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The African Development Bank appointed Bloomberg as Country Manager for Tunisia

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Sahfy Sahfy
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The African Development Bank appointed Bloomberg as Country Manager for Tunisia
The African Development Bank appointed Bloomberg as Country Manager for Tunisia

The African Development Bank Group has appointed Ms Malinne Blomberg, a Swedish national, as Country Manager for Tunisia in addition to her current roles as Deputy Director General for North Africa and Country Manager for Libya and Mauritania.

Blomberg, a seasoned development finance professional with more than 25 years of experience, has served extensively in policy dialogue, portfolio and project management, advisory services, resource mobilization and outreach in both public and private sectors.

Through financial diplomacy, she built her career at the African Development Bank around partnerships with governments, the private sector and wide-ranging stakeholders to scale up financing and investments for Africa’s transformation. She joined the Bank in 2008 as a financial management specialist in the Water and Sanitation Department. She later headed its division covering West and Central Africa.

Blomberg was previously the Bank’s Country Manager for Egypt, where she managed a portfolio of $3 billion.

She also worked in the Agriculture and Agribusiness Department, focusing on climate finance. Her work has spanned Africa’s five regions, covering business development, structuring innovative investment projects and special initiatives, and promoting private sector participation with a focus on infrastructure.

Before joining the Bank, Blomberg worked for Arthur Andersen Business Consulting in the United Kingdom and on assignments in other global financial hubs as a manager in the financial services industry through 2001. In Uganda from 2003 to 2007, she served as Financial and Institutional Advisor to the  ministry of Water and Environment, supporting national efforts to strengthen institutional effectiveness and fund utilization and managing the ministry’s multi-donor trust fund.

Commenting on her appointment, Blomberg said: “As Country Manager for Tunisia, I am looking forward to deepening the strategic partnership between the Bank and the Country, and expanding the Bank’s support, especially in light of climate change and global events requiring new approaches and fast implementation for transformative results.”

African Development Bank President Dr. Akinwumi A. Adesina, said: “Ms. Blomberg is a proven results-oriented leader with extensive experience in leading country programme operations. As the current Deputy Director General for the North Africa Region, coupled with her experience serving as Country Manager for Egypt, Libya and Mauritania, Ms. Blomberg possesses in-depth knowledge of the region. She will help to ensure the continuity of high-level proactive policy dialogue to further strengthen the Bank’s partnership with the government, private sector and other development partners to generate more opportunities for financing and investments in Tunisia, a very important hub for the North Africa Region.”

Spain and its partners launch program to support sustainable tourism in Upper Egypt.

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Sahfy Sahfy
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business opportunities
business opportunities

The Spanish Cooperation and its partners launch a Program to support sustainable and innovative work and business opportunities in the tourism sector in Upper Egypt

 The Program will be officially launched next Tuesday, October 3rd, 2023 in Cairo.

  • The event will count on the invaluable participation of the Spanish Ambassador in Egypt and representatives of the Ministry of Tourism; Ministry of Education and Ministry of Manpower and other partners.
  • The Program will support more than 3.000 people in Upper Egypt, mainly women and youth.

The Development Program, carried out by Spanish development organisations: the Social Promotion Foundation FPS and CIDEAL Foundation, is a pivotal initiative aimed at fostering decent employment and entrepreneurial opportunities. With a strong emphasis on empowering the youth, particularly women, this program seeks to facilitate active participation in socieconomic endeavours within the local communities of Menya, Qena, Luxor, and Aswan, ultimately contributing to their holistic development and empowerment.

The program, titled ‘Promotion of Sustainable Economic and Social Alternatives through Tourism in Upper Egypt’, sets out to achieve multiple objectives. Beyond fostering sustainable tourism, it prioritizes job creation among young people, infrastructure development, establishing vital networks, and creating platforms for constructive dialogue among local stakeholders.

