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Dubai Aerospace Industries acquires the largest commercial aircraft deal in its history

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Sahfy Sahfy
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Dubai Aerospace Enterprise (DAE) Ltd today announced that an affiliate had signed a definitive agreement to acquire the rights, interests, and obligations of a portfolio of 64 Boeing 737 MAX aircraft from a wholly-owned subsidiary of China Aircraft Leasing Group Holdings Limited (“CALC”). The portfolio includes 737-8, 737-9 and 737-10 variants. Delivery of the aircraft is scheduled to occur between 2023 and 2026. Terms of the transaction were not disclosed.

The 737 MAX airplane family delivers enhanced efficiency, improved environmental performance and increased passenger comfort to the single-aisle market. Powered by CFM International LEAP-1B engines and advanced technology winglets, the 737 MAX reduces fuel use and emissions by 20% compared to airplanes it replaces. The 737-10 is the largest model in the 737 MAX family and can seat up to 230 passengers in a single-class configuration, flying up to 3,300 miles. The fuel-efficient jet can cover 99% of single-aisle routes.

DAE’s Chief Executive Officer, Firoz Tarapore commented, “We are delighted to be able to conclude this transaction with CALC to acquire a unique portfolio of 100% new technology, fuel efficient single aisle aircraft.

On a pro forma basis, this transaction will increase the percentage of new technology, fuel efficient aircraft in our owned fleet to approximately 66% from 50%.

This transaction will add certainty to our growth trajectory. On a pro forma basis, this transaction will increase our fleet of owned, managed, committed, and mandated-to-manage aircraft to approximately 550 aircraft, valued at approximately US$20 billion.

This transaction will also allow us to further deepen our existing relationship with Boeing and CFM International. Since inception and including this transaction, DAE has acquired and is committed to acquire approximately 500 Boeing aircraft. We look forward to growing this relationship even further in the coming years.

Approximately 20% of the acquired portfolio is on lease to airline clients who are also existing clients of DAE and we look forward to expanding our relationship with them. The remainder of the acquired portfolio of assets will be placed directly by DAE in the coming quarters.”

The transaction is expected to be completed in the third quarter of 2023 and is expected to have no impact on any of the company’s capital adequacy, liquidity, and funding ratios.

 

Egypt and USAID Partner to Boost Development in Key Sectors

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Sahfy Sahfy
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Development cooperation relations with the USAID enhance development efforts in several sectors, including education, tourism, agriculture, stimulating the private sector, small projects and governance.

Al-Mashat: “We are keen to strengthen the partnership with the US Development Finance Corporation (DFC) to attract investments for private sector projects in Egypt.”

Al-Mashat: $2.1 billion in development funds have been allocated to the private sector since the beginning of 2023, in addition to $7.3 billion over the last 3 years.

The NWFE platform is a model for country platforms to stimulate climate finance and promote the transition to a green economy in light of the National Climate Change Strategy 2050.

H.E. Dr. Rania Al-Mashat, Minister of International Cooperation, met with a delegation of representatives US Congress Foreign Affairs Committee within the framework of their visit to Egypt, in the presence of Chargé d’Affaires of the US Ambassador to Cairo, John Deroche, and Margaret Sancho, Deputy Director of the USAID Mission in Egypt, Deputy Senior Chief Council at United States House Committee on Foreign Affairs, Aaron Jordan, Foreign Affairs Council in the U.S. House foreign affairs committee, Chris White and Chief Professional Officer for the U.S. House Foreign Affairs Committee, James Walsh.

During the meeting, Al-Mashat was keen to stress the importance of close relations at the level of development cooperation between the Arab Republic of Egypt and the United States of America through the USAID. The partnership has extended for decades of joint work to support sustainable development efforts and stimulate rapprochement between the two countries based on shared interests and the diverse opportunities available to strengthen joint relations, especially at the economic level, and strengthen partnership with the private sector in light of the efforts made by the state to enhance development efforts and preserve its gains in light of the challenges facing the global economy.

