Category: Articles

Trade

Trade Reforms Can Improve Food Supplies in West Afria

Posted on | by Akeela Zahair
Trade

Regional and continental trade pacts open the door to free trade in food and farm goods. The 10th Annual Borderless Conference in Tema, Ghana brought together experts from government, business, and international organizations to look at how to deliver on that potential.

Borderless Alliance, a group which advocates for removing trade barriers, organized the event with the German Development Agency GIZ to look at trade within the 15-member Economic Community of West African States (ECOWAS).

‘This 2023 edition holds particular relevance for the private sector,’ said Jonas Lago, President of Borderless Alliance. ‘It falls upon us to conduct the necessary analysis and devise solutions to tackle the prevailing challenges. Our success in the ECOWAS region would serve as blueprint in the Africa continental area.”

Vianey Lesaffre, a market analyst at the International Trade Centre (ITC) delegation, presented data on domestic regulations and how to address these trade obstacles.

These insights revealed that 60% of the burdensome regulations originate domestically. Using the Trade Obstacle Alert Mechanism (TOAM), a tool developed by ITC, Vianney Lesaffre showed that 51% of the obstacles reported pertain to the agricultural sector.

He also showed data tools in the African Trade Observatory, is another invaluable ITC resource for targeting and resolving issues in agriculture.

Clearing obstacles to trade for both agribusinesses and small-scale cross-border traders can improve food security, said Timothee Bruneteau, trade facilitation adviser at ITC.

He said the AfCFTA Protocol on Trade Facilitation and the WTO Trade Facilitation Agreement have enhanced transparency, predictability, and efficiency. As a result, the costs of trading perishable goods has fallen by 18%.

 

Innovative technology to make trade easier

Even more innovative and inclusive tools can further boost food trade, while supporting regional efforts to curtail food costs. 

For agribusinesses, the ITC Netherlands Trust Fund V (NTF V) has created the FastTrackTech methodology to assess how ready startups are to start trading internationally.

‘The essence of ICT lies in information, and through technology, we drive change,’ said Isaac Newton Acquah, the NTF V national project coordinator for the tech sector.

Often, small businesses think their challenges are financial, when the real obstacle may be solved by technology, he said.

Linking tech associations with small farmers makes technology more accessible, he said, while agents share vital information and build trust, That leads to agricultural growth.

The conference looked at how to strengthen regional value chains. Furthermore, it explored strategies to align domestic policies with the African Continental Free Trade Area (AfCFTA), said Gyand Dermitta, Senior Advisor to the AfCFTA Secretary-General.

In addition, Kabir Hassa, Trade Advisor of the ECOWAS Agricultural Trade (EAT) programme at GIZ, underscored the program’s overarching objective. He stressed the pivotal role it plays in elevating ECOWAS to a level where Africa can fully harness the potential opportunities offered by the AFCFTA, ultimately benefiting the entire African continent. This initiative’s significance lies in its capacity to position ECOWAS to seize the potential of the AFCFTA for the greater good of Africa.

Benonita Bismarck, CEO of Ghana Shippers Authority, emphasized the ‘indispensable role of agricultural value chains. Each stakeholder has a crucial part to play in unlocking the full potential of these value chains.’

Mauritius beach

Increased London Flights to Mauritius Welcomed

Posted on | by Magdalena Lew
Mauritius beach

Air Mauritius will boost its frequency from five weekly flights to a daily service to London and move its operations from London Heathrow Airport to London Gatwick Airport from 29th October 2023. The move is welcomed by British tourists and second home owners who according to a study by Trip Advisor put Mauritius as a top 3 trending destination in 2023.

As a holiday destination Mauritius attracts over 1.3 million tourists each year to enjoy its beautiful turquoise sea, lush tropical beauty and high end hotels.  The island is also a popular place to live and own a holiday home. From 2014 to 2022 Mauritius issued a total of 1,198 residence permits to UK nationals of which 11% are retirees.

The lifestyle and 2,900 hours of sunshine a year are a big draw, but so too are the high-quality amenities, good infrastructure and services, and a hospital system that meets international standards. There are also many favourable tax advantages such as no inheritance or wealth tax, no foreign exchange controls, no capital gains tax and foreign ownership of property is allowed.

The leading resort community in Bel Ombre, Mauritius, Heritage Villas Valriche has welcomed the new flights and believes the improved accessibility will make Mauritius even more attractive to those looking for a holiday home in the sun.

Heritage Villas Valriche is a collection of 288 luxury villas and is in its last phase of development in a unique location in the preserved south of Mauritius.

Sales Manager Christophe Piquet says: “The additional flights are a bonus and makes the island even more accessible. With only a 3 hour time difference between us and the UK there is no jet lag when you travel here, and that also makes working from here easier too.”

The development has now introduced some stunning contemporary villa designs, with an excellent choice of ocean, golf course or mountain views. Beautifully arranged within mature landscaped gardens and palm lined avenues, the luxury collection of contemporary villas have been designed by a leading team of architects to complement the stunning natural surroundings. In addition, there is also a range of generous plots of sale for those who would prefer to design and build their own luxury residence.

Villa ownership comes with an electric golf cart to get around the estate, and privileged access to a range of world class facilities and services, including golf club membership, access to an exclusive sports centre and pool, a private beach club and to two 5* hotels  Heritage Le Telfair and Heritage Awali with spas. There is also an excellent choice of first-class restaurants and bars to choose from.

The estate will appeal to nature lovers as it is close to an azure blue lagoon teeming with marine life and there is an enchanting nature reserve to explore, on the doorstep.

Each villa is built on a private land plot ranging from 600m2 to 2,600m2. 1 000 m2 plots start from $552,633 and off plan contemporary villas start from US$1,300,000 including land and registration fees.

