Set to take place at the Riyadh Front Exhibition & Convention Center from December 10-12, 2024, this landmark event has garnered the support of the Saudi Ministry of Health and is held in partnership with the Events Investment Fund

RIYADH, Kingdom of Saudi Arabia, September 20, 2024/APO Group/ — 

Saudi Ministry of Health supports December launch event in Riyadh; Event to highlight Saudi Arabia’s ambitious pharma goals, with over 400 exhibitors and more than 30,000 visitors anticipated; Industry trends, challenges & opportunities to be explored across four stages 

Tahaluf, Saudi Arabia’s fastest-growing business event organiser, has launched the latest in its vertical industry shows – CPHI Middle East, the region’s premier pharmaceutical event – marking a significant milestone for the Middle East’s rapidly expanding pharma sector. 

Set to take place at the Riyadh Front Exhibition & Convention Center from December 10-12, 2024, this landmark event has garnered the support of the Saudi Ministry of Health and is held in partnership with the Events Investment Fund.  

The event comes as Saudi Arabia emerges as a global leader in biotechnology, with an ambitious plan to achieve self-sufficiency in vaccine production, biomanufacturing, and genomics. Further, the country’s pharmaceutical market, the largest in the Middle East, is expected to reach US$11.5 billion by 2032, exhibiting a compound annual growth rate of 2.52 per cent, according to market researcher IMARC Group. 

The MENA region, which is the world’s fifth largest pharma market, makes Saudi Arabia an important international meeting hub for the pharmaceutical community

Mohaned El Mahgoub, Group Director, at Tahaluf said, “The MENA region, which is the world’s fifth largest pharma market, makes Saudi Arabia an important international meeting hub for the pharmaceutical community. It is a hugely attractive region for multinational pharma companies, with projected double digit annual market growth until 2032. CPHI Middle East & Africa will be where the future of pharma unites to forge long-lasting partnerships that stretch across the Middle East, Africa and around the world.” 

Healthcare and life sciences are among Saudi Arabia’s most significant sectors and key focuses of Saudi Vision 2030. Of the US$333bn 2024 budget allocation, healthcare and social development expenditures account for roughly US$57bn, the third-largest segment after general and military spending. 

Adam Andersen, Executive Vice President, Pharma, at Informa Markets said, “Our venture into the Middle East is a significant milestone as we celebrate 35 years of CPHI this year. Given Saudi Arabia’s strategic location, coupled with an increasing demand for high-quality healthcare products, we’re confident CPHI Middle East will deliver exceptional value to our stakeholders, exhibitors and attendees as we bring the heart of pharma to  the Kingdom. This inaugural event also aligns with a key goal of Saudi Vision 2030 to double domestic manufacturing from 20 per cent to 40 per cent. With several international pharmaceutical companies have already committed to setting up operations in Saudi Arabia and CPHI Middle East will build on that by drawing a number of key international brands eager to explore Saudi Arabia as a potential regional hub.” 

Tahaluf expects the event to spread across 30,000 sqm of exhibition space, attract 30,000 visitors, over 400 exhibitors, and more than 100 participating countries, and points to strong early-day support. Major regional industry names are among early sponsors and exhibitor signings, including Sudair Pharma, Tabuk Pharmaceuticals, Hikma Pharmaceutical, Pioneer Company for Pharmaceutical Industries, SPIMACO and Julphar, EIPICO. Dallah Pharma, MS Pharma, Dr Reddy’s Laboratories, Zeta Pharma, and Dietrich Engineering Consultants.  

Designed as an experiential event, CPHI Middle East will feature four dedicated stages – The Future, Innovation, Next-Gen Bio and Discovery – where experts will help delegates examine the latest industry trends, challenges and opportunities. A headline speaker platform is already taking shape with global industry leaders signing up to address the gatherings including Anil Kane, Executive Director, Global Head of Technical & Scientific Affairs, Thermo Fisher Scientific; Zakiya Al-Kurdi, Public Policy and Regulatory Affairs, US Pharmacopeia; Claudia Palme, Senior Executive Advisor Strategy& Middle East, PwC; Faisal Bin Dail, Chairman, National Committee for Pharmaceutical Industries and Baxter; Musaed Al Kholief Saudi, Commissioner, Health Specialities Strategy Advisor Secretariat General; Bikash Chatterjee, President and Chief Science Officer, Pharmatech Associates, A USP Company as well as Hala Audi, CEO, Unizima. 

CPHI Middle East is the latest in a raft of new vertical events to be launched in Saudi Arabia by Tahaluf – the strategic collaborative venture between Informa PLC, the Saudi Federation for Cybersecurity, Programming, and Drones (SAFCSP) and the Events Investment Fund. The launch of CPHI is part of Tahaluf’s major expansion strategy – the biggest single events expansion in Saudi Arabia’s history – in which the company is introducing over 20 new B2B and B2C titles into the Kingdom by the end of 2025, bringing more than US$1 billion in economic impact to Riyadh. 

