Home Blog Page 72

ZAJEL Signs Agreement with DPWorld

By
Sahfy Sahfy
-
ZAJEL Signs Agreement with DPWorld
ZAJEL Signs Agreement with DPWorld

ZAJEL courier services, a leading courier and logistics service provider, has achieved yet another significant milestone with DPWorld. This agreement aims to enhance the efficiency and streamline the movement of shipments through the integration of advanced digital solutions.

Under the DF Alliance (DFA), ZAJEL signs an agreement with DP World for cutting-edge technology solutions by DP World as part of its forward-thinking vision. This transaction is centered on enhancing technology within the shipping industry, with the goal of improving and streamlining operations. This underscores Zajel’s commitment to harnessing advanced technology to significantly enhance the quality of shipping services, marking a pivotal step towards a more efficient and technology-driven processes

One of the key components of this agreement is the implementation of ERP integrated cargo flows solutions. This software solution will revolutionize processes by providing a unified platform to manage all operations. By increasing efficiency, effectiveness, and control, this integrated software solution will enable ZAJEL to minimize risks and disruptions, ensuring a seamless experience for their customers.

Present at the signing deal were, Mr. Ayaz Maqbool, Group VP of Digital Product Sales from DPWorld, and Nabeel Al Kharabsheh, General Manager of ZAJEL.

Speaking about this collaboration, Nabeel Al Kharabsheh stated, “We are thrilled to partner with DPWorld and integrate their advanced freight forwarding digital solutions into our operations. This collaboration will undoubtedly elevate our services and enable us to provide an unmatched experience to our customers.”

This agreement between ZAJEL and DPWorld marks an important step forward in the courier and logistics industry. By leveraging advanced digital solutions, both companies are poised to revolutionize logistical operations and set new benchmarks in efficiency and customer satisfaction.

Forbes Middle East’s Sustainability Leaders’ Summit Set to Shape the Green Agenda

By
Sahfy Sahfy
-
Forbes Middle East’s Sustainability Leaders' Summit Set to Shape the Green Agenda
Forbes Middle East’s Sustainability Leaders' Summit Set to Shape the Green Agenda

The Forbes Middle East Sustainability Leaders’ Summit 2023 will convene international leaders in sustainability, technology, finance, and policy at the Rixos Premium Saadiyat Island in Abu Dhabi from November 1-3, 2023. Under the theme: “Driving economic growth for a greener world,” the highly anticipated event will be chaired by His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade for the U.A.E.

The Forbes Middle East Sustainability Leaders’ Summit 2023 will play a crucial role in the global push for environmental conservation and sustainable development. The summit is a timely demonstration of the potential and progress of energy transition in the region.

The gathering of international leaders in sustainability, technology, finance, and policy will serve as an invaluable platform for discussing, innovating, and driving global strategies toward sustainable living. Taking place before the United Nations COP28, it will set the tone for international and regional dialogue and decision-making, allowing the world’s leaders to approach the conference with informed perspectives, ambitious goals, and actionable strategies for combating climate change.

Participants can expect an engaging and comprehensive program featuring keynote addresses, panel discussions, interactive workshops, and networking opportunities. The agenda will cover a wide range of topics, including ethical global commerce and movement, strategies for decarbonizing industries, sustainable finance, impact entrepreneurship, sustainable tourism, climate-smart cities, mobility systems, sustainable consumption, and resource conservation.

“We are so excited to be bringing together some of the region’s most influential leaders in sustainability to debate the most pressing issues today and find solutions that will have a measurable impact on our transition to a greener economy,” said Khuloud Al Omian. “We all have a responsibility to protect our beautiful planet for future generations.”

Innovation is the key driver for developing and bolstering the local and regional green economy. Advancements in sustainable technologies and practices, ranging from renewable energy solutions to waste management systems, have the potential to dramatically reshape the economic landscape of the region. Not only can they replace or reduce reliance on traditional, environmentally harmful industries, but they can also create new avenues for job creation and economic growth.

By fostering entrepreneurship and attracting global investments, the U.A.E. and its neighboring countries aim to become leading hubs for green innovation. This transformation is not only crucial for regional sustainable development, but it also sets a precedent and provides a replicable model for similar regions around the globe. In turn, this boosts the global green economy and helps to meet the goals of the Paris Agreement and other international environmental commitments.