The development is part of the Integrated Resort Scheme (IRS) which gives owners residency rights for the owner and their family.

Example Property

Villa Bright – Price US$1,300,000
This fabulous 2/3- bedrooms villa is located next to a nature reserve in the preserved south of Mauritius and is just a few moments’ walk from the turquoise-coloured Indian Ocean and a long sandy beach.

The 162 sq.m home has a contemporary architecture, with large glass doors opening from the living area onto a patio with seating and dining area, and an outdoor pool alongside the fairway of hole 14 of the famous Château Golf Course.

The home also benefits from 24/7 hour security and maintenance of your villa and the landscaped common areas.

Tel +230 6235620, Email: [email protected]

RAKEZ and Amazon UAE MoU Signing Ceremony

RAKEZ and Amazon UAE Collaborate to Empower SMEs to Grow Online

Posted on | by Magdalena Lew
RAKEZ and Amazon UAE MoU Signing Ceremony

Ras Al Khaimah Economic Zone (RAKEZ) and Amazon UAE have entered into a strategic collaboration to enable businesses registered within the hub to sell their products to millions of customers across the UAE on Amazon.ae. The initiative is aimed at supporting small and medium enterprises (SMEs) to scale their businesses online, by enabling them to leverage Amazon’s capabilities, tools, services, programs and people to navigate the digital economy.

 

The collaboration was cemented through the signing of a Memorandum of Understanding (MoU) between RAKEZ Group CEO Ramy Jallad and Amazon Seller Success Director in MENA Jasmin Frick.

 

As part of the collaboration, members of the RAKEZ business community will have access to a suite of Amazon’s services including tools for seamless seller registration and onboarding; seller education through on-site training, in-person workshops and live webinars; and support teams to ensure a smooth digital journey.

 

RAKEZ Group CEO Ramy Jallad said, “With the UAE’s e-commerce industry expected to reach USD 9.2 billion in 2026, SMEs operating in the online space have a huge potential to unlock greater success. In this light, we are thrilled to collaborate with Amazon, to provide the SMEs in our community the opportunity to gain access to Amazon’s array of capabilities to reach new heights.”

 

RAKEZ is home to over 18,000 companies, with a significant number of SME businesses focused on product sales. Jallad added, “By providing SMEs with the tools to scale up, we anticipate a surge in online sales, innovations, and the strengthening of the UAE’s online retail landscape. This aligns with our ongoing mission to support the SME sector in Ras Al Khaimah and underscores our commitment to bolstering the UAE’s overall non-oil economic diversification.”

 

Jasmin Frick, Director of Seller Success at Amazon MENA, said, “At Amazon, SMEs are core to our customer-centric mission. Our sellers play a pivotal role in enriching our customers’ experience, offering a wider selection of products and competitive prices. Selling on Amazon.ae offers sellers an opportunity to expand their footprint as they tap into our business model to better serve the millions of customers that visit Amazon every day across the UAE. This is closely aligned with our goal of hosting products from 100,000 businesses, including local SMBs, on Amazon.ae by 2026, in alignment with Dubai’s Economic Agenda D33.”

Two suitcases in an empty airport hall

Saudi Tourism Authority and JCB Sign a MoU to Boost Tourism in Saudi Among Global JCB Cardmembers

Posted on | by Magdalena Lew
Two suitcases in an empty airport hall

Saudi Tourism Authority (STA) and JCB International Co., Ltd. (JCB) have reached a historic agreement aimed at boosting tourism in Saudi among JCB cardmembers globally. The Memorandum of Understanding (MoU) was signed on 15 October 2023 and signifies a significant milestone in collaboration between the two entities.

Alhasan Aldabbagh, President of Asia Pacific Markets at Saudi Tourism Authority (STA), said: “We are thrilled to partner with JCB International, a global leader in payment and technology. This is a great opportunity for our tourism industry, as it will offer more convenience, familiarity, and security for Japanese travelers and other Asian tourists who prefer to use cashless payment methods. We believe this collaboration will enhance the appeal of Saudi as a destination for international visitors and support our vision of becoming a leading global tourism hub.”

The partnership with JCB is anticipated to unlock various opportunities for cooperation between Saudi and Japan. Notably, Japan is one of the 57 countries eligible for Saudi’s e-visa and visa on arrival, with special benefits such as a free one-night hotel stay for tourists flying onwards on SAUDIA as part of Saudi’s 96-hour Stopover Visa program.

Other key initiatives include VisitSaudi.ja portal in Japanese and joint marketing campaigns with leading travel trade partners to create excitement all year round. Japanese holidaymakers can also take advantage of special hotel offers from local Destination Management Companies (DMC), with attractive deals inviting them to discover the true home of Arabia on their terms.

Mr. Yoshiki Kaneko, President and CEO of JCB International Co., Ltd, expressed his enthusiasm for the partnership: “This is a great chance for us to promote exciting travel experiences to Saudi for our cardmembers. Like Japan, Saudi is a truly unique destination, with fascinating nature, culture and history.”

He added, “We’ve been working closely with the leading local banks in Saudi such as SNB, Alinma Bank, Riyad Bank, ANB, and Bank Al Jazira on merchant and ATM enablement to ensure JCB’s 154 million card members enjoy a seamless experience in Saudi.”

This partnership signifies an important step in enhancing tourism, facilitating travel, and fostering greater cultural exchange between Saudi and Japan.

