Preparatory Work for UAE to Oman Hafeet Rail Project Commences at Full Speed
Preparations have begun on the transformative UAE to Oman Hafeet Rail network, revealing significant construction details during a site visit.
Preparations have begun on the transformative UAE to Oman Hafeet Rail network, revealing significant construction details during a site visit.
The $3bn Hafeet Rail project between the UAE and Oman will feature 60 bridges and a 2.5km tunnel, making it an “architectural and engineering marvel,” according to CEO Ahmed Al Musawa Al Hashemi.
Hafeet Rail has announced that preparatory work is moving full speed ahead for constructing the transformative railway link between the UAE and Oman. This announcement was made during a site visit attended by key officials, members of the Asyad and Hafeet Rail executive management teams, project contractors, and consultants.
Key Highlights
During the visit, attendees were introduced to the main components of the project, including passenger, repair, and shipping stations, as well as major bridges and tunnel sites.
The Hafeet Rail project is set to play a very important role in enhancing local and regional trade, unlocking new opportunities in the infrastructure, transportation, and logistics sectors, and fostering economic diversification. It will also strengthen bilateral relations between the UAE and Oman.
The project will involve constructing 60 bridges, some reaching heights of up to 34 meters, and tunnels extending 2.5 kilometres. The Hafeet Rail team showcased the latest rail technologies and innovative engineering and architectural solutions designed to navigate the challenging geographical terrain and weather conditions while maintaining high standards of efficiency and safety.
The rail network will boost various industrial sectors and economic activities and significantly impact the tourism industry by facilitating easier and faster travel between the two countries.
Ahmed Al Bulushi, Asyad Group Chief Executive Asset, noted that the project’s rapid progress reflects the commitment of the UAE and Oman to developing and realizing the project’s multifaceted benefits.
Investment and Future Impact
Al Bulushi added that investments in developing local capabilities and expertise in rail-related disciplines over recent years have enabled the project to reach the implementation phase successfully under the leadership of highly efficient and professional national talent.
Hafeet Rail’s CEO Ahmed Al Musawa Al Hashemi emphasized, “The commencement of preparatory works for construction is a testament to the robust synergy between all parties involved in both nations, achieving this milestone in record time. We are confidently laying down the right tracks thanks to the shareholders of Hafeet Rail and the expertise of local companies in Oman and the UAE, alongside international partners.”
During the site visit, the visitors explored some of the key preparatory sites, including Wadi Al Jizi, where a 700-meter-long bridge towering 34 meters will be constructed. This ambitious project is envisioned as an architectural and engineering marvel in a complex geographical landscape.
Future phases will require more collaboration, with a continued focus on quality, safety, and environmental considerations in line with the international industry best practices.
The Hafeet Rail project represents the first-of-its-kind railway network linking two Gulf nations, marking a significant shift in regional goods transportation. This efficient and reliable transportation option will reduce dependence on slower and less sustainable road transport.
Hafeet Rail promises a 40% reduction in shipping costs and a 50% in transit times compared to traditional land transportation methods, as it will be connecting five major ports and several industrial and free zones in both countries.
This shift will reduce reliance on road transport by cars and trucks and promote more sustainable shipping practices. The establishment of the railway network will also create significant opportunities for SMEs in construction, engineering, and logistics support, acting as a catalyst for economic growth and innovation within the domestic economy.
By linking major ports, the Hafeet Rail project will enable local SMEs to import, export, and distribute their products more effectively, enhancing their market reach and global competitiveness.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
The PMI climbed to 52.9, reflecting an enhanced business climate and surpassing both October’s figure of 52.8 and the long-term average of 52.3
The latest Purchasing Managers’ Index (PMI) survey, compiled by S&P Global for Qatar Financial Centre (QFC), highlights a strong and steady improvement in Qatar’s non-energy private sector during November. The PMI climbed to 52.9, reflecting an enhanced business climate and surpassing both October’s figure of 52.8 and the long-term average of 52.3.
Despite strong overall cost pressures, November saw a notable easing from October’s four-year peak. Input price inflation moderated, yet firms opted to reduce prices for the fourth consecutive month to maintain their competitive edge in the market.
The financial services sector experienced a surge in demand, which led to significant employment growth in November. While activity levels moderated slightly compared to October, the sector continued to show strong momentum, with businesses expressing confidence in further expansion over the next year.
Similarly, the construction and real estate sectors remained buoyant, supported by population growth and sustained infrastructure investment, fostering a stable and optimistic outlook for 2024.
Yousuf Mohamed Al Jaida, CEO of QFC Authority, underscored the significance of the November PMI results saying: “The headline PMI edged up to 52.9 in November, surpassing the third quarter average of 52.0 and the long-run trend level of 52.3, indicating stronger business conditions in the non-energy sector.”
“New business and output expanded further, while the labour market remained robust. Over the past three months, the Employment Index has registered the highest levels in the survey history. Demand for workers and efforts to retain experienced staff have been reflected in the survey data for wages, with the Staff Costs Index remaining higher than at any time prior to August.”