The overarching aim is to bolster the tourism sector’s growth, particularly targeting rural areas in Upper Egypt. In order to ensure direct coordination and enhanced impact in the field, three local partners were identified and engaged: Association of Upper Egypt for Education and Development (AUEED): ENROOT and Knowledge Economy Foundation (KEF), whose main representatives will give, during the event, an overview about the present local context and their main contributions to the Program.

PROJECT IN NUMBERS

The Program is set to positively impact over 3,000 people from Menya, Qena, Luxor and Aswan. Of these, over 800 young people will enhance their skills to generate revenue within the tourism sector.  Additionally, the program will empower over 400 local stakeholders, equipping them with innovative approaches in the tourism industry. This collective effort aims to propel sustainable growth and prosperity across these communities.

 

The International Islamic Trade Finance Corporation Honored its Chief Executive Officer

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Sahfy Sahfy
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The International Islamic Trade Finance Corporation Honored its Chief Executive Officer
The International Islamic Trade Finance Corporation Honored its Chief Executive Officer

The International Islamic Trade Finance Corporation (ITFC) is proud to announce that its Chief Executive Officer, Eng. Hani Salem Sonbol, has been recognized as the Islamic Finance Personality of the Year Award 2023 by the Global Islamic Finance Award (GIFA). The prestigious award ceremony took place in Dakar, Senegal, and was presided over by H.E Macky Sall, President of the Republic of Senegal, alongside high-level officials and industry leaders. Every year, the GIFA Awards Committee recognizes institutions and individuals from around the world for their exceptional contributions to the development of Islamic banking and finance.
Eng. Hani Salem Sonbol was bestowed with this remarkable honor in recognition of his outstanding leadership and unwavering commitment to ethical financial practices, promoting global economic growth, and upholding the principles of Islamic finance.
Upon receiving the award, Eng. Hani Salem Sonbol expressed his gratitude, stating, “It is an immense honor to receive the Islamic Finance Personality of the Year Award 2023. This recognition underscores the collective efforts of our dedicated team at the International Islamic Trade Finance Corporation. We remain committed to ethical financial practices that foster global economic growth while staying true to the principles of Islamic finance. This award is a testament to our unwavering mission to drive positive change, promote inclusivity, and cultivate innovation within the industry. I am grateful for the support of our partners, stakeholders, and the entire Islamic finance community as we continue to chart a path toward a more prosperous and equitable future.”
Eng. Hani Salem Sonbol reflected on the ITFC journey and its mission to be a catalyst for trade finance and trade development among OIC member countries and beyond. He highlighted the Corporation’s remarkable achievement of providing more than US$70 billion in trade financing since its commencement of business in 2008, supporting key strategic sectors such as agriculture, energy, healthcare, SMEs, and women-owned businesses using Shariah-compliant financing methods.

Eng. Hani Salem Sonbol emphasized ITFC’s holistic approach to making an impact in the lives of people in OIC member countries, combining trade finance with trade development interventions, and investing in programs designed to meet the unique development needs of OIC member countries. He acknowledged the countless individuals and organizations empowered by ITFC’s initiatives to thrive in the global economy.
Eng. Hani Salem Sonbol declared, “As we look to the future, we are committed to expanding our reach, deepening our impact, and continuing to serve as a catalyst for economic growth and development on our journey of advancing trade and improving lives.”
Founded in 2011, GIFA celebrates the achievements of individuals, institutions, and governments in promoting and advocating Islamic banking and finance and ensuring that it remains committed to social responsibility. As the most prestigious award in Islamic finance, GIFA promotes social responsibility, Shari’ah authenticity and commitment to Islamic banking and finance.

Saudi’s Alamiya makes bold move back into the film industry with the acquisition of Lyra Pictures

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Sahfy Sahfy
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Saudi’s Alamiya makes bold move back into the film industry with the acquisition of Lyra Pictures
Saudi’s Alamiya makes bold move back into the film industry with the acquisition of Lyra Pictures

Alamiya, a prominent live production and entertainment company in the Middle East with a fifty-year heritage, has announced its latest milestone in the industry – the acquisition of Lyra Pictures.