Pharmaceutical analytics, medicine study and scientist in South Africa checking vaccine results

After Covid-19 Close Shave, It’s Time For Africa Boost Its Healthcare

Posted on | by Magdalena Lew
Pharmaceutical analytics, medicine study and scientist in South Africa checking vaccine results

Improving healthcare in Africa is a moral imperative and a strategic opportunity

In an increasingly interconnected world, the strength of a nation’s health security and systems holds paramount importance. Nowhere is this truer than in the diverse, young, and energetic continent of Africa, where the need to fortify health security has become a pressing imperative.

It is widely acknowledged that adequate healthcare infrastructure is the backbone of a strong health system. This includes hospitals, clinics, laboratories, supply chains, manufacturing, and data management systems.

Improving healthcare in Africa is a moral imperative and a strategic opportunity. Africa can unlock its human potential, accelerate economic growth, and contribute to global security and stability by investing in health.

Moreover, by strengthening its health systems and capacities, Africa can better prepare for and respond to future health threats, including pandemics such as Covid-19, which posed an unprecedented challenge to the continent’s healthcare system, testing its capacity, resources, and resilience.

Read: Base technology for Africa on the best scienceUndoubtedly, the Covid-19 pandemic exposed the gaps and weaknesses in Africa’s health security, such as inadequate surveillance, testing, tracing, isolation, treatment, and vaccination. It also brought into focus unprecedented opportunities for change and growth.

As the continent grapples with existing health challenges and prepares for potential future crises, strengthening health security and systems has become not just an aspiration but a necessity.

Current disparities across countries include inadequate infrastructure, equipment, and supplies; shortage of skilled health workers; weak health information systems; low access and coverage; high out-of-pocket expenditures; insufficient domestic funding; weak governance and accountability; and frequent outbreaks and emergencies. These challenges hamper Africa’s ability to provide quality services to its population.

A multi-faceted approach is needed to address both immediate concerns and long-term systemic issues. For instance, domestic and international health financing is a vital pillar that catalyses infrastructure development, human resource expansion, supplies, and training. The challenge lies in aligning public and private financing for harmonisation and high impact.

Similarly, re-evaluating administrative and development finance structures, emphasising preventive and promotive care, and fostering collaborative coordination between state and non-state partners are crucial steps that should be emphasised.

One of the key areas that requires urgent attention is the development of resilient health information systems that can provide timely and accurate data for decision-making and resource allocation.

Read: GATES: Invest in Africa’s youthWith reliable data, monitoring health outcomes, tracking progress, identifying gaps, and responding to emerging threats is easier. Data also enables accountability and transparency, which are essential for building trust and confidence among stakeholders.

Another important aspect of strengthening health security and systems is promoting community engagement and empowerment.

Communities are not only beneficiaries of health services but also active agents of change who can contribute to health promotion, disease prevention, and outbreak response. Engaging communities in designing, implementing, and evaluating health interventions can enhance their ownership, participation, and satisfaction.

Moreover, empowering communities with knowledge, skills, and resources can enable them to demand and access quality services, protect their rights, and hold duty-bearers accountable.

Nevertheless, a robust health workforce becomes indispensable for effective healthcare delivery. Therefore, Africa must focus on training and retaining healthcare professionals, providing ongoing education, and creating incentives to work in underserved areas.

The growing brain-drain of skilled medical practitioners from Africa heading to other countries for greener pastures is a thorn that must be managed as it often undermines efforts by different African countries to be self-sufficient in terms of health human capital.

In a rapidly changing technological landscape, where virtually every sector relies on data, timely and accurate data is critical for making informed decisions within and outside Africa’s health systems.

Strengthening health information systems can enhance disease surveillance, resource allocation, and policy formulation. Additionally, digital health solutions can bridge geographical gaps and improve access to healthcare services, especially in remote regions.

At the same time, encouraging research and innovation within the healthcare sector can lead to disease prevention, diagnostics, and treatment breakthroughs. Collaborations between governments, academia, and the private sector can foster an environment where local solutions are developed to address Africa’s unique health challenges.

Read: WHO: Health workers’ exodus leaves Africa vulnerableLeveraging Africa’s demographic dividend, a youthful population will drive positive change. Investing in health education, promoting healthy lifestyles, and engaging the youth in healthcare advocacy can create a generation that benefits from improved health systems and actively contributes to their betterment.

Such deliberate health programming will fast-track Africa’s dream of achieving universal health care, shifting from our idea of curative services to that of buying medicine.

Minimising deaths, mainly caused by communicable diseases, road and transport accidents, and the lack of rescue and ambulatory services, is essential, reducing out-of-pocket health financing at the family unit. Turning these progressive and sustainable ideas into reality requires commitment, collaboration, and sustained effort from governments and international organisations.

Businesswoman

Black Excellence: Investing in Black-owned Start-Ups is Investing in the Future

Posted on | by Akeela Zahair
Businesswoman

The Global Black Impact Summit (GBIS) (https://GlobalBlackImpact.com), taking place this November in Dubai, will spotlight the pivotal role venture capital plays in shaping the landscape of Black innovation and entrepreneurship globally. Venture capital, the driving force behind the growth of countless start-ups, ignites the transformative journey from ground-breaking concepts to revolutionary products and services. In recent years, the spotlight has increasingly turned towards Black-owned start-ups and their remarkable contributions to the business world.

 

Black-Owned Start-Ups: Sparking an Innovation Revolution

Black entrepreneurs are catalysts for innovation, challenging norms and injecting fresh perspectives into diverse industries. Take Andela, cofounded by Nigerian entrepreneur Iyinoluwa Aboyeji, as an example. The organization identifies and nurtures software developers across Africa, drawing investments from industry giants like the Chan Zuckerberg Initiative and Google Ventures, all in a bid to bridge the global tech talent gap. Equally electrifying is PiggyVest, crafted by the dynamic trio of Odunayo Eweniyi, Somto Ifezue and Joshua Chibueze, which is making waves in Nigeria’s fintech realm. This ground-breaking start-up ignites individuals to seize control of their financial destinies with innovative financial solutions. The company’s unique approach has captivated venture capital investors, recognizing the potential to fuel financial inclusion and economic growth.