The Forbes Middle East Sustainability Leaders’ Summit promises to be an impactful event that will empower global leaders, industry experts, and stakeholders to address the most pressing environmental challenges of our time. By accelerating the transition toward a greener, more sustainable world, the summit aims to create a legacy of sustainable development and prosperity for future generations.

e& reports outstanding Q3 financial and operational results

By
Sahfy Sahfy
-
e& reports outstanding Q3 financial and operational results delivering 20 per cent growth in net profit
e& reports outstanding Q3 financial and operational results delivering 20 per cent growth in net profit

e& today announced its consolidated financial results for Q3 2023 reporting consolidated revenues of AED 13.4 billion with a YoY increase of 3.3 per cent while consolidated net profit was AED 3.0 billion, a year-over-year increase of 20 per cent.
At constant exchange rates, consolidated revenue increased by 8.0 per cent and consolidated EBITDA increased by 6.9 per cent , resulting in a resilient EBITDA margin of 51 per cent.

The number of etisalat by e& subscribers in the UAE reached 14.0 million in Q3 2023, representing an increase of 4.7 per cent over the same period last year, while aggregate group subscribers reached 167 million, a 3.3 percent increase.

Hatem Dowidar, Group CEO, e&, said: “e&’s strong performance this quarter is a testament to our resilience, and commitment to deliver value and growth to our customers and shareholders. We will continue our focus on championing innovation to enrich the lives of our customers and make a positive impact across the societies we serve. We remain committed to lead the change by taking our first steps in sustainable mobility and transforming our business with AI powered solutions while realising our vision of digitally empowering societies.

Looking ahead, we will continue to push the boundaries of technology and innovation, while our strong performance serve as a stepping stone toward a future where we continue to pioneer advancements and create even more value for all our stakeholders. Thanks to our talented teams, loyal customers and shareholders for their continued trust and support to our vision. Together, we are poised for even greater achievements to come in the near future.”

Key highlights and developments for Q3 2023

e&: A global technology pioneer pushing digital boundaries

The world’s first AI-empowered autonomous telecom store ‘EASE’ was introduced as part of the trajectory of innovation using ground-breaking technology to allow customers to seamlessly purchase products and services. e& also took a major step to support electric mobility in UAE with the soft launch of ‘Charge&Go’, an end-to-end holistic EV charging solution.

In line with e&’s commitment to climate action and sustainable community growth, the Group proudly became the ‘Principal Technology Partner’ for COP 28. It has also joined the World Economic Forum’s EDISON Alliance to promote global digital inclusion for more than 30 million people in markets the e& serves.

In addition, a collaboration with the UAE Ministry of Education aims to nurture a digital-first mindset among students using next-generation digital tools. Etisalat Academy partnered with Earthlink to launch a telecoms training academy in Iraq focusing on GPON FTTH network systems.

On the global front, e& has joined forces with international giants such as SK Telecom, Deutsche Telekom, Singtel and Indosat to launch a global alliance in AI for telecoms. This alliance will pave the way for new innovations and co-development of the Telco AI platform. A partnership with Indosat promises to improve voice communication between Indonesia and the UAE by providing high quality IDD services.

e&’s achievements were celebrated at the Carrier Community Global Awards 2023by being named: ‘Middle East Operator of the Year’ for the third consecutive year. Its network technology prowess was also recognised with the World Teleports Association’s Tier 4 certification for its Tawi al Saman and Jebel Ali teleports.

For its excellence in governance and best practice, the Group’s legal and compliance team won ‘Middle East In-House Legal Team of the Year’ and ‘Technology, Media and Telecommunications In-House Legal Team of the Year’ at the Thomson Reuters ALB Middle East Law Awards 2023.

etisalat by e&: Revolutionising the telecom and digital sectors
etisalat by e& strengthened its market position through technological advances and strategic alliances by continuing to expand its 5G services, introducing 5G Stand-Alone for mobile users, following the launch of the 5G SA service for Fixed Wireless Area (FWA) users. Collaborations have extended to Microsoft, resulting in a new AI-powered virtual assistant. Its commitment to cyber security has resulted in an alliance with the UAE Cyber Security Council. The first batch from Etisalat Academy’s Cyber Sniper Programme graduated, a program designed to fortify UAE government employees’ cybersecurity skills.

Furthermore, etisalat by e& introduced a groundbreaking social cloud-gaming platform ‘the Arena Challenge’, powered by OnMobile Global’s ONMO. Innovations such as ‘uTAP’ and bespoke commercial offerings reinforced its technology-driven philosophy.

etisalat by e& has launched tailored solutions packages for start-ups and micro-enterprises this quarter, as well as Wi-Fi as a service to improve business connectivity.

