Latest news with #MIP
Daily News Egypt
4 days ago
- Business
- Daily News Egypt
Misr Italia Properties launches ‘Hilltop' phase at Solare in Ras El Hekma
Misr Italia Properties (MIP) has announced the launch of Hilltop, a new phase of its flagship coastal project, Solare, located in Ras El Hekma. Designed as a year-round destination, Solare continues to expand with Hilltop, which introduces elevated living experiences, panoramic views, and contemporary architectural elements inspired by Miami and Mediterranean coastal cities. The new phase reflects MIP's ongoing commitment to developing fully integrated, design-forward communities. Hilltop features more than 5,000 square meters of swimmable lagoons, ensuring that each building enjoys its own private beachfront. The phase offers a range of two- and three-bedroom units designed to harmonize with the surrounding landscape. At the highest elevation within Solare, Hilltop introduces the Rooftop Clubhouse, offering residents open views of the Ras El Hekma shoreline and surrounding natural scenery. Hilltop also enjoys direct access to Solare Downtown, the heart of the development's commercial and entertainment district. Solare Downtown, which spans 40 feddans and carries an estimated investment of EGP 10bn, is poised to become Ras El Hekma's central hub for retail, leisure, and tourism. Once complete, it is expected to attract approximately 30,000 visitors daily, adding vitality and value to the surrounding residential areas. Mohamed Khaled El Assal, CEO of Misr Italia Properties, emphasized that Hilltop and the broader Solare development reflect the company's commitment to offering thoughtfully planned living environments that integrate residential, recreational, and commercial elements. 'Every project we develop is built around a clear and distinct concept,' said El Assal. 'Solare, themed as 'A Place Where the Sun Never Sets,' is a destination for all seasons—carefully designed with international partners to create an exceptional lifestyle experience.' Solare spans 386 feddans, offering a one-kilometer stretch of sandy beach and a three-kilometer seafront. The master plan includes seven elevations reaching up to 36 meters above sea level, with over 100,000 square meters of swimmable lagoons, 30,000 of which are private. Remarkably, 82% of the units in Solare enjoy direct water views. The development includes hospitality components such as 800 hotel rooms and branded residences, aiming to blend residential living with resort-style services. Construction progress across Solare is well underway. Excavation, backfilling, and step works have been completed, while structural work for seafront units and finishing for cabanas are ongoing. MIP has also finalized land grading for phases one and two, and completed around 80% of grading across the remaining phases. Currently, 723 units are under construction, representing around 80% of the targeted cabanas in this phase, with a total investment of EGP 1.3bn. For phase two, which focuses on villas, MIP has achieved roughly 30% construction completion. Simultaneously, the company is moving forward with additional construction activities covering 1,635 new units, including chalets and villas, with projected investments of EGP 7.5bn. The first handovers are scheduled for 2027. Solare is being developed in collaboration with a roster of local and international firms, including EDSA, Whitespace, Synthetic, and Design Avenue, covering all aspects of planning, design, and architecture.
