Talaat Moustafa Group (TMG) has announced record sales of EGP 470 billion (approximately $9.4 billion) as of November 6th, 2024. This represents a significant surge compared to the EGP 108 billion recorded during the same period last year. The group’s “SouthMed” project on Egypt’s North Coast has been a major driver of growth, generating sales of approximately EGP 280 billion ($5.6 billion). Additionally, the “Benan” project in Saudi Arabia, launched in May 2024, has already surpassed its initial year-one sales target, reaching EGP 53 billion. TMG’s strong performance can be attributed to its strategic focus on large-scale, mixed-use developments and its ability to meet the evolving needs of its customers. The group’s commitment to quality, innovation, and sustainability has enabled it to maintain its leadership position in the Egyptian real estate market. “SouthMed” is a prime example of TMG’s commitment to delivering world-class developments. The project offers a range of residential, commercial, and leisure amenities, including luxury villas, beachfront residences, and a world-class marina. TMG’s strategic partnership with international hotel management companies ensures year-round occupancy and strong rental income. Benan City, a new smart residential city in Riyadh, is another significant milestone for TMG. This ambitious project will span 10…
ACWA Power, a leading global player in the power and water desalination sectors, has announced a 16% increase in net profit for the first nine months of 2024. The company’s strong financial performance is driven by robust operational performance and strategic investments. During the period, ACWA Power achieved a net profit of SR1.25 billion ($334 million), fueled by a 12.5% increase in operating income to SR2.36 billion. The company’s growth was primarily driven by an investment gain from project restructuring and capital recycling. ACWA Power’s CEO, Marco Arcelli, highlighted the company’s commitment to growth, noting that its portfolio now includes 26 projects — the largest in its 20-year history. “These projects reflect both the speed at which we are realizing our growth, through swift financial closes, and the scale of future cash flows from a diverse and young portfolio,” Arcelli said. He reiterated the company’s focus on providing reliable, cost-effective energy and water, aiming to create positive impacts across all its operations. The company has successfully secured and closed major projects, including the Taiba and Qassim Combined Cycle Gas Turbine projects in Saudi Arabia, the Tashkent Solar PV project in Uzbekistan, and the Hassyan Seawater Reverse Osmosis plant in the…
PingPong, a leading global cross-border payment platform for businesses, has played a pivotal role in the 136th Canton Fair as a cooperative partner of the “Trade Bridge” initiative. This multi-day event brought together over 30,000 global companies and attracted more than 130,000 buyers from over 200 countries and regions. As part of its commitment to facilitating global trade, PingPong mobilized a delegation of over 300 buyers from Thailand, Indonesia, South Korea, and Vietnam to connect with top Chinese sellers and screen suppliers. The platform also hosted online and offline procurement matchmaking events, creating new opportunities for global expansion. Jianqin Shu，Partner and General Manager of SMB Business Group at PingPong said, “At this year’s Canton Fair, we’ve mobilized local teams, partners, and buyers from around the world, including Vietnam, South Korea, Indonesia and Thailand, forming a delegation of hundreds to meet face-to-face with trade companies. This shows PingPong’s value is more than just in payments, it is a global ecosystem of buyers and sellers. In September, we also led an industry summit in Vietnam with over 4,000 attendees to help businesses access global markets. Going forward, we will continue expanding our network to more countries and regions, offering valuable connections and…
The Ugandan government has taken significant steps to enhance the effectiveness of public investment management. The Ministry of Finance, Planning, and Economic Development, in collaboration with the Public Investment Management (PIM) Centre of Excellence, organized a conference to discuss strategies for improving project execution. The conference highlighted the importance of public investment in driving Uganda’s development and building essential infrastructure, human capital, and institutions. The Permanent Secretary and Secretary to the Treasury, Ramathan Ggoobi, emphasized the need for government investments to be worthwhile and contribute to national development. “Government is taking seriously the PIM process,” said Ggoobi, adding that the Finance Ministry has developed a framework for tracking project implementation. He said the framework standardizes and provides strategic direction by facilitating a culture of accountability, transparency and continuous improvement during project execution. “To implement this framework, the Office of the Head of Project Execution is to be created to use the framework in collaboration with other M&E players such as OPM, OP and responsible departments in the Ministry.” The government has recognized the importance of the PIM process and has taken steps to improve its effectiveness. The Finance Ministry has developed a framework for tracking project implementation, standardizing procedures and facilitating…
Eleven, a provider of business solutions, has announced the launch of its innovative AI-driven project management software specifically designed for accounting teams. This solution empowers accounting firms to streamline operations, enhance project timelines, and achieve superior client service. Eleven’s accounting software leverages the power of artificial intelligence to provide a comprehensive suite of features. From generating detailed project insights to managing complex schedules, the software anticipates potential delays and streamlines workflows. By automating routine tasks, Eleven frees accounting professionals to focus on strategic activities and deliver exceptional results for their clients. Key Features for Enhanced Project Management: Holistic Approach and Scalability This project management solution offers a holistic view of accounting firm operations. It supports multi-site operations, manages budgets in various currencies, and seamlessly adapts to evolving business needs. Eleven ensures transparent reporting with clear and easy-to-understand insights. Empowering Accounting Teams “Our mission is to empower accounting teams with the technology they need to thrive,” says a spokesperson from Eleven. “By automating routine tasks, we help firms scale and optimize workflows, ultimately driving significant business growth.” Additional Benefits: To discover how Eleven’s AI-powered project management software can transform your accounting firm, visit https://www.runeleven.com/