Al-Mashat referred to the various programs that are being implemented with the USAID through annual grants that are made available to achieve a number of goals, including supporting economic reforms, enhancing the competitiveness of the business community, stimulating trade and investment, developing the workforce and developing youth skills, as well as programs to develop education and vocational training sector, agriculture, health and tourism. The Ministry of International Cooperation and the USAID signed 7 grant agreements worth $160 million last March, and discussions are currently underway on a development grant program for the coming period to implement several priority projects between the two sides.

H.E. also affirmed the Government of Egypt’s keenness to advance development efforts by providing more opportunities for the private sector, referring in the same context to its numerous meetings with the Development Finance Corporation (DFC) to discuss increasing its investments in Egypt in priority areas. That is in line with Egypt’s modernization of its national contributions NDC, in line with what was announced at COP27 provides greater opportunities for climate investment, pointing to the efforts made through the framework of international cooperation and development financing to stimulate the participation of the private sector in development, as the concessional development funds obtained by the private sector from development partners since the beginning of 2023 amounted to about $ 2.1 billion, in addition to the financing of $ 7.3 billion during the last 3 years 2020-2022, whether in the form of investments, contributions, lines of credit or development financing, for companies of all kinds, large, medium and small, and startups.

Al-Mashat drew attention to many international institutions interested in financing the private sector, including the International Finance Corporation (IFC), the European Investment Bank (EIB), and the European Bank for Reconstruction and Development (EBRD), as well as bilateral partners, adding that the structural reforms implemented by the state since 2014 in many sectors, especially renewable energy, have reflected an increase in the interest of international financing institutions’ interest in financing the private sector resulting in many successful financing models, most notably the Benban solar power plant, which was funded by international financing institutions and attracted many local investors.

H.E. stressed the importance of partnerships being launched between the private sector and international financing institutions to stimulate development efforts in Egypt in line with the country’s vision, as in this context, funds were provided from the EBRD to the private sector, which is working on implementing the first dry port in the city of 6th of October, in addition to the financing of international financial institutions for the Norwegian company Scatec, which is implementing a green hydrogen project in the Suez Canal economic zone. It has obtained a guarantee from the MIGA financing from the EBRD and a grant from the Climate Investment Funds (CIF).

In the same context, Al-Mashat indicated the importance of climate action and the efforts made by the country over the past period and its presidency of COP27, explaining that climate action today is a top priority, with diverse projects in mitigation and adaptation.

H.E. noted the successive steps taken by the state in this regard, as it launched the National Strategy for Climate Change 2050 and the Nationally Determined Contributions (NDC), as they were recently updated and announced during the past month in the field of mitigation and adaptation.

H.E. added that the program seeks international support from international financing institutions and bilateral development partners, and that during COP27, the joint political declaration between Egypt, the US and Germany was issued on support for the energy pillar within the program.

Al-Mashat stated that the NWFE program was formulated in accordance with national visions and strategies to provide concessional development funds and blended funds that stimulate the private sector, technical support and expertise to implement green projects in the areas of adaptation and mitigation to curb the impact of climate change, noting the many ongoing efforts with development partners since the launch of the platform. During COP28, details and results of these efforts will be announced.

H.E. was keen to refer to the efforts of the governance of development cooperation by matching concessional development funds with the SDGs in the application of the standards of the Organization for Economic Cooperation and Development (OECD) and international standards to accurately identify the impact of these funds on advancing the SDGs and strengthening the future decision-making processes.

Al-Mashat reviewed the details of updating national strategies with development partners over the past period and preparing the Egypt – UN Sustainable Development Cooperation Framework, as well as preparing the partnership framework with the World Bank, the EBRD, the African Development Bank (AfDB) and other partners in accordance with national priorities and in accordance with national priorities. 15% of the current development cooperation portfolio is development grants aimed at enhancing technical support, conducting feasibility studies, supporting the process of capacity building and enhancing the skills of human cadres.

H.E. said that the concessional development funds also include funds to support the budget, but they are directed to projects that are at the core of the interest of the Egyptian citizen, on top of which are comprehensive health insurance, the social protection program, Takaful and Karama, and the strengthening of food security efforts, and other areas.

Al-Mashat also referred to the other efforts that were implemented during COP27, including the launch of an international competition for startups in the field of climate action technology, which witnessed the wide participation of startups from different countries of the world: ClimaTech Run.