“Overall cost pressures remained high, although the Input Prices Index retreated notably from October’s four-year high. Despite this, the prices charged for goods and services fell, as firms continue to discount their prices to boost competitiveness.”
As Qatar continues to position itself as a hub for international investment, the non-energy private sector is expected to play a pivotal role in driving economic diversification. Positive market conditions, coupled with strategic investments and a strong labour market, provide a solid foundation for continued growth in the months ahead.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Despite regional and industry differences, there is a global consensus that the board’s role is expanding, with higher stakes, more uncertainty, and increasing expectations.
Heidrick & Struggles, a premier provider of executive search, leadership assessment and development services, launched its third Board Monitor report in the Kingdom of Saudi Arabia (KSA). Despite regional and industry differences, there is a global consensus that the board’s role is expanding, with higher stakes, more uncertainty, and increasing expectations. As these expectations grow, ensuring board diversity with the right balance of expertise, demographics, and widening of perspectives is crucial. In 2023, there was an increase in the proportion of seats going to board directors with prior CFO experience – double the figure from 2022. Meanwhile, there was a decrease in the proportion of board directors with previous CEO experience, with 42% in 2023 compared to 48% in 2022. First-time board members in the KSA accounted for 33% of appointments, while women represented 8%.
Additionally, the report reveals 8% of board appointments are non-national. Beyond demographic diversity, 33% of board appointments are individuals with cross-industry experience. These figures mark an opportunity for KSA boards to further enhance both demographic and experience representation in their board composition.
“Boards in the KSA must look at diversity holistically and strive to achieve the right balance of demographics and expertise, which includes gender, age, nationality, as well as industry and geographical experiences. This will require a continued focus and investment in improving board diversity – starting with a proactive and ongoing succession planning process. Boards would also do well to regularly examine director alignment and expertise with the evolving needs of the business, which will allow them to introduce directors with the required expertise or demographic to steer the organization forward,” said Maliha Jilani, Partner in Heidrick & Struggles’ Dubai office and Social Impact Practice lead in the Middle East and North Africa region.
The survey also revealed that boards in the Gulf Cooperation Council (GCC) region are more operationally involved on a frequent basis, compared to their global peers – 47% of respondents from the KSA and the United Arab Emirates (UAE) report increased overall board involvement happens frequently – almost double the global average of 25% and notably the highest out of the 20 markets surveyed by Heidrick & Struggles. While board involvement in day-to-day management has traditionally been more common for boards in the KSA and GCC compared to other regions, the survey highlighted a variation in board engagement. On one hand, some boards are overly involved in daily operations; on the other hand, others risk being too hands-off, missing strategic opportunities to add value. Also unique to the KSA is the challenge of over-boarding amid increased operational involvement, which can sometimes hinder directors from adding operational value.
“Boards in the KSA today navigate a fine balance between operational involvement and providing the right level of future-focused guidance. Directors must continually assess their level of involvement to better understand when and how they should step in to maintain a balanced and effective governance role. Having open, transparent conversations with the management to determine how involved the board should be is key, as is establishing robust frameworks for board involvement to ensure engagement and accountability. Boards themselves also need to focus on addressing over-boarding, so that directors with the relevant expertise can contribute meaningfully on forward-looking areas like growth and internationalization without being stretched across boards,” said Shaloo Kulkarni, Partner in Heidrick & Struggles’ Dubai office and Heidrick Consulting in APAC & EMEA.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Interior designer Thomas Hamel on where it goes wrong in so many homes.
The Minister of Electricity and Water Affairs announced that these measures are being implemented to allow SMEs to have better visibility into government tenders and auctions
Bahrain is taking important steps to boost the participation of small and medium enterprises (SMEs) in government tenders and auctions. The government’s new initiatives aim to create more opportunities for local businesses to engage in public sector projects, fostering economic growth and empowering entrepreneurs across the country.
The Minister of Electricity and Water Affairs, Yasser Humaidan, announced that measures are being implemented to allow SMEs to have better visibility into government tenders and auctions. This will give them the chance to assess whether they want to bid on these projects. A key development in this initiative is the allocation of 10% of government tenders specifically for SMEs, following a Cabinet decision.
In addition to this, a number of tenders will now be limited exclusively to SMEs that are registered with Bahrain’s Ministry of Industry and Commerce. This change is designed to make it easier for smaller companies to participate, ensuring they have a fair chance to compete in public sector projects.
To further assist SMEs, the government is establishing a dedicated unit within the Tender Board that will focus on supporting these businesses. This unit will oversee initiatives aimed at providing the guidance, training, and resources SMEs need to successfully navigate the tendering process. In partnership with a local bank, the board has also arranged for financial guarantees to help SMEs meet the requirements for bidding on government tenders.
One unique aspect of these initiatives is the inclusion of productive families in government tenders. Families with SMEs that are officially recognized by the Ministry of Industry and Commerce can now participate in tenders, adding an extra layer of inclusivity to the process.
