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Morocco joins the Integrated Industrial Partnership for Sustainable Economic Development

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Sahfy Sahfy
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Morocco joins the Integrated Industrial Partnership for Sustainable Economic Development
Morocco joins the Integrated Industrial Partnership for Sustainable Economic Development

In the presence of His Excellency Shaikh Khalid bin Abdulla Al Khalifa, Deputy Prime Minister of the Kingdom of Bahrain, the fourth meeting of the Higher Committee of the Industrial Partnership for Sustainable Economic Development began today in Manama, Bahrain. During the proceedings, the Kingdom of Morocco became the fifth country to join the partnership aimed at strengthening regional industrial integration.

The meetings were held with the participation of His Excellency Abdullah bin Adel Fakhro, Bahrain’s Minister of Industry and Commerce, His Excellency Dr. Sultan bin Ahmed Al Jaber, the UAE’s Minister of Industry and Advanced Technology, His Excellency Engineer Ahmed Samir Saleh, Egypt’s Minister of Industry and Trade, His Excellency Yousef Al Shamali, Jordan’s Minister of Industry, Trade and Supply, and His Excellency Riyad Mazour, Morocco’s Minister of Industry and Trade.

The Executive Committee of the Industrial Partnership for Sustainable Economic Development held meetings with officials, including industry and trade undersecretaries from the partner countries, on 10 January 2024 to discuss the progress of current projects and new proposals.

The industrial partnership has received robust support from member countries since its launch in Abu Dhabi in May 2022. His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, praised the partnership’s role as a framework for cooperation and integration in the region, accelerating sustainable development, strengthening crisis resilience and increasing self-sufficiency in critical areas such as food, health, energy and industry among others. The launch ceremony was witnessed by His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Minister of the Presidential Court, His Excellency Dr. Bisher Al-Khasawneh, Prime Minister of Jordan and His Excellency Dr. Moustafa Madbouly, Prime Minister of Egypt.

During the meeting, UAE’s W Motors, the strategic partner of NWTN Motors, and Jordan’s Manaseer Group signed an agreement to establish an electric car manufacturing plant in Jordan, with an investment value of $80 million.

Additionally, Manaseer Group and Bahrain’s Alba signed a memorandum of understanding (MoU) to supply 13,000 tons of aluminum fluoride annually, contributing to an import substitution value of $20 million. Bahrain’s Alba also signed an MoU with Jordan Phosphate Mines for silica supply, contributing to an import substitution value of $66 million.

Bahrain Steel signed a supply agreement with Emirates Steel, which will purchase 2 million tons of raw materials over five years, valued at $2 billion. A MoU was also signed between the UAE’s Ministry of Industry and Advanced Technology (MoIAT) and Bahrain’s Ministry of Industry and Commerce leveraging the UAE’s National In-Country Value (ICV) Program. The initiative is aimed at sharing best practices with respect to local content programs.

His Excellency Abdullah bin Adel Fakhro, Bahrain’s Minister of Industry and Commerce, stressed the Bahraini government’s commitment to the development of the industrial sector, embodied by the event being hosted in Manama under the patronage of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister of the Kingdom of Bahrain. He pointed to the event’s role in achieving industrial integration among the member countries in line with Bahrain’s Industrial Sector Strategy 2022-26.

His Excellency said: “The meeting saw the signing of a memorandum of cooperation under the National In-Country Program between the Ministry of Industry and Commerce and the UAE’s Ministry of Industry and Advanced Technology, a key industrial enabler for procurement competitiveness and import substitution in both countries.”

His Excellency welcomed the addition of Morocco to the partnership, which is a key industrial and economic player in the region.

In his opening remarks at the meeting, His Excellency Dr. Al Jaber relayed the greetings of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, as well as his wishes for the partnership’s further success, especially in strengthening relations between countries to leverage competitive advantages.

He said: “We welcome the Kingdom of Morocco’s addition to the partnership, given its leading industrial and economic status, and achievements across various sectors – particularly industry – which is vital to supporting investment opportunities. In the UAE, we believe that forming strategic partnerships is a fundamental pillar of achieving national economic, social, and developmental objectives. This integrated industrial partnership, originating in Abu Dhabi in May 2022, is a model of successful regional partnerships.

“We are pleased to witness the announcement and signing of five new projects and export agreements in priority sectors, with a total value of approximately $2.2 billion, enhancing cooperation between the UAE’s Ministry of Industry and Advanced Technology and Bahrain’s Ministry of Industry and Commerce in line with the National ICV Program.”

He continued: “The new projects solidify our countries’ ability to integrate, build a common industrial base, support the flexibility of supply chains, reduce production costs, enhance research and development, and train a new generation in the industrial and technological fields. Additionally, they contribute to creating thousands of jobs in the industrial sector. We look forward to launching more innovative projects to achieve the partnership’s strategic goals.”

He noted: “The partnership has made significant progress in encouraging cooperation and boosting industrial partnership opportunities. We are confident that it will contribute to enhancing integration and growth in the industrial sector on the regional level, supporting efforts for sustainable economic development.”

His Excellency added: “Strengthening industrial cooperation and coordination efforts between our countries achieves several goals, including supporting sustainable economic development, creating more investment opportunities in the region, increasing the industrial sector’s contribution to our countries’ GDP, supporting import substitution, promoting self-sufficiency, and empowering future industries through advanced technologies, research and development.”