Al-Mashat presented, to representatives of the Foreign Affairs Committee in the US Congress, a copy of the Ministry’s Annual Report for the year 2022, which includes an account of all development cooperation efforts that took place over the past year, as well as the Sharm El-Sheikh Guidebook for Just Financing, which was launched by the Ministry in cooperation with more than 100 international entities and development partners to stimulate equitable climate finance and enhance the ability of developing countries and emerging economies to attract climate finance.

The ongoing development cooperation efforts with the USAID include 11 ongoing projects for technical support in various sectors, and 41 projects and programs are being implemented in several fields, mainly education, economic development, health and governance, in cooperation with 14 ministries and agencies. The following projects are being implemented in light of the objectives of the national strategy for comprehensive economic development, promotion of social justice, support for economic reform, and improvement of governance in a way that supports efforts to achieve sustainable development in Egypt.

Gingo Partners, UAE-based firm, raises $350,000 to support community and investment

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Sahfy Sahfy
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an Investor Outreach Service and Startup Community, is thrilled to announce the successful completion of its fundraising campaign, securing $350k in capital from a group of business angels.

This investment will allow Gingo Partners to accelerate its vision of bringing inclusivity and diversity in venture capital and capitalize on untapped opportunities within the early-stage investment in emerging markets. Gingo Partners is focused to drive the community, expand market reach, and enhance its product offerings to meet the evolving needs of startups and investors.

Maria Ivanova, Founder and CEO of Gingo Partners, provided her insights. “Our focus lies on crafting a product that centers around the needs of founders. In an industry largely shaped by investors, it’s notable that the majority of fundraising solutions available have been designed by venture capitalists, for venture capitalists. Despite the digital age, personal networks continue to play a pivotal role in fundraising efforts. This poses a challenge for exceptionally talented founders from emerging markets, who often face hurdles in financing groundbreaking startups. We are building an affordable set of tools to help teams like ours to find resources for their ventures.”

The funds raised in this round will be strategically allocated to several key areas, including:

Investment : Gingo Partners will intensify its investment in launching its investment to support the best teams with their first investment.

Market Expansion: The funding will support Gingo Partners’ expansion into new markets and territories, such as the Middle East, Africa, and Asia.

The Community: The investment will be channeled into strategic community management and content creation to provide startups with the most essential fundraising tips.

Prices continue to soar in Dubai’s residential market in July 2023

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Sahfy Sahfy
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In July 2023, the total volume of residential transactions in Dubai reached 10,080, a year-on-year growth of 53.4%. This has been supported by a 78.4% increase in off-plan market sales and a 33.8% rise in secondary market sales. The total transaction volumes in the year to date to July 2023 reached 67,818. This is the highest total ever recorded over this period.

Dubai’s residential sales market continues to register strong levels of price growth, where in the year to July 2023, average prices increased by 18.1%, up from the 16.9% rate of growth recorded in June 2023. Over the same period, average apartment prices increased by 18.5%, reaching AED 1,320 per square foot, and average villa prices increased by 16.2%, reaching AED 1,552 per square foot. Average apartment sales rates still sit at 11.3% below the record levels witnessed in late 2014, although a number of core and prime submarkets have long outperformed their 2014 levels. Average villa prices are now above their 2014 comparable peak by 7.4%.

In both the apartment and villa segments of the market, Palm Jumeirah registered the highest price points, with average sales rates per square foot reaching AED 2,463 and AED 4,943, respectively.

The rental market continued to experience moderation for the sixth consecutive month, where Dubai’s average residential rents grew by 22.0% in the year through July 2023, down from the 22.8% increase registered in June 2023. Over this period, average apartment rents grew by 21.9%, and average villa rents rose by 22.6%. As of July 2023, the average yearly apartment and villa asking rents reached AED 105,691 and AED 319,994, respectively.

The highest average annual apartment and villa rents were found in Palm Jumeirah, where asking rents reached an average of AED 256,785, and in Al Barari, where asking rents stood at an average of AED 1,094,034.