 

Access to Venture Capital: Scaling the Summit

While these tales of triumph inspire, they also highlight the unique challenges and opportunities awaiting Black entrepreneurs regarding their venture capital quest. Studies echo the promise of augmented funding in this sphere, fueled by a growing commitment to diversity within the venture capital community and the broadening of access to networks. Pioneers like Black Operator Ventures, emerging in 2021, are shattering barriers as an all-Black founder-led venture capital fund. In Africa, Rising Tide Africa, an angel network, champions women entrepreneurs, channeling investments into women-led ventures. This holistic support, complete with mentorship and guidance, empowers women to surmount hurdles and foster economic growth and innovation across the continent.

 

Investor Perspectives: Charting the Course Ahead

Investors and venture capitalists hold the reins in championing #BlackExcellence in Black-owned start-ups, providing a more inclusive and innovative entrepreneurial frontier. Robert F. Smith, CEO of Vista Equity Partners, is an avid advocate for diversity and inclusion in business. He notes “I started Vista because I knew no private equity firm would hire me. I saw what they were looking for… So, I created my own firm.”

Meanwhile, Qiana Patterson, a venture capitalist, made a remarkable transition from teaching to the world of entrepreneurship. She highlights the resilience of Black women entrepreneurs, stating, “We’re less than 1%, but we’re the most innovative and starting more businesses. It’s difficult because of the numbers, but it’s exciting because we forge ahead regardless; we’ve no limit.”

 

A Brighter Tomorrow through Investment

Investing in Black-owned start-ups extends beyond social justice: it’s a strategic move towards fostering a more vibrant and innovative global economy. Examples of success include ventures like Flutterwave, a Nigerian fintech company that secured significant investments, and Sendy, a Kenyan delivery service platform that gained traction with venture capital backing. Initiatives and organizations dedicated to promoting diversity and inclusion in entrepreneurship, such as Rising Tide Africa, are paving the way for a more equitable future on a global scale. By channeling investments into Black-owned start-ups worldwide, we not only drive economic growth and innovation but also contribute to the development of a more inclusive global business community, solidifying a legacy of positive change and progress.

The upcoming GBIS – which is organized by Energy Capital&Power – will highlight how venture capitalists and investors play a pivotal role in championing #BlackExcellence in Black-owned start-ups, providing vital funding, and promoting diversity to uplift underrepresented founders and drive economic growth. The summit connects capital to individuals and businesses, enabling ideas to translate into tangible projects, businesses and opportunities.

Don’t miss your chance to join the global movement championing #BlackExcellence at GBIS 2023, slated for November 30 to December 1, 2023, in Dubai. Secure your participation today at www.GlobalBlackImpact.com to be part of this transformative event.

African american technician check the maintenance of the solar panels

African Energy Week (AEW) 2024: Invest in African Energy to Take Place 4-8 November in Cape Town

Posted on | by Magdalena Lew
African american technician check the maintenance of the solar panels

The African Energy Chamber proudly announces the launch of the 2024 edition of the continent’s premier event for the energy sector: African Energy Week: Invest in African Energy, taking place November 4-8 in Cape Town

At a time when the African energy industry is faced with a variety of challenges, the African Energy Week (AEW) conference serves as a platform for engagement, collaboration and investment. Since the event’s inception, AEW has facilitated deals, fostered dialogue while laid the foundation for long-term and sustainable developments to kick off. As such, the African Energy Chamber (AEC) (http://www.EnergyChamber.org) – organizers of the AEW conference – proudly announces the launch of AEW 2024: Invest in African Energy. Maintaining a commitment to a secure and sustainable energy future in Africa, AEW returns to Cape Town from November 4-8 under a mandate to make energy poverty history by 2030.

AEW 2024: Invest in African Energy takes place at the Cape Town International Convention Center and will once again connect a strong slate of African Presidents, Ministers and policymakers with both regional and foreign investors. Covering the entire energy value chain, AEW 2024: Invest in African Energy represents the platform of choice for Africa’s energy industry.

AEW is all about investing in African energy and there is a reason why the event has become the premier event to sign deals in Africa. The event features the participation of the highest number of African energy and petroleum ministers and is opened by African Presidents. National oil companies from across the continent lead discussions while international energy and technology firms come to sign deals and partner. The event unites African stakeholders with global authorities, with energy heavyweights from the Middle East, Europe and Asia using AEW as a platform to engage with and invest in African opportunities.

AEW also showcases the most innovative and forward-looking businesses, projects and solutions through the event’s exhibition while various panel discussions, presentations, investor-focused sessions and meetings provide stakeholders with the insight they need to make informed investment decisions across the continent. AEW 2024: Invest in African Energy continues this drive, connecting players from across the African and global industry in Cape Town to unlock a future of security and sustainability in Africa.

In a relatively short period of time, AEW has not only emerged as the largest gathering of energy stakeholders on the continent but a fresh, innovative platform where the future of Africa’s energy sector can be forged. Integrating the entire energy sector and its value chain while uniting African and foreign energy leaders, AEW has and will continue to move with the times, prioritizing Africa’s energy security needs alongside sustainable transition. Under efforts to increase investment in every segment of the African energy value chain and associated industries, AEW will continue to offer a comprehensive and diverse program catered to investors from the oil and gas, renewable energy, power and infrastructure, technology and local content arenas.