To help businesses understand how government tenders work, workshops will be organized. These sessions will cover everything from the procedures involved to the rights and responsibilities of those bidding on projects, ensuring SMEs are fully informed before they take part in the tendering process.
In parallel with these initiatives, Youth Affairs Minister Rawan Tawfiqi announced that youth empowerment centers across Bahrain are receiving financial support to enhance their operations. The Ministry allocates BD133,000 annually to support these centers, ensuring that they have the resources to offer high-quality programs and activities for the country’s youth.
Meanwhile, housing continues to be a key priority, with Housing and Urban Planning Minister Amna Al Romaihi providing updates on housing solutions for Bahraini families on the waiting list. Several options are being offered, including residential plots and temporary apartments, as part of the government’s ongoing efforts to address long-standing housing challenges.
These measures reflect Bahrain’s dedication to promoting a diverse and inclusive economy, ensuring that SMEs, youth, and local families are supported in their growth and development. By creating a more accessible and supportive environment for smaller businesses, the government is helping lay the foundation for long-term economic success.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Following the devastation of recent flooding, experts are urging government intervention to drive the cessation of building in areas at risk.
Regional economic growth forecast to rise from 1.9% in 2024 to 4% in 2025, outpacing projected global growth of 2.7% to 2.8%
The GCC economies will more than double their growth rate from 1.9% in 2024 to 4% in 2025, according to the latest ICAEW Economic Insight report prepared by Oxford Economics. This acceleration comes despite the extension of OPEC+ oil production cuts and positions the GCC to significantly outperform global GDP growth, which is projected to increase modestly from 2.7% in 2024 to 2.8% in 2025.
The GCC’s energy sector is set for a strong rebound in 2025, with growth of 4.2% following the gradual unwinding of oil production cuts. Meanwhile, the non-energy sectors will maintain their robust performance, with consistent expansion near 4% in both 2024 and 2025. Regional PMIs remain firmly in expansionary territory, with Saudi Arabia’s PMI reaching a six-month high of 56.9, demonstrating strong business confidence and domestic activity.
The UAE economy is set to grow from 3.7% in 2024 to 4.5% in 2025, though non-energy sector growth is expected to moderate slightly from 4.5% to 4.3% due to capacity constraints in key sectors. The country’s success in attracting investment is evident in its $16bn of greenfield foreign direct investments, maintaining its global leadership position in FDI relative to GDP. Tourism continues to drive growth, with Dubai visitor arrivals increasing 6.3% year-on-year in the first nine months of 2024.
Saudi Arabia’s economic growth economy is projected to accelerate from 1.4% growth in 2024 to 4.4% in 2025, supported by robust non-energy sector expansion of 5.8%. The Kingdom has shown significant recovery, with GDP growing 2.8% year-on-year in Q3 2024, following four consecutive quarters of decline. The tourism sector’s ambitious $800bn investment program over the next 10 years, alongside major events like Expo 2030 and FIFA World Cup 2034, underpins the country’s diversification efforts.
Despite challenges posed by lower oil revenues, the GCC continues to maintain an overall budget surplus, with Qatar and the UAE emerging as leaders in fiscal strength. Saudi Arabia, while anticipating budget deficits, benefits from low government debt levels, ensuring the flexibility needed to pursue strategic investments. The UAE’s projected 4.1% budget surplus in 2025 demonstrates its strong fiscal management.
GCC inflation is expected to rise moderately from 1.8% in 2024 to 2.3% in 2025, remaining well-controlled across the region. Following the US Federal Reserve’s 75 basis points rate cuts in September and November this year, GCC central banks have mirrored these adjustments, with further reductions likely to boost real estate and private-sector investment.
Hanadi Khalife, Head of Middle East, ICAEW, said: “The business landscape across the GCC continues to evolve and mature, creating new opportunities for growth and innovation. As professional services advisors, we see firsthand how businesses are adapting to change and investing in their future.
“The role of chartered accountants remains crucial in supporting organizations as they navigate this dynamic environment and pursue sustainable business practices.”
Scott Livermore, ICAEW Economic Advisor, and Chief Economist and Managing Director, Oxford Economics Middle East, said: “The GCC’s projected 4% growth in 2025 highlights the success of the region’s diversification efforts amid global challenges.
“As the region continues to expand its tourism, real estate and financial sectors; managing capacity constraints in these high-growth sectors, as well as navigating global uncertainties, will be key to sustaining momentum and long-term economic stability.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
This initiative underscores QCB’s commitment to regulating and advancing the financial sector while propelling Qatar’s digital transformation.
In a significant step toward fostering financial innovation, Qatar Central Bank (QCB) has introduced a regulatory framework for digital banks, aligning with the country’s third financial sector strategy and financial technology (fintech) objectives. This initiative underscores QCB’s commitment to regulating and advancing the financial sector while propelling Qatar’s digital transformation.