He concluded: “The UAE hosted COP28 in December, which achieved unprecedented success, embodied by the historic UAE Consensus, which signaled a new era in global climate action. The plan aims to keep 1.5°C within reach by reducing emissions while creating opportunities for sustainable economic and social growth. Here, I would like to emphasize the importance of our collective role in supporting this agreement by decarbonizing the industrial sector, adopting renewable energy solutions, promoting the adoption of clean technology solutions in our projects and leveraging significant opportunities in sustainable manufacturing.”

His Excellency Yousef Al Shamali, Jordan’s Minister of Industry, Trade and Supply welcomed each of the ministers and emphasized the partnership’s importance in accelerating sustainable economic development in the region.

His Excellency said: “The partnership is a regional model for enhancing sustainable economic growth and development through strategic planning. A key aspect of the partnership is leveraging raw materials in Arab countries, which represent 75% of their global exports, to build an industrial system that uplifts economies.”

His Excellency Engineer Ahmed Samir Saleh, Egypt’s Minister of Industry and Trade, welcomed Morocco to the partnership, stressing that Egypt is looking forward to the cooperation and to building upon the country’s competitive advantages, vision and investments.

He emphasized Egypt’s commitment to the projects launched under the partnership, which will benefit from each partner countries’ industrial capabilities and contribute to sustainable economic growth amid a turbulent global economy.

His Excellency Riyad Mazour, Morocco’s Minister of Industry and Trade, said: “Joining the industrial partnership is in line with the vision of King Mohammed VI of Morocco, to strengthen cooperation and achieve greater economic development. It will contribute to sustainable economic development; it also represents an opportunity for us to further integrate and develop projects that generate growth and employment opportunities for national talent.”

Morocco’s Membership

Morocco is expected to bring significant value to the partnership, given the country’s advanced industrial capabilities, particularly in the automotive, renewable energy, aviation, textiles, pharmaceuticals, phosphate, mining and food industries, in addition to its strong talent base, advanced infrastructure, and global partnerships.

Morocco’s GDP exceeded $134 billion in 2022. The country’s industrial sector provides more than 1 million jobs, through some 121,000 companies. Additionally, there has been an increase in foreign direct investment (FDI) in the manufacturing sector.

Morocco has entered several strategic agreements with other countries, including free trade agreements providing access to more than 100 countries representing 2.3 billion consumers. Ongoing industrial modernization and development plans have enhanced its competitiveness, boosting investor confidence and establishing Morocco as a regional destination for manufacturing and industrial investment.

Industry is a key sector in Morocco and has seen significant development in recent years with a focus on automotive, renewable energy, aviation, textiles, pharmaceuticals, phosphates, mining, and food industries.

Morocco is accelerating the sector’s development, implementing a new industrial policy aimed at increasing its contribution to GDP to 23% by 2030, creating more than 500,000 new job opportunities, and investing billions of dollars in renewable energy projects.

EIB Global announces new investment in Seedstars Africa Ventures I

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Sahfy Sahfy
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EIB Global announces new investment in Seedstars Africa Ventures I, a venture capital fund for African innovative entrepreneurs
EIB Global announces new investment in Seedstars Africa Ventures I, a venture capital fund for African innovative entrepreneurs

EIB Global equity investment of US$30 million in Seedstars Africa Ventures I supports risk capital for entrepreneurs across Africa, boosting growth and job creation.

The fund will invest in companies leveraging digital technologies to provide essential services and increase efficiency for businesses.

The EIB Global investment is backed by the European Union through the ACP Trust Fund and the Boost Africa programme.

Innovative businesses and start-ups across Africa will benefit from better access to risk capital thanks to a US$30 million equity investment by EIB Global in the Seedstars Africa Ventures I venture capital fund. Increased access to capital will allow companies to grow, creating skilled jobs and improving products and services for businesses and consumers. The fund will invest in companies developing and implementing digital technologies, in particular those addressing basic needs such as education, healthcare and utilities, or enhancing goods, services and efficiency.

“Encouraging and promoting innovation and digitalisation is crucial to developing strong and sustainable economies,” said EIB Vice-President Ambroise Fayolle. “African entrepreneurs hold the key to the continent’s future, creating jobs, reducing inequality and improving quality of life. The EIB, as part of Team Europe, is committed to supporting African businesses, and we are proud of the success of Boost Africa and the ACP Trust Fund.”

Seedstars Africa Ventures I was created by Maxime Bouan, Tamim El Zein and Bruce Nsereko Lule, in partnership with Seedstars, a global organisation that invests and supports entrepreneurs from emerging markets, and LBO France, a multi-country multi-specialist investment platform that seeded the initiative and provided a material anchoring commitment, +30 years’ investment experience in small and venture companies and environmental and social governance (ESG) expertise.

The Nairobi and Paris-based team explained that “the anchoring ticket provided by the European Investment Bank is a testament to our investment thesis and the work we do across Africa. It signals the relevance of our positioning as well as the effectiveness of our support to portfolio companies. This recognition will further help us onboard both African and foreign investors in the Fund to reach our US$80 to US$100 million target size.”