Underlining its leadership during the third quarter, etisalat by e& achieved TM Forum Silver certification for Open API compliance, a first in the MENA region. Its pioneering spirit shone through with the world’s first successful trials of high-capacity transmission networks and 5G milestones, such as a breakthrough with a successful mmWave pilot deployment over 10km and a record downlink speed of over 13Gbps in partnership with Ericsson.

It’s commitment to HR innovation earned it the title of ‘Employer of the Year’ at the GCC GOV HR Awards 2023. A partnership with the Emirati Talent Competitiveness Council (ETCC) has resulted in exclusive offers for Emiratis in the private sector enrolled in the Nafis programme.

e& international: building digital brands and expanding the partner network

Launched the digital brand ‘Onic’ in Pakistan as part of its partnership with Circles to elevate digital experiences for digital-native customers of Mobile Network Operators (MNOs). Sudatel and Pakistan based Perfectum mobile joined the partner network programme that supports the growth of global telecom operators, offering access to market best practices, cutting-edge services, and the benefits of e&’s scale to telecom operators around the world.

Strategic partnerships during the quarter also included but not limited to a collaboration with Vodafone Business that resulted in the acquisition of a major customer, to develop a software-driven network. The two companies plan to work with existing multi-national enterprise customers that would benefit from their combined offerings, operational scale, and complementary geographic footprint.

e& life: Redefining entertainment and digital financial services

e& life made significant progress in the third quarter, enhancing its offerings by redefining media, entertainment and digital financial services in the region. evision with STARZPLAY continued to pioneer and innovate in the MENA entertainment market with strategic developments on original productions and acquisition of exclusive key sport rights for MENA (such as Cricket ICC World Cup or Rugby World Cup). The financial sector saw the launch of the e& money prepaid card and the introduction of rewards on prepaid card spends. Customers can earn 1 per cent cash rewards with every purchase, the most competitive prepaid card offering in UAE. e& money’s remittance service saw a spike in transactions with their highest peak achieved in Q3.

e& enterprise: At the forefront of digital transformation

e& enterprise continued its success in the third quarter, pioneering digital transformation across various sectors. The company’s strategic initiatives and partnerships have positioned it as a leader in driving innovation and sustainable practices.

The company moved forward with milestones such as the launch of the e& enterprise Innovation Centre. In line with the objectives of the Abu Dhabi Industrial Strategy (ADIS), e& enterprise collaborated with the Abu Dhabi Department of Economic Development (ADDED) to enhance and share experiences in the areas of Industry 4.0 and sustainability manufacturing. e& enterprise’s fintech blockchain platform, UTC had Al Masraf join as a new member of its banking consortium.

The digital payments horizon has been expanded through the collaboration with Tap Payments, and the commitment to providing cutting edge digital infrastructure has been strengthened through the partnership with Informatica to accelerate data modernisation and governance in the UAE.

e& capital: Spearheading investment and tech innovation

e& capital demonstrated strategic foresight in the third quarter via driving innovation and investments in promising startups enabling cutting-edge technologies. At the forefront of technology innovation, the firm participated in the $25 million Series A funding round for Ikigai Labs, a startup committed to bringing generative AI to tabular data. e& capital also led a $5 million Series A funding round for Maxbyte, driving the industry 4.0 revolution in the MENA region. Additionally, e& capital led the $60 million Series B funding round for Airalo, the global eSIM marketplace enabling travelers with seamless connectivity

Al Baraka Group is the Strategic Sponsor of the 2nd Al Baraka Summit in London

By
Sahfy Sahfy
-
Al Baraka Group is the Strategic Sponsor of the 2nd Al Baraka Summit in London
Al Baraka Group is the Strategic Sponsor of the 2nd Al Baraka Summit in London

To further solidify its commitment towards the support and development of the Islamic banking sector in the Kingdom of Bahrain and internationally, Al Baraka Group (“ABG” or the “Group”) was the Strategic Sponsor of the 2nd Al Baraka Summit. The event was held at JW Marriott Grosvenor House, in London on October 28-29, 2023 under the theme ” Islamic Economy in The United Kingdom: Reality and Opportunities”, where London has long been recognized as a global centre for various financial activities, insurance, fund management, Islamic finance and consultancy, making it an influential hub with a rich historical legacy. 

This year’s edition brought together those interested in the Islamic economy from various sectors, including policymakers, industry leaders, specialists, and scholars coming together who shared their valuable insights and innovative ideas, contributing to the shaping of the unprecedented future of the Islamic economy.

