Latest news with #EEMEA
Al Bawaba
14 hours ago
- Business
- Al Bawaba
Mastercard, IFZA and Global Tax Assistant launch AI-driven digital business registration process to accelerate SME growth in UAE
Mastercard has joined forces with IFZA, one of the fastest-growing free zones in the UAE, and Global Tax Assistant, an international consulting firm, to launch a fully digital, AI-driven business registration journey in the UAE. The collaboration aims to accelerate the growth of the country's small- and medium-sized enterprises (SMEs) and pave the way for their expansion across the Eastern Europe, Middle East and Africa (EEMEA) account for over 94% of all businesses in the UAE and contribute to more than 50% of its GDP. The National Agenda for Entrepreneurship and SMEs seeks to establish the UAE as an entrepreneurial nation, and one of the top three countries in the Global Entrepreneurship Index by 2031. The collaboration marks one of the first digital AI-powered business registration pilots in the region, reflecting a unique public-private sector collaboration focused on SME enablement through advanced technology.'The thriving SME economy forms the beating heart of the UAE's diverse business landscape. At IFZA, we believe SMEs are the prototype of tomorrow's global companies, driving innovation, job creation, exports and new business models. We work together with our partners to equip the country's small business community with the tools and resources they need to succeed. We are confident our latest joint initiative will boost the UAE's global competitiveness as a business hub with progressive infrastructure,' said Jochen Knecht, CEO, end-to-end onboarding process – from document submission to license issuance – is powered by AI, enabling faster, more efficient, processing. Automation across form completion, document verification and communication workflows help reduce setup time and operational overhead for part of the collaboration, Mastercard business card cardholders will gain access to simplified and discounted business setup services, further reducing friction and costs for startups and small businesses in the UAE.'Our collaboration with IFZA and Global Tax Assistant enhances the value we deliver to our business customers, while supporting the UAE's vision of a thriving digital economy. SMEs are vital to regional growth, and this initiative demonstrates our commitment to empowering small businesses through technology, partnerships and financial inclusion,' said Onur Kursun, executive vice president, Commercial and New Payment Flows, EEMEA, Mastercard. 'We are working to build a digital economy for everyone, everywhere. As of 2024, Mastercard has connected 960 million people and 65 million micro-, small, and medium sized enterprises to the digital economy,' he collaboration is closely aligned with the UAE's broader digital transformation agenda and its commitment to strengthening the SME sector – two key pillars of the nation's economic diversification strategy. By digitizing key aspects of business formation and compliance, the collaboration contributes to national goals of fostering innovation, entrepreneurship and sustainable economic development.'Global Tax Assistant is dedicated to helping small business owners unlock new opportunities. We are excited to enter the collaboration with Mastercard and IFZA that aims to contribute to building an enabling environment for entrepreneurship in the UAE by facilitating faster and simpler digital access to business setup. The new synergy enhances our role in providing seamless compliance and advisory services to small businesses in the country. We will also explore the potential usage of the underlying technology in banks' customer journey flows,' said Smbat Alikhanyan, CEO, Global Tax to startups from over 160 countries, IFZA is one of the leading free zone communities in Dubai with world-class infrastructure, state-of-the-art facilities and business-friendly regulations. With more than 10 years of international expertise, Global Tax Assistant provides accounting, legal, financial auditing and tax consultancy services to over 350 clients in the UAE, Oman, Kuwait and Qatar.