“AEW was established with a mission to make energy poverty history by 2030. Centered on an integrated approach to development, this important gathering of African and global stakeholders highlights the challenges to progress while putting in place tangible and actionable solutions for a sustainable energy future. We are proud to announce the dates for AEW 2024: Invest in African Energy, a platform which has not only emerged as the largest energy event on the continent but the official place to sign deals, forge partnerships and advance sustainable energy,” states NJ Ayuk, Executive Chairman of the AEC.

Ahead of the AEW 2023 edition, delegates, sponsors and partners interested in reaffirming their commitment to Africa’s sustainable future are encouraged to secure their place at the 2024 edition of the conference. AEW 2024: Invest in African Energy builds on the success of the previous editions and proudly marks its return as the premier event for the African energy sector. We look forward to welcoming you back to Cape Town for AEW 2023: Invest in African Energy. 

Egypt Cairo

Egypt Non-Cash Transaction Volumes Set to Reach $16.34bln in 2023

Posted on | by Akeela Zahair
Egypt Cairo

Non-cash transaction volumes will reach 1.3 trillion by 2023 globally

The Capgemini Research Institute’s 2023 World Payments Report, published earlier, reveals that non-cash transaction volumes will reach 1.3 trillion by 2023 globally, whilst according to Statista, the Egyptian market is expected to reach US$16.34bn in 2023. As consumers and businesses adopt new digital payment schemes, the report suggests this growth will accelerate to 2.3 trillion by 2027 globally, growing at a rate of 15% annually. In Egypt, digital payments’ total transaction value is expected to show an annual growth rate (CAGR 2023-2027) of 14.03% resulting in a projected total amount of US$27.63bn by 2027.

The expanding digital payment infrastructure, regulations, and open banking are swiftly changing how customers and businesses pay for goods and services. According to the report, by 2027, new payment methods (instant payments, e-money, digital wallets, account-to-account, and QR code payments) will gain more popularity comparing to traditional non-cash payments (checks, direct debits, cards, and credit transfers). In Egypt, the volume of non-cash transactions increased by 46% in 2023, reaching a value of EGP10 trillion, according to a report by the Central Bank of Egypt (CBE). Since 2019, New payment methods in non-cash transactions have also have experienced significant growth, marked by the increasing, the increasing number of credit cards, POS, and digital wallets.

The most popular non-cash payment method in Egypt in 2023 was card payments, accounting for 46% of all transactions. However, the report also noted that new payment methods such as instant payments, e-money, digital wallets, account-to-account, and QR code payments are gaining popularity among consumers and merchants. According to a survey by PwC Egypt, 62% of consumers and 58% of businesses used digital wallets in 2023, compared to 42% and 36% respectively in 2020. The survey also found that 54% of consumers and 48% of businesses used QR code payments in 2023, compared to 32% and 28% respectively in 2020.

“In an era marked by remarkable digital transformation, Egypt’s payments landscape is evolving at an unprecedented pace,” Eng. Hossam Seifeldin, CEO of Capgemini Egypt, says. “The surge in non-cash transactions and the increasing adoption of new digital payment methods reflect the market’s dynamic evolution. This reflects a substantial shift in how businesses and consumers engage within Egypt’s economy. At Capgemini Egypt, we are committed to driving innovation, fostering financial inclusion, and partnering with our clients to navigate this transformative journey effectively. We believe that by harnessing the power of technology and collaboration, we can contribute to shaping a more connected and digitally empowered future for Egypt.”

Capgemini’s report reveals over half of corporate treasurers believe the rising globalization of trade and ongoing supply chain disruptions have driven demand for effective and efficient cash management services (CMS). Another third said evolving risks (geopolitics, and cybersecurity) made CMS critical, while nearly 30% call out rising inflation causing their growing need for better cash management.

As corporations navigate economic headwinds, current CMS offerings largely underwhelm multinational corporates, despite having more than 27 banking relationships on average to meet treasury needs. Over 70% of enterprise executives said they face issues in dispute negligence, poor credit risk assessment, and delayed or duplicate payment processing. However, the solution is clear with around two in three (63%) payment executives citing legacy infrastructure barriers as the biggest hinderance to providing efficient CMS.

“The current model of tackling cash management services needs an overhaul. Corporate executives are feeling the pressure from mounting inefficiencies across lengthy cash conversion cycles,” said Jeroen Hölscher, Global Head of Payments Services at Capgemini. “What’s clear from our report is that a robust digital foundation is the path forward to optimize the value chain. By simplifying the inherent complexity of their own operating and IT models, banks and payment firms can boost productivity and performance to manage client treasury needs.”

New payment solutions and key industry initiatives are fueling the growth of digital payments among enterprises. Expectations are also changing, with 63% of corporate clients are demanding a retail-like payment experience from their banks in 2023.

The payments sector has been at the forefront of digitization, however, it’s coming at a cost with compliance to local, regional and international regulations (including ISO20022 and SWIFT global payments initiatives) leaving limited room for investments in future innovation. Payment executives cite nearly 80% of traditional payment revenue sources are stressed and service providers must rebalance their focus between retail and commercial payments. Globally, more than 50% of payment executives believe commercial payments offer a better profit potential than retail payments.

End-to-end digital transformation in transaction banking requires top-down commitment, cohesive planning, and a unified purpose for structural reforms. Sixty-seven percent of bank executives acknowledged that strategically partnering with corporate clients reduces the threat of disintermediation by FinTechs and PayTechs; and 57% of payments executives said strategic banking partners enjoy increased cross- and up-selling opportunities because of these relationships. To nurture strategic cash management relationships with corporate clients, the report offers banks and payment firms a three-layered strategy: Simplify the back office to enable innovation and agility, perform with platforms to boost cash management efficiency, and engage with corporate clients as strategic partners, not service providers.