The purpose of the summit is to revive the understanding of the Islamic economy in the United Kingdom. It aims to expand the reach of the Islamic economy to various governments and institutions and increase its impact on different organizations and the government, as well as highlight the thriving Islamic banking and investment sectors in Europe and the UK. 

The first day of the Second Al Baraka Summit in London covered diverse aspects of the Islamic economy and finance. These sessions included discussions on the Emergence of Islamic Finance and Banking, The Legacy of Islamic Economy, Islamic Investment Solutions, Islamic Banking Sector’s role in Sustainability and Fulfilling Societal Responsibility, and The Islamic Non-Profit Organisations in the UK. 

On the second day of the Summit, a professional workshop titled “The Executive Program for the Effective Regulation and Supervision of Takaful Institutions” was held in collaboration with the Islamic Financial Services Board (IFSB). The workshop covered various topics related to Takaful, including its concept and contemporary frameworks, principles, objections to traditional insurance, modern structures, governance, Sharia compliance, fiduciary responsibilities, capital adequacy, and future opportunities. 

According to Saleh Kamel Islamic Economy Database, the UK is a leading centre for Islamic finance in the Western world. It has five Islamic banks, which account for about 30% of the total Islamic banks in Europe. The UK also has a significant number of Islamic windows in traditional banks which are estimated to be more than 50% in the continent, and 53 growing fintech companies account for 65% of Europe and 11% of the whole world diversify between trading and investment companies, alternative finance, digital banks, social finance

Emirates Integrated Telecommunications Company PJSC Reports its Q3 2023 Results

By
Sahfy Sahfy
-
Emirates Integrated Telecommunications Company PJSC Reports its Q3 2023 Results
Emirates Integrated Telecommunications Company PJSC Reports its Q3 2023 Results

 Emirates Integrated Telecommunications Company PJSC (“EITC”) announced its financial results for the quarter-ended 30 September 2023, with Net Profit that soared by a remarkable 57.7% to AED 504 million, its highest quarterly level over the last three years. The sustained demand for postpaid mobile and fixed services resulted in service revenues growth of 5.5%, pushing the total quarterly revenues to AED 3.3 billion. EBITDA rose by 13.8% to AED 1.48 billion and Operating cash flow increased by 65.1% to AED 956 million.

Operating highlights 

  • Our mobile customer base grew 9.4% year-over-year to 8.1 million subscribers, demonstrating our ability to retain and attract new customers through the provision of innovative products, services and solutions. The rising demand from the enterprise sector for mobile services coupled with steady growth in the consumer segment delivered a ninth consecutive quarter of postpaid net-additions (32,200) with total postpaid subscribers reaching 1.6 million. Our prepaid customer base grew 9.2% year-over-year closing at 6.5 million customers, driven by attractive and unique offerings. 
  • Our fixed customer base continues its double-digit growth reaching 573,000 broadband customers. Our broadband strategy built around offering various means of access consistent with our customer needs supported a 12.4% year-over-year growth and an addition of over 13,000 customers over the quarter. 

Financial highlights 

  • Revenues grew 3.7% to AED 3,291 million. Mobile service revenues continue to grow at a steady pace, recording a 5.7% growth to AED 1,525 million. Fixed services revenues were at AED 939 million, registering another quarter of consistent growth at 5.3%. In aggregate, service revenues increased 5.5% to AED 2,464 million. Other revenues recorded a slight decline of 1.5% to AED 827 million due to lower hubbing and handset revenues partially offset by the growth in roaming and ICT service revenues. 
  • EBITDA was at 1,483 million, representing an increase of 13.8% year-over-year. The important growth in EBITDA was primarily driven by higher service revenues and an improved gross margin resulting in particular from a better revenue mix and the favorable impact of optimizing our content strategy. EBITDA improvement was also the result of our ongoing commitment to cost optimization and operational efficiency, which led to a 2.8% reduction in Opex.
  • Net Profit jumped 57.7% to AED 504 million primarily due to higher EBITDA, higher interest income and one-off reversal. 
  • Capex spend was at AED 527 million (capital intensity of 16.0%). We continue to direct the majority of our spend towards 5G deployment to enhance indoor coverage, our ongoing IT transformation and the expansion of our fibre network.
  • Operating free cash flow (EBITDA – Capex) was up 65.1% at AED 956 million following EBITDA growth and the normalization of Capex. 