The framework highlights the growing importance of digital banks in enhancing financial inclusion by offering innovative and efficient services tailored to the needs of individuals and businesses. Digital banks provide 24/7 integrated solutions through internet platforms and mobile applications, enabling seamless financial transactions from anywhere at any time.
QCB emphasized that the regulatory framework is central to its mission of driving technological advancements in the financial sector. By embracing cutting-edge digital innovations, the framework supports Qatar’s vision of a robust digital economy, paving the way for sustainable development and improved financial services.
Digital banks leverage advanced technologies to ensure speed, security, and cost-efficiency in financial transactions. The new regulations aim to maximize these benefits, enhancing customer experiences while reducing operational expenses. This efficiency translates into more affordable and accessible banking services, further advancing the nation’s financial inclusion goals.
QCB reaffirmed its dedication to fostering the growth of the fintech sector by establishing a supportive infrastructure and legislative environment. This approach empowers companies in the sector to deliver innovative solutions that enhance operational efficiency and drive innovation in financial services.
The regulatory framework also aligns with Qatar National Vision 2030, which emphasizes sustainable development and technological excellence across sectors.
For more information on the regulatory framework, QCB has made the details accessible on its official website, inviting stakeholders to explore the new guidelines that will shape the future of banking in Qatar.
This initiative marks a significant step toward a technologically advanced financial landscape, ensuring that Qatar remains at the forefront of digital transformation in the region.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Timely compliance remains crucial to fostering a robust and trustworthy tax system while supporting economic activity across sectors.
The Federal Tax Authority (FTA) has called on businesses subject to Corporate Tax to file their returns and pay dues for respective tax periods within the stipulated legal timeframes. This call reflects the FTA’s commitment to facilitating voluntary tax compliance across sectors with ease and efficiency.
In September, the FTA issued Decision (7) of 2024, extending the deadline to file tax returns and settle Corporate Tax payable for certain periods. Businesses with tax periods ending on or before February 29, 2024—including December 2023, January 2024, and February 2024—now have until December 31, 2024, to fulfill these obligations. The extension aims to provide flexibility and prevent administrative penalties for non-compliance during these periods.
The FTA highlighted that aside from the extended periods, businesses must adhere to the usual requirement of filing returns and paying Corporate Tax within nine months of the end of their tax period. Failure to comply within these timelines could result in administrative penalties, stressing the importance of timely adherence to legal mandates.
Khalid Ali Al Bustani, Director-General of the FTA, underscored the significance of filing tax returns promptly for each tax period. He reminded businesses that periodic compliance under the Corporate Tax Law ensures transparency and accountability.
Al Bustani also noted the FTA’s proactive efforts to engage with taxable entities, gathering feedback and resolving potential challenges. This collaborative approach is aimed at ensuring that businesses can implement tax legislation effectively without disrupting their operations.
The FTA continues to encourage all businesses to review their obligations and utilize the extensions provided where applicable. Timely compliance remains crucial to fostering a robust and trustworthy tax system while supporting economic activity across sectors.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
The study underscores the reality that AI is now also empowering cybercriminals, adding an additional layer of complexity to the threats businesses face
A recent Kaspersky study reveals that businesses are increasingly worried about the growing use of artificial intelligence (AI) in cyberattacks. According to the findings in Saudi Arabia, 82% of surveyed companies reported a rise in cyber incidents over the past year, with almost half of respondents (62%) noting that many of these attacks were likely AI-driven. The study underscores the reality that AI, which has revolutionized numerous industries, is now also empowering cybercriminals, adding an additional layer of complexity to the threats businesses face.
In its latest study titled “Cyber defense & AI: Are you ready to protect your organization?” Kaspersky gathered the opinions of IT Security and Information Security professionals working for SMEs and Enterprise-level companies regarding new challenges in protecting their organizations against cyberattacks involving the use of AI.
Leveraging AI by cybercriminals is a serious concern for 76% of respondents. The pressure of this challenge is pushing companies to reassess their cybersecurity strategies and look for solutions that are both proactive and comprehensive. To effectively tackle AI-amplified threats, businesses consider regular training to build internal expertise (98%), highly qualified personnel (96%), and relevant external cybersecurity expertise (96%) as the most important factors for protecting their organizations. They also recognize the importance of having enough staff in their IT teams (98%) and using third-party security solutions (98%).
Despite rising awareness, the study reveals a concerning gap in readiness among many companies. Over half of the organizations surveyed lack crucial resources needed to address these sophisticated threats – 64% don’t have the relevant external cybersecurity expertise at their disposal, 58% report that their IT teams are not large enough, 49% lack highly qualified staff, and 51% fall short in regular training efforts. Additionally, 44% of respondents do not think they have adequate security solutions in place, exposing them to potential vulnerabilities. While most respondents claim to know how to address this lack of resources, the fact remains that they aren’t in place.