Real Estate Agent Salaries in Dubai

Posted on | by AI Guest Posts

Real Estate Agent Salaries in Dubai: Comprehensive Guide on Earnings & Career Growth

Dive deep into the dynamic world of Dubai’s real estate salaries. Discover insights on average earnings, commission structures, and growth trajectories. Equip yourself with the knowledge to thrive in the city’s bustling property market.

Dubai, the glittering jewel of the Middle East, is known for its towering skyscrapers, man-made islands, and, most significantly, its thriving real estate market. With properties ranging from opulent villas to modern apartments, the city is a beacon for real estate investors and enthusiasts. For those interested in the profession or those planning to move to Dubai as a real estate agent, understanding the salary dynamics and growth potential is essential. Here’s a deep dive into the real estate agent salaries in Dubai.

1. The Baseline: Understanding the Average Salary

The average salary of a real estate agent in Dubai can vary based on experience, the company they work for, and the number of successful transactions they close. As of 2022, entry-level real estate agents can expect to earn a basic salary ranging from AED 5,000 to AED 8,000 per month. However, it’s important to remember that many real estate agents work on a commission basis, so the monthly take-home can be considerably higher if they’re able to close substantial deals.

2. Commission Structures: The Real Earnings

Most real estate companies in Dubai provide agents with a base salary and then a commission on every successful transaction. This commission can range anywhere from 1% to 3% of the property’s sale or lease value. For high-end properties, this can mean a single transaction bringing in tens or even hundreds of thousands of dirhams. Consequently, an agent’s motivation and ability to close deals play a huge role in determining their overall earnings.

3. Career Growth and Earnings Potential

Dubai’s real estate market is dynamic and offers agents a plethora of opportunities to grow. Typically, an agent starts as a junior agent or associate. With experience, network development, and consistent performance, they can move up to being a senior agent or even a team leader. At these advanced levels, apart from direct commissions, agents can also earn overrides on the transactions closed by their team members. This provides an additional revenue stream and further boosts the earning potential.

4. Factors Influencing Salaries

Several factors influence an agent’s salary in Dubai:

  • Experience: Like most professions, experience is gold. Experienced agents have a more extensive network, better knowledge of the market, and often can close deals faster. Their salaries reflect this expertise.
  • Networking Skills: Building relationships with property developers, investors, and other stakeholders can significantly impact an agent’s success and, consequently, their earnings.
  • Specializations: Agents focusing on specific niches like luxury properties, commercial real estate, or off-plan sales can sometimes command higher commissions due to the specialized knowledge and client base they cater to.
  • Economic Conditions: Dubai’s real estate market, while robust, is affected by global and regional economic conditions. Fluctuations in the market can impact agents’ earnings, especially if they are heavily dependent on commissions.

5. The Future: Digital Transformation and Earnings

With the rise of digital platforms and virtual tours, real estate agents in Dubai are increasingly leveraging technology to close deals. This not only expands their potential client base to international investors but also reduces the time spent on physical viewings. As the digital transformation wave continues, agents adept at using these platforms may see a more significant chunk of the commission pie, leading to increased earnings.

Conclusion

A career as a real estate agent in Dubai is both challenging and rewarding. While the base salaries provide a safety net, it’s the commission-based earnings that truly elevate the income potential. By understanding the market, continuously upskilling, and adapting to the digital transformation, agents can not only sustain but also thrive in Dubai’s vibrant real estate landscape.

Business Transformation

Dell Technologies Growing Generative AI Portfolio Speeds Business Transformations

Posted on | by Akeela Zahair
Business Transformation
  • Dell Validated Design for Generative AI with NVIDIA for Model Customization helps customers more quickly and securely extract intelligence from their data
  • Dell Professional Services streamline GenAI strategy development, data preparation, platform development and increase operational efficiencies
  • Dell Technologies and Starburst offer an open, modern data lakehouse solution to tap multicloud data for AI efforts

Dell Technologies (NYSE: DELL) expands its Dell Generative AI Solutions portfolio, helping businesses transform how they work along every step of their generative AI (GenAI) journeys.

“To maximize AI efforts and support workloads across public clouds, on-premises environments and at the edge, companies need a robust data foundation with the right infrastructure, software and services,” said Jeff Boudreau, chief AI officer, Dell Technologies. “That’s what we are building with our expanded validated designs, professional services, modern data lakehouse and the world’s broadest GenAI solutions portfolio.”

 

Customizing GenAI models to maximize proprietary data

The Dell Validated Design for Generative AI with NVIDIA for Model Customization offers pre-trained models that extract intelligence from data without building models from scratch. 

This solution provides best practices for customizing and fine-tuning GenAI models based on desired outcomes while keeping information secure and on-premises. With a scalable blueprint for customization, organizations now have multiple ways to tailor GenAI models to accomplish specific tasks with their proprietary data. Its modular and flexible design supports a wide range of computational requirements and use cases, spanning training diffusion, transfer learning and prompt tuning.

Dell Validated Designs for Generative AI now support both model tuning and inferencing, allowing users to more quickly deploy GenAI models with proven infrastructure including the Dell PowerEdge XE9680, the industry’s best performing AI server,1 or the Dell PowerEdge XE8640, with a choice of NVIDIA® Tensor Core GPUs and NVIDIA AI Enterprise software, which offers frameworks, pre-trained models and development tools, such as the NVIDIA NeMo™ framework, and Dell software. By combining compute power with storage options, such as Dell PowerScale and Dell ObjectScale, customers can rapidly feed models with multiple storage data types with the validated design. The infrastructure is also available as a subscription via Dell APEX.