The U.S. Department of the Treasury today announced the final recipients of the Investing in America Small Business Opportunity Program (SBOP), a $75 million competitive grant program designed to support underserved and very small businesses in key sectors of the economy. SBOP aims to connect these businesses with the financing and technical assistance they need to participate in critical supply chains, such as electric vehicle manufacturing, semiconductor manufacturing, construction, transportation, and clean energy generation. “By increasing access to capital and making historic investments in infrastructure, clean energy, and manufacturing, we have spurred record-breaking small business growth over the last three years,” said Vice President Kamala Harris. “Since taking office, I have been proud to work to expand access to opportunity by investing in the small businesses that are the backbone of our communities. This funding from the Small Business Opportunity Program will build on this momentum by allowing tens of thousands of entrepreneurs from historically underserved communities to access the technical assistance they need in order to hire more employees, grow their businesses, and advance innovation.” “More than 19 million new small business applications have been filed during the Biden-Harris Administration and we’re working to support these entrepreneurs and connect them…
The European Union’s top court has once again issued a ruling limiting Meta’s use of user information for ad targeting strategies. The ruling aligns with an earlier opinion published by a court adviser, urging for restrictions on the amount of time companies can retain customer personal data for advertising purposes. The EU’s General Data Protection Regulation (GDPR), established in 2018, outlines an individual’s “right to be forgotten” and the right to rectification and erasure of personal data. Failure to comply with the GDPR can result in hefty fines, as evidenced by Meta’s $414 million fine last year for illegally requiring users to accept personalized ads. Meta has been involved in ongoing disputes with the EU over the use of personal data in relation to the Digital Markets Act. Last year, the EU’s Court of Justice ruled that Meta needed to obtain consent before delivering personalized ads to users in the region. The latest ruling underscores the EU’s commitment to protecting individuals’ privacy and ensuring that companies adhere to strict data protection regulations. It serves as a reminder to tech giants that excessive data collection and use for targeted advertising can lead to legal consequences.
AuditBoard,one of the leading cloud-based platforms for managing audit, risk, ESG, and information security, has secured a clean sweep of leadership positions in six categories of G2.com’s Fall 2024 Grid Reports. This recognition comes as AuditBoard surpasses 1,000 customer reviews on G2.com, further solidifying their position as a trusted partner for risk management solutions. AuditBoard maintained its leadership positions in both Audit Management Software and Enterprise Risk Management Software (previously GRC Platform) for the 20th and 19th consecutive quarters, respectively. Additionally, the company earned Leader distinctions in Third-Party Risk Management (sixth consecutive quarter), IT Risk Management (fourth consecutive quarter), and ESG Management Software (fourth consecutive quarter). These accolades reflect the significant business value customers experience by leveraging AuditBoard’s connected risk platform. The platform empowers organizations to strategically manage risk across their entire enterprise. This value is further elevated by recent enhancements to AuditBoard Analytics, Risk Appetite, Organizational Hierarchy, and Aggregate Scoring features. These improvements aim to increase efficiency, enhance collaboration, and strengthen the rigor and intentionality of GRC programs. “We are incredibly grateful to our customers for the passion they’ve shown by submitting over 1,000 AuditBoard reviews on G2.com,” said Tom Schmit, Chief Revenue Officer at AuditBoard. “The customer input…
Global stock markets rallied to record highs on Friday, buoyed by news of a significant decline in US inflation. Investors are increasingly optimistic that the Federal Reserve will accelerate interest rate cuts in response to the easing inflationary pressures. The S&P 500 index surged above 5,750, marking a nearly 34% gain year-over-year. European markets also experienced strong growth, with the Stoxx 600 index reaching a new record high. The Federal Reserve’s preferred inflation measure, the Personal Consumption Expenditure (PCE) price index, fell to 2.2% in August, the lowest level since February 2021. This unexpected drop has fueled expectations of a more aggressive rate cut at the Fed’s upcoming meeting in November. The prospect of a 0.5 percentage point reduction in interest rates, rather than a smaller quarter-point cut, has gained momentum following similar declines in inflation rates in France and Spain. This suggests that the European Central Bank may also implement a rate cut before the end of the year. While global growth has been hampered by a slowdown in the US and China, recent economic stimulus measures in China have boosted investor confidence. The Chinese government has taken steps to lower borrowing costs, stimulate the housing market, and increase…
The Monetary Policy Committee (MPC) of the Bank of England has decided to maintain the Bank Rate at 5%, a decision that reflects ongoing concerns about inflation pressures. In its September meeting, the MPC voted by a majority of 8-1 to keep the Bank Rate unchanged. One member advocated for a rate reduction of 0.25 percentage points to 4.75%. Additionally, the Committee voted unanimously to reduce the stock of UK government bond purchases by £100 billion over the next 12 months. The MPC’s decision was guided by the need to address persistent inflationary pressures and ensure that inflation expectations remain well anchored. The Committee considered various scenarios, including the potential for a period of economic slack and the possibility of structural shifts in wage and price-setting. While global economic activity has continued at a steady pace, there are signs of increasing uncertainty in the near-term outlook. Oil prices have declined, and market-implied paths for policy rates in major advanced economies have decreased. In the UK, headline GDP growth is expected to return to its underlying pace of around 0.3% per quarter in the second half of the year. Twelve-month CPI inflation is projected to increase to approximately 2.5% by the…