Robert Daussun, Chairman of LBO France and Stéphanie Casciola, CEO of LBO France stated, “Identifying areas with high growth potential is at the heart of LBO France’s strategy, and we have been reinforcing our position in Africa by targeting highly dynamic sectors and supporting disruptive entrepreneurs. Our commitment to Seedstars Africa Ventures is part of our strategy to offer a range of diversified alternative assets to our investors and allow them to participate in Africa’s growth story, with a strong ESG ambition. Similarly, we took in 2023 a majority position in CGF Bourse, a brokerage and asset management firm headquartered in Dakar and we are also the majority shareholder in Joliba Capital, a private equity fund based in Abidjan and focused on francophone Africa.”

“The digital sector is a key driver of growth and innovation. Small and medium-sized enterprises, together with start-ups, are fuelling the digital economy. Kenyan and African digital economies have tremendous potential and helping entrepreneurs access finance can be a game changer to foster quality growth and jobs, a common priority for both the EU and our African partners. With Global Gateway, the EU is investing in Africa’s digital transformation and helping provide the right conditions for digital economies to thrive – as demonstrated with the recent digital economy package in Kenya,” said European Commission Vice-President Margaritis Schinas.

Venture capital investments reached US$4.8 billion in Africa in 2022, a +270% increase from the US$1.3 billion invested in 2019[1]. Despite this tremendous growth, a significant equity gap continues to exist at the early stages of funding on the continent, calling for more investors in the space. Seedstars Africa Ventures invests in Seed+ and Series A rounds, with an ability to follow-on significantly, effectively bridging the pools of capital available. The Fund leads investment rounds to facilitate syndication and provides strong operational support that is critically lacking in the regional venture capital space. On top of its internal, on-the-ground teams, the Fund uniquely leverages support resources provided by the acceleration platform of Seedstars.

The Fund expects to reach a first close early this year but has already completed four transactions, namely in Beacon Power Services, Poa! Internet, Shamba Pride and Bizao. Each company is building an innovative solution to tackle some of the continent’s most pressing needs. For instance, Lagos-based Beacon Power Services (BPS) has developed proprietary grid management software and data solutions for Africa’s power industry. BPS seeks to improve the reliability and quality of the continent’s energy supply through the creation of smart grids, by leveraging extensive data collected on the ground. As of September 2023, BPS was working with four utility companies in Nigeria and Ghana connecting to a population of over 60 million and has reduced grid energy losses by an average of 25% per utility. In Lagos, this translated into three additional hours of energy daily per household. Better access to grid electricity also allows the homes and businesses connected to BPS’ clients to rely less on diesel generators, which the company estimates has saved 1.7 million tons of carbon dioxide in 2023.

Global pressures in the last 18 months have made it more difficult for companies to access finance, in particular at the earliest stages of developing the business. This has limited the expansion of innovative technology companies. Fostering private sector development and the digital economy will contribute to inclusive economic growth, reducing economic and social disparities. Digitalisation is a key part of the economic and social development of many African countries. It is also a core pillar of the European Union’s Global Gateway strategy.

The US$30 million EIB Global investment is backed by the EU, through US$20 million from the ACP Trust Fund and US$10 million from the Boost Africa programme. With this investment, the EIB has now fully deployed Boost Africa, a programme launched in 2016 with the aim of boosting sustainable jobs and prosperity through venture capital for African entrepreneurs. Under Boost Africa, the companies invested in by Seedstars Africa Ventures 1 will also benefit from technical assistance to develop business skills and expertise, funded by the EU.

ADNOC Drilling and Alpha Dhabi’s Joint Venture Completes First Strategic Investment

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Sahfy Sahfy
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ADNOC Drilling and Alpha Dhabi’s Joint Venture Completes First Strategic Investment
ADNOC Drilling and Alpha Dhabi’s Joint Venture Completes First Strategic Investment

ADNOC Drilling Company PJSC (“ADNOC Drilling” or the “Company”) (ADX symbol: ADNOCDRILL / ISIN: AEA007301012) and Alpha Dhabi Holding PJSC (‘’Alpha Dhabi’’) (ADX: ALPHADHABI) announced today the incorporation of its strategic investment JV at Abu Dhabi Global Market. The JV,  will pursue global investments in energy technology and bolster tech-enabled energy services.

As the inaugural investment, Alpha Dhabi has contributed its 25% equity stake in Gordon Technologies (“Gordon”), a leading provider of measurement while drilling (“MWD”) technology to the oil and gas industry in the USA. The equity stake has been valued at circa $180 million.

The establishment of this JV, and the contribution of Gordon’s 25% share capital, is expected to bring value accretive returns to both shareholders and will be synergistic with ADNOC Drilling’s business. It will also support ADNOC Drilling’s long-term dividend growth profile.

Founded in 2014, Gordon is one of the leading MWD technology provider in the USA.   With robust positions in its key operating basins and with expected revenue of more than $230 million in FY2023, Gordon supports efficient drilling operations for its customers through leading performance metrics and cost efficiencies. As one of the industry’s few fully integrated MWD players, the company occupies a unique position, particularly in high temperature applications, with reliability measures significantly outperforming the industry average.

Gordon has no leverage, and its acquisition is economically accretive to the JV’s shareholders from a profitability, valuation multiple, cash flow generation and dividend potential standpoint, along with a FY2023 expected free cash flow yield of more than 10%.