This transformative partnership marks a significant step towards shaping the future of film production in the region by harnessing the combined strengths of Alamiya’s vast resources and Lyra Pictures’ innovative film development strategies.

Founded in the 1970’s, Alamiya was the first cinema and television studio to be established in the Kingdom in order to meet development requirements caused by the oil boom at the time, although the company later changed business direction due to the ban on cinemas.

Lyra Pictures, co-founded by a seasoned media entertainment executive, Wesam Kattan, and an experienced strategy and analytics management consultant, Bassma El-Afghani, has been on a mission to raise the bar in regional storytelling. Combining global best practices with intricate regional nuances, and fusing creativity with data-driven audience insights, the young company has been recognized as an early industry disruptor.

The strategic acquisition indicates a clear intent by Alamiya to reestablish its presence in this space and signifies not only a merger of businesses, but also a convergence of expertise and vision.

Sultan Al Muheisen, Chairman and CEO of Alamiya, commented, ” This acquisition goes beyond business. It is about setting a precedent in the regional and local film industry. With Lyra Pictures under our wing, we combine traditional and modern film approaches to create something unique.”

Wesam Kattan, Co-founder of Lyra Pictures, added, ” Alamiya’s scale and reach, paired with our story-first approach, will create a synergy that promises to introduce innovative strategies to storytelling in the Middle East. We’re excited about what the future holds.”

Through their collaboration, Alamiya and Lyra Pictures, are primed to deliver unprecedented cinematic experiences to audiences, blending world-class production facilities with a fresh and forward thinking approach to content creation. The move is poised to give rise to an innovative film studio located in the heart of the Kingdom, supporting the attraction of local talent and IP, while also facilitating opportunities for international productions in Saudi Arabia.

The unique partnership is set for an exciting journey, highlighting the nation’s rapidly growing entertainment landscape, and assuring loyal fans that the future of entertainment in the region is exceptionally promising.

 

Valu to Launch in Jordan in Early 2024

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Sahfy Sahfy
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Valu to Launch in Jordan in Early 2024
Valu to Launch in Jordan in Early 2024

Valu, MENA’s leading universal financial technology powerhouse, has announced its decision to launch in Jordan in Early 2024 as part of its strategic expansion plan. The company has undertaken a comprehensive assessment and is actively considering entering new markets, that in addition to Jordan, include others currently under study in North Africa. This strategic assessment demonstrates Valu’s dedication to ensuring a strong market presence and comes in line with Valu’s business strategy, which places a strong emphasis on targeting markets with favorable market dynamics that allow for the implementation of its full product and services universe flexibly and that ensure profitability within 12-24 months of launching.

Valu’s expansion into Jordan comes after extensive groundwork and in-depth market research and is currently in an advanced preparation stage. By entering the Jordanian market, Valu aims to leverage its expertise in financial technology to deliver innovative and value-driven solutions to both consumers and merchants. Valu has taken the necessary steps to apply for a license from the Central Bank of Jordan shortly. The company has meticulously examined the market conditions and identified high-performing professionals including the firm’s CEO, who has already been on-boarded and comes with a wealth of extensive experience in the financial technology sector and a deep understanding of the local market to spearhead its business launch in the region, which it is confident will help yield fruitful results effectively. Valu has also been working successfully on securing partnerships with numerous key merchants in Jordan over the past 18 months, highlighting the strong demand for its cutting-edge, tried, and tested suite of financial technology solutions. These strategic partnerships will serve as the foundation for Valu’s local growth stories to be built and solidified.