Taimur Khan, Head of Research – MENA at CBRE in Dubai, comments:

“Activity levels remain elevated in Dubai’s residential market, notwithstanding the summer lull, where in July 2023, a total of 10,080 transactions were registered, marking a 53.4% increase compared to a year earlier. In the year to date to July 2023, the volume of transactions totalled 67,818. This is the highest level registered over this period, comfortably outperforming the previous 2022 record-high figure of 46,883. On the back of the prevailing fundamentals, we expect that the 2023 total transaction volumes will likely surpass the historic level registered in 2022.

This strong level of activity continues to underpin price growth, where average sales prices accelerated at the fastest pace since late 2014, increasing by 18.1% in the year to July 2023, up from the 16.9% rate registered a month earlier. Residential rents in Dubai registered a year-on-year increase of 22.0% in July 2023, down marginally from 22.8% in June 2023. Demand in the rental market has also increased further, where year-on-year in the year to date to July 2023, the total number of rental registrations has grown by 8.8%. Although, over this period, new rental contracts registered substantially dropped by 12.6%, renewed rental registrations increased by 29.0%. Given the current market backdrop, vis-à-vis the lack of supply and exacerbated demand levels, we expect that rents in Dubai will continue to increase moving forward, albeit at a slower pace.”

EFG Holding Posts 89% Y-o-Y Growth in Revenues and Net Profit in 1H23

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Sahfy Sahfy
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EFG Holding, the leading financial institution with a universal bank in Egypt and the leading investment bank franchise in Frontier and Emerging Markets (FEM), announced today its results for the second quarter of 2023. The Group booked a robust revenue increase of 51% Y-o-Y to EGP 3.1 billion on the back of broad-based growth across the Investment Bank (EFG Hermes), the commercial bank (aiBANK), and the Non-Bank Financial Institutions (NBFIs) platform (EFG Finance) in 2Q23. Moreover, despite a 53% Y-o-Y rise in Group operating expenses, EFG Holding’s operating profit booked an increase of 46% Y-o-Y to EGP 988 million, and net profit before tax grew by 37% Y-o-Y to EGP 842 million in 2Q23. At its bottom line, the Group recorded growth of 20% Y-o-Y to EGP 405 million in net profit after tax and minority interest in 2Q23.

EFG Holding’s Group CEO, Karim Awad, commented on the results: “I am delighted to report that the Group has closed out the first half of the year on a strong note and witnessed outstanding results across the board. Our performance for the period continues to reflect our commitment to operational excellence across the markets we operate in, which saw our divisions continue to deliver on our strategies on both the buy- and sell-side at EFG Hermes. Moreover, I am also thrilled with the performance of EFG Finance and aiBANK as they continue to reap the rewards of increased demand for their diverse suite of financial solutions and banking services. On this front, valU has continued to diversify its product offering and led our NBFIs platform with predominately higher revenues, and in parallel, aiBANK has seen remarkable double-digit revenue growth as it continues implementing the roll-out of its transformation strategy. This performance stands testament to the value creation possibilities from the Group’s comprehensive and diverse business model.

The Investment Bank ‘EFG Hermes’ continued to build on its success at the start of the year and successfully concluded two equity transactions and three debt transactions worth an aggregated value of USD 1.1 billion, further cementing its position as the advisory house of choice. EFG Hermes acted as joint book-runner on the IPO of ADNOC L&S on the Abu Dhabi Securities Exchange, and in parallel, acted as Joint Global Coordinator on the IPO of Al Ansari Financial Services on the Dubai Financial Market.

Regarding revenue performance, EFG Hermes recorded a significant 61% Y-o-Y increase to EGP 1.6 billion in 2Q23 compared to EGP 989 million in the same period last year. Revenue growth in 2Q23 was supported by a 13% Y-o-Y increase in sell-side revenue to EGP 797 million on the back of a 57% Y-o-Y rise in brokerage revenue to EGP 645 million during the period. Additionally, impressive revenue increases of 145% Y-o-Y and 61% Y-o-Y at the private equity and asset management divisions, respectively, drove a 77% Y-o-Y increase in buy-side revenue to EGP 262 million in 2Q23. Moreover, EFG Hermes’ revenue was further buoyed by a 286% Y-o-Y increase in Holding and Treasury Activities to EGP 530 million in 2Q23.

