navigating dynamic market conditions, while continuously striving for sustainable, long-term value creation for our shareholders.”

Veselin Tilev, Head of Market Making of Arqaam Securities, thanked the leadership team at Aramex for their trust and commented: “We are delighted to offer our liquidity provision services on the Dubai Financial Market to Aramex, further strengthening our commitment to fostering liquidity and promoting efficient trading in the region. With our extensive expertise and comprehensive understanding of the local market, we are confident that Arqaam Securities will provide a valuable contribution and facilitate efficient trading activity on the shares of Aramex in the DFM.”

Ardian announces QIA’s intent to anchor an investment commitment to Ardian Semiconductor

By
Sahfy Sahfy
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Ardian announces QIA's intent to anchor an investment commitment to Ardian Semiconductor
Ardian announces QIA's intent to anchor an investment commitment to Ardian Semiconductor

Qatar Investment Authority (QIA) has announced today its intent to anchor an investment commitment in Ardian Semiconductor, reflecting QIA’s commitment to a world-leading private investment house with a first-of-its-kind thematic fund, aiming to enhance the semiconductor industry in France and Europe. This investment demonstrates QIA’s position as the financial partner of choice in key technology sub-sectors, including semiconductor & semiconductor supply chain.

As a long-term, disciplined investor in technology, this intent to anchor this investment commitment also aligns with QIA’s efforts to work with diverse businesses at the forefront of innovation.

This investment commitment is rooted in a shared goal of advancing innovations in the semiconductor industry, driving the adoption and commercialization of semiconductor-related innovations globally.

This intent to anchor an investment commitment to Ardian Semiconductor demonstrates QIA’s belief in the pervasiveness of semiconductors in the world economy, and their impact on digital and green transformations across key sectors such as artificial intelligence, mobility or consumer technology.

Semiconductor & Semiconductor Supply Chain remain an important investment area for QIA across all regions. Other notable recent investments by QIA in this value chain include Kokusai Electric Corporation, a leading semiconductor manufacturing company with world-class technology, playing a key role in the evolution of semiconductor devices. In June 2023, QIA announced it took a minority stake in Kokusai Electric Corporation.

Dendra Systems Secures $15.76 million (£12.5m) in Series B Funding

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Sahfy Sahfy
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Dendra Systems Secures $15.76 million (£12.5m) in Series B Funding
Dendra Systems Secures $15.76 million (£12.5m) in Series B Funding

Dendra Systems, a leader in technology-driven ecological restoration, today announces the successful closure of its Series B funding round, raising $15.76 million1 (£12.5 million) to accelerate its mission of advancing global ecosystem restoration efforts. 

The round was led by climate tech investor, Zouk Capital, with significant participation from new investor Aramco Ventures and existing investor Airbus Ventures. Additional contributions came from existing investor Understorey Capital and several new investors including Helium-3 Ventures. 

Founded in 2014 and based in Oxford, Dendra Systems employs 87 dedicated professionals across the UK, Australia, UAE, and US.  The company provides an end-to-end RestorationOSTM solution to restore nature, powered by high-resolution data capture and drone-based seeding, and a comprehensive AI-enabled ecosystem insights platform. Dendra’s innovative approach is able to achieve targeted, rapid deployment of restoration efforts at scale, in addition to ongoing monitoring, management and reporting for the duration of multi-year projects.

Dendra is applying its market-leading RestorationOSTM technology and ecological expertise to enabling customers such as Rio Tinto, Glencore, Liontown, BHP, and the Environment Agency – Abu Dhabi (EAD), in achieving their environmental objectives. Currently managing over 70,000 hectares, Dendra is setting new standards in nature restoration, with demonstrated capabilities in mining, infrastructure, mangrove and arid ecosystem restoration. 

The fresh injection of capital will be directed towards Dendra Systems’ expansion into new geographical markets and the continuous enhancement of its pioneering AI-enabled ecology platform. These efforts aim to address the urgent need for large scale and efficient restoration solutions in the face of escalating environmental challenges within the mining sector and other industries critical to the energy transition. 