Scoop
28-05-2025
- Business
- Scoop
Winemakers Reclaim Wine Quality And Value With New Molecular Filtration Tech
Press Release – amaea amaeas smart polymers enable US and NZ wine producers to selectively remove unwanted sensory compounds and recover higher-value wine. Hamilton, New Zealand, 28 May 2025 – A new precision wine technology is changing how winemakers address quality challenges and recover value from fault-affected and heavily phenolic wines. amaea, a New Zealand developer of custom-engineered molecularly imprinted polymers (MIPs), is gaining industry validation for its novel molecular filtration technology for precision wine remediation and palate fining. From premium winemakers in New Zealand to top-tier producers in California, amaea's selective, sustainable filtration solution, launched in late 2023, is being used to remediate and enhance wine quality. The proprietary MIP beads, imprinted with billions of binding sites, selectively target and capture unwanted molecules—such as pyrazines, ethyl phenols, and phenolic compounds responsible for sensory profiles—and remove them while preserving the wine's essential varietal character, color, and flavor. 'Winemakers face real challenges when unwanted, characteristics or impacts appear in their wines, that traditional methods cannot resolve,' says amaea CEO Aiden Tapping. 'Our molecular filtration solution gives them control to target and remove the compounds responsible for undesirable sensory profiles – without stripping away desirable characters. This recovers value, saves wine from being downgraded or discarded, and ultimately protects brand integrity.' Wines tainted by 'off aromas,' such as those caused by stink bugs or pyrazines as well as wines that require significant bitterness management pose a major financial challenge for producers globally. Over the past year, amaea RMx technology for remediating 'off' aromas and wines impacted by frost, pyrazines, Brettanomyces, MOG and other challenges, and amaea PFx technology for palate fining, have supported over 50 unique producers in treating more than 400,000 gallons/ 1.5 million liters of wine, helping them recover an estimated USD$3.5 million/ NZD$6.2 million in wine value in the past 12 months. 'It's fantastic to see the consistent validation from the industry, highlighting the versatility and value of our technology,' says Tapping. 'We've focused on giving some of the top winemakers the confidence to try our technology, even on small volumes. Now, on the back of customer success, we're gearing up for an increase in the volume of wines treated by both existing and new customers as our technology gains market traction.' Smart Polymer, Better Wines: Customer Successes amaea's technology has successfully helped top winemakers recover wine to its intended program, high-quality and value, showcasing a wide variety of commercial customer applications: Jackson Family Wines (US) has successfully trialled amaea to replace single-use fining agents by decreasing bitterness in hard-pressed white wine. Dr Caroline Merrell, Senior Manager of Winemaking Technical Services at Jackson Family Wines says: 'One area where we see a lot of potential is replacing single-use fining agents with reusable media, such as amaea's MIPs. During a recent trial, amaea's MIP treatment decreased bitterness and was preferred sensorially over wines treated with traditional fining agents. The results were impressive and will allow us to simultaneously improve quality in select wines while decreasing waste from single-use inputs.' Cleomont Vineyards (NZ) increased the saleable quality of wine where traditional methods couldn't resolve the issues. Faced with a particularly phenolic 2024 Marlborough Pinot Gris, renowned New Zealand winemaker and grower Digger Hennessy, the owner of Cleomont Vineyards, reduced the wine's excessive bitterness and enhanced its sweetness, with amaea's MIPs selectively capturing the offending phenolic compounds. 'The wine didn't need a huge treatment. It got rid of the very annoying bitterness on the back palate that we were struggling to get out. The MIP treatment made it a lot smoother and now I'm happy with it.' Marisco Vineyards (NZ) remediated a stink bug-affected wine back to its intended program. Marisco Vineyards celebrated an exceptional 2024 vintage. Yet, one block of Pinot Noir faced an unexpected issue when a species of Pentatomidae, commonly known as the Australasian green shield or stink bug, was found among some of the grapes. Traditional techniques for stink bug remediation focus on masking the distinctive vegetative aromas caused by the insects. However, amaea's highly selective technology removes unwanted molecules responsible for the undesirable vegetal and herbaceous traits. 'Having the ability to run wine through MIPs, knowing it won't physically change apart from removing the target molecules, is a massive plus,' says winemaker Alun Kilby, who sees endless potential applications for amaea's technology. Giesen (NZ) used amaea PFx in place of gelatin (a fining agent), to address bitterness in their 0% Merlot. Consulting winemaker Duncan Shouler, former Director of Winemaking at Giesen Group, supports technology, change and innovation in the wine industry to stay relevant and evolve. At Giesen, he saw an opportunity to use amaea PFx in their 0% Merlot. 'Typically, when you remove alcohol from wine, certain traits and characteristics start to stand out. For Merlots, the tannins become prominent, and the warmth and sweetness are lost. For palate fining, gelatin is traditionally added, which, though effective at softening phenolic content, isn't vegan-friendly and isn't entirely selective, which means it removes more than is intended. At Giesen, when introduced to amaea PFx, we saw a technique that enabled us to balance polyphenols without relying on animal additions; it was environmentally conscientious and had the potential to provide a more financially sustainable alternative to traditional fining practices.' Additional Applications: Remediating Smoke-Impacted Wine In late 2023, amaea launched amaea VPx, its smoke remediation solution, which uses tailored MIPs in a one-pass filtration system. A 2024 WINnovation Award winner, amaea VPx technology successfully removes the volatile phenols from smoke-impacted wine to a level that sits below sensory thresholds. To extend its position as a next-generation partner for quality-focused winemakers, amaea's MIP solutions, already commercially used in the United States, Canada, and New Zealand, will launch in Australia later this year with a future focus on Europe.