At ‘EFG Finance’, the NBFI platform continued to focus on introducing new and innovative financial service offerings, as well as partnering with various players in 2Q23. EFG Finance’s revenues booked growth of 23% Y-o-Y to EGP 620 million in 2Q23, mainly on the back of a stellar 193% Y-o-Y increase in revenue at valU, reaching EGP 207 million driven by securitization gains coupled with higher loans issued in 2Q23. Additionally, EFG Corp-Solutions’ factoring revenues booked a revenue increase of 90% Y-o-Y to EGP 27 million, and parallel to this, leasing revenues recorded an 11% Y-o-Y increase to EGP 66 million in 2Q23. Meanwhile, Tanmeyah’s revenues declined 17% Y-o-Y to EGP 297 million on lower sales.

Meanwhile, the commercial bank’s ‘aiBANK’ revenues climbed 58% Y-o-Y to EGP 888 million on the back of a 43% Y-o-Y increase in net interest income mainly driven by a rise in interest earnings assets. Additionally, aiBANK’s performance was further supported by a significant 181% Y-o-Y increase in net fees and commission income to EGP 187 million in 2Q23, as trade finance activities continue to pick up.

Awad concluded: “We have built a strong momentum in the first half of 2023, which highlights the strength of our extensive brand universe, and allows us to capitalize on the inherent synergies and attractive opportunities across our verticals. Moreover, our recent rebranding to EFG Holding reflects our evolution into a universal financial powerhouse and further underscores the breadth and depth of our portfolio of value-accretive financial solutions,leaving us better-positioned to serve our clients and expand our reach in today’s ever-evolving and dynamic world. As always, the commitment and expertise of our people remain the driving force behind EFG Holding’s success, and I would like to thank our shareholders for their ongoing trust in the Group’s ability to create sustainable value.”

Al Baraka Group’s Net Income Increases 5% in H1 2023

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Sahfy Sahfy
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Al Baraka Group B.S.C. (“ABG” or Group”), Bahrain Bourse trading code “BARKA”, announced its half year and second quarter of 2023 financial results.
Net income attributable to shareholders increased from US$ 45 million to US$ 47 million – a 5% increase when compared to the second quarter of 2022. This is due to an increase in fees and commission income and reduced provisioning, partially mitigated by increased cost of funding and the depreciation of regional currencies against the US dollar.
Earnings per share stood at US$ 2.46 Cents for the second quarter of 2023, compared to US$ 2.42 Cents in the same period last year.
The increase in income from fees and commission and reduced provisions has also led to an increase of 31% in the Group’s net income for the quarter ending June 2023 to reach US$ 97 Million compared to US$ 74 Million for the same period in 2022.
Semi-Annual Results
The Group also saw a 5% increase in the net income attributable to shareholders for the first half of this year representing US$ 89 million, compared to US$ 85 million at the halfway point of last year. This is due to an increase in income from financing and investments and reduced provisioning.
The basic and diluted earnings per share reached US$ 5.87 Cents for the first half of 2023, compared to US$ 5.68 Cents for the first half of 2022.
The equity attributable to the parent’s shareholders and Sukuk holders decreased by 3%, falling from US$ 1.26 billion at the end of 2022 compared to US$ 1.22 billion at the end of June 2023, due to the increase in foreign currency exchange reserves.
The Group’s total equity decreased by 4% to reach US$ 1.89 billion at the end of the second quarter of 2023 compared to US$ 1.97 billion at the end of December 2022.
Despite the depreciation of regional currencies against the US dollar in certain markets – specifically in Egypt, Turkey and Pakistan – the total assets of the group remained relatively stable at around US$ 24.36 billion at the end of the second quarter of 2023, compared to US$ 24.98 billion at the end of December 2022 (a decrease of 2%).
Total net income grew 24% to US$ 170 million during the first six months of 2023, compared to US$ 137 million for the same period of 2022.
Commentary
Chairman of the Board of Directors of the Group, Sheikh Abdullah Saleh Kamel stated; “We are optimistic about the Group’s financial stability which is evident in our second quarter 2023 financial results. We have been able to achieve flexible and stable financial results despite international economic uncertainty and geopolitical turmoil which has caused worldwide inflation and high interest rates – both of which have led to the depreciation of currencies in certain markets in which we operate.”
He continued; “Despite international financial volatility in markets, which directly affected the increase in our operational costs, we were able to prevent financial knock-on effects from affecting the Group and balanced our expenses. We achieved this thanks to the diversification of our investments and sourcing stable liquidity to drive our growth.”
Mr. Houssem Ben Haj Amor, Board Executive Member and Group Chief Executive Officer said; “Many markets in the region are experiencing challenges as a result of volatile economic conditions. The Group has showed great flexibility and enjoyed relative stability, as seen in our financial results for the second quarter of this year. This is due to our focus on improving our operational performance, as well as our identifying investment opportunities that generate sustainable growth. Despite the continuing challenges, such as ongoing international inflation and high interest rates which impact our profits, we intend to intensify our focus on maintaining reliable liquidity while utilizing innovative digital mechanisms that enrich the experience of our customers, and increase our profits in the long term.