Dr Susan Graham, CEO Dendra Systems: “We are immensely proud of securing the support of these experienced and supportive investors as we embark on this next phase of growth. This funding will enable us to bring our AI-driven restoration solutions to more ecosystems around the world, helping to reverse biodiversity loss and mitigate the effects of climate change. Our RestorationOSTM technology and approach represent a game-changing opportunity for environmental monitoring and restoration, and we are excited to be able to double down on our efforts to empower environmental teams to reverse these global trends.”

John Higelin, Partner Zouk Capital: “The drive to revitalise our planet’s ecosystems is among the most pressing challenges of our era. As the global community strives towards environmental sustainability, Dendra Systems is tackling the critical task of ecosystem monitoring and restoration head-on and at scale. Zouk Capital is delighted to lead this Series B round, supporting Dendra’s mission to expand their impact globally. ” 

Bruce Niven, Executive MD, Strategic Venturing, Aramco Ventures: “We are excited about the potential of Dendra Systems’ technology to make a huge impact on biodiversity by restoring ecosystems, thus contributing to increasing plant species richness and habitat restoration, as well as its impact on forestry and mangroves plantation management, which is a key enabler for scaling nature-based solutions”.

Invest in African Energy (IAE) 2024 to Promote Investment in African Midstream, Downstream Sectors

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شمس سيف
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Invest in African Energy (IAE) 2024 to Promote Investment in African Midstream, Downstream Sectors

As Africa seeks to improve its supply of and access to refined petroleum products, a midstream and downstream-focused panel will explore investment opportunities in the sector at the Invest in African Energy (IAE) (www.Invest-Africa-Energy.com) forum, kicking off next week in Paris.

The session will uncover dynamic business, trade and partnership opportunities for pipeline projects across the continent, as well as crude oil storage facilities, fuel product tanks, oil refining and gas processing capacity and distribution infrastructure. In emphasizing the pivotal role these projects play in advancing Africa’s energy sector – by unlocking lucrative export revenue and delivering fuel to energy-hungry markets – the discussion will provide a roadmap to ensuring energy security and stability of assets, while minimizing environmental impact.

Organized by Energy Capital & Power, IAE 2024 is an exclusive forum designed to foster collaboration between European investors and African energy markets. Taking place May 14-15, 2024, in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors, and policymakers. For more information, please visit https://apo-opa.co/3wvcNUm.

Several massive infrastructure projects are underway across the continent, where midstream and downstream projects comprise more than half of the total oil and gas projects set to be deployed between now and 2028. In West Africa, Nigeria is developing the $3.5-billion Brass Methanol Plant to produce methanol, urea and ammonia, as well as completing the Train 7 Expansion Project at the Nigeria LNG plant, fueling LNG exports to the region. The Nigeria-Morocco Gas Pipeline is also underway, delivering Nigerian gas across 11 African countries to Morocco, and then onto Europe.

In East Africa, EACOP is set to transport oil from Uganda’s Tilenga and Kingfisher fields to Tanzania’s Port of Tanga for global export. The Uganda National Oil Company is also seeking partners for its Buloba oil storage project, which will be used as a strategic national fuel reserve unit and to facilitate exports. Meanwhile, billion-dollar integrated gas developments are unfolding across the continent – including three LNG facilities in Mozambique, Congo LNG, Tanzania LNG and more – boosting Africa’s gas liquefaction capacity and involving extensive pipeline infrastructure for processing and export.

HONEYWELL SIGNS STRATEGIC AGREEMENTS TO FURTHER SUPPORT IRAQI ENERGY SECTOR

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شمس سيف
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HONEYWELL SIGNS STRATEGIC AGREEMENTS TO FURTHER SUPPORT IRAQI ENERGY SECTOR

Honeywell (Nasdaq: HON) recently entered several Memoranda of Understandings (MoUs) with the Iraqi government and private sector, helping to support the local infrastructure as it faces increasing demand for energy and electricity. 

These agreements allow Honeywell to explore strategic collaborations for Iraq’s oil and gas fields, including the cessation of gas flaring and the provision of development, automation, remote control and monitoring services.