Abdulrahman Abdullah Al Seiari, Chief Executive Officer of ADNOC Drilling, said: “ Through the incorporation of our Joint Venture we are set to accelerate investment in tech-enabled energy solutions.  Access to these technologies will support us in our operations, and to accelerate well delivery optimization in the development of unconventional resources as we strive to enable gas self-sufficiency for the nation.”

Eng. Hamad Al Ameri, Managing Director and Group CEO of Alpha Dhabi, added: “Since Alpha Dhabi’s minority stake acquisition of Gordon Technologies in 2022, we have  supported its growth strategy in the US market and put the foundations in place for expansion to the Middle East region. Through this joint venture, and leveraging both Alpha Dhabi and ADNOC Drilling’s complimentary capabilities, we look forward to driving further value creation for the benefit of our mutual stakeholders.”

As disclosed on 10 November 2023, ADNOC Drilling holds a majority 51% stake in the JV, with the remaining 49% held by Alpha Dhabi, with equal Board representation for both parties. The JV’s financial results will be accounted for by ADNOC Drilling through the equity method starting from the Company’s 1Q 2024 financial results.

The JV intends to acquire and invest in companies offering tech-enabled oilfield services solutions, subject to the relevant regulatory approvals, and foster a scalable ecosystem that will enhance market value and optimize operational efficiencies. It will be a major driver of investment decisions with the ability to support the UAE’s wider energy transition ambitions, net zero agenda and ongoing economic diversification efforts.

Qvest and SRMG announce joint venture to drive media and technology innovation in Saudi Arabia

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Sahfy Sahfy
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Qvest and SRMG announce joint venture to drive media and technology innovation in Saudi Arabia
Qvest and SRMG announce joint venture to drive media and technology innovation in Saudi Arabia

Qvest, the global leader in media-focused practices and services, and SRMG, the largest integrated media group from the MENA region, have agreed to establish a joint venture aimed at enhancing media, production and technology services in Saudi Arabia, encompassing foresight and innovation, change management, cloud adoption, data and analytics, media supply chain technologies and content distribution.

Through Qvest’s comprehensive technology and project expertise and SRMG’s strong media operations and strategic positioning in the region, the joint venture will strategically support businesses within the vibrant Saudi Arabian market and beyond. Based in Riyadh, the joint venture has already started collaborating on its first projects, with the goal of becoming fully operational by the first half of 2024. The partners have also identified several other potential projects for the joint venture across media and entertainment, telecommunications, energy, industry, tourism, public sector and sports. 

This newly established joint venture is committed to ensuring that its business activities and growth are aligned with the demands of the country’s high-profile giga projects. The media and entertainment sector in the MENA region is projected to increase by 9% to exceed USD 20 billion by 2026, outpacing global growth. Notably, Saudi Arabia is the leading player within the regional media ecosystem, with nearly 30% of the market share. The industry’s progress, evolution and innovation are a key pillar of the country’s transformation plan, Vision 2030. As a direct result of this and other major developments, Saudi Arabia’s media industry is expected to grow by more than 10% annually by 2030. 

Mohammed Nazer, CFO and CIO of SRMG: “Establishing Qvest in Saudi Arabia through this joint venture represents an important step forward in elevating the media ecosystem in the MENA region. Over the next seven years, the local and regional media and entertainment sectors are set to significantly grow, led by Saudi Arabia. This partnership harnesses Qvest’s global expertise and SRMG’s regional strength, ensuring that we have the technological infrastructure in Saudi Arabia to bolster key industries like media and entertainment, telecommunications, energy, tourism, sports, and others.”

The primary focus of this partnership includes projects situated in Saudi Arabia and collaborative endeavors with companies and organizations operating in Saudi Arabia. Qvest will provide its world-class practices and services in areas such as foresight and innovation, change management, cloud adoption, data & analytics, media supply chain technologies and content distribution. This will be supported by SRMG’s unrivalled expertise, extensive knowledge and wide-ranging capabilities within Saudi Arabia’s media and entertainment landscape. With this, the joint venture will help transform the nascent yet expanding media production industry in the country. 

Peter Nöthen, CEO of the Qvest Group: “We have been successfully implementing technology projects in the MENA region and are thus enablers of real innovation and progress in Saudi Arabia. With this joint venture, we will create a structure where SRMG, Qvest, and customers benefit equally and sustainably from expertise and insights. We will strengthen future-oriented businesses in this country and boost its enormous potential.”

SRMG and Qvest already enjoy a strong working relationship, as the Qvest team was responsible for the systems integration of the full-IP based multi-platform TV station Asharq News Network in Riyadh and Dubai that supports state-of-the-art media and IT technology for Asharq’s live news coverage.

Ikigai Steel sets up 548,000 sq. ft. factory in Hamriyah Free Zone with AED 30 million investment

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Sahfy Sahfy
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Ikigai Steel sets up 548,000 sq. ft. factory in Hamriyah Free Zone with AED 30 million investment
Ikigai Steel sets up 548,000 sq. ft. factory in Hamriyah Free Zone with AED 30 million investment

Ikigai Steel FZE has announced it will establish a new factory in Hamriyah Free Zone in Sharjah stretching over an area of 548,000 square feet and boasting an annual production capacity of 30,000 tonnes.