“The cybersecurity landscape today mirrors past challenges, with businesses questioning if current solutions suffice. Ransomware, once a primary threat, now demonstrates a dangerous surge, and business decision-makers start questioning the causes of this resurgence. The recent hype around AI offers an easy, if not entirely correct explanation. In reality, while using AI to create convincing phishing messages or more effective reconnaissance may be of some help, the root causes are most often more straightforward: cybercriminals have become more organized, better at collaborating, developing innovative attack strategies, and lowering the barriers for less skilled and resourceful attackers. So, while it’s useful to keep an eye on AI progress that can enable both attackers and defenders with new options, there are solid strategies companies can – and should – implement immediately. Companies should prioritize securing critical IT infrastructure with robust, multi-layered solutions that offer a unified security context. An XDR ecosystem, combined with skilled expertise – whether in-house or through a managed service – can greatly enhance defenses. Additionally, ongoing employee training, including cybersecurity basics and safe AI practices, adds another critical layer of protection for the organization,” – says Oleg Gorobets, corporate infrastructure protection expert at Kaspersky.
To protect the business against AI-enabled cyberthreats, Kaspersky recommends starting with the following:
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
The transaction is subject to customary closing conditions, including government and regulatory approvals.
Zain Group, a leading telecommunications operator operating across the Middle East and Africa has entered a definitive agreement to acquire IHS Holding Limited’s (NYSE: IHS) 70% interest in IHS Kuwait Limited, an independent licensed Tower Company that owns 1,675 sites and manages an additional approximate 700 sites in Kuwait.
Under the terms of the transaction, Zain has agreed to increase its 30% ownership of IHS Kuwait Limited to 100%, at an equity value for the remaining 70% stake of US$134 million. IHS Kuwait Limited will continue to provide independent tower infrastructure services within the Kuwait market.
The transaction is subject to customary closing conditions, including government and regulatory approvals.
Commenting on the transaction, Bader Al Kharafi, Zain Vice-Chairman and Group CEO said, “This agreement will enhance Zain’s Digital Infrastructure regional expansion strategy in creating capital efficiencies and driving shareholder value. It will also complement our ground-breaking deal with Ooredoo to acquire and merge approximately 30,000 towers. The aim of our sustainable and independent operating model is to provide passive infrastructure as a service, supporting the reduction of MENA’s carbon footprint and empowering the region’s digital future.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
This expansion reflects the increasing capacity of the non-oil sectors to contribute to the economic activity
Saudi Arabia’s non-oil sector saw remarkable growth in November, with activity expanding at the fastest rate since July 2023. This surge was fueled by robust demand across multiple industries. The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI) climbed to 59.0 in November from 56.9 in October, marking the fourth consecutive month of growth and signaling a strong economic momentum.
A key driver of this growth was the new orders subindex, which increased to 63.4 from 62.5 in October. Respondents highlighted an expansion in customer bases and rising investment spending, indicating a broad-based demand recovery. The output subindex also saw an uptick, rising to 63.8 from 60.2 in October, as businesses ramped up production to meet increased demand.
Firms are also experiencing accelerated hiring, with job creation picking up speed compared to the previous month. This positive trend reflects the increasing independence of Saudi Arabia’s non-oil sectors, with their ability to drive economic activity unimpeded by fluctuations in oil prices.
Naif Al-Ghaith, Riyad Bank’s chief economist, commented that this robust expansion underscores the growing capacity of non-oil industries to contribute significantly to Saudi Arabia’s overall economic activity, helping to mitigate the effects of oil price volatility.
Despite a forecasted fiscal deficit of $27 billion for 2025 as the kingdom invests heavily in Vision 2030 initiatives, businesses remain generally optimistic about the long-term outlook. While confidence about the 12-month outlook showed a slight dip from October, it remains aligned with the broader trend for 2024, signaling ongoing potential for non-oil growth in the kingdom.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
The integration of ESET Threat Intelligence (ETI) will enable the consolidation of threat intelligence, enhancing the analytical capabilities of cybersecurity teams
ESET, a global leader in cybersecurity solutions, has announced a key strategic integration with Filigran, a leading provider of open-source threat intelligence management, to integrate ESET Threat Intelligence with its OpenCTI solution.
To attain a strong and proactive security posture, organizations need to aggregate and correlate vast amounts of data from diverse sources. However, telemetry and threat data from one vendor isn’t enough to combat multiple sophisticated threats, and since there is an ongoing shortage of talent and a general lack of internal cybersecurity resources, businesses increasingly purchase services instead of, or on top of, cybersecurity products. As such, there is a demand for seamless integrations, because they simplify workflows, reduce manual effort, and enhance efficiency.
Staying on top of security requires you to be one step ahead by working to achieve enhanced situational awareness, an understanding of the threat landscape including TTPs, and to build strong early warning capabilities, which ESET’s highly curated and actionable threat intelligence helps provide.
This is why ESET is continuing its integration journey, now with Filigran’s OpenCTI, enabling the consolidation of its well-regarded threat intelligence data from ESET directly into OpenCTI. This enhances the analytical capabilities of cybersecurity teams by providing a single, comprehensive, and holistic view of potential threats, centralizing threat data.