Distributed by APO Group on behalf of CPHI Middle East.

The US $1 billion investment will support job creation across the value chain

LAGOS, Nigeria, September 19, 2024/APO Group/ — 

The Coca-Cola System in Nigeria (www.Coca-ColaCompany.com), comprised of Coca-Cola Nigeria Limited and its authorized bottler, Nigeria Bottling Company (NBC), announced plans to expand its investments in Nigeria. Over the next five years, with a predictable and enabling environment in place, the System plans to accelerate its investments in Nigeria to reach US$ 1 billion. The investment builds on the System’s long-standing involvement in Nigerian communities. Over the last 10 years, Coca-Cola Hellenic Bottling Company, known locally as Nigerian Bottling Company, has invested $1.5 billion in Nigeria. With today’s announcement, the Coca-Cola System plans to more than double its rate of investment over the next 5 years. 

This investment underscores the Coca-Cola System’s continued confidence in the Nigerian market and its promising future economic prospects. The investment is expected to support various value chain areas, including suppliers, distributors, retailers, and recyclers.

The announcement was made at the State House in Nigeria, where a Coca-Cola System delegation was hosted by President Bola Ahmed Tinubu. In addition to the Coca-Cola System leadership team in Nigeria, the delegation was comprised of international Coca-Cola System representatives: John Murphy, President and Chief Financial Officer of The Coca-Cola Company; Zoran Bogdanovic, Chief Executive Officer of Coca-Cola Hellenic Bottling Company; Henrique Braun, EVP and President, International Development of The Coca-Cola Company; Luisa Ortega, President of Coca-Cola’s Africa Operating Unit; and Naya Kalogeraki, Chief Operating Officer of Coca-Cola Hellenic Bottling Company. 

Following the meeting, Murphy indicated that “the investment highlights our system’s efforts to drive scalable initiatives while also preserving the value of local relevance. Coca-Cola has been an integral part of the African continent for over 96 years and today’s investment in Nigeria reiterates our optimism about the continent.” 

Bogdanovic commented, “The Coca-Cola System has been part of Nigerian communities for over 70 years and believes in the strength and continued potential of the market. We are excited to announce this investment, which demonstrates our dedication to fostering economic growth and creating job opportunities in the country.” 

Our investment goes beyond business growth; it’s about contributing to the well-being of the communities we call home

“Our investment goes beyond business growth; it’s about contributing to the well-being of the communities we call home. We foresee significant social and economic advancements, which is why we continue to invest in our business operations and community programs in Nigeria,” concluded Bogdanovic.  

Ortega emphasized the importance of collaboration to create a stable operating environment. “By working in partnership with the government and other stakeholders, we can drive sustainable development and economic empowerment. Our collective efforts can create a lasting positive impact on the communities we serve.” 

President Tinubu commended Coca-Cola for its long-standing partnership with Nigeria and for promoting investment opportunities that have employed over 3000 people across nine production facilities.

”We are business-friendly, and as I said at my inauguration, we must create an environment of easy-in and easy-out for businesses. We are building a financial system where you can invest, re-invest, and repatriate all your dividends. I have a firm belief in that,” he said.

Coca-Cola has a rich legacy of refreshing Africa and making a difference across the continent for over 96 years. In Nigeria, for 73 years, the Coca-Cola System has been an integral part of the local economy, employing over 2,800 people across 8 production plants. A recent economic impact study, conducted by Steward Redqueen, found that for every job created by the Coca-Cola System, an additional 31 jobs are supported across the country. The Coca-Cola System continues to invest in the socio-economic development of Nigeria as it scales up different sustainability interventions by investing more in empowering young people, provision of clean potable water supply, and the support for a stronger plastics waste collection infrastructure in different parts of the country. 

Distributed by APO Group on behalf of Coca-Cola.

This recognition highlights the company’s commitment to building a digitally and financially inclusive future by leveraging AI and cutting-edge technology

ADDIS ABABA, Ethiopia, September 19, 2024/APO Group/ — 

Kifiya (www.Kifiya.com), a leading AI-powered, alternative data-driven scoring, embedded finance, and AgTech company, has been awarded the prestigious Silver Award in the Product Innovation of the Year category in Africa at the Global SME Finance Awards 2024, held as part of the Global SME Finance Forum in São Paulo, Brazil on September 17, 2024.