The Sun
27-05-2025
- Entertainment
- The Sun
Student charity concert to support cancer patients
BANGI: 'Music with a mission' is the motto of Malam Irama Penyayang XIV (MIP XIV), where 148 students from Universiti Kebangsaan Malaysia are striking a chord for a cause. Now in its 14th edition and making a long-awaited return after a pandemic-induced hiatus, MIP XIV is more than just a student concert; it is a powerful act of compassion. Organised by the Sekretariat Kebudayaan Mahasiswa India, this annual charity event will donate 100% of its proceeds to the oncology unit at the Canselor Tuanku Muhriz Hospital UKM, providing crucial support for cancer patients in need. The concert is set to take place this Saturday at Dewan Canselor Tun Abdul Razak located at the university in Bangi. Adding star power to this meaningful cause, renowned Indian playback singer Naresh Iyer will make a special guest appearance, lighting up the stage and lending his voice in support of the initiative. Student organisation president Shurendar Kannathasan, 23, said audiences can look forward to a mix of performances, including singing and dancing by university students and renowned artistes. 'The event promises an exciting blend of formal and informal entertainment that celebrates talent and compassion.' Each year, MIP adopts a medical cause based on urgency and potential impact. This year's focus on cancer treatment reflects a shared goal to ease the burden of care for patients and their families. 'We want to help ease the treatment journey for cancer patients,' said Shurendar. 'It is a small way that we, as students, can contribute to the lives of those battling serious illness.' In 2023, five children received heart surgeries at the National Heart Institute, funded by the RM50,000 raised by the student organisation. Since its inception 14 years ago, the concert has evolved into a cornerstone of student-led charity at the university. Organising an event of this scale is no small feat. This year's edition is powered by 15 departments and led by three deputy programme directors, all working under a central leadership team. 'These students are not just volunteers; they are leaders in training,' said Shurendar. 'MIP teaches them how to manage large-scale events, coordinate teams, solve problems and connect with real-world causes.' MIP XIV is open to students from all faculties, promoting diversity and personal growth. Participants are chosen based on interest and commitment, and their contributions are formally recognised through merit marks. 'It is a platform that brings students from different academic backgrounds together, giving them a meaningful way to serve the community.' After a two-year pause due to Covid-19, this year's comeback carries more than just excitement; it represents renewed determination and purpose. 'We are thrilled to return stronger than ever for the 14th edition,' said Shurendar. Funding for MIP XIV comes from a wide network of supporters, including alumni, private companies, NGOs and the public, through direct donations and in-kind contributions coordinated via the student organisation's social media. 'We are grateful to everyone who supports our cause. Every ringgit and effort helps make a real difference,' said Shurendar. Looking beyond this year's concert, the student organisation envisions a larger movement taking root. 'Our long-term goal is to establish MIP as a nationwide charity movement, not just raising funds but also awareness on pressing health issues. 'With more hospital collaborations, we could expand our impact and reach more communities.' MIP XIV will shine not only as a night of performance, but also as a reminder of how young Malaysians are turning empathy into action, one note at a time.
