Catch up on the highlights from Hitachi Vantara's recent KSA roundtable
The Hitachi Vantara roundtable was held under the theme of 'Lead with Intelligence, compete with data and win with trust' in Saudi Arabia. The event facilitated open dialogue among participants to explore evolving trends in AI infrastructure, hybrid cloud strategies, cyber resilience, and ethical AI. Watch the highlights below.
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Zawya
an hour ago
- Zawya
$20mln agreement reinforces Beltone Leasing and Factoring's role in driving sustainable finance in the region
Cairo – Beltone Leasing and Factoring, a wholly owned subsidiary of Beltone Holding, has secured USD 20 million in funding from two leading impact investment funds managed by Germany-based Finance in Motion GmbH: the SANAD Fund for MSME and the Green for Growth Fund (GGF). The funding is equally divided, with USD 10 million from each fund, with a repayment tenor of five years. SANAD's contribution will support financial inclusion for micro, small, and medium enterprises (MSMEs) and low-income households across the Middle East and North Africa (MENA). GGF's portion will be dedicated to financing renewable energy, energy efficiency, and sustainable resource use initiatives in MENA and neighboring regions. This transaction marks a key milestone in Beltone Leasing and Factoring's strategy to deliver innovative non-bank financial solutions that promote economic empowerment and environmental sustainability, aligned with Egypt's Vision 2030. It also reflects Beltone's commitment to advancing sustainability across all its operations. Amir Ghannam, Deputy Head of NBFIs for Leasing, Factoring, and Consumer Finance, said: 'Securing foreign currency funding from institutions like SANAD and GGF enhances our ability to diversify our capital base and offer more competitive financing solutions. This funding will enable us to strengthen our support for MSMEs while accelerating green projects that contribute to a more sustainable and resilient future.' Sherif Hassan, Group Treasurer and Managing Director of Debt Capital Markets, said: 'This funding reflects our strong collaboration with Finance in Motion and our commitment to channeling strategic capital to grow Beltone Leasing and Factoring. It also highlights our focus on ESG-driven financing, in line with the broader Beltone's mission to support sustainable and impactful growth.' Both funds are managed by Finance in Motion GmbH, a globally recognized impact asset manager focused on advancing sustainable development in emerging and developing economies, in collaboration with development finance institutions, private investors, and governments. About Beltone Leasing and Factoring: Beltone Leasing and Factoring, a subsidiary of Beltone Holding, specializes in providing leasing and factoring solutions and services. The company holds a leading position in the Egyptian leasing and factoring market, owing to its strong contribution to delivering innovative financial solutions to small and medium-sized enterprises as well as large companies across strategic sectors. These sectors include real estate development, logistics support services, transportation, healthcare, education, pharmaceuticals, food and beverages, printing and packaging, chemicals, and oil. About Beltone Holding: Beltone Holding (Egyptian Stock Exchange Code: is a leading provider of financial services with a distinguished track record spanning decades in the Middle East and North Africa. The Company offers a comprehensive and expanding range of financial solutions and services, including securities brokerage, underwriting and advisory services, asset management, research, and direct investment, as well as non-banking financial services such as leasing, factoring, consumer finance, venture capital, microfinance, real estate finance, and small and medium-sized enterprise (SME) financing. The company has an ambitious vision to revolutionize the financial sector in the region, leveraging the global expertise and knowledge of its team to provide innovative, value-added solutions, create additional opportunities for its clients, enhance market value, and achieve impactful results. For more information, please visit the company's website: Investor Relations: ir@ About SANAD The SANAD Fund for MSME finances micro, small, and medium enterprises and low-income households in the Middle East and North Africa and selected countries in sub-Saharan Africa via qualified local lenders. SANAD thereby fosters economic development and job creation – including youth employment – agriculture, affordable housing, and innovations in finance and financial technologies. SANAD strives to meet these goals by providing debt and equity financing to its local partners. The SANAD Technical Assistance Facility multiplies the fund's development impact and outreach through capacity-building with partner institutions, developing financial infrastructures according to the principles of responsible finance and conducting much required R&D. An impact investment fund advised by Finance in Motion, SANAD's investors