“At ESET, integrations are crucial for our success going forward. ESET Threat Intelligence’s diverse telemetry and rich JSON/STIX 2.1 data feeds including: malicious files, botnets, APT IoCs, domains, URLs, and IPs (+ nine new sub-filters in Q4 2024), are seamlessly integrated into OpenCTI, complete with corresponding actionable research insights. Existing users of Filigran will be able to unlock a significant boost to the maturity of their organizational security via their threat-hunting and incident-response capabilities,” said Roman Kovac, Chief Research Officer at ESET.
“With hundreds or even thousands of malicious actors adapting rapidly, timely exploitation of threat intelligence feeds is a challenge. By combining ESET’s high-quality data with OpenCTI’s advanced processing, visualization, and automation capabilities, we make this possible.” – Jean-Philippe Salles, VP Product at Filigran.
The main benefits of the integration are:
Moreover, the unique value of this integration lies in the fact that it overcomes specific challenges related to incident response, as by leveraging ESET Threat Intelligence, users of OpenCTI will greatly enhance their mean time to detect (MTTD) and reduce their mean time to respond (MTTR), all thanks to ETI’s highly curated up-to-date feeds allowing organizations to stay one step ahead of the latest threats.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
CBE: Foreign assets in Egyptian banking sector reached $9.2 billion
The Central Bank of Egypt (CBE) has reported a positive shift in the country’s banking system, with net foreign assets showing a surplus of $9.2 billion (EGP 450.861 billion) in October 2024. While this marks a slight decrease from the $10.3 billion (EGP 498.6 billion) recorded in September, it still highlights a significant achievement compared to the previous deficit period. Notably, in May 2024, the banking system’s net foreign assets had first reached a surplus of EGP 676.4 billion, reversing a deficit of EGP 174.385 billion in April.
The banking system’s total foreign assets in October amounted to EGP 3.584 trillion, up slightly from EGP 3.562 trillion in September. At the same time, liabilities rose to EGP 3.133 trillion, compared to EGP 3.064 trillion the previous month.
In terms of local liquidity, the CBE reported a significant increase in the money supply, with the volume of local liquidity in the banking sector reaching EGP 11.247 trillion in September 2024, up from EGP 8.877 trillion in December 2023. The money supply itself grew to EGP 2.778 trillion, up from EGP 2.370 trillion, while cash in circulation outside the banking system also increased, rising from EGP 1.068 trillion to EGP 1.163 trillion.
The non-governmental deposits in local currency grew to EGP 7.307 trillion in October, compared to EGP 6.247 trillion in December 2023. This growth is reflected across different sectors, with demand deposits in local currency reaching EGP 1.614 trillion, compared to EGP 1.301 trillion in December 2023. Public sector demand deposits amounted to EGP 107.434 billion, while the private sector had EGP 907.222 billion, and the household sector contributed EGP 600.035 billion.
In terms of time deposits and savings certificates, the total amount in local currency reached EGP 5.693 trillion in October, up from EGP 4.946 trillion. The public sector held EGP 65.393 billion, while the private sector held EGP 325.964 billion, and the household sector had EGP 5.301 trillion in these forms of deposit.
Foreign currency deposits also showed considerable growth, with total non-governmental deposits in foreign currencies rising to EGP 2.776 trillion in October, up from EGP 1.561 trillion in December 2023. Demand deposits in foreign currencies reached EGP 684.987 billion, while time deposits and savings certificates amounted to EGP 2.091 trillion. The public business sector’s share of foreign currency deposits included EGP 32.478 billion in demand deposits and EGP 142.847 billion in time deposits, while the private business sector held EGP 467.198 billion in demand deposits and EGP 465.631 billion in time deposits. Households contributed EGP 185.434 billion in demand deposits and EGP 1.482 trillion in time deposits.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
This highlights Bank Nizwa’s commitment to providing innovative Sharia-compliant banking solutions
Enhancing its prominent leadership as the most-trusted Islamic banking partner, Bank Nizwa, the leading Islamic bank in the Sultanate of Oman, was recently titled ‘Strongest Islamic Retail Bank in Oman 2024’ at the Islamic Retail Banking Awards (IRBA). This prestigious accolade highlights Bank Nizwa’s commitment to providing innovative Sharia-compliant banking solutions, underpinned by a profound understanding of its customers’ evolving needs and a steadfast dedication to service excellence. The award was graciously accepted by Mr. Talib Al Yarubi, Head of Branches of Bank Nizwa, on behalf of the bank.
The Islamic Retail Banking Awards 2024, now in its 10th edition, convened a distinguished assembly of industry luminaries, C-suite executives, and leaders from across the region. The awards celebrated 50 top-performing entities in the Islamic retail financial services sector from the GCC, the Far East, Africa, Asia, and the Western Hemisphere, based on a global ranking of Islamic banks conducted by the Cambridge Institute of Islamic Finance. Bank Nizwa’s recognition on this prestigious international platform underscores its leadership in the Islamic finance sector.