Conversely, Valu has made the decision to exclude the market of the Kingdom of Saudi Arabia from its market expansion plan. This decision is based on the recognition that the existing conditions in the market do not allow for the smooth implementation of its full suite of financial solutions flexibly, additionally, the projected profitability timeline for the market does not fall within Valu’s profitability strategy nor market expansion plans which was derived after examining the KSA market over the past 15 months. Valu remains dedicated to sustaining its rapid growth and momentum in the MENA region and other markets, acknowledging the vital importance of agility for long-term success in a dynamic business landscape.

Walid Hassouna, CEO of Valu, expressed his enthusiasm regarding the company’s entry into the Jordanian market, stating, “We are thrilled to bring Valu’s innovative solutions to Jordan. The decision to expand into Jordan aligns perfectly with our strategy of prioritizing markets with plug-and-play market dynamics. With our experienced team and strong partnerships with local merchants, we are confident in our ability to deliver unparalleled value and reshape the financial technology landscape in Jordan.” Hassouna added: “At Valu, we take immense pride in our visionary mindset, making decisions with a forward-thinking approach that sets us apart. We are constantly setting the curve and revolutionizing the financial technology industry, one step at a time. Our unwavering commitment to innovation and pushing boundaries drives us to create transformative solutions that empower individuals and businesses. Valu’s unwavering commitment to profitability has yielded impressive results over the past four years, and we intend to maintain this trajectory moving forward.”

Valu’s entry into the Jordanian market is a significant step forward in solidifying the company’s leading position as the universal financial technology powerhouse in the MENA region. By extending its footprint into Jordan, Valu is building upon its already established position in its home market, and this step will further strengthen its regional presence. Through leveraging its unparalleled expertise, Valu is well-positioned to drive economic growth, foster financial inclusion, and empower individuals and businesses in Jordan.

The European Bank: Economic growth forecast at 3.7 per cent for the SEMED region in 2023

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Sahfy Sahfy
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The European Bank: Economic growth forecast at 3.7 per cent for the SEMED region in 2023
The European Bank: Economic growth forecast at 3.7 per cent for the SEMED region in 2023

The European Bank for Reconstruction and Development (EBRD) is forecasting modest economic growth in 2023 in the southern and eastern Mediterranean (SEMED) region, according to the Bank’s latest Regional Economic Prospects report, published today.

Gross domestic product (GDP) in the SEMED region is expected to grow by an average of 3.7 per cent in 2023 and 3.9 per cent in 2024, slightly below previous forecasts, reflecting delays to structural reforms and increased fiscal and external vulnerabilities.

However, the region’s economies have weathered the challenging global environment relatively well, although high inflation and tighter financing conditions have increased sovereign stress. Higher energy and food prices continue to weigh on household and government finances, although most economies in the region have reverted to fiscal consolidation in 2023.

Growth in Egypt is estimated to have slowed to 4.1 per cent in the fiscal year ending June 2023 (FY 2022-23) and is projected to rise to 4.8 per cent in FY 2023-24.

Despite a recovery in revenues from the Suez Canal and tourism, growth was weighed down by a deceleration in construction and manufacturing activities and a contraction in gas production. Natural gas output is estimated to have declined by 9.3 per cent year on year in the first half of 2023, reaching a three-year low. Meanwhile, unemployment dropped slightly to 7.0 per cent in the second quarter of 2023, with higher rates among women (19.2 per cent) and in urban areas (10.3 per cent).

The Egyptian pound has lost almost 50 per cent of its value against the US dollar since March 2022 and, coupled with elevated international commodity prices, this drop pushed inflation to a record high of 36.5 per cent in July 2023, despite a cumulative 1,100 basis points-hike in the central bank’s policy interest rate since April 2022. Foreign exchange reserves stabilised, partly thanks to an International Monetary Fund (IMF)-supported programme that improved access to external financing, but the currency is still under pressure and a significant differential remains between the official and black-market exchange rates.