Financial summary

AED million Q3 2022 Q3 2023 change
Revenues 3,175 3,291 3.7%
EBITDA 1,303 1,483 13.8%
Net Profit 319 504 57.7%
 
Capex -724 -527 -27.1%
Capital intensity 22.8% 16.0% 6.8pp
Operating free cash flow 579 956  65.1%
 

Fahad Al Hassawi, CEO said:  “We were able, once again, to deliver an excellent quarter recording growth on all our financial and operational KPIs and to report the highest quarterly net income over the last 3 years. This outstanding financial and operational performance reflects the disciplined execution of our strategy, our commercial dynamism and the continuous innovation that we have been bringing to the market.

During this quarter, we have been very active pushing further the deployment of our 5G network which reached 98.5% coverage and is now transporting significant part of our traffic. We continued innovating through the products and services we offer, which now includes the Business Starter offering and Esaad promotions. We also continued expanding our partnerships with the government and private sectors, such as MOHRE and GoDaddy. By end of the quarter, we added 85,700 mobile customers, 32,200 postpaid and 53,500 prepaid, and 13,800 fixed customers.

The growth of our quarterly service revenues at 5.5%, coupled with a rigorous management of our cost base allowed us to register a double-digit growth on all our major profitability KPIs: 13.8% on EBITDA, 65.1% of Operating cash flow and 57.7% on Net Profit. We continue to invest in our IT infrastructure and 5G rollout to enhance our customer experience and to create and unlock shareholder value while conducting our transformation journey towards a leading digital telco.”

 

Mitsubishi Power and Egypt Ministry of Electricity and Renewable Energy Sign Agreement

By
Sahfy Sahfy
-
Mitsubishi Power and Egypt Ministry of Electricity and Renewable Energy Sign Agreement
Mitsubishi Power and Egypt Ministry of Electricity and Renewable Energy Sign Agreement

Mitsubishi Power, a power solution brand of Mitsubishi Heavy Industries, Ltd. (MHI) today announced a contract agreement with the Egyptian Ministry of Electricity and Renewable Energy, for the upgrade and reliability of the Sidi Krir and El-Atf power plants, extending the previous agreement signed in 2021.

The agreement extension was signed at a ceremony which took place at the St Regis Almasa Hotel in Egypt’s New Administrative Capital in Cairo and was attended by H.E. Dr. Mohamed Shaker, Egyptian Minister of Electricity and Renewable Energy, Eng. Gaber Desouki, Chairman of the Egyptian Electricity Holding Company (EEHC), Mr. SHIMIZU Kazuhiko, Counsellor, Embassy of Japan in Egypt, Mr. KATO Ken, Chief Representative of Japan International Cooperation Agency (JICA) Egypt Office, and Dr. Javier Cavada, President and CEO of Europe, Middle East and Africa at Mitsubishi Power, Khalid Salem, President at Mitsubishi Power MENA, accompanied by high ranking officials and representatives from the Ministry of Electricity and Renewable Energy, EEHC which leads the power generation and transmission operations in Egypt, the Embassy of Japan in Egypt (EoJ), JICA Cairo Office, and senior executives from Mitsubishi Power.

This JICA-financed agreement extension, follows the successful ongoing execution of a long-term service agreement (LTSA) signed in May 2021 for six M701F Gas Turbines at Cairo North, Sidi Krir and El-Atf power plants, which extended the power plants’ lifespan, improved power supply stability, reduced maintenance downtime and costs, and positively contribute to recovering performance, resulting in fuel savings and lessening the effects of climate change.

H.E. Dr. Mohamed Shaker, Egyptian Minister of Electricity and Renewable Energy, commented on the agreement with Mitsubishi Power saying: “Egypt and Japan celebrate strong bilateral relations across multiple sectors. Our longstanding partnerships have not only strengthened bonds of friendship and alliance, but have propelled growth, particularly in the power and critical infrastructure sectors; thus, contributing to the socio-economic development of our nation. Our partnership with Mitsubishi Power enables us to harness the power of innovation, technology, and expertise of our Japanese partners to enhance power generation and efficiency to ensure energy security and availability to power Egypt’s growing demand for electricity.”

H.E. Dr. Shaker added: “We are also very looking further for more collaboration with Mitsubishi Power and Japan in the field of decarbonization and green hydrogen infrastructure development.”

Sidi Krir and El-Atf plants power hundreds of thousands of homes and businesses in the western Alexandria and middle Delta regions via the reliable Egyptian unified electrical grid. Upon completion of the plants upgrades, the gas turbines efficiency improved by +2.5% on average with an increase in the power generation capacity of +6% (MW).