Yahsat reports solid first half results for 2023

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Sahfy Sahfy
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Al Yah Satellite Communications Company PJSC (“Yahsat” or the “Group”), the UAE’s flagship satellite solutions provider listed on the Abu Dhabi Securities Exchange (”ADX”, under symbol: YAHSAT, ISIN: AEA007501017) announced today its consolidated financial results for the six months ended 30 June 2023.

Revenue for the first half of the year was stable at AED 753 million [USD 205 million] whilst EBITDA and net income increased, on a normalised basis, by 3% versus the prior year to AED 460 million [USD 125 million] and 5% to AED 175 million [USD 48 million], respectively.

The Group delivered revenue growth in Infrastructure, the Group’s largest segment providing communications capacity to the UAE government, and Data Solutions, offering satellite-based broadband data solutions. Managed Solutions, providing complete value-added satellite communications solutions primarily to the UAE government and related entities, maintained revenues versus an exceptionally strong prior year. Mobility Solutions, the Thuraya business providing mobile satellite services using L-band spectrum, recorded strong double-digit growth in the second quarter of 12% versus the prior year, driven by higher equipment sales, a trend that is expected to continue into the third quarter and help achieve revenue growth for that segment by the end of the year.

Highlights for the period include:

  • Revenue of AED 753 million [USD 205 million], stable year-on-year.
  • Normalised EBITDA of AED 460 million [USD 125 million], up 3% year-on-year, delivering a superior margin of 61% (prior year 59%).
  • Normalised Net Income (profit) of AED 175 million [USD 48 million], up 5% year-on-year, generating an improved margin of 23% (prior year 22%).
  • Contracted future revenue of AED 7.0 billion [USD 1.9 billion], stable versus end of Q1 2023 and equivalent to 4.4 times last-twelve-month revenue.
  • Improved cash generation with Discretionary Free Cash Flow of AED 296 million (USD 82 million), up 34% versus prior year.
  • Historically strong balance sheet with negative Net Debt of more than AED 454 million [USD 125 million], total available liquidity of AED 2.3 billion [USD 686 million] and long-term visibility of future cash flows, supports Yahsat’s future investment in organic growth (Al Yah 4 and Al Yah 5) and opportunistic acquisitions, without impacting its attractive progressive dividend policy.
  • Positive net finance income benefiting from higher interest rates on short-term deposits versus prior year.
  • On track to grow full year 2023 dividend by at least 2% to 16.46 fils [4.48 US cents] per share or AED 402 million [USD 109 million] – based on the last closing share price, this implies an annualised dividend yield of over 6%, amongst the highest offered by UAE listed stocks.
  • Guidance for full year revenue, EBITDA, and Discretionary Free Cash Flow remains unchanged, whilst guidance for cash capex and investments is increased to a range of AED 643-716 million [USD 175-195 million] from AED 569-643 million [USD 155-175 million], to reflect the commencement of the Al Yah 4 and Al Yah 5 satellite procurement programme.

Ali Al Hashemi, Group Chief Executive Officer of Yahsat, commented: “Yahsat continues to improve its business operations and profitability, and we remain focused on growing both our core government business and commercial segments, whilst controlling and optimising costs across the Group.