Growth in Jordan picked up to 2.8 per cent year on year in the first quarter of 2023, driven by improved performance in agriculture, construction, transport and tourism (as tourism receipts surpassed pre-pandemic levels at last). Unemployment remained high at 21.9 per cent in the first quarter of 2023, with higher rates among women (26.7 per cent) and youth (43.7 per cent). Meanwhile, inflation eased to 0.9 per cent in July 2023, following a peak of 5.4 per cent in September 2022, on the back of elevated prices for global food and energy.

The Central Bank of Jordan has raised its main policy rate by a cumulative 500 basis points since February 2022, in line with decisions taken by the Federal Reserve. GDP growth is expected to stabilise at 2.5 per cent in 2023 and 2024, supported by a continued recovery in tourism and robust growth in non-service sectors.

Nevertheless, downside risks include further increases in energy and food prices, muted private investment due to tighter monetary conditions, and possible delays in the implementation of structural reforms. Successful implementation of the reforms announced under the Economic Modernisation Plan and aimed at attracting foreign direct investment could provide a medium-term boost to growth.

No GDP growth is expected in 2023, amid political inaction and stalled reforms.

Uncertainty surrounding a potential IMF-supported programme has increased after the stalling of key prerequisite reforms, keeping Lebanon locked out of international markets and further depleting official reserves.

In 2024, the economy could return to growth, forecast at around 3 per cent, conditional on overcoming political hurdles, progressing on reforms and successfully implementing an IMF-supported programme, which would also allow negotiations with international partners to resume.

Morocco’s economy has recovered from a difficult 2022, with growth rising to 3.4 per cent year on year in the first half of 2023.

Growth in 2023 is expected to be around 3.1 per cent, up from the 1.3 per cent rate recorded in 2022 when a drought compounded the adverse impact of tighter global financing conditions. These forecasts do not incorporate the effects of the earthquake that occurred in early September in the High Atlas mountains near Marrakech and led to widespread destruction and loss of life. The impact on overall economic activity remains difficult to judge at this stage; while reconstruction expenditure might provide a boost to medium-term growth, it might also increase the need for financing.

Growth in 2023 has been supported by an improved harvest and a boom in tourism, as well as slower inflation and recovering domestic demand. As a result, unemployment fell slightly to 12.4 per cent in the second quarter of 2023, with higher rates among women (17 per cent), youth (33.6 per cent) and in urban areas (16.3 per cent).

Growth is expected to reach 3 per cent in 2024, reverting to pre-pandemic levels in the medium term, with accelerated momentum on reforms potentially improving the outlook further.

Tunisia’s economic growth is expected to average 1.9 per cent in 2023, down from a modest post-pandemic recovery of 2.4 per cent in 2022, as adverse external conditions, high inflation and social unrest weigh on the economic outlook. Despite an expansion in tourism, financial services and the industrial sector, the slowdown has been driven by a contraction in agriculture and mining.

Unemployment declined slightly to 15.6 per cent in the second quarter of 2023 but inflation reached 9.1 per cent year on year in July 2023. The macro-fiscal situation deteriorated in 2022, with increased government spending (notably the wage bill and subsidies), leading to a budget deficit of 7.6 per cent of GDP, while public debt reached 80 per cent of GDP in 2022. As a result, the country saw downgrades by rating agencies in 2022 and 2023, while agreement on an IMF-supported programme has been further delayed.

Growth in 2024 could pick up to 2.5 per cent on the back of a strong tourism sector, phosphate sales and an agreement with the IMF.

Al-Asayel 2023 kicks off tomorrow in Al Dhaid with wide participation from sports

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Sahfy Sahfy
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Al-Asayel 2023 kicks off tomorrow in Al Dhaid with wide participation from fans of hunting and equestrian sports
Al-Asayel 2023 kicks off tomorrow in Al Dhaid with wide participation from fans of hunting and equestrian sports

The second edition of Al Asayl Exhibition 2023, organised by Expo Centre Sharjah with the support of the Sharjah Chamber of Commerce and Industry (SCCI), will kick off tomorrow, Thursday. Taking place at Expo Al Dhaid from September 28 to October 1, 2023, the event is set to draw an impressive crowd of horse, camel, falcon, hunting, and equestrian sports enthusiasts from across the region.