Dr. Javier Cavada, President and CEO of Europe, Middle East and Africa at Mitsubishi Power, said: “We are proud to be here today with our Egyptian partners to celebrate the success and continuation of our collaboration to support the critical power sector in Egypt, which is a pillar of the country’s economic development. This latest agreement harnesses Mitsubishi Power’s heritage in Egypt, built on delivering our industry-leading, reliable technology and service excellence and ensure the availability of power for the people of Egypt.”

Dr. Cavada added: “We are committed to continue supporting the growth and advancement of Egypt’s energy sector, as it pursues its ambitious energy transition and fulfill its vision to build a hydrogen ecosystem and regional decarbonization hub, with our cutting-edge and comprehensive carbon neutral technologies.”

Mr. KATO Ken, JICA Chief Representative Egypt Office said: “Relations between JICA and the Government of Egypt have strengthened in recent years, and we have made significant progress towards expanding cooperation on sustainable development and Climate Change, particularly in the field of energy. In pursuit of the Paris Agreement and towards the fulfillment of Egypt’s Climate Strategy and Nationally determined contributions, this latest project with Mitsubishi Power adds to the successful projects JICA has had with the Government of Egypt, reflecting Japan’s continued support for this crucial sector, and the sustainability and reliability of Japanese technology.”

Munjz Prop-Tech Platform Unveils Innovative New Features

By
Sahfy Sahfy
-
Munjz Prop-Tech Platform Unveils Innovative New Features
Munjz Prop-Tech Platform Unveils Innovative New Features

Munjz, the leading Saudi-based prop-tech cloud platform, is thrilled to have recently unveiled a range of innovative new features at MEFMA – Riyadh, revolutionizing the property management landscape. These innovative additions will empower users to streamline their property management operations, enhance the customer journey, and gain critical insights into maintenance and finances.

One of the key highlights of the live new update is the introduction of the In-House Technician Management SAAS module, which allows users to add their own technicians, enhancing the customer journey and user experience. It empowers companies to manage their technician teams and facilitates the connection between customers and technicians, all within the Munjz comprehensive platform. Users can now build their own service catalog, track order workflows, and communicate efficiently with stakeholders through the app.

Munjz is introducing Asset Management, a feature that enables users to gain insights into the life of maintenance. It will track how many times services have been called, the number of issues resolved, details on what was fixed, when and at what cost, and whether any components needed replacing. Helping track how many times services have been called on a certain asset. The new feature provides a comprehensive overview of maintenance history, helping users make informed decisions.

The Wallet Update is a major enhancement to the financial tracking aspect of Munjz as it improves the visibility of transactions within the app. Also enabling finance teams to easily read transactions and document all invoices and financial activities on the platform to streamline financial management and provides a clear record of transactions.

The updated dashboard will provide users with more data and key performance indicators (KPIs) in a user-friendly and visually appealing format. Decision-makers will be able to easily monitor and analyze performance metrics, making data-driven decisions more accessible.

Munjz is also introducing Pay & Subscription Fees, designed to offer flexible pricing based on the number of units and industry. Munjz’s software focuses on affordability, helping clients plan for their future expenses as they grow. This simplifies cost tracking, making it easier for property owners and managers to forecast their expenses accurately.

Abdullah AlDaij, Founder and CEO of Munjz, expressed his excitement about the new features at MEFMA – Riyadh, stating, “We are committed to providing property owners and managers with the most comprehensive and user-friendly property management platform. These new features will not only enhance the user experience but also empower our clients with powerful tools to manage their properties effectively.”

With these features, Munjz continues to set new standards for efficiency and growth within the property management sector. Patrons can now access these enhancements as the platform further revolutionizes property management in Saudi Arabia.

HC believes the MPC is to increase the policy rates by 1% in its coming meeting

By
Sahfy Sahfy
-
HC believes the MPC is to increase the policy rates by 1% in its coming meeting
HC believes the MPC is to increase the policy rates by 1% in its coming meeting

Financials analyst and economist at HC, Heba Monir commented: “ We expect Egypt’s inflation to continue rising by 2.6% m-o-m and 38.0% y-o-y in October, similar to September’s figure, reflecting supply shortages of essential commodities and products mainly caused by the curbing of importation, exporting some crops and lack of USD availability and the seasonality effect of the partial start of schools and universities’ academic year. Moreover, Moody’s and S&P downgraded the Egyptian government’s long-term foreign and local currency issuer ratings with a Stable outlook.