“In addition to completing the Thuraya-4 NGS satellite procurement programme, which remains on track to be launched in the first half of 2024, we have signed an Authorization-to-Proceed (ATP) with Airbus, a long-time partner of Yahsat, to commence initial activities relating to the procurement of the Al Yah 4 and Al Yah 5 satellites. In parallel, we are in advanced negotiations with the UAE government to secure a long-term contract that would significantly increase and extend our backlog of contracted revenues beyond 2040.

“We have also commenced work on establishing a formal partnership with Bayanat to offer Earth Observation (EO) capabilities using, in the first phase, synthetic aperture radar (SAR) technology, which provides higher resolution data than conventional sensors. This partnership aims to develop a constellation of five satellites, with the first satellite expected to be launched in the first half of 2024, which will further diversify our current portfolio of fixed and mobile satellite communication services from GEO orbits and expand it to include Earth observation services from LEO orbits.

“The satellite industry continues to witness substantial investments and the development of new business models. Together, these forces are driving industry consolidation and the necessary emergence of larger and stronger players. Yahsat remains in a strong position to take advantage of these developments, underpinned by our unique backlog of future revenues and our historically strong and robust balance sheet.”

The full set of first half financial disclosures, including a more detailed Management Discussion & Analysis report that clearly defines capitalised terms used in this press release, can be found within the Investor Relations section on Yahsat’s website.

Note to Editors:

Normalised EBITDA is EBITDA (earnings before interest, taxes, depreciation and amortisation) adjusted for material, one-off items recorded during the current and comparative periods that would otherwise distort the underlying, like-for-like performance of the business. H1 2023 Normalised EBTIDA of AED 460 million [USD 125 million] reflects an adjustment for one-off redundancy costs (AED 8 million [USD 2 million]) whilst there were no adjustments made to H1 2022 EBITDA of AED 448 million [USD 122 million]

Similarly, H1 2023 Normalised Net Income of AED 175 million [USD 48 million] reflects adjustments made to derive Normalised EBITDA whilst there were no adjustments made to H1 2022 net income of AED 167 million [USD 45 million].

Applications for WEF UpLink ‘Smarter Climate Farmers Challenge’ received from across the world  

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Sahfy Sahfy
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The Saudi Ministry of Economy and Planning (MEP) announced today that applications have been received to date from participants from across the world for the ‘Smarter Climate Farmers Challenge’. The submission of solutions remains open until August 10 for this challenge, launched last month in partnership with the World Economic Forum’s (WEF) UpLink platform.

The ‘Smarter Climate Farmers Challenge’ is a call for solutions using climate-smart agriculture approaches to improve food production, promote better living standards, respond to climate change and lead to the efficient care of the planet’s resources within food ecosystems.

The challenge aims to improve living standards through boosting food production, responding to climate effects and enhancing food ecosystems. The launch of this challenge on July 2 followed the success of the WEF UpLink ‘Food Ecosystems in Arid Climates’ challenge, also supported by MEP.

Solutions for the second challenge to date have been submitted by upstarts in Asia, Africa, North America, South America, Europe and Oceania.

His Excellency the Saudi Minister of Economy and Planning Faisal F. Alibrahim had revealed the 10 winners, out of a total of more than 200 solutions submitted, for the ‘Food Ecosystems in Arid Climates’ challenge. The announcement was made at WEF’s Annual Meeting of the New Champions in China in June 2023, a three-day gathering attended by more than 1,500 global leaders from business, government, civil society, and other international organizations.

The winners were awarded funding and support to further build and refine their ideas. The solutions had been submitted by the participants in the first challenge in response to the challenge to share innovative ideas to enhance food security amid intensified droughts and desertification across the planet. The details of the announcement and winners can be viewed via this LINK.

Both Uplink Innovation Challenges are funded by the Ministry of Economy and Planning, and supported by 17 other entities, including: 3 BL Associates, Act4Food Act4Change, Centre for the Fourth Industrial Revolution in the Kingdom of Saudi Arabia (C4IR KSA), Clim-Eat, Cornucopian Capital, EAT, Innovative Institute for Food and Health, King Abdulaziz City for Science and Technology (KACST), Manuia, Ministry of Environment, Water and Agriculture KSA, Federation of Saudi Chambers, Omnivore, Sentient Ventures, Social Gastronomy, Movement, Unilever, WFP Innovation Accelerator, and World Food Forum.