Zawya
15 hours ago
- Business
- Zawya
Mastercard, IFZA and Global Tax Assistant launch AI-driven digital business registration process to accelerate SME growth in UAE
AI-driven onboarding reduces friction and costs associated with business setup and compliance Dubai, UAE: Mastercard has joined forces with IFZA, one of the fastest-growing free zones in the UAE, and Global Tax Assistant, an international consulting firm, to launch a fully digital, AI-driven business registration journey in the UAE. The collaboration aims to accelerate the growth of the country's small- and medium-sized enterprises (SMEs) and pave the way for their expansion across the Eastern Europe, Middle East and Africa (EEMEA) markets. SMEs account for over 94% of all businesses in the UAE and contribute to more than 50% of its GDP. The National Agenda for Entrepreneurship and SMEs seeks to establish the UAE as an entrepreneurial nation, and one of the top three countries in the Global Entrepreneurship Index by 2031. The collaboration marks one of the first digital AI-powered business registration pilots in the region, reflecting a unique public-private sector collaboration focused on SME enablement through advanced technology. 'The thriving SME economy forms the beating heart of the UAE's diverse business landscape. At IFZA, we believe SMEs are the prototype of tomorrow's global companies, driving innovation, job creation, exports and new business models. We work together with our partners to equip the country's small business community with the tools and resources they need to succeed. We are confident our latest joint initiative will boost the UAE's global competitiveness as a business hub with progressive infrastructure,' said Jochen Knecht, CEO, IFZA. The end-to-end onboarding process – from document submission to license issuance – is powered by AI, enabling faster, more efficient, processing. Automation across form completion, document verification and communication workflows help reduce setup time and operational overhead for entrepreneurs. As part of the collaboration, Mastercard business card cardholders will gain access to simplified and discounted business setup services, further reducing friction and costs for startups and small businesses in the UAE. 'Our collaboration with IFZA and Global Tax Assistant enhances the value we deliver to our business customers, while supporting the UAE's vision of a thriving digital economy. SMEs are vital to regional growth, and this initiative demonstrates our commitment to empowering small businesses through technology, partnerships and financial inclusion,' said Onur Kursun, executive vice president, Commercial and New Payment Flows, EEMEA, Mastercard. 'We are working to build a digital economy for everyone, everywhere. As of 2024, Mastercard has connected 960 million people and 65 million micro-, small, and medium sized enterprises to the digital economy,' he concluded. The collaboration is closely aligned with the UAE's broader digital transformation agenda and its commitment to strengthening the SME sector – two key pillars of the nation's economic diversification strategy. By digitizing key aspects of business formation and compliance, the collaboration contributes to national goals of fostering innovation, entrepreneurship and sustainable economic development. 'Global Tax Assistant is dedicated to helping small business owners unlock new opportunities. We are excited to enter the collaboration with Mastercard and IFZA that aims to contribute to building an enabling environment for entrepreneurship in the UAE by facilitating faster and simpler digital access to business setup. The new synergy enhances our role in providing seamless compliance and advisory services to small businesses in the country. We will also explore the potential usage of the underlying technology in banks' customer journey flows,' said Smbat Alikhanyan, CEO, Global Tax Assistant. Home to startups from over 160 countries, IFZA is one of the leading free zone communities in Dubai with world-class infrastructure, state-of-the-art facilities and business-friendly regulations. With more than 10 years of international expertise, Global Tax Assistant provides accounting, legal, financial auditing and tax consultancy services to over 350 clients in the UAE, Oman, Kuwait and Qatar. About Mastercard Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we're building a sustainable economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential. Mastercard communications contact:
Business Insider
5 days ago
- Business
- Business Insider
2025: These 10 African countries are ready for the AI takeover
AI is expected to contribute approximately USD 15.7 trillion to the global economy by 2030, and Africa is well-positioned to tap into a substantial portion of this surge. The continent's growing adoption of mobile and digital tools already offers the groundwork for an AI revolution, linking people, companies, and public institutions in new ways. Egypt leads Africa in AI readiness, with plans to train professionals and establish AI companies by 2030. The AI industry in Africa, currently valued at $4.5 billion, is expected to exceed $16 billion by 2030. Technological innovations, such as mobile money applications in Kenya and educational AI tools in Nigeria, highlight AI's transformative impacts. According to experts, the AI business in Africa is valued at approximately $4.5 billion. By 2030, it is expected to grow to over $16 billion. Because of this growth, over 230 million new digital jobs may be created in Sub-Saharan Africa alone. The table below lists the top 10 African countries most prepared to utilise AI, according to a 2024 report by Oxford Insight. Rank Country AI Readiness Score 1 Egypt 55.63 2 Mauritius 53.94 3 South Africa 52.91 4 Rwanda 51.25 5 Senegal 46.11 6 Seychelles 44.77 7 Tunisia 43.68 8 Kenya 43.56 9 Nigeria 43.33 10 Ghana 43.30 Egypt is number one in Africa when it comes to being ready for AI. The Egyptian government is utilising AI in various sectors, including hospitals, agriculture, and banking. Egypt also has a big plan to grow AI by 2030. The government plans to create over 250 AI companies, train 30,000 people, and increase the country's revenue from the tech sector. Besides Egypt, countries such as South Africa, Rwanda, Mauritius, and Nigeria are leading in the use and control of AI. Kenya is also doing exceptionally well, particularly in mobile money and technology, and is helping to guide how AI should be utilised in Africa. In Kenya and Nigeria, some farmers are now using AI to predict when rain will fall and how to optimise their crop growth. In Nigeria, students who cannot attend regular schools are learning through apps that utilise AI to teach them in a personalised manner. These examples show how AI is already helping people and bringing change in Africa. Despite these successes, however, challenges remain. Infrastructure shortfalls, inconsistent internet access, and a lack of comprehensive AI governance frameworks hinder progress in many parts of the continent. According to Mert Şendağ, Director, Data and AI Strategy, EEMEA Regional Lead, Mastercard, 'Africa has the potential to leapfrog traditional development barriers. Policies like Rwanda's National AI Strategy set a strong example of how the region can harness AI's potential while aligning with global best practices, paving the way for a future of inclusive and sustainable progress.'