Besides the reasons mentioned by the rating agencies for the rating downgrade mostly related to Egypt’s worsening debt affordability, other concerning factors include  (1) the surge in Egypt’s 1-year CDS to 2,013 bps from 1,230 in mid-September, (2) the widening of the gap between the parallel and official FX rates to as much as c50% and c30% between the Real Exchange Rate (RER) and Real Effective Exchange Rate (REER) models, based on our calculations, (3) the increase of the inflation differential between the US and Egypt to 34.4% in 4Q23 from 33.8% in 3Q23, and (4) the increase of the 12M yield on US treasuries to 5.42% currently from 4.67% in January 2023 while Egypt offers a negative real yield of 4.0% currently on its 12M T-bills, based on the latest 12M T-bills auction offering a nominal yield of 26.4% compares to a positive real yield of c2.7% on US treasuries. For Egypt’s real yield calculation, we used a 15% tax rate for US, UK, and Europe investors) and an average inflation rate of 26.4% for for FY24. We also estimate that the 12M T-bills required return is c28%.

On a more positive note, Egypt’s overall balance of payment (BoP) recorded a surplus of USD601m in 4Q22/23 and USD882m as well in FY22/23. Net international reserves (NIR) increased by 5.34% y-o-y and 0.12% m-o-m to USD35.0bn in September, and deposits not included in the official reserves increased by c6.4% m-o-m and 3.82x y-o-y to USD5.05bn in September. Egypt’s banking sector’s net foreign liabilities (NFL) narrowed by USD585bn m-o-m for the second consecutive month to USD25.7bn in August due to a USD995m m-o-m decline in the CBE’s foreign liabilities, according to CBE data.

Excluding the CBE, the banking sector’s NFL widened by USD220m m-o-m to USD16.4bn due to a larger drop in banks’ foreign assets (excluding the CBE) by USD868m m-o-m versus a decline of USD648m m-o-m in banks’ foreign liabilities. Based on Egypt’s economic situation, and although the inflation spike is supply-driven rather than demand-driven, we forecast a total 200 bps policy rate hike before year-end, including 100 bps for the 2 November meeting as we believe that the rate hike may help defend the currency against dollarization and purchases of gold by Egyptian citizens, despite that we would still be in negative real yield territory until inflation normalize again.”

It is worth mentioning that, in its 21 September meeting, the Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) decided to maintain the benchmark overnight deposit and lending at 19.25% and 20.25%, respectively, after it increased it by 300 bps y-t-d and 800 bps in 2022. Egypt’s annual headline inflation accelerated to a record of 38.0% in September from 37.4% y-o-y in August, according to the Central Agency for Public Mobilization and Statistics (CAPMAS) data. Monthly prices rose 2.0% m-o-m in September compared to a 1.59% m-o-m increase in the previous month.

On the global front, the US Federal Reserve raised interest rates in July by 25 bps to a range of 5.25-5.50%, a total of 100 bps y-t-d and 425 bps in 2022, with most expectations likely to maintain rates in its meeting next week, according to Bloomberg.

Dr. Ahmed Heikal Participates in FII7 Plenary Session on New Geoeconomics Strategies in Riyadh

By
Sahfy Sahfy
-
Dr. Ahmed Heikal Participates in FII7 Plenary Session on New Geoeconomics Strategies in Riyadh
Dr. Ahmed Heikal Participates in FII7 Plenary Session on New Geoeconomics Strategies in Riyadh

Qalaa Holdings Chairman and Founder Ahmed Heikal participated in the plenary session of the 7th edition of the Future Investment Initiative, titled The New Compass, in Riyadh, Saudi Arabia, on 24 October, 2023. The session, titled New Geoeconomics Strategies, was moderated by Ryan Chilcote, Special Correspondent at PBS NewsHour, and saw H.E Faisal bin Fadhil Alibrahim, Kingdom of Saudi Arabia’s Minister of Economy & Planning, Ahmed Heikal, Chairman and Founder of Qalaa Holdings, William E. Ford, Chairman and CEO of General Atlantic, and H.E. Mohamed Alabbar, Founder and Chairman of Emaar Properties.

The session focused on the new geoeconomic landscape and tackling growth and prosperity amid prevalent challenges, covering a wide range of topics such as innovation, digitalization and AI, social welfare, and space exploration.

Commenting on the current geoeconomic situation, Qalaa Holdings’ Chairman and Founder Ahmed Heikal said: “The current global situation is one of changed risk return environments, with numerous global and regional dislocations on the monetary policy, geopolitical, supply chain, and societal fronts, prompting a change in the investment world. Monetary policy changes will alter the interest and liquidity regimens around the world, while geopolitical issues are increasingly impacting global conditions. Global debt to GDP levels will also have an impact on societies, as they impact educational spending thereby limiting the advancement of human capital.”