The MoUs were signed by Ken West, president and CEO of Honeywell Energy and Sustainability Solutions (ESS), who attended, along with members of his leadership team, a meeting hosted by the U.S. Chamber of Commerce. H.E. Prime Minister of Iraq, Mohamed Shia Al-Sudani, participated in the meetings, along with high-level Iraqi government officials and prominent private sector firms. 

West said: “Honeywell has done remarkable work in Iraq, and I look forward to what we can do with these agreements. While there has been significant development within the energy sector locally, there is still tremendous potential for growth and cooperation, all aimed at providing a more reliable and sustainable energy sector for Iraqis throughout the country.”

The agreement is a part of Honeywell’s commitment to provide the best solutions and global expertise to help drive better efficiencies and sustainability within the country’s energy sector. This also demonstrates Honeywell’s alignment and support of its portfolio to three compelling megatrends, including the energy transition.

Mohamad Shaboot, President Honeywell Iraq, said: “These agreements show a clear commitment by both Honeywell and the Iraqi public and private sectors to continue the modernization and development of local industry. The focus on the energy sector is only continuing to grow and it is incumbent upon all of us to put in place the necessary technology and rigor to help realize a better energy future for the entire region.”

Honeywell has been operating in Iraq since the 1970s and recently appointed Shaboot as country president. The company supports local industry across multiple pillars, including energy, smart buildings and aerospace.

ADNOC Drilling Awarded $1.7 Billion Contract to Develop UAE’s Unconventional Energy Resources

By
شمس سيف
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ADNOC Drilling Awarded $1.7 Billion Contract to Develop UAE's Unconventional Energy Resources

ADNOC Drilling Company PJSC (“ADNOC Drilling” or “the Company”) (ADX symbol: ADNOCDRILL / ISIN: AEA007301012) has been awarded, by ADNOC, a $1.7 billion contract to provide drilling and associated services for the recovery of unconventional energy resources. The contract will see Turnwell deliver 144 unconventional oil and gas wells.

To service the contract, and explore the considerable future opportunities in unconventional  resources, ADNOC Drilling has incorporated a new company, Turnwell Industries LLC OPC  (“Turnwell”). ADNOC Drilling has signed a term sheet to enter into a strategic partnership with Schlumberger Middle East SA (“SLB”) and Patterson-UTI International Holdings, Inc. (“Patterson-UTI”) subject to signing definitive agreements and any necessary regulatory  approvals. The new company will be primarily engaged in unconventional drilling operations.

Abdulmunim Saif Al Kindy, ADNOC Upstream Executive Director and Vice Chairman of  ADNOC Drilling, said:” Our goal at ADNOC is to provide the energy and energy products that people depend on every day to power their lives and ensure a just, orderly and equitable energy transition. This award will accelerate the development of Abu Dhabi’s world-class resources to meet the world’s growing demand for affordable, accessible energy. ADNOC  Drilling is perfectly placed to responsibly develop these resources. Utilizing partnerships, innovative AI, digitalization and advanced technologies we will unlock Abu Dhabi’s abundant  energy resources, to drive value for the UAE.”

Commenting on the announcement, Abdulrahman Abdulla Al Seiari, Chief Executive  Officer, ADNOC Drilling, said: “Abu Dhabi’s unconventional energy resources are among the  world’s largest. This award, for 144 wells is just the beginning. It represents a transformational opportunity for ADNOC Drilling as the UAE’s world class unconventional energy resources will  require many thousands more wells and we are in a prime position to deliver them. 

‘’It represents a significant expansion of our operations and specialist capabilities and to help  us with that, we have set up a new company called Turnwell, and have signed a term sheet with SLB and Patterson-UTI, for potential partnership and support with the latest technology,  specialist services and innovations in the unconventional energy drilling space subject to  signing definitive agreements and any necessary regulatory approvals.” 