The exhibition promises to be a haven for aficionados, featuring numerous companies and brands showcasing a wide range of the latest products and innovations related to horse and camel care, breeding techniques, stable equipment, animal transport vehicles, hunting dogs, and the finest breeds of falcons.

During the event, visitors will be offered a unique opportunity to familiarise themselves with the services offered by companies and institutions dedicated to preserving this authentic Arab heritage. Visitors will also be provided with insights into the art and science of falconry.

Also taking part in the event are several official clubs and associations that specialize in equestrian activities, falconry, and camels, including noteworthy participants like the Sharjah Camel Racing Club.

In the UAE, falconry, camel breeding, and horse sports are held in high regard. Al Asayl 2023 aims to be a pivotal hub for industry leaders to share experiences, exchange expertise, discover the latest products and equipment for purebred animals, and engage directly with companies involved in hunting and equestrian pursuits.

Building on the resounding success of its first edition last year, the exhibition provides visitors with a unique opportunity to delve into the heritage of horse, camel, and falcon breeding in the country. It will serve as a platform for individuals to acquire knowledge about an authentic heritage that the UAE is committed to preserving, nurturing, and passing on to future generations.

Al Asayl 2023 welcomes visitors daily from 11 a.m. to 10 p.m., with extended hours on Friday, opening from 3 p.m. to 11 p.m.

Half of the United Arab Emirates travellers experience the Fear of Switching Off

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Sahfy Sahfy
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Priority Pass finds that half of UAE travellers experience the Fear of Switching Off (FOSO)
Priority Pass finds that half of UAE travellers experience the Fear of Switching Off (FOSO)

Half (49%) of UAE residents experience FOSO: The Fear of Switching Off. That’s according to new global research from Priority Pass – the original and market-leading airport experiences programme, owned and operated by Collinson – who surveyed 8,500 people across 11 countries and found that one in three people globally (34%) find it difficult to truly switch off from everyday life while on their travels.

Travellers out of the UAE are among the least likely to disconnect from digital devices while on vacation, when compared globally. More than half (58%) admit to finding it hard to reduce the amount of time spent on their phone while away, which rises to 61% for just millennials. The same amount (57%) struggle to stop checking work-related enquiries, and just over a quarter (28%) of UAE travellers check their phone every 30 minutes or less – that is 10% more often than the global average.

With travel once again on a resurgent ascent, Priority Pass asked respondents what was causing FOSO and holding them back from experiencing the true benefits of travel. Globally, more than 6 in 10 (62%) travellers said that pre-flight issues often initiate FOSO but can be subsided by some airport services.

Half (53%) of global travellers feel that visiting an airport lounge has improved how they have been able to switch off during previous travels. This compares to 50% of UAE travellers, who also agree that shopping in duty free (51%) and experiencing food and beverage (41%) are also the most effective ways to switch off pre-flight.

The airport experience has fast become a leading barometer for how well people can relax or enjoy their trip. However, data also suggests the pre-flight experience can be a valuable place to tackle FOSO. According to 74% of UAE respondents, tackling FOSO ahead of travelling could significantly benefit their overall wellbeing. Of those that have already enjoyed the airport lounge experience, (70%) of all people believe that visiting one would have a beneficial impact on how they switch off for the remainder of their trip.

“We all know that being able to switch off and get away from the stress of every day is more important than ever. That is why so many are turning to travel. However, our research shows that FOSO is real. We want to ensure people can unwind and relax from the start of their journey and create memorable experiences” said Christopher Evans, CEO of Collinson International.

“We remain agile to changing travel trends to ensure we are always innovating our range of premium experiences and providing offerings which go beyond the airport lounge. From pre-booking airport transfers and lounge access to visiting sleeping pods, gaming lounges, and spa experiences, we are evolving our portfolio worldwide to ensure travellers can switch off at every point of the journey.”