The factory will be equipped with state-of-the-art plant and equipment, providing cutting edge technologies and high end solutions for the iron and steel industry, backed by an estimated initial investment of AED 30 million. Ikigai’s expansion plans are aimed at meeting its long term vision of serving customers and suppliers in the local, regional, and global markets.

An agreement sealing this venture has been signed by HE Saud Salim Al Mazrouei, Director of the Hamriyah Free Zone Authority (HFZA), and Rajendran, Chairman of Ikigai Steel, in the presence of officials from both sides.

HE Al Mazrouei emphasized that Ikigai’s decision to take the Hamriyah Free Zone as its operational hub is yet another substantial addition to the growing investments HFZA has successfully attracted in line with the wise directives of His Highness Sheikh Dr. Sultan bin Mohammad Al Qasimi, Supreme Council Member and Ruler of Sharjah. “We will spare no effort to support the Emirate’s economic diversification plans and attract high-quality investments in order to consolidate Sharjah’s reputation as a global investment destination that serves not only as a launchpad for industrial projects but also as a conduit for industrial supply to regional markets.”

His Excellency stated that the success of the free zone in attracting heavy industries, including the iron and steel sector, is also a testament to its effectiveness and excellence in developing the necessary infrastructure for this sector. “HFZA pays special attention to this sector, considering it a crucial pillar in the ongoing economic development, particularly in light of the mega projects underway in the Emirate of Sharjah and the UAE. There is a growing demand for iron and steel products to support vital projects,” he added.

He reaffirmed that the Hamriyah Free Zone is committed to providing comprehensive facilities and services to companies, enabling them to enhance efficiency and productivity and support the goals of the “Operation 300bn” and the “Make it in the Emirates” initiatives. Such initiatives not only provide investors with competitive advantages and extensive opportunities but also an ideal business environment, supporting the continuous growth and empowerment of the industrial sector.

For his part, Chairman Rajendran said: “The competitive advantages, robust infrastructure, advanced legislation and conducive environment for investment were all behind our decision to expand in Hamriyah Free Zone. HFZA prioritizes heavy industry and provides exceptional incentives and facilities, allowing us to enhance production efficiency.”

“We look forward to manufacturing high-quality steel and steel products for the local and regional markets, including Saudi Arabia and Qatar. Initially, the company plans to employ approximately 500 people, focusing on producing top tier steel and steel products.” Rajendran added, lauding the unwavering support and cooperation extended by HFZA’s management and officials of the Hamriyah Free Zone.

The Hamriyah Free Zone is renowned globally as a leading hub for the iron and steel industry, making it one of the most critical sectors within the zone. It attracts substantial foreign investments and hosts numerous multinational and international companies serving regional and global markets. These entities benefit from the free zone’s world class infrastructure and seamless connectivity with global markets. 

Sharjah Customs foils attempt to illegally smuggle two infiltrators into country

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Sahfy Sahfy
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Sharjah Customs foils attempt to illegally smuggle two infiltrators into country Customs officers detect infiltrators using up-to-date X-ray scanners
Sharjah Customs foils attempt to illegally smuggle two infiltrators into country Customs officers detect infiltrators using up-to-date X-ray scanners

The Sharjah Ports, Customs, and Free Zones Authority (SPCFZA) announced that an attempt to illegally smuggle two infiltrators into the country through one of its customs terminals was foiled during an inspection of two vehicles using the latest high-tech X-ray scanners, which revealed suspicious objects in the vehicles.

Due to the proactive follow-up and constant vigilance of the inspection officers examining the data from the scanners, Sharjah Customs apprehended two infiltrators concealed in iron boxes professionally installed under the rear trunks of the vehicles. 

The infiltrators were not carrying any documentation. They and the drivers of the vehicles were summarily transferred to the authorities for legal proceedings.

HE Mohammed Ibrahim Al Raisi, Director of Terminals and Border Points Affairs at SPCFZA, said infiltrations constitute one of the most serious concerns for Sharjah Customs due to their negative impact on the security of society. The UAE’s considerable economic and developmental progress contribute to this threat, making the country a target for a segment of people who require constant monitoring on the part of national bodies and laws. 

The successful apprehension of infiltrators reflects the groundbreaking efforts exerted by Sharjah Customs to uphold the security and safety of society, he said. SPCFZA attaches great importance to the customs sector and endeavours to enhance the expertise and skills of its personnel at customs centres through specialised training programmes. These programmes aim to upgrade the work performance of inspection officers and develop their competencies, providing them with the most up-to-date technologies and scanning devices and thereby contributing to the apprehension of numerous violations involving goods and individuals.

HE Al Raisi noted that Sharjah Customs employs a sophisticated customs system capable of thwarting all types of smuggling attempts across the Emirate’s customs ports, based on the latest international practices. It also counters all individuals and criminal networks attempting to compromise the security of the nation and its citizens. 

Al Raisi commended the Sharjah Customs officers for their unrelenting competence and vigilance in responding professionally to all kinds of smuggling attempts in order to preserve the security and safety of society.