Business Recorder
24-05-2025
- Business
- Business Recorder
Tobacco exports surpasses $100m
ISLAMABAD: Federal Minister for National Food Security and Research Rana Tanveer Hussain on Friday said that Pakistan's tobacco exports have surpassed the US$100 million, signaling a notable boost in the country's foreign exchange earnings. The minister during a meeting with a delegation from Philip Morris International, issued directives for the early issuance of the Minimum Indicative Price (MIP) notification, emphasising that timely administrative decisions are crucial to prevent financial uncertainty for farmers and exporters. During the meeting, they also discussed various issues related to the tobacco sector, including export performance, regulatory challenges, and future prospects. Hussain reiterated that the government remains committed to ensuring a predictable and efficient regulatory process that supports agricultural industries and protects the interests of growers. He emphasised that agriculture-linked sectors such as tobacco play a critical role in employment, rural development, and foreign exchange earnings. The minister said that the role of multinational corporations operating responsibly within Pakistan's legal and regulatory framework and contributing positively to national development. He stressed the importance of maintaining centralised oversight at the federal level to ensure coherence in policymaking and to avoid regulatory fragmentation, which can hinder sectoral growth. He reaffirmed that the Ministry of National Food Security and Research will continue to work proactively with all stakeholders to promote a stable, investment-friendly environment. Copyright Business Recorder, 2025
Mid East Info
14-05-2025
- Business
- Mid East Info
Fertiglobe Reports Q1 2025 Results and Announces ‘Grow 2030 Strategy', Targeting EBITDA of $1+ Billion by 2030
Q1 2025 Performance Highlights Q1 2025 revenues of $695 million (+26% Y-o-Y and +49% Q-o-Q), adjusted EBITDA of $261 million (+45% Y-o-Y and +65% Q-o-Q) and adjusted profit attributable to shareholders of $73 million (-24% Y-o-Y2 and +74% Q-o-Q). Strong growth driven by higher sales volumes supported by operational improvements and strategic shipment deferrals from Q4 2024 and higher urea prices. Adjusted for turnarounds, asset utilization and energy efficiency reached record highs across most plants in Q1 2025 driven by the ongoing Phase 1 of the Manufacturing Improvement Plan (MIP) which is now 80% complete. Strategy Update & Announcements: 'Grow 2030 Strategy' aims to transform Fertiglobe into a $1bn+ EBITDA1 global integrated downstream product champion, well placed for the energy transition, via four strategic pillars: Operational excellence (+$165 – 175 million by 2030) Customer proximity (+$30 – 45 million by 2030) Nitrogen product expansion (+$75 – 100 million by 2030) Disciplined low-carbon ammonia growth (+$70 – 100 million by 2030) Fertiglobe's optimization initiatives enhanced by ADNOC support, demonstrated today: ADNOC's full support to achieve $15-21 million of run rate fixed cost savings via integration and other optimization initiatives by year end 2025, as part of Fertiglobe's new $35 million cost reduction target. $6.7 million run rate interest savings through the refinancing of $300 million loan with ADNOC in-house bank in March and recent support in repricing $1.1 billion term loans in May with existing lenders. Fertiglobe successfully completes Automotive Grade Urea (AGU) production trials in Egypt and is creating a full Diesel Exhaust Fluid (DEF / AdBlue) value chain into Spain through an AGU supply agreement with DF Group. Fertiglobe reaffirms capital allocation strategy, distributing substantially all cash after providing for growth opportunities and maintaining investment grade credit rating. Abu Dhabi, UAE – May, 2025: Fertiglobe (the 'Company') (ADX: FERTIGLB), the world's largest seaborne exporter of urea and ammonia combined, the largest nitrogen fertilizer producer in the Middle East and North Africa region, and ADNOC's low-carbon ammonia platform, today announces its financial results for the three-month period ended 31 March 2025 ('Q1 2025') and unveils its strategy to accelerate EBITDA growth, aiming to surpass $1bn by 2030. Today, the Company is hosting a Capital Markets Day to provide an update to the market for its next growth phase and present targeted initiatives to strengthen its long-term resilience and competitiveness. Fertiglobe reported revenues of $695 million in Q1 2025, reflecting a 26% increase vs. Q1 2024, and a 49% increase vs. Q4 2024. Adjusted EBITDA for the period totaled $261 million, up 45% and 65% on a Y-o-Y and Q-o-Q basis, respectively. Ahmed El-Hoshy, CEO of Fertiglobe, commented: 'We are pleased to announce a strong set of Q1 2025 results, driven by robust operational performance and supportive market conditions. I would like to thank the team for an excellent safety record in Q1 2025, achieving 10 million safe man-hours and 14 months without any reportable events. This is a major milestone, and we are committed to sustaining and enhancing this performance as we move towards a zero-injury environment. 