International Leaders gather in Dubai to Discuss Sustainability at Forbes Middle East Summit

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Sahfy Sahfy
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The Forbes Middle East Sustainability Leaders’ Summit 2023 will convene international leaders in sustainability, technology, finance, and policy in Abu Dhabi from November 1-3. 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.

HE Dr. Thani bin Ahmed Al Zeyoudi recently expressed his enthusiasm for the event and his upcoming role: “This is a prestigious and important summit, which brings together global and regional government representatives, business leaders, entrepreneurs, and policymakers to address the most pressing challenges related to sustainable economic growth and climate action that we face today. At the summit, we aim to foster collaboration, drive innovation, and create actionable solutions to pave the way for a greener, more sustainable future.”

The Forbes Middle East Sustainability Leaders’ Summit 2023 plays a crucial role in the global push for environmental conservation and sustainable development. This summit, being held in the capital of the U.A.E., 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 Climate Change Conference (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.

As the chair of the Forbes Middle East Sustainability Leaders’ Summit, HE Dr. Thani bin Ahmed Al Zeyoudi will lead discussions that will showcase the U.A.E. government’s visionary approach and its commitment to fostering sustainable development.

Khuloud Al Omian, CEO and Editor-in-Chief of Forbes Middle East, expressed her pride in having HE Dr. Thani bin Ahmed Al Zeyoudi as the chair of the upcoming summit, highlighting his wealth of knowledge, expertise, and dedication to developing sustainable green economic practices. “His vision will undoubtedly contribute to the summit’s success and inspire participants to take bold steps in their respective industries across the Middle East,” said Al Omian.

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 the importance of public-private partnerships in sustainable economic growth, inspiring climate action and resilience in the economy, examining the role of sustainable finance and investment in driving green trade practices, exploring policy and regulatory frameworks for a sustainable economy, and leveraging technology for capacity building and knowledge sharing. Innovation is the key driver for developing and bolstering the local and regional green economy, a focus that is particularly relevant in the context of the Forbes Middle East Sustainability Leaders’ Summit in Abu Dhabi. 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.

PRCA MENA ANNOUNCED CONFERENCE AND DIGITAL AWARDS 2023

By
Sahfy Sahfy
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PRCA MENA, the leading professional association for public relations and communications in the Middle East and North Africa, is thrilled to announce their Conference and Digital Awards 2023, set to take place on Wednesday, 8th November, at the Mӧvenpick Hotel & Residences Riyadh in Riyadh, Saudi Arabia.

The half-day conference will feature an array of insightful sessions aimed at empowering PR and digital communications professionals. The programme will include thought-provoking sessions such as “The Value of the PR Industry in the MENA region,” “AI vs. PR – Embrace the Revolution,” “PR Agencies in Saudi Arabia – Changes and Challenges,” and “Saudi VISION 2030 and PR” – Where Excellence Meets Innovation.”

Highlighting the rapidly evolving PR and digital communication landscape, these sessions will provide attendees with exclusive industry insights and strategies to succeed in a competitive market. PRCA MENA is dedicated to fostering growth, innovation, and excellence in the region’s PR industry, and this conference stands as a testament to its commitment.

As the sun sets, the focus will shift to the highly anticipated PRCA MENA Digital Awards gala dinner, commencing at 7:00 PM in the settings of the Mӧvenpick Hotel. These awards will recognise and honour the PR talents and outstanding campaigns in the digital communications realm. They serve as a platform to acknowledge and celebrate the exceptional work that is driving the digital landscape forward.

The Digital Awards are now open for submissions, and categories can be seen here.

Monika Fourneaux, Head of PRCA EMEA, commented, “We are thrilled to invite you for a day filled with knowledge-sharing, networking, and inspiration. The Conference and Digital Awards celebrations will bring together like-minded professionals, industry experts, and visionaries from across the MENA region and beyond. Together, we will shape the future of PR and digital communication, setting new standards of excellence.”

For more information and registration for the Conference and Digital Awards Gala Dinner, please visit https://prca.mena.global/events/prca-mena-conference-and-digital-awards-2023/

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