The H Dubai Introduces a ‘Giving Box’ for Preloved Items in Partnership with Thrift for Good

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Sahfy Sahfy
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The H Dubai
The H Dubai

The H Dubai Introduces a ‘Giving Box’ at its Lobby to Collect Preloved Items in Partnership with Thrift for Good, Expanding its Commitment to Sustainability

The new collection box is a tangible symbol of The H Dubai’s ongoing efforts to promote responsible practices and help communities

The final proceeds from the collected items will go to support education in Uganda for children in need 

 

Dubai, UAE (XX January 2024): The H Dubai, a renowned 5-star hotel in the heart of Dubai, is pleased to announce its first collection box to take preloved items from guests. Named the “Giving Box”, this installation is a result of the hotel’s recent partnership with Thrift for Good, a thrift shop centred around giving back to society and supporting children worldwide. This initiative aligns with The H Dubai’s efforts to promote sustainability and social causes, showing its commitment to being as green as possible in its operations.

 

Based in Dubai, Thrift for Good is a community-driven thrift shop chain that focuses on reducing waste and helping underprivileged children. Committed to zero waste, Thrift for Good rehomes everything that comes through its doors, along with repairing and recycling items, especially clothes. The thrift shop currently has two stores in Dubai open 7 days a week to sell preloved items, and their vision is to create a sustainable world where everyone has what they need to thrive.

 

Located at the centre of the hotel’s lobby, the Giving Box is a 2m x 2m green cubic container featuring 2 slots to drop items. The purpose of the box is to collect preloved, non-valuable, unclaimed, lost & found items that guests may leave behind after their stay. The Giving Box also encourages others to voluntarily come and give their preloved items, fostering a culture of reducing waste, helping the environment, and giving back.

 

Thrift for Good accepts various types of items that can be rehomed, including clothing, shoes, bags, fashion accessories, books, and technology. Thrift for Good does not accept furniture, toys, large home appliances, sports equipment, and other similar items. The collected goods will be organised, classified, and given to Thrift for Good. The thrift shop will use the proceeds from the collections to support the Kisoro Children’s Foundation in Uganda, which is an organisation that exists to help build schools, create educational programmes, fund scholarships, and many other initiatives to help people in need.

 

The H Dubai has long been at the forefront of championing sustainability and responsible practices. The hotel has earned plenty of accolades that reflect its attentiveness to the environment and inclusive hospitality, including the Green Key Certification by the Emirates Green Building Council, a leading standard for environmental responsibility in the tourism industry, and a certification from the Autism Center™, making The H Dubai the first hotel in the city to earn such prestigious recognition. With the new Giving Box installation, the hotel aims to further enhance its impact on the world, reinforcing its dedication to fostering positive change through sustainable initiatives.

For more information on The H Dubai’s sustainable and social impact, please visit https://www.hhoteldubai.com/sustainability-and-csr/.

For high-res images click HERE

About The H Dubai:
Located at Sheikh Zayed Road, The H Dubai is a gateway to the Middle East’s most dynamic city. Renowned for its eclectic and vibrant selection of dining and nightlife experiences; the award-winning Mandara Spa; world-class rooms, suites and residences, a luxury commercial business tower and a diverse events centre –The H Dubai is the ultimate destination for business and leisure.

Evolve Investments & Projects Management, Secures Environmental Approvals for Egypt’s Cement Industry

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Sahfy Sahfy
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Evolve Investments & Projects Management, affiliate of Arabian Cement Company (ACC), has become the first alternative fuels company and subsidiary of a cement company in Egypt to secure environmental approvals from the Egyptian Environmental Affairs Agency (EEAA) and the Waste Management and Regulatory Authority (WMRA) under Law 202, enacted in 2020.

These environmental approvals will enable Evolve/ACC to engage with a diverse range of alternative fuel suppliers & materials, surpassing constraints and guaranteeing optimal quality & supply rates. In the context of increasing demand for alternative fuels within the cement industry, the approvals signify a transformative shift towards sustainable practices. 

“This accomplishment is a pivotal moment for Arabian Cement company and its affiliate, Evolve, and is a milestone in our unwavering commitment to environmental stewardship and regulatory compliance,” said Sergio Alcantarilla, CEO of Arabian Cement Company. “It positions us to collaboratively engage with a broader spectrum of alternative fuel suppliers & materials, solidifying our role as an industry leader and trailblazer in sustainable practices within the industry.”

In stringent compliance with the legal requisites outlined by Law 202, and amid intensive inspection campaigns on waste production and handling entities, ACC initiated the necessary procedures to obtain these approvals for both the company and its fully-owned affiliate, Evolve Investments & Project Management.

Further underscoring ACC’s commitment to transparent and inclusive environmental practices, Evolve Investments & Project Management hosted a Public Hearing session to discuss the environmental impact assessment (EIA) for the collection, transportation, and handling of all hazardous and non-hazardous waste. 

This strategic initiative aligns with ACC’s environmental policy, ensuring the secure disposal of waste in cement kilns and advancing the company’s commitment to burning waste instead of landfilling to reduce reliance on fossil fuels which is one of the main pillars to abatement GHG and carbon emission reduction.

African Development Bank approves $25 million trade finance line of credit for Central Africa Building Society

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Sahfy Sahfy
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The Board of Directors of the African Development Bank Group (www.AfDB.org/en) has approved a $25 million trade finance line of credit facility to the Central Africa Building Society of Zimbabwe, to be used to boost local firms and small and medium-sized enterprises.