1 At 2024 prices, compared to $629 million reported EBITDA in 2024. 2 Q1 2024 included a one-off $79 million FX revaluation gain in Egypt; excluding this, net income would have been $18 million . Operationally, we delivered a 7% increase in our own-produced sales volumes vs. Q1 2024, and 31% vs. Q4 2024. This was driven by the strategic shift of shipments from Q4 to capitalize on improving market conditions, and improved plant operating rates, reflecting successful execution on Phase 1 of the Manufacturing Improvement Plan ('MIP') focused on enhancing energy and production efficiency. With ADNOC's strategic support, Fertiglobe has entered the next phase of its growth under the 'Grow 2030 Strategy', targeting to become a $1bn+ EBITDA global integrated downstream nitrogen product champion by 2030 via four strategic pillars. This strategy aligns with the global imperative of food security and ensures we are well positioned to capture upside from the energy transition. Our refreshed strategy presents a clear vision to achieving sustainable operational excellence and cost leadership. With Phase 1 of the cost optimization program completed, and Phase 1 of the Manufacturing Improvement Plan ('MIP') 80% underway, Fertiglobe today commits to new value enhancement initiatives. These include Phase 2 of the cost optimization program, targeting $35 million in annual run rate savings by 2027-end, and Phase 2 of the MIP, aiming for $80 million in additional EBITDA within the same timeframe. Together, value enhancement initiatives underway are expected to contribute $165-175 million to EBITDA on a run rate basis by the end of 20273. We are also enhancing our downstream presence in high-netback markets, with expansion efforts expected to contribute an incremental EBITDA uplift of $30-45 million by 2030. Our recent acquisition of Wengfu's distribution assets in Australia supports this refreshed approach, improving market presence and price realizations in core markets. Additionally, we are advancing our sustainable, higher-margin product portfolio, including Automotive Grade Urea ('AGU'), Diesel Exhaust Fluid ('DEF') and urea with inhibitors, projected to add $75-100 million in annual EBITDA by 2030. We are excited to have successfully completed trials for the production of AGU in Egypt with thyssenkrupp Uhde Fertilizer Technology (tk UFT) with plans to have exclusive rights for this new technology. This will enable us to create a fully integrated DEF value chain by entering into an agreement with DF Group for the supply of AGU. These partnerships reaffirm our commitment to expanding into sustainable, higher value products, and we expect further distribution opportunities in other geographies. We are uniquely positioned to play a critical role in meeting global demand for low-carbon ammonia, underpinned by our unparalleled production platform, established market position and the extensive support of ADNOC's project pipeline and global reach. We are prioritizing disciplined capital allocation and demand-led value accretive investments into low-carbon ammonia, which are expected to contribute $70-100 million to EBITDA by 2030. Central to this disciplined approach is the continued full support of our majority shareholder, ADNOC, as demonstrated by the integration of $15-21 million of run rate fixed cost savings and other optimization initiatives by year end 2025, as part of Fertiglobe's new $35 million cost reduction target, which includes reducing our financing costs by $10 million4 and its incubation of new projects in the pipeline, with more synergies to come across customer networks, logistics, technology and infrastructure. Fertiglobe is strongly positioned for its next phase of growth and value creation, and I am confident in our ability to deliver on this strategy.' 