Reflecting on this honor, Mr. Mohamed Al Ghassani, Chief Retail Banking officer at Bank Nizwa, commented, “We are immensely proud to be recognized at the IRBA as the Strongest Islamic Retail Bank in Oman, as this accolade not only shines the spotlight on our expertise in Islamic banking but also solidifies our position at the forefront of the sector. Furthermore, this award inspires us to persist in our journey of innovation and excellence, delivering groundbreaking Islamic banking solutions.”
It is worth mentioning that the retail banking division at Bank Nizwa offers a comprehensive suite of personal banking solutions, including savings and current accounts, alongside customized auto, home, and personal finance offerings designed to meet the diverse needs of its retail customers. This array of services is further enhanced by the bank’s user-friendly digital banking channels, including a robust mobile banking app, internet banking services, and a digital branch, all of which significantly improve accessibility and convenience for all customers.
Committed to being the preferred banking partner for individuals nationwide, Bank Nizwa continues to pursue innovation and product development, leveraging the latest Fintech advancements to elevate the banking experience. The bank aims to foster financial inclusivity among diverse customer segments by enhancing accessibility to Sharia-compliant banking services for all.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Alexandre de Betak and his wife are focusing on their most personal project yet.
Listed Equities are the preferred asset class followed by Fixed income and Real Estate.
SICO BSC (c), a leading regional asset manager, broker, and investment bank with a direct presence in Bahrain, Saudi Arabia, and the UAE, published its fourth annual investor return assessment survey, offering an inside look into the economic and return requirements of investors across the GCC.
This year’s survey, conducted in September, gathered insights from a diverse group of 209 respondents across the GCC investment ecosystem, including C-suite executives, fund managers, business owners, and institutional investors. Respondents provided feedback on their expected returns across asset classes, including listed equities, government bonds, real estate, private equity, and cash deposits, while also sharing their economic outlook and views on which asset class offers the best risk-adjusted returns over the next 12 months.
SICO’s Group CEO, Najla Al-Shirawi, commented on the report publication, saying, “As we navigate an era of high interest rates, global inflationary pressures, and geopolitical uncertainty, the region remains resilient, with Saudi Arabia and the UAE leading the charge in economic transformation. This report reflects the collective insights of the GCC’s investment community and serves as a roadmap for identifying opportunities and aligning solutions with ever-changing market needs. As we move into 2025, these findings will be an essential resource for addressing market challenges, and we remain committed to supporting our clients with insights and solutions that align with their goals.”
Despite navigating a challenging global environment, investor sentiment remains robust, and market participants are optimistic about Saudi Arabia, the UAE, and Qatar, with 83%, 79%, and 52% of respondents, respectively, expressing positive sentiment. The outlook for Kuwait and Bahrain is largely neutral, while Oman has seen an increase in optimism this year.
Based on respondent expectations, the return requirements for listed equities, the most preferred asset class in terms of risk adjusted returns over the next 12 months, remained consistent at 9-12% for 2025 across the GCC, mirroring last year’s range.
Within income-generating real estate, required returns across the GCC were stable at 7-10%, despite challenges such as market volatility and tenant risks, economic growth driven by increased government spending and infrastructure development in markets like the UAE and Saudi Arabia is increasing demand. With rising tourism, population growth, and a significant trajectory of private and public sector projects, the outlook for real estate remains positive.
Private equity retained its position as the asset class requiring the highest returns, exceeding 16% in Saudi Arabia and Oman, between 13-15% in the UAE, Kuwait, and Bahrain, and 10-12% in Qatar. In terms of 10-year USD government bonds, required returns ranged from 5% in Saudi Arabia, the UAE, Qatar, and Kuwait to 6% in Bahrain and Oman, consistent with investor expectations for relatively lower-risk fixed-income instruments.
Cash deposit return requirements for Saudi Arabia, the UAE, Oman and Bahrain were similar to last year at 5–6%. Meanwhile, Qatar saw slightly lower return requirements this year at 3–4%, compared to the previous year’s range of 5-6%. Respondents required a wider range of returns in Kuwait at 3–6%, compared with the 5-6% requirement last year. These results indicate relative stability in cash deposit returns across most GCC markets, with slight adjustments reflecting liquidity conditions and regional dynamics.
In terms of issues impacting the investment landscape, the report highlights that while geopolitical tensions were the top concern for investors, the GCC economies have demonstrated resilience. Supported by diversification efforts, government spending, and the growth of non-oil sectors, the investment landscape remains stable. The report further notes that global inflation, while a concern, is projected to decline, signaling a potential easing of economic pressures.
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The MoU outlines several core objectives, including fostering development and sharing best practices in financial technology, private banking and sports.
Qatar Financial Centre Authority (QFCA), the legal and tax arm of the Qatar Financial Centre (QFC), a leading onshore financial and business center in the region, signed a Memorandum of Understanding (MoU) with Casablanca Finance City Authority (CFCA), the managing entity of Casablanca Finance City (CFC), the leading business and financial hub in Africa. The strategic partnership establishes a collaborative framework between the two entities, both members of the World Alliance of International Financial Centres (WAIFC), to bolster their roles as regional financial hubs and promote the economic development and business-friendly environments in both Qatar and Morocco.