This facility will enhance foreign currency liquidity support for the building society amidst a tough economic climate in Zimbabwe. The facility will cover some of the trade finance gaps developed mainly due to international lenders who having scaled down or halted their trade transactions due their perception of Zimbabwe as a high-risk jurisdiction.

The facility, which would finance approximately $175 million of trade over a three-and-a-half-year period, marks the African Development Bank’s fourth private sector intervention in Zimbabwe in recent years and the third to the building society.

Lamin Drammeh, head of Trade Finance at the African Development Bank, commented on the transaction: “DFI collaboration is key to private sector development in Africa. This innovative facility will enable CABS to provide liquidity support for SMEs, and women-owned businesses to facilitate their import and export trade finance requirements.”

The facility will complement recently approved Transaction Guarantee Facility for $7.5 million to ensure support along the value chains of SMEs and local corporate businesses in Zimbabwe. lt is expected to boost the relatively low productivity of Zimbabwe’s SME sector, creating jobs and indirectly improving government revenue through taxes from increased economic activity in the sector.

Speaking soon after the Board approval, African Development Bank Country Manager for Zimbabwe, Moono Mupotola, described the trade line of credit as a strategic milestone expected to have an important demonstration effect which may prove vital to encouraging other international and regional lenders to offer additional support to the country’s private sector.

The African Development Bank Group currently supports 13 initiatives in Zimbabwe valued at $144 million. These include initiatives to improve governance and public finance management in the public sector.

Other Bank-supported projects involve supporting women and youth to enable them to engage in value addition in agro-based and mining value chains.  The Bank has also been supporting the rehabilitation of key regional and national energy projects, including energy reform technical assistance to support Zimbabwe’s transition to climate smart energy solutions. The Bank further supports Zimbabwe’s private sector through regional financial institutions that operate and invest in the country.

The African Development Bank established the Trade Finance Program (TFP) in 2013 with the main objective of reducing the trade finance gap in Africa by complementing the activities of private sector actors and regional institutions already active in the field of trade finance.

The Trade Finance Division offers trade finance through the provision of risk mitigation facilities, liquidity, equity and technical assistance to financial institutions and commodity aggregators. The Bank’s trade finance instruments include Trade Finance Lines of Credit; Risk Participation Agreements; Transaction Guarantees and Soft Commodity Finance Facilities. Alongside these, the Bank seeks to support eligible counterparties with equity investment and technical assistance.

Al-Qalaa Holding Records 11% Increase in Revenues for Third Quarter of 2023

By
Sahfy Sahfy
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Al-Qalaa Holding Records 11% Increase in Revenues for Third Quarter of 2023
Al-Qalaa Holding Records 11% Increase in Revenues for Third Quarter of 2023

Qalaa Holdings, a leader in energy and infrastructure (CCAP.CA on the Egyptian Exchange), released today its consolidated financial results for the nine-month period ending 30 September 2023. The Group’s consolidated revenue grew by 11% y-o-y in 3Q23 to EGP 26.4 billion, primarily driven by ERC’s contribution. Meanwhile, Qalaa’s recurring EBITDA reached EGP 3.9 billion during the quarter, down from EGP 8.8 billion in 3Q22 as a consequence of lower margins at ERC.

ERC’s gross refining margins averaged USD 2.16 million per day in 3Q23, down on a y-o-y basis from the USD 4.98 million per day witnessed during 3Q22. The drop reflects a combination of higher feedstock prices, lower refined product prices, and a decline in the quality of feedstock received. It also partially reflects a normalization of oil prices following a significant spike that occurred in 2022. 

Excluding ERC, Qalaa’s 3Q23 revenue rose by 19% y-o-y to EGP 7.0 billion, driven by strong performances across most subsidiaries. TAQA Arabia’s revenue grew 27% y-o-y to EGP 3.6 billion in 3Q23, compared to EGP 2.9 billion in 3Q22. Revenue growth was primarily driven by a strong performance at TAQA Gas, on the back of a rise in connection revenue, as well as an expansion in CNG volume sold following an increase in the number of CNG stations. Revenue growth was further supported by the positive contribution from foreign currency linked power generation prices, in addition to the implementation of new photovoltaic projects under TAQA Power. Additionally, the increase in the price and volume of both fuel and lubes at TAQA Petroleum further boosted revenue growth.

National Printing reported a 15% y-o-y increase in revenue during the quarter to EGP 1.3 billion, with the company witnessing mixed performances across its subsidiaries. El Baddar continued to capitalize on its new facility, delivering a 34% y-o-y top-line increase. Similarly, Shorouk for Modern Printing and Packaging achieved an 18% y-o-y increase in revenue in 3Q23, on the back of an increase in the average price per ton. Meanwhile, Uniboard reported a slight 4% y-o-y decline in revenue following a drop in sales volume. In parallel, ASEC Holdings recorded EGP 772.3 million in revenue in 3Q23, a 21% y-o-y decline owing to the negative impact of the turmoil in Sudan on the operations of Al Takamol Cement. It is worth noting that the staff and assets of Qalaa’s Sudan affiliate Takamol Cement are safe and continue to operate at a limited capacity. Qalaa continues to closely monitor the ongoing developments within the country.