'Grow 2030 Strategy': Roadmap to achieving over $1+ billion EBITDA by 2030 Fertiglobe's refreshed growth strategy aims to position the Company as an integrated global nitrogen champion through four strategic pillars: Operational excellence: Fertiglobe intends to achieve first quartile asset reliability and efficiency across its young asset base, optimize the cost structures of its manufacturing and corporate functions, and fully leverage operational and ecosystem synergies with majority shareholder, ADNOC. Combined, these efforts are expected to contribute an EBITDA uplift of $165-175 million by 2030. 3 Includes the balance of the Phase 1 of the Manufacturing Improvement Plan (MIP). Compared to 2024, at 2024 prices 4 Includes $3.6 million of interest savings resulting from the credit rating upgrades following ADNOC's majority stake acquisition Customer proximity: Fertiglobe will focus on increasing price realization across regions, and contract types, while selectively accessing downstream opportunities to grow volumes and expand its margins in core markets. At the same time, the Company will leverage its global footprint and storage and distribution platform to further enhance cost efficiency. These initiatives are expected to contribute an EBITDA uplift of $30-45 million by 2030. Nitrogen product expansion: The Company plans to broaden its product portfolio by introducing a wider selection of sustainable nitrogen-based products, such as Automotive Grade Urea (AGU) and Diesel Exhaust Fluid (DEF), and to upgrade its ammonia offering to expand into attractive and higher-value products. Fertiglobe anticipates that its diversified product portfolio will yield an additional EBITDA uplift of $75-100 million by 2030. Disciplined low-carbon ammonia growth: As construction progresses on the 1 million tons per annum (mtpa) low-carbon ammonia facility at TA'ZIZ in Ruwais Industrial City, Fertiglobe remains committed to advancing its low-carbon ammonia project pipeline, aiming to deliver attractive returns and to extract value from positive trends in global sustainable fuels demand. The Company's disciplined and long-term approach to its low-carbon ammonia pipeline is set to generate an EBITDA uplift of $70-100 million by 2030. Dividends and capital structure: As of 31 March 2025, Fertiglobe reported a net debt position of $836 million, implying consolidated net debt / LTM adjusted EBITDA of 1.1x, which allows the Company to pursue both growth opportunities and dividend distributions. The Company reiterates its dividend policy to substantially pay out all excess free cash flows after providing for growth opportunities, while maintaining an investment grade credit profile. Fertiglobe remains committed to creating shareholder value, leveraging active cost optimization and manufacturing improvement initiatives to bolster cash flow generation and maintain a robust balance sheet. On 12 March 2025, Fertiglobe appointed a liquidity provider to enhance the liquidity and trading efficiency of Fertiglobe's shareholders in the market. Additionally, in April 2025, Fertiglobe launched a share buyback program to repurchase up to 2.5% of its outstanding shares, subject to market conditions, to reinforce its commitment to deliver attractive and stable shareholder returns. The buyback underscores Fertiglobe's strong confidence in its value creation potential and market positioning. As of 12 May 2025, 17.1 million shares or 0.21% of total outstanding shares were bought back. Fitch and S&P recently upgraded Fertiglobe's credit ratings to reflect its strategic significance within the ADNOC ecosystem, supporting a more favorable funding cost structure. Earlier in 2024, Moody's revised its outlook for Fertiglobe to positive from stable. Fertiglobe is rated investment grade credit ratings by S&P, Moody's and Fitch, reflecting its strong cash flow profile and prudent financial policies. About Fertiglobe: Fertiglobe is the world's largest seaborne exporter of urea and ammonia combined, and an early mover in sustainable ammonia. Fertiglobe's production capacity comprises of 6.6 million tons of urea and merchant ammonia, produced at four subsidiaries in the UAE, Egypt and Algeria, making it the largest producer of nitrogen fertilizers in the Middle East and North Africa (MENA), and benefits from direct access to six key ports and distribution hubs on the Mediterranean Sea, Red Sea, and the Arab Gulf. Headquartered in Abu Dhabi and incorporated in Abu Dhabi Global Market (ADGM), Fertiglobe employs more than 2,700 employees. Fertiglobe is listed on the Abu Dhabi Securities Exchange ('ADX') under the symbol 'FERTIGLB' and ISIN 'AEF000901015.