include the KfW Development Bank, which initiated the fund; the German Federal Ministry for Economic Cooperation and Development (BMZ); the European Union; Switzerland's State Secretariat for Economic Affairs (SECO); OeEB, the Development Bank of Austria; Germany's GLS Bank and GLS Treuhand; the Dutch development bank FMO; and Calvert Impact Capital. For more information on the SANAD Fund for MSME, please visit: About the GGF The Green for Growth Fund promotes energy efficiency and renewable energy in Southeast Europe, the Caucasus, the Middle East, and North Africa. By providing refinancing to local financial institutions, GGF helps businesses and households access sustainable energy solutions, fostering energy efficiency and reducing carbon emissions. GGF was initiated as a public-private partnership by the European Investment Bank and Germany's KfW Development Bank, with financial support from the European Union, BMZ, and other international investors. Finance in Motion GmbH, Germany, serves as GGF's advisor. About Finance in Motion Finance in Motion is a global impact asset manager focused exclusively on sustainable development in emerging markets and developing economies. The company structures, manages, and advises impact investment funds that bring together public and private investors to address climate change, strengthen biodiversity conservation, foster the sustainable use of natural resources, improve livelihoods, and promote economic opportunities. For more information, please visit us at: Media contact Nusha Westhoff Marketing & Communications Email: press@
Khaleej Times
an hour ago
- Khaleej Times
Airlines continue to avoid Middle East airspace after US attacks Iran nuclear sites
Airlines continued to avoid large parts of the Middle East on Sunday after US strikes on Iranian nuclear sites, according to flight tracking website FlightRadar24, with traffic already skirting airspace in the region due to recent missile exchanges. "Following US attacks on Iranian nuclear facilities, commercial traffic in the region is operating as it has since new airspace restrictions were put into place last week," FlightRadar24 said on social media platform X. Its website showed airlines were not flying in the airspace over Iran, Iraq, Syria and Israel. They have chosen other routings such as north via the Caspian Sea or south via Egypt and Saudi Arabia, even if it results in higher fuel and crew costs and longer flight times. Missile and drone barrages in an expanding number of conflict zones globally represent a high risk to airline traffic. Stay up to date with the latest news. Follow KT on WhatsApp Channels. Safe Airspace, a website run by OPSGROUP, a membership-based organisation that shares flight risk information, said on Sunday that the US attacks on Iran may increase risks to US operators in the region. "While there have been no specific threats made against civil aviation, Iran has previously warned it would retaliate by attacking US military interests in the Middle East — either directly or via proxies such as Hezbollah," Safe Airspace said. Since Israel launched strikes on Iran on June 13, carriers have suspended flights to destinations in the affected countries, though there have been some evacuation flights from neighbouring nations and some bringing stranded Israelis home. In the days before the US strikes on Iran, American Airlines suspended flights to Qatar, and United Airlines did the same with flights to Dubai. Safe Airspace said it was possible airspace risks could now extend to countries including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. "We continue to advise a high degree of caution at this time," it said. Israel's largest carriers, El Al Israel Airlines, Arkia and Israir, said on Sunday they were suspending rescue flights that allowed people to return to Israel until further notice. El Al said it would also extend its cancellation of scheduled flights through June 27. Israel's airports authority said the country's airspace was closed for all flights, but land crossings with Egypt and Jordan remained open. Tens of thousands of Israelis and others who had booked tickets to Israel are stuck abroad. At the same time, nearly 40,000 tourists in Israel are looking to leave the country, some of whom are going via Jordan's borders to Amman and others by boat to Cyprus. The tourism ministry is trying to facilitate getting these people out. Japan's foreign ministry said on Sunday it had evacuated 21 people, including 16 Japanese nationals, from Iran overland to Azerbaijan. It said it was the second such evacuation since Thursday and that it would conduct further evacuations if necessary. New Zealand's government said on Sunday it would send a Hercules military transport plane to the Middle East on standby to evacuate New Zealanders from the region. It said in a statement that government personnel and a C-130J Hercules aircraft would leave Auckland on Monday. The plane would take some days to reach the region, it said. The government was also in talks with commercial airlines to assess how they may be able to assist, it added.