“For some, ‘that holiday feeling’ associated with travelling begins long before arriving at the airport. However, our study tells us that this is not often the case. That is why we have done a deep dive to understand the differing behaviours and attitudes of travellers globally. We want to make every step of the travel journey seamless, stress-free, and enjoyable and continue to tailor our offering to help Priority Pass members combat FOSO when travelling,” added Priyanka Lakhani, Senior Vice President, Commercial, EMEA

Despite best efforts to relax and switch off during their travels, many travellers find themselves drawn back to their devices after a brief period. With more than a third (37%) of UAE travellers initially disconnecting, they soon feel compelled to check back in with home. As a result, Priority Pass asked respondents to build the perfect FOSO-free trip. Travellers in the UAE said that the best type of travel to switch off is a trip to the beach – followed by a city break, safari, or camping trip. The ideal time to go away is 1 week. Women say that shopping in duty free is their favourite pre-flight airport experience but for men, it is visiting a lounge.

ZorroSign Announces Growth Partnership With Vision Tech Solutions In The Gulf

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Sahfy Sahfy
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ZorroSign, a global leader in data security solutions built on multi-chain blockchain, is entering into a strategic partnership with Vision Tech Solutions to bring its data security platform and blockchain technologies to the Gulf region via Vison Tech Solution’s IT infrastructure and services. ZorroSign’s platform is a comprehensive digital signature and digital transaction management solution that includes robust document management capabilities, advanced forms filling functionality, and state-of-the-art document security features.

“We are thrilled to partner with Rajab and his team at Vision Tech,” said Shamsh Hadi, CEO and co-founder of ZorroSign. “Their customer service focus and top-quality IT services map well to ZorroSign’s values and data security strengths, and we are eager to see what our combined technology solutions can achieve for companies in the UAE and later into the larger Middle East and North Africa region and Europe.”

(Left- Vision Tech Solutions CEO, Rajab Ali Virani, and Right – ZorroSign CEO, Shamsh Hadi, sign partnership agreement)

ZorroSign was founded to advance technology and sustainability towards helping customers adopt sustainable practices and securely transform paper-based workflows into digital workflows. This conscientious approach to operations helps decrease costs, lower resource consumption, reduce data errors, and increase productivity. Businesses, educational institutions, financial organisations, governments, IT firms, legal service providers, real estate companies, and others use ZorroSign to privately and securely manage their digital transactions.

“Vision Tech aspires to be a global leader in Information Technology, driving technological advancements and delivering sustainable solutions that improve the lives of people around the world,” added Vision Tech Solutions CEO Rajab Virani. “ZorroSign is an ideal technology partner for us that brings a practical, scalable blockchain solution to data security and digital signatures with an overarching commitment to sustainability.”

Safeguarding the security and privacy of customers’ data is ZorroSign’s topmost priority. The company is committed to ensuring that its advanced data protection measures are always at the forefront of its operations so customers can have complete confidence and trust in its services.

ZorroSign today has an extensive customer base for its data security and digital signature solutions built on blockchain in the GCC, India, Sri Lanka, the United States, and Canada. The technology company is aggressively expanding into European markets and seeking new strategic alliances across the EU and UK in 2023.

8th World Investment Forum in Abu Dhabi to focus on women empowerment

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Sahfy Sahfy
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8th World Investment Forum
8th World Investment Forum
  • Enhancing women participation in different sectors to achieve Sustainable Development Goals
  • WIF’s discussions to explore role of investment in empowering women

 The UNCTAD’s World Investment Forum, one of the world’s largest investment gatherings hosted by Abu Dhabi from 16 to 20 October 2023, is shining a spotlight on the imperative need for innovative investment strategies and policies to facilitate the flow of capital towards environmentally and socially sustainable development projects, with a special focus on women empowerment.

