Category Archives: Business & Investments

Business & Investments

Americana Restaurants announces H1 2024 results, reports $1.05 billion in Revenue

  • Reported Revenue of $1.05 billionand Adjusted EBITDA of $232.7million, resulting in 22.1% EBITDA margin
  • Net profit attributable to the Shareholders of the Parent Companystood at $80.0 million
  • 81 gross new store openings during first half of 2024, increasing the total Restaurant count to 2,477. 36new restaurants under construction

Abu Dhabi and Riyadh, 30 July 2024:Americana Restaurants International PLC (“AmericanaRestaurants” or the “Company”) (ADX symbol: AMR/ ISIN: AEE01135A222) (Saudi Stock Exchange symbol:6015), the largest out-of-home dining and quick service restaurant operator in the Middle East & North Africa (“MENA”) and Kazakhstan, today announced its financial results for the six months ended 30 June 2024.

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Business & Investments

du, Nokia, and MediaTek Pioneer Next-Level 5G Uplink Performance in MEA

Collaboration significantly enhances 5G Advanced uplink speeds and network efficiency through a trial that combines multiple frequency bands with innovative features like three transmitter antennas and 2CC.

Dubai, UAE, 29 July 2024: du, from Emirates Integrated Telecommunications Company (EITC), in collaboration with Nokia and MediaTek, today announced a major milestone in the integration and enhancement of 5G technologies in the Middle East and Africa (MEA). This innovative trial, a first in the region, has successfully boosted uplink (UL) performance by 70% on du’s 5G Advanced network, simultaneously offering expanded indoor coverage to premium customers.

Executed in Abu Dhabi utilizing du’s operational 5G Advanced network, the trial achieved significant advancements in UL speeds and coverage. This technology promises robust connectivity and superior network efficiency by integrating multiple frequency bands and enhancing transmission pathways, essential for high-demand applications such as video conferencing, live streaming, and substantial data uploads.

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Business & Investments

Network International and Biz2X announce Embedded Financing partnership to transform SME lending in the UAE

Biz2X’s SME financing solution will deliver capital to Network International’s vast network of merchants in the UAE

Dubai, UAE, July 29, 2024:Network International (Network), the leading enabler of digital commerce in the Middle East and Africa, and Biz2X®, a global technology and financing fintech in the U.S., India and Australia with over $10 billion USD funded through its digital lending platform, today announced a new SME financing partnership.

The primary objective of the partnership is to unlock new sources of capital for Network’s SME merchants by leveraging payment transaction data and providing loan underwriters with real-time credit data. Merchants that use Network’s payments platform will have digital access to financing options and can opt-in from a variety of credit offers embedded via Biz2X.

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Business & Investments

EWEC Issues Request for Proposals for the Development of Madinat Zayed Independent Power Producer(IPP) Project in Abu Dhabi

The project will provide transitional capacity to support the accelerated integration of renewable energy into the system

Natural gasserves as a transitional fuel to provide additional flexibility and ensure a stable and reliable supply of power

Abu Dhabi, UAE – 29July2024:EWEC (Emirates Water and Electricity Company), a leading company in the integrated planning, purchasing and supply of water and electricity across the UAE,today issued a Request for Proposals (RFP) for the development of the Madinat Zayed Independent Power Producer (IPP) project, a new Open-Cycle Gas Turbine (OCGT) plantlocated in the Madinat Zayed area, approximately 120 kilometres southwest of Abu Dhabi City.

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Business & Investments

CIPS Global State of Procurement and Supply 2024 Report: 

A Comprehensive Insight into the Future of Procurement

Sustainable procurement is a key focus, with 69% of organisations investing in sustainability measures and 77% possessing an ethical sourcing policy  

Dubai, UAE; July 29, 2024: The Chartered Institute of Procurement & Supply (CIPS) recently published the highly anticipated Global State of Procurement and Supply 2024 report, in partnership with GEP. The survey, which gathered insights from chief procurement officers (CPOs), procurement directors, and heads of procurement and supply across 122 organisations with a combined turnover of $73 billion, sheds light on the evolving landscape of the procurement and supply function.

Sam Achampong, Regional Managing Director, CIPS MENA.

The report highlights the increasing influence of the procurement and supply function within organisations. An impressive 68% of respondents noted that the influence of procurement and supply is on the rise. In over two-thirds of the surveyed organisations, procurement and supply manage or influence 60% of spend on direct goods. Despite small team sizes (51% of which have fewer than 20 members), CPOs are making significant impact and commonly report to CFOs.

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