Khaleej Times
2 hours ago
- Khaleej Times
Iran-Israel war: UAE overflights stable, Saudi doubles after conflict
[Editor's Note: Follow our live blog for real-time updates on the latest developments in the Israel-Iran conflict.] The UAE's air traffic has stayed normal since the outbreak of war between Israel and Iran on June 13, but Saudi air traffic has more than doubled. 'With the closure of Iranian and Iraqi airspace since June 13, flights that normally pass through either of those countries need new routes. As a consequence, overflights of Saudi Arabia have doubled over the past week while the number of flights over Afghanistan has increased by nearly 500 per cent. Overflights — aircraft not departing or landing in a given country — have risen above Saudi Arabia from an average of 700 flights per day in mid-May to 1,400 flights per day since the closure of Iranian and Iraqi airspace on 13 June,' according to Flightradar24. In a statement to Khaleej Times, the Sweden-based real-time aircraft flight-taking firm said it 'measured no appreciable difference in air traffic to, from, or through the UAE since most recent hostilities began last week". Many UAE and other Gulf carriers have also re-routed and cancelled their flights to different destinations due to the regional war. 'It should come as no surprise that the two airlines most affected by the closure of airspace in Iran and Iraq are the two largest airlines in the Middle East. A vast majority of Qatar's flights to Europe and North America usually pass over Iraq, while Emirates maintains a more equal distribution between Iraq and Iran. Flydubai's loss of access to Iranian airspace has increased flight times for the airline as it must now route further east through Pakistan and Afghanistan to reach destinations north of Dubai. For example, the airline's flights from Dubai to Moscow increased from about five hours to nearly seven,' said Flightradar24. It added that there have been changes to how aircraft enter the airspace — an increase in flights transiting via Saudi Arabia — but overall the number of flights has remained consistent. 'For comparison, the number of flights in UAE airspace averaged 2,838 per day, while this week the number is 2,725 flights per day.' Overflights of Afghanistan have risen from an average of 50 per day in May to 280 per day since June 13.' Even before the recent closure of Iran and Iraq air space, airlines have had limited options to fly between Europe, the Middle East, and Asia. 'The great circle route (or shortest path on the globe) between Europe and Asia generally routes through either Ukraine or Russia, airspace that is currently unavailable to all airlines. This has squeezed most traffic into limited space over the Black Sea to the north and through Saudia Arabia to the south. Should the conflict between Iran and Israel expand and additional air routes close, the effects on commercial aviation could be profound.' Rising cost for Gulf carriers According to Flightradar24, Emirates — the biggest international carrier — operated highest number of weekly flights during May 11-17 at 1,354, followed by Qatar Airways (1,225), flydubai (841), Turkish Airlines (584), Etihad Airways (542), Air Arabia (395), Air India (331), Singapore Airlines (255), British Airways (212), PIA (197), Kuwait Airways (191), Wizz Air Abu Dhabi (156), Lufthansa (145), Gulf Air (137) and Pegasus (105). Saj Ahmad, chief analyst at London-based StrategicAero Research, at the moment, most European flights are transiting westwards through Saudi and Egyptian airspace rather than the more direct Iraq-Iran airspace, while US-bound flights are tracking more eastwards through Pakistan before heading towards the North Pole before reaching points like Seattle and Los Angeles. 'Flight times are slightly increased but this will depend on a multitude of factors including airplane type, weather, winds, payload, cargo and the number of passengers on board.' He added that the war could have resulted in higher fuel costs for the airlines as they take longer routes to their destinations amidst closed air space of Iran, Iraq, Jordan, Syria and Israel. 'With oil prices rising too, it's not entirely out of the realm that fuel surcharges kick in and we see hike fares — and again, that has the propensity to hit demand,' he said. While oil prices have broadly stabilised in this first week of war, over the last month, it's already shot up from $60 a barrel to $74 a barrel. 'If the war drags on, it will then hit a $100 a barrel and will definitely hit airfares.'