The MoU outlines several core objectives, including fostering development and sharing best practices in financial technology, private banking and sports, to drive innovation and diversification; attracting more financial institutions, multinational corporations, and professional services providers to both financial centers; and exchanging information on innovation trends, products, services, and relevant legislation in each jurisdiction.
Additionally, cross-border business engagement will be enhanced through regular delegations, further strengthening ties between the two financial communities. The MoU also articulates joint initiatives in financial literacy and professional trainings designed to cultivate a talent pool ready for the evolving financial sector.
Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC, underscored the significance of the partnership: “This partnership with Casablanca Finance City Authority strengthens our efforts to drive the growth and development of the financial sector while building an interconnected, innovative, and future-ready framework across the region. Joining forces with CFCA enhances our ability to attract global investment and creates opportunities for shared growth and knowledge exchange, fostering a stronger financial landscape in both Qatar and Morocco.”
Said Ibrahimi, Chief Executive Officer, CFC, echoed Al-Jaida’s sentiments: “This MoU is a milestone for both Casablanca Finance City and Qatar Financial Centre, forging a vital link between Africa and the Middle East. Together, we’re not just collaborating; we’re creating a bridge that empowers businesses and drives transformative growth across our regions.”
This MoU marks a significant step in the collaborative relationship between Qatar and Morocco, highlighting their shared commitment to establishing a new standard for regional cooperation and building a resilient, innovative, and globally competitive financial ecosystem.
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Ten largest Saudi banks reported a 3.7 percent quarter on quarter (QoQ) increase in Loans & Advances (L&A), driven by a 4.4 percent rise in corporate and wholesale banking
Alvarez & Marsal (A&M) has released its latest KSA Banking Pulse for Q3 2024, highlighting a continued positive performance among the ten largest Saudi banks. The report reveals that while the sector faces some challenges, key growth drivers and improved operational efficiency have contributed to a solid quarter.
The banks experienced a notable 3.7% quarter-on-quarter (QoQ) increase in Loans & Advances (L&A), primarily driven by a strong 4.4% growth in corporate and wholesale banking. This reflects the continued demand for financing from the business sector, contributing to the overall performance. Deposits also saw a healthy rise, growing by 1.4% QoQ, with time deposits marking the highest increase at 4.2% QoQ.
The loans-to-deposit ratio (LDR) increased by 2.3 percentage points, reaching 100.1% in Q3 2024, as loan growth outpaced deposit growth.
Operating income rose by 6.0% QoQ to SAR 36.9 billion in Q3 2024. This was largely driven by a 15.2% increase in non-interest income, which reached SAR 8.6 billion. Non-interest income growth was fueled by a 32.7% rise in other operating income, helping offset the slight 3.5% increase in net interest income (NII), which reached SAR 28.3 billion.
The aggregate net interest margin (NIM) remained stable at 2.95% in Q3, with the yield on credit rising by 18 basis points to 8.6%, while the cost of funds increased by 14 basis points to 3.5%.
The cost-to-income (C/I) ratio improved by 31 basis points, reaching 31.0% in Q3 2024, reflecting the higher growth in operating income compared to operating expenses, which rose by 4.9% QoQ.
On the downside, the cost of risk increased slightly, rising by 7 basis points QoQ to 0.35%. This was due to a worsening in the cost of risk at all the top four banks.
Net profit for the quarter rose by 5.3% QoQ to SAR 20.5 billion, driven by the strong growth in non-interest income. This growth in profitability led to an increase in the return on equity (RoE), which expanded to 17.4%, up by 0.6 percentage points QoQ. Meanwhile, the return on assets (RoA) remained consistent at 2.0%.
Mr. Asad Ahmed, Managing Director of A&M’s Financial Services division, commented on the sector’s performance: “The continued positive performance in Q3 2024 reflects a balance of growth and improved cost efficiencies among Saudi Banks. Profitability has increased primarily due to an increase in non-interest income amid a moderate rise in impairment charges.
“As the Saudi Central Bank (SAMA) maintains interest rates in line with the US Fed, potential further rate cut in the coming quarters are likely to affect interest margins.; Focus on non-interest income and improved cost efficiencies, will remain central going forward.”
A&M’s KSA Banking Pulse examines data from the 10 largest listed banks in Saudi Arabia, comparing Q3 2024 results with those from Q2 2024. The report uses independent market data and evaluates key performance metrics across various areas, including size, liquidity, income, operating efficiency, risk, profitability, and capital.
The ten banks analyzed in the report are Saudi National Bank (SNB), Al Rajhi Bank, Riyad Bank (RIBL), Saudi British Bank (SABB), Banque Saudi Fransi (BSF), Arab National Bank (ANB), Alinma Bank, Bank Albilad (BALB), Saudi Investment Bank (SIB), and Bank Aljazira (BJAZ).
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