“We’re implementing Dell PowerEdge XE9680 servers with NVIDIA H100 Tensor Core GPUs into the high performance computing cluster at Princeton for large language modeling to help drive new levels of discovery,” said Sanjeev Arora, the Charles C. Fitzmorris Professor in Computer Science, Princeton. “This system gives researchers in natural sciences, engineering, social sciences and humanities the opportunity to apply powerful AI models to their work in areas such as visualization, modeling and quantum computing.”

 

Preparing data, people and processes for GenAI

Dell is applying its process and expertise to help customers generate better, faster business results with expanded GenAI professional services capabilities:

  • Data Preparation Services provide customers with a clean, accurate data set in the right format enabling AI projects to move smoothly while simplifying data integration and delivering quality data output.
  • Dell Implementation Services establish an operational GenAI platform for inferencing and model customization, accelerating time to value. Paired with Dell Managed Services, Dell can operate the full NVIDIA-based GenAI solution, improving operational efficiency and allowing customers to focus on building their proprietary GenAI use cases.
  • Education Services help customers gain the critical skills to close the GenAI capabilities gap.

“Our recent study on Generative AI use in the enterprise made it clear organizations are adamant about being able to use their own data to customize key foundation models, but also need assistance in helping prep their data for that work,” said Bob O’Donnell, president and chief analyst, TECHnalysis Research. “Dell’s latest Generative AI solutions and partnerships offer a broad set of capabilities that help companies capitalize on this potential, bridging knowledge gaps and ensuring data drives discernible, impactful business results.”

 

Modernizing data infrastructure for AI and analytics   

Dell and Starburst are strengthening their relationship to help customers accelerate AI and analytics efforts. This will culminate with an open, modern data lakehouse solution.
 
The solution will integrate Starburst’s analytics software with Dell’s PowerEdge compute platform, combined with Dell industry-leading storage,2 helping customers extract insights from data wherever it resides. Built with open software principles, customers will gain easy and secure access to multicloud data to get the most value for analytics and AI-driven workflows and deployments. 
 
“Our customers have made it clear they need a robust data platform for accessing distributed data across multicloud environments to drive and operationalize AI efforts,” said Justin Borgman, CEO, Starburst. “By integrating our deep analytics capabilities with Dell’s leading infrastructure and global enterprise services, we can offer customers an open, multicloud data lakehouse solution that quickly and easily makes data available to AI workflows anywhere.”

 

Availability

  • Dell Validated Design for Generative AI: Model Customization is available globally through traditional channels and Dell APEX starting late October.
  • Dell Professional Services for Generative AI are available in select countries starting late October.
  • The Dell open, modern data lakehouse solution with Starburst has planned global availability in the first half of 2024.

The Rise of AI in Forex Trading. Can Machines Outperform Humans?

Posted on | by AI Guest Posts

Introduction

Over the past few years, the popularity of Forex and cryptocurrency trading has grown significantly in the Middle East and Africa. As a result, the need for reliable Forex brokers has also increased. FXCL has been providing Forex brokerage services since 2006 and is a popular broker in South Africa and Nigeria.

Historical Context

From the days of manual trading, where decisions were based solely on human intuition and analysis, we have transitioned to automated systems that rely on algorithms. Initially, there was scepticism surrounding automated trading. The evolution of Forex markets has seen major events that shaped its growth, and the role of technology has been integral, transitioning from basic computerized systems to advanced AI algorithms.

Understanding AI in Forex Trading

In the context of Forex trading, AI algorithms are designed to analyze vast amounts of data, recognize patterns, and make trading decisions based on this analysis. Different AI algorithms, such as neural networks and deep learning, are employed in Forex trading. One significant aspect that traders often ponder upon is the difference between cent and standard accounts. While cent accounts allow trading with minimal funds, offering a stepping stone for beginners, standard accounts are more suited for experienced traders, handling larger volumes. Integrating AI can assist in determining the best account type for an individual based on their trading patterns and risk appetite.

The Game-Changer: Traditional vs. AI-Driven Systems

The real game-changer in Forex trading is the difference between traditional automated systems and AI-driven systems. While the former follows a set of pre-defined rules, the latter learns from the data, continuously improving its trading strategies. AI-driven systems are dynamic, adapting and optimizing their strategies over time.

Benefits of AI in Forex Trading

The integration of Artificial Intelligence (AI) into the Forex trading landscape has brought about a paradigm shift, offering a multitude of advantages:

• Speed and Efficiency

One of the most notable benefits of AI is its unparalleled speed and efficiency. In the fast-paced world of Forex trading, where market conditions can change in the blink of an eye, AI’s ability to process vast amounts of data in real-time is invaluable.

• Precision and Accuracy: Human traders, no matter how experienced, are susceptible to errors, especially when handling vast amounts of data. Conversely, AI operates with a level of precision that significantly reduces the chances of errors in market predictions. This heightened accuracy can lead to more informed trading decisions and potentially higher returns.

• Adaptability

The Forex market is influenced by many factors, from geopolitical events to economic indicators. AI systems are inherently designed to learn and adapt. This continuous learning process allows AI to adjust to new trading patterns, global events, and market shifts, keeping the trading strategy aligned with the current market dynamics.