Heikal highlighted the importance of creating opportunities, developing human capabilities, and instilling hope in the youth of the region by giving them opportunities for good education. He cited the success stories of youth beneficiaries of the Qalaa Scholarship Foundation’s grants in contributing to various sectors and advancing development. “Today, youths need hope and you cannot have hope without social mobility. Education triggers social mobility, which causes advancement, which leads to a better life. After spending five years at Standford doing my Masters and PhD. We established two foundations when I came back; one for providing Masters scholarships to the US and Europe. We have been offering these scholarships for 20 years to 270 people so far. I have seen the type of change the recipients have made after coming back from their studies.”

Commenting on current events and their impact, Heikal noted: “In order to promote prosperity, energy must be readily available to regular households. The Russia-Ukraine crisis has caused oil and natural gas supply shortages to the West from Russia, increasing demand on the Gulf region. As a result, Suez Canal proceeds have skyrocketed over the past two years. This has also had an impact on TAQA Arabia, which supplies energy to 5 million people in Egypt. TAQA Arabia now sees substantial potential in Africa for both electricity supply and CNG fuel for cars.”

“Technological advancements stemming from generative AI, which has been made possible by chip technology, will widen the gap between those who have access to such technologies and those who have yet to venture into this space,” he added.

Heikal continued, “We are living in an increasingly risk-prone world, but one that also promises substantial investment opportunities. At Qalaa Holdings, we are investing in deleveraging, enabling the increase of investments and returns while reducing debt-to-leverage ratios. Qalaa Holdings is currently working to enhance the size of its existing investments through expansions of its current investments and pumping new investments into Egypt. It also intends to expand the scope of its geographical reach during this year, supported by its strong technological infrastructure and the tremendous expertise of the management team.” “The company’s new geographical expansions include launching operations in the Kingdom of Saudi Arabia, and enhancing the scope of its presence in Mozambique and Tanzania,” he added.

“I am happy to have participated in this important event, which brings together policymakers and business leaders to discuss the way forward and shed light on the challenges and opportunities arising from the current environment,” Heikal concluded.

EBRD mobilises earthquake recovery response for Morocco

By
Sahfy Sahfy
-
EBRD mobilises earthquake recovery response for Morocco
EBRD mobilises earthquake recovery response for Morocco

The European Bank for Reconstruction and Development (EBRD) is helping Morocco to rebuild its economy in the regions of the Atlas Mountains that were hit by the recent earthquake, with an initial response package of up to €250 million from 2023 to 2025.

The quake that struck on 8 September 2023 is the most powerful experienced by Morocco in over a century and the deadliest since 1960. It claimed 3,000 lives and left a devastating trail of destruction.

EBRD Managing Director for the Southern and Eastern Mediterranean (SEMED) region, Heike Harmgart, said: “The EBRD stands ready to support the affected communities and regions and help mitigate the adverse effects of the earthquake on livelihoods, human capital and infrastructure through a tailored blend of financing, grant support and technical assistance”.

The response comprises two key phases that are designed to promote sustainable recovery and inclusive regional development.

The initial phase, spanning from 2023 to 2025, will focus on earthquake relief, preservation of livelihoods and initial reconstruction. This includes enabling lending to affected individuals and micro, small and medium-sized enterprises (MSMEs) through partner financial and microfinance institutions. There will be a strong focus on the economic inclusion of women, extending liquidity support for infrastructure and municipalities where needed, and providing advisory and reconstruction grants for MSMEs.

The subsequent phase will see EBRD support for the government’s longer-term development and inclusive plan for the regions, such as infrastructure projects and broader economic opportunities for the population in the affected regions.

The EBRD will focus on helping provide MSMEs with greater access to finance, supporting the revitalisation and resilience of the tourism sector and agricultural value chains, improving key municipal and regional infrastructure, and promoting economic diversification and human capital development through targeted investments and advisory services to the private sector.

This multi-faceted response will be closely coordinated with the Moroccan government and other relevant public and private sector stakeholders, and will be implemented in collaboration with other international partners and donors.

Morocco is a founding member of the EBRD and became a beneficiary of Bank resources in 2012. To date the EBRD has invested €4.2 billion in the country through 95 projects.

1...717273...87Page 72 of 87

EVEN MORE NEWS

POPULAR CATEGORY

©