Fibre2Fashion
25-07-2025
- Business
- Fibre2Fashion
Germany's Puma revises 2025 outlook amid sales dip & tariff impact
German sports apparel and footwear company Puma has reported preliminary results in the second quarter (Q2) of 2025, witnessing a currency-adjusted (ca) decline of 2 per cent in its sales to reach €1,942 million. Currency headwinds significantly impacted reported figures, reducing sales by approximately €135 million, or 8.3 per cent. The gross profit margin declined 70 basis points (bps) to 46.1 per cent due to increased promotional activity and adverse currency effects. The adjusted EBIT of the company fell to €13.2 million, further impacted by lower margins. The company reported one-time costs of €84.6 million (~$99 million). The quarter closed with a net loss of €247 million (~$291.46 million). North America was down by 9.1 per cent YoY, Europe saw a decline of 3.9 per cent YoY, and Greater China went down by 3.9 per cent, while Latin America was up 16.1 per cent and Eastern Europe, Middle East, and Africa (EEMEA) increased by 0.5 per cent, Puma said in a press release. Puma has reported a 2 per cent sales decline in Q2 2025 to €1.94 billion (~$2.27 billion), with net loss at €247 million (~$291.46 million) due to lower margins and €84.6 million (~$99 million) in one-time costs. H1 sales dropped 1 per cent to €4.02 billion (~$4.70 billion). Weakened wholesale, US tariffs, and inventory build-up led to a revised forecast: full-year sales are now expected to decline. Segment-wise, wholesale business saw a declining performance of 6.3 per cent, offsetting a 9.2 per cent increase in direct-to-consumer (DTC) sales, with e-commerce seeing double-digit growth. Category-wise, footwear grew 5.1 per cent, but this was offset by declines in apparel, which fell by 10.7 per cent, and accessories, which declined by 6.4 per cent. For the first half (H1) of 2025, preliminary sales dropped 1 per cent to €4.02 billion (~$4.7 billion) a drop of 4.8 per cent on reported basis, with adjusted EBIT at €62.5 million and one-time costs totalling €102.6 million. The net loss stood at €246.6 million. Inventories surged 18.3 per cent currency-adjusted to €2,151 million, driven by higher levels in key markets. Puma has revised its full-year guidance. Currency-adjusted sales have been forecast to decline by a low double-digit percentage (previously: a low- to mid-single-digit increase). EBIT for full-year 2025 has been expected to result in a loss (previously: €445 million to €525 million), reflecting softer topline performance, intensified currency headwinds, the impact of US tariffs, and additional one-off measures aimed at cost base alignment in H2 2025. An earnings outlook has been provided for reported EBIT only. Following the second-quarter results and the subdued growth outlook for the remainder of 2025, capital expenditure plans have been revised to around €250 million (previously: approximately €300 million). Fibre2Fashion News Desk (SG)
Gulf Today
22-07-2025
- Business
- Gulf Today
AD Ports Group takes top spot for best investor relations in Extel EEMEA Survey
AD Ports Group, for the second consecutive year, received top honours for its investor relations in the prestigious Extel survey of the best listed companies in Emerging Europe, Middle East, and North Africa (EEMEA). The Group secured the first place in the Extel EEMEA Executive Team survey in the Large Cap (market capitalisation greater than US$5 billion) Transportation Sector, and took second place among all EEMEA Small, Mid, and Large-Cap companies in the 'Most Honoured Companies' ranking. The survey was based on input of 462 investment professionals, buy-side analysts, fund managers, and sell-side research analysts at 264 financial services firms. The Extel rankings are considered among the most authoritative in capital markets and investor relations. AD Ports Group, which is 75% owned by Abu Dhabi Developmental Holding Company (ADQ), secured the top spot in four of seven Extel regional categories concerned by AD Ports Group, as well as one second place, and one third place. The company's shares were first listed on the Abu Dhabi Securities Exchange in February 2022. The Group's 2025 Capital Markets Day held on 25th February at Khalifa Port drew a host of leading local, regional, and international investors, as well as key sell-side analysts from top-tier regional and international investment banks covering UAE equities, reflecting the strong interest for AD Ports Group's securities as one of the few broadly diversified publicly traded companies in the GCC region. 'We are pleased to be recognised for the second consecutive year by Extel as one of the leading listed companies in Emerging Europe, the Middle East, and Africa when it comes to management credibility, communication, financial stewardship, and capital location, as well as the quality of our investor relations'', said Martin Aarup, Group Chief Financial Officer - AD Ports Group. 'Our strong performance in the 2025 rankings is important to us because it is based on the expert opinions of professionals that make up the international financial investment community, who set the standard of excellence in the field.'' WAM