To be held under the theme “Investing in Sustainable Development,” the eighth edition of WIF will dedicate its second and third days to an in-depth exploration of the pivotal role that investment plays in achieving Gender Equality, the fifth Sustainable Development Goal (SDG) set the by the United Nations. Gender equality is not only a fundamental human right but also a catalyst for economic growth and sustainable development. Empowering women and affording them equal opportunities in education, employment, and political participation are essential steps toward achieving SDGs and making significant strides in various fields.

The 8th edition of WIF, to be held at the Abu Dhabi National Exhibition Centre (ADNEC), will feature a dynamic agenda that includes dialogues, keynote addresses, interactive workshops, and side events to discuss the challenges of global investment and development. It aims to facilitate communication among leaders from around the world, stimulate cooperation and collaboration between the public and private sectors, and direct international trade and investments towards sustainable sectors.

Mrs. Mouza Obaid Al Nasri, Executive Director of SME sector at the Abu Dhabi Department of Economic Development (ADDED), said “Our firm belief and unwavering commitment to women empowerment could be illustrated by various initiatives launched to increase participation of women in different economic sectors and benefit from ample opportunities provided by Abu Dhabi’s advanced business ecosystem and ambitious development plans. We are working closely with federal and local entities to continuously

enhance the business environment to achieve women empowerment and other sustainable development goals”.

Mrs. Mouza Al Nasri highlighted importance of initiatives launched by the UAE in this regard including the “Gender Balance Council Strategy 2026”, which includes a range of measures and programmes that support investments in projects promoting gender equality, with a focus on women’s education and training as well as support for women in business.

“We have witnessed a rising number of economic licences owned by women entrepreneurs in recent years and will continue our efforts to raise awareness and develop policies and frameworks to encourage their active participation in various sectors. As we look forward to welcoming leaders, investors, and key decision makers at the UNCTAD’s World Investment Forum, we believe the outcomes of its discussions will guide future steps to further enhance women empowerment,” Mrs. Mouza Al Nasri added.

A panel discussion titled “Investment Promotion and its Impact on Gender Equality” is organised in collaboration with the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), the most comprehensive international governmental platform in the Asia-Pacific region. This side event highlights the most significant initiatives of investment promotion agencies and their contribution to achieving gender equality in the context of investment promotion and facilitation.

Investment promotion agencies are increasingly working to integrate gender equality and empower women across their operations. They facilitate the significant impact of foreign corporate activities on gender equality in the host country’s economy. This includes enhancing comprehensive gender links between multinational and local companies. Additionally, these agencies focus on empowering women and promoting gender equality within their workforce.

Integrating gender equality considerations into investment promotion and facilitation efforts can attract multinational companies that have a positive impact on women, particularly in providing sustainable employment opportunities for them. Investment promotion agencies can collaborate with government agencies to address the challenges faced by women entrepreneurs and support them in building their business networks.

Meanwhile, the session on “Gender Equality in Corporate Leadership,” organised in partnership with the International Finance Corporation and the United Nations Entity for Gender Equality and the Empowerment of Women, provides market leaders with an opportunity to discuss the challenges and opportunities for achieving gender equality. It examines the role of financial markets and other key stakeholders in promoting gender equality within their business scope. The session also explores the progress made in achieving gender balance in corporate boards and other leadership positions.

Gender equality is a top priority on the international sustainability agenda and one of the SDGs of the United Nations. Companies are working to enhance their practices and methodologies, develop public-private partnerships, and invest resources optimally to achieve gender equality.

More than 7,000 investment stakeholders from 160 countries will participate in the World Investment Forum. It brings together leaders, government officials, decision-makers, business professionals, top executives of global companies, stock exchanges, sovereign wealth fund managers, investment treaty negotiators, heads of investment promotion agencies, international investment site experts, heads of international organisations, parliamentarians, along with representatives from civil society, leading academics, and international media.

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