The Global SME Finance Awards, organized by the International Finance Corporation (IFC) and the SME Finance Forum, recognizes and celebrates institutions that have delivered innovative products and services and achieved impressive results in expanding finance and services to SMEs. Kifiya is the first Ethiopian company to win this award. This recognition highlights the company’s commitment to building a digitally and financially inclusive future by leveraging AI and cutting-edge technology to bridge the credit and market access gap in Sub-Saharan Africa.

“Receiving this award reflects our ongoing dedication to empowering African MSMEs, SHFs and low-middle-income individuals through AI-powered and data-driven solutions,” said Munir Duri, CEO and founder of Kifiya. “This also demonstrates Ethiopia’s new-found drive for innovation led by the reforms instituted by our Prime Minister, Dr. Abiy Ahmed, which have created an enabling environment and policies that foster and encourage innovation, allowing companies like ours to thrive.”

Unlocking Market Potential for SMEs

Africa’s SME sector, which represents up to 90% of all businesses and provides 60% of total employment, is crucial in driving economic growth for the continent. However, many SMEs struggle with limited access to finance, a challenge that Kifiya is tackling head-on. By providing digital platforms that improve market access and address the financing needs of these businesses, Kifiya is unlocking new growth opportunities. 

In Ethiopia, where 50% of the adult population remains unbanked, Kifiya’s financial solutions create pathways for thousands of SMEs to access much-needed credit and financial services. The company’s efforts have led to increased financial inclusion, stability, and growth for local businesses, contributing significantly to Ethiopia’s economic development.

Empowering SMEs and Low-Income Communities through Innovation

Kifiya’s AI-powered alternative credit scoring and rating technology infrastructure solves the challenges of MSMEs’ lack of collateral and credit history, enabling them to be credit-scored and access uncollateralized credit for the first time in Ethiopia. One of the earliest successes of rolling out this infrastructure was a partnership with the Cooperative Bank of Oromia, which introduced a digital lending product that has enabled close to 300,000 MSMEs to access over $100 million in uncollateralized credit to date.

Kifiya’s intelligent embedded finance tech infrastructure enables banks to originate, extend, manage, and collect uncollateralized digital credit and provide Sharia-compliant financial products relevant and appropriate to MSMEs in agri-food systems, manufacturing, and service sectors. The platform enables FinTechs and businesses to embed inventory credit and BNPL financial services, digitize eCommerce trade processes, and provide MSMEs with inventory credit.

Receiving this award reflects our ongoing dedication to empowering African MSMEs, SHFs and low-middle-income individuals through AI-powered and data-driven solutions

The company also offers an AgTech platform that digitizes smallholder farmers, enabling them to access credit, inputs, markets, and microinsurance to protect against climate-related risks and improve productivity. To date, more than 1.5 million smallholder farmers in Ethiopia have accessed more than $10 million of agricultural inputs.

In the transportation sector, Kifiya’s Mobility as a Service (MaaS) technology revolutionizes travel booking and payments, providing eco-friendly and convenient travel solutions. 

Kifiya’s Insurance Technology (Insurtech) provides a digital marketplace for affordable microinsurance products, ensuring low-income individuals can secure their futures against financial risks.

Driving System-Level Change in Sub-Saharan Africa

Recognizing that innovation can address many development challenges, Kifiya has combined its extensive AI and technology experience with a market system approach to design and implement solutions that target market inefficiencies and failures. Kifiya is utilizing its AI-powered products and data-driven infrastructure to drive the adoption of digital financial services and enable access to financial services and markets, one country at a time.

Munir Duri emphasized, “Our approach is about more than just technology. We are committed to driving sustainable, inclusive growth by solving systemic challenges that prevent millions of Africans from accessing finance and markets. This award motivates us to continue innovating and expanding our solutions across Africa.”

The company’s data-driven technology infrastructure supports financial institutions, smallholder farmers, low-to-middle-income individuals and MSMEs in accessing relevant credit products, reducing costs, and enhancing service delivery.

Looking Ahead: Scaling Impact Across Africa

The International Monetary Fund (IMF) projects an average 4.0% GDP growth rate for sub-Saharan Africa in 2025. With Africa’s population expected to reach 1.9 billion by 2050, Kifiya’s technology-driven solutions are poised to play a pivotal role in this economic transformation. 

Kifiya’s ongoing efforts to address the $400 billion credit gap and unlock market access for 44 million MSMEs and smallholder farmers will be critical to driving economic growth and financial inclusion across Sub-Saharan Africa. With a focus on scaling its innovative products, Kifiya is well-positioned to continue leading the charge in Africa’s digital financial services industry. 

https://apo-opa.co/4erx5yw (Link to a video of the Global SME forum 2024)

https://apo-opa.co/4gpdFfD (More information on the Global SME forum event)

Distributed by APO Group on behalf of Kifiya Financial Technology.