Spearheading unconventional energy drilling development within the Middle East region and  securing the UAE’s unconventional energy needs and resources, ADNOC Drilling will leverage  cutting-edge innovations in AI smart drilling design, completions engineering, and production  solutions. This will be enabled by ADNOC Drilling’s recent joint venture with Alpha Dhabi,  Enersol, which will see its scalable technology ecosystem bolstered through investments in – and acquisitions of – AI-enabled solutions and innovative technologies.  

This award marks our latest endeavour to support the UAE’s position as a trusted and reliable  energy provider and is a key step towards ensuring the nation’s gas growth ambitions. The  award solidifies ADNOC Drilling’s leadership in the regional market while also providing a  strong new revenue stream for the Company.” 

This initial phase of unconventionals development is expected to employ up to nine land rigs,  of which five are already included in ADNOC Drilling’s fleet as of 31 December 2023. The  contract is expected to start contributing to ADNOC Drilling’s revenue towards the second half  of this year. The Company’s full-year 2024 and mid-term guidance only captures this initial  award, creating significant potential upside to our business and financials in the mid to long term. 

Unconventional energy refers to oil and gas resources trapped in subsurface reservoirs requiring additional technology and processes to unlock them. Abu Dhabi today holds an  estimated 220 billion barrels of unconventional oil and 460 TCF of unconventional gas in place.  The opportunity in unconventional energy presents outstanding scale with the production  potential comparable to some of the most plentiful unconventional energy resources in the  U.S. 

SLB (NYSE: SLB) is a global technology company that drives innovation for a balanced planet.  It has extensive experience and expertise in the recovery of unconventional oil and gas  resources in the Middle East and around the world. 

Patterson-UTI is one of the leading oilfield services companies in North America and has been  heavily involved in the development of the United States unconventional energy resources.  The company comprises an impressive collective of top-tier talent, equipment, and  technology. 

Islamic Development Bank unit, RVCMC sign MOU to develop “Blue Carbon Generation Project” in Maldives

By
شمس سيف
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Islamic Development Bank unit, RVCMC sign MOU to develop "Blue Carbon Generation Project" in Maldives

The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), a member of the Islamic Development Bank (IsDB) Group, signed a Memorandum of Understanding (MOU) with the Regional Voluntary Carbon Market Company (RVCMC) aimed to assist the Republic of Maldives in achieving its sustainability goals and addressing climate change’s impact.

The project aims to assess the potential and feasibility of generating “Blue Carbon Credits” from the Maldives Coastal Ecosystem (mangroves forests and seagrass meadows) and to facilitate the sale of generated credits to carbon markets.  This agreement was signed between Eng. Hani Salem Sonbol, CEO of ITFC and Riham ElGizy, CEO of RVCMC on the sidelines of the IsDB Group Annual Meetings held in Riyadh.

Commenting on the signing of the agreement, Eng. Hani Salem Sonbol, CEO of ITFC stated: “At ITFC, we prioritize sustainability in all our interventions aimed at supporting our Member Countries. Our commitment is to assist in the fight against climate change by partnering with national and regional efforts. This new collaboration with RVCMC and the Republic of Maldives is significant as it demonstrates the growing interest of our Member Countries in carbon credit. It also provides an opportunity for the Maldives to achieve its sustainability goals, which will benefit the population and the local economy.”

Riham ElGizy, CEO of RVCMC said, “The voluntary carbon market scales projects that mitigate the impact of climate change and promote sustainable development, and we see significant potential in developing blue carbon projects in the Maldives. By integrating carbon reduction and removal initiatives through the preservation and restoration of coastal habitats into its broader sustainability agenda, we believe that the Government of Maldives can achieve lasting positive climate impacts.”

This collaboration with RVCMC marks a milestone towards ITFC’s ambition to align with global environmental, social, and governance (ESG) practices and integrate environmental conservation with sustainable economic development, benefiting both the Maldives and the global fight against climate change.

Beautiful Child Prodigy on the Road to Global Success

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Sahfy Sahfy
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Beautiful Child Prodigy on the Road to Global Success
Beautiful Child Prodigy on the Road to Global Success

Congratulations to  malak Abdullah Mohamed Adel on winning the first place and obtaining the gold medal in the gymnastics competition at the national level.

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