Challenges and Concerns

The integration of Artificial Intelligence (AI) into the world of Forex trading, while promising, is not without its hurdles. Despite the myriad of advantages AI brings to the table, there are significant challenges that traders and institutions must be aware of:

• Over-reliance on AI

  1. Dependence Dilemma: The allure of AI’s speed, efficiency, and data-driven decisions can sometimes lead traders to become overly reliant on it. This dependence can overshadow the importance of human intuition, experience, and judgment in trading decisions.
  2. Limitations of AI: While AI excels in processing vast amounts of data and identifying patterns, it might not always capture the subtleties or unexpected events in the market. For instance, geopolitical events or sudden market shocks might require a nuanced human understanding.
  3. Balanced Integration: Traders must strike a balance. While leveraging AI for its strengths, it’s equally important to maintain human oversight to ensure that trading strategies are holistic and consider all potential market dynamics.

• Ethical Concerns

  1. Potential Misuse: With the power of AI comes the potential for misuse. There’s a growing concern that AI-driven trading systems could be employed for market manipulations, front-running, or other unfair trading practices.
  2. Transparency Issues: The “black box” nature of some AI algorithms can make understanding how certain trading decisions are made challenging, raising questions about transparency.
  3. Regulatory Implications: As AI becomes more prevalent in Forex trading, there’s a pressing need for robust regulatory frameworks. These frameworks should ensure that AI is used ethically and transparently.

• Technical Challenges

  1. Robustness and Reliability: AI systems, no matter how advanced, can have vulnerabilities. It’s crucial to ensure that these systems are reliable, can handle large volumes of trades, and are resilient to potential cyber-attacks.
  2. Bias and Fairness: AI models are trained on historical data. If this data contains biases, the AI system might perpetuate or amplify them in its trading decisions.
  3. Continuous Evolution: AI algorithms need regular updates and refinements to stay relevant and effective. This requires ongoing research, monitoring, and adaptation to ensure that AI systems remain attuned to the latest market developments.

Comparing AI and Human Traders

Regarding trading, both AI and human traders have their strengths and weaknesses. AI traders can process data faster, work without emotions, and operate 24/7. On the other hand, human traders bring experience, intuition, and a deeper understanding of market nuances. Real-world performance comparisons have shown that while AI can outperform humans in certain scenarios, the human touch remains irreplaceable in many aspects of trading.

Future Outlook

The future of AI in Forex trading looks promising. As AI algorithms become more sophisticated, we can expect even more accurate predictions and strategies. There’s also potential for innovations that combine the strengths of both AI and human traders, ensuring that the Forex market remains both competitive and inclusive. The advent of quantum computing might further revolutionize AI in Forex trading.

Conclusion

The integration of AI in Forex trading marks a significant shift in how trading is done. While AI offers numerous advantages, the human element remains crucial. Continuous learning, staying updated with the latest technological advancements, and adaptation will be the keys to success in this ever-evolving landscape.

Business Management

UAE Businesses Outpaces Asian Counterparts in Last-Mile Excellence, Sustainability & Customer Experience

Posted on | by Akeela Zahair
Business Management
  • The report captures a comprehensive analysis of responses from businesses from India, the UAE, Indonesia, and other Asian countries across key last-mile logistics metrics

Locus, a market-leading dispatch management SaaS company, released a new research report, Decoding Asia’s Last-Mile Maturity, uncovering valuable insights about the current state of last-mile logistics in India, Indonesia, the UAE, and other Asian countries. It also shows progress and gaps in the ecosystem and the pivotal role of technology in driving business success.

The report reveals that 79% of businesses across Asia are harnessing the technology to enhance their last-mile efficiency, but a staggering 84% lack confidence in their processes to drive growth and enhance customer experiences. These findings underscore that there’s widespread adoption of technology in the industry however, a majority of businesses are not able to leverage it to its full potential.

“Solving deep-seated last-mile challenges requires a deep understanding of your business’s last-mile maturity. Therefore, to help businesses across sectors gauge their maturity and supercharge their last-mile growth, we recently launched the Last-Mile Maturity Assessment. Data from these responses has shown that today only 40% of businesses in Asia have scratched the surface of tech-driven last-mile prowess, showing that there is an untapped opportunity for businesses to achieve success. We want this report to reflect key trends and opportunities for businesses, so can they get inspired to optimize their logistics and achieve greater revenues and superior customer experiences”, says, Mehul Kapadia, Chief Revenue Officer, Locus.

The report unveils the performance of the businesses across five key logistics metrics, including Last-Mile Excellence, Customer Experience, Workforce Empowerment, Advanced Analytics, and Sustainability.

Some key findings:

  • India emerges as a leader in Advanced Analytics with a score of 3.59 out of 5, pointing to the growing reliance of businesses on big data analytics and other new-age technologies to optimize and transform their last-mile into revenue-generating machinery.
  • India excels in Workforce Empowerment in last-mile logistics with 3.42 out of 5, indicating that the businesses are investing in and leveraging robust tech solutions such as advanced route planning, geocoding, etc., to make the lives of the delivery drivers better.
  • The UAE leads in Last-mile Excellence with an impressive score of 3 out of 5. In fact, a whopping 70% of the UAE businesses are embracing multiple last-mile technologies, reshaping customer expectations in the booming e-commerce landscape in the region.
  • In Customer Experience scores, the UAE leads with an average of 3.73 out of 5, surpassing the industry average of 3.53, followed by India, Indonesia, and others.
  • The UAE again leads in Sustainability with a score of 4.16 out of 5, followed by India at 3.78, while Indonesia falls below the global average at 2.55.

Furthermore, the report offers vital industry insights into 3PL & CEP, e-commerce, retail, manufacturing, and other sectors. For instance, it highlights a common trend where sustainability, though considered strategically important, often lacks comprehensive follow-through. Specifically, carbon emissions tracking is overlooked in 3 out of 5 industries. Overall, the analysis shows that 49% of global organizations lack confidence in tracking sustainability metrics to reduce emissions and fuel consumption.