In 3Q23, Dina Farms Holding Company recorded revenue of EGP 508.7 million in 3Q23, up 56% y-o-y from EGP 327.0 million in 3Q22. Top-line expansion was driven by improved operations at Dina Farms, as well as ICDP’s revenue benefiting from higher selling prices and new product launches. Meanwhile, ASCOM achieved a 33% y-o-y increase in revenue to EGP 475.2 million, as the EGP devaluation augmented the USD-denominated revenues of ASCOM’s two largest revenue generators: Ascom for Chemicals and Carbonates Manufacturing (ACCM) and GlassRock, an insulation material producer. Improved performances across both GlassRock and the company’s quarrying operations in Egypt further supported ASCOM’s top-line results. Finally, CCTO’s transportation and logistics business delivered a 39% y-o-y increase in revenue to EGP 124.7 million in 3Q23, on the back of improvements across all revenue streams of its Egyptian arm NRPMC.

“The global economy continues to navigate challenges as the world grapples with one of the most difficult macroeconomic periods in recent history. Although we are now seeing signs of global inflation coming down, countries continue to face unprecedented levels of debt, still elevated inflation rates, and tightening monetary conditions. As a result, there are continued expectations of suppressed economic growth in the long term, high borrowing costs, and an increased focus on debt reduction. Furthermore, the increasingly evident effects of climate change around the world, as well ongoing geopolitical tensions, which have been further exacerbated by the recent unrest, continue to place significant stress on the global financial system,” said Qalaa Holdings’ Chairman and Founder Ahmed Heikal.

“These difficulties have also created a challenging domestic environment. Inflation rates remain high, and the Egyptian Central Bank continues to implement a tightening monetary policy to rein in rising price levels. On the bright side, Egypt remains an attractive investment destination for regional and international investors, and I am confident that the country’s long-term economic prospects remain positive. That being said, Qalaa remains well-positioned to overcome prevalent challenges thanks to our resilience, flexibility, and efficiency, which are ingrained into the core of our DNA,” continued Heikal.

“I am proud of Qalaa’s positive results amidst the current operating environment,” added Heikal. “During the quarter, Qalaa’s top-line expanded by 11% y-o-y, with results at the Egyptian Refining Company supporting the Group’s performance. Despite this, Qalaa’s EBITDA contracted year-on-year due to the sharp decline in ERC’s margins, as well as the negative impact of the ongoing armed conflict in Sudan on Takamol Cement’s performance. Going forward, we remain committed to prioritizing the growth of our subsidiaries’ cashflows and carefully deploying them to make high yield incremental investments while adhering to our debt repayment plan.”

“Additionally, I am pleased to announce that APM Investment Holdings Limited (APM), a wholly owned subsidiary of Qalaa Holdings’ mining arm ASCOM, completed the sale of its c.35% stake in Ethiopia’s Kurmuk Gold Project to Canadian company Allied Gold Corp. The revenue from this transaction includes the receipt of around 11.5 million shares in Allied Gold in favor of APM Investment Holdings Limited, with a total value of c.USD 25.1 million as of 30 September 2023. The transaction will also include deferred payments totaling USD 65.6 million by Allied Corp in three installments starting 30 September 2024 and ending 30 September 2027. This comes as part of Qalaa’s strategy of divesting some of its non-core businesses and assets to settle the Group’s outstanding debts,” Heikal said.

“We will continue to push ahead with our growth strategies across our numerous platforms over the coming years, keeping a close eye on identified investment opportunities. Our portfolio companies remain resilient in the face of external pressures, and continue to benefit from Qalaa’s meticulous growth strategies. With the positive results achieved across our business segments during the quarter, I am confident that the outlook for the Group remains bright,” Heikal stated.

“Finally, I would like to reiterate that the true value of Qalaa’s performing assets is masked due to accounting for the assets at their historical cost and adjusting for impairments, while not taking into consideration any revaluation adjustments,” concluded Heikal.

“I am proud of the impressive results achieved by Qalaa for the third quarter this year,” said Hisham El-Khazindar, Qalaa Holdings’ Co-Founder and Managing Director. “The energy segment reported strong results, as TAQA Arabia saw its revenue expand following a robust performance at TAQA Gas, as well as the implementation of new photovoltaic projects under TAQA Power, and favorable drivers at TAQA Petroleum. Similarly, ERC top-line expanded year-on-year despite both the decline in refining margins during the quarter, and the implementation of a planned 17-day production shutdown for the execution of an overhaul and debottlenecking. Meanwhile, our position as an import substitute and export player across our mining and printing businesses continued to drive both consolidated growth, and valuable USD proceeds for the Group. Finally, our agriculture and logistics segments continued to record robust top- and bottom-line growth owing to their strong investment fundamentals.”

“We continue to place the reduction of Qalaa’s risk levels, primarily by deleveraging and expanding the Group’s cashflows, at the forefront of our priorities. ERC, as well as all other operating companies bar one, are current on all due principal and interest payments. In parallel, we continue to make satisfactory progress with regards to the restructuring of Qalaa’s holding level debt,” added El-Khazindar.

“Our performance for the third quarter of the year is a demonstration of our ability to push ahead during difficult times, and I am looking forward to another quarter of growth and strong results across our operations and markets,” concluded El-Khazindar.

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