Can eNaira Influence Exchange Rates (Experts Discuss)

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Can eNaira Influence Exchange Rates (Experts Discuss)

Despite launch of eNaira, dollar to naira has significantly increased, such that it has made the Nigerian local currency suffer a steady under President Muhammadu Buhari‘s watch.

Brand Spur Nigeria understands that within a period of six years that Buhari rode into power on the promise of making naira stronger as against the dollar, the local currency had lost its value by at least 250%.

However, as the Central Bank of Nigeria (CBN) launched Africa’s first-ever digital currency in Abuja yesterday, there was excitement among the citizenry, as many opined that the newly-floated eNaira would save the naira.

But financial experts and market analysts thought otherwise, as they all shared the same sentiment on the topic.

Can eNaira Influence Exchange Rates (Experts Discuss)

According to them, the eNaira would not change or affect the value of the naira in the foreign exchange market.

The immediate past Director-General of the Lagos Chamber of Commerce and Industry, Dr. Muda Yusuf, said there was no relationship between the foreign exchange market and the eNaira.

He said, “There is no connection between the eNaira and the exchange rate. No relationship at all. The exchange rate is determined by the demand and supply fundamentals in the foreign exchange market.

“These are driven largely by imports, exports, and the flow of capital across borders. The naira, whether digital or physical, is just a means of exchange and to some extent, a store of value.”

He, however, noted that the eNaira was consistent with the current digitalisation trend across all sectors globally.

Yusuf, who is the chief executive officer, Centre for the Promotion of Private Enterprises (CPPE), explained that digital applications typically came with efficiency, cost-effectiveness, smartness in usage, and convenience.

“But it is still not clear what the value proposition of the eNaira is, beyond the psychological satisfaction of joining the league of countries with digital currencies,” Yusuf stated.

The CPPE boss noted that transactions on these platforms were already in trillions of naira, and still counting, adding that it remained to be seen what additional value the eNaira would bring.

He said, “A great deal of sensitisation and awareness need to be undertaken to generate trust and confidence in this new payment system initiative.

“International investors typically would prefer a currency that is acceptable globally and convertible such as the dollar.”

Corroborating Yusuf’s claim, Dr. Olalekan Aworinde, a senior lecturer at the Pan Atlantic University, explained that there was a need to do more sensitise the public more on the risks.

He said, “I think that the CBN should be aware of the fact that there is the risk of cyber attacks with the introduction of the eNaira.

“As a result, the CBN needs to properly educate the masses on how to use the eNaira in a way that would not put their safety and the safety of their funds at risk.

Another expert and the Chief Executive Officer of SD&D Capital Management Limited, Idakolo Gbolade, also said there was the need to sensitive the public more.

Dollar to naira exchange rate for Monday, October 24, 2021

The exchange rate between the Naira and the US dollar according to the data posted on the FMDQ Security Exchange where forex is officially traded showed that the naira opened at ₦…. per dollar on Sunday, 24 October 2021, after it closed at ₦415.07 per $1 on Friday, 22 October 2021. This represents a change of 0.00%.

How much is exchange rate of Dollar to Naira in Black Market today?

The Nigeria parallel market (black market dollar exchange rate today) to the Nigerian Naira is as follows: For the Lagos market (black market).

LAGOS PARALLEL MARKET RATES October 24, 2021 (BLACK MARKET): dollar to naira exchange rate today black market

October 24 dollar to naira black market exchange rate: $1 dollar to naira = ₦573

Lagos parallel market (black market dollar exchange rate today)

The local currency opened at N573.00 per $1 at the parallel market otherwise known as the black market, today, Sunday, 24 October 2021, in Lagos Nigeria after it closed N572.00 per $1 on Saturday, 23 October 2021.

Note: dollar to naira exchange rate has stabilized at N570-575 per $1 since Monday, October 11.

Even though the dollar to naira opened in the parallel market at ₦573 per $1 on Monday, Brand Spur Nigeria reports that the Central Bank of Nigeria (CBN) does not recognise the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.

Brand Spur Nigeria reports that the black market, the players buy a dollar for N568 and sell for N573 on Sunday morning, October 24, 2021 after they bought N568 and sold N573 the previous day.

Meanwhile, Brand Spur Nigeria reports that the USD started this week at ₦572 in Parallel Market also known as Black Market on Monday, October 18, 2021 in Lagos Nigeria. after it opened N575 last week Monday, October 11, 2021.

2021 Verdant Zeal ‘Innovention’ Series Sets Circular Economy On The Front Burner

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2021 Verdant Zeal ‘Innovention’ Series Sets Circular Economy On The Front Burner

The 9th edition of the Verdant Zeal ‘Innovention’ Series is set to enlighten, address and proffer solutions to how circular economy can be achieved in Nigeria through innovation.

An initiative of one of the nation’s leading Marketing Communications Group, the ‘Innovention Series’ is a platform designed to bring both public and private interest owners together to deliberate on issues affecting the nation’s economics and development with a view to charting agendas towards moving it forward.

Scheduled for 2nd of November, 2021 with the theme, “Brand, Innovation and Circular Economy”, this year’s event which is designed to hold virtually plans to bring both local and international focus on the current global discus on circular economy.

Speaking about the event, the convener and Executive Vice-Chairman, Verdant Zeal Group, Dr. Tunji Olugbodi, noted that, “As a multi-disciplinary marketing and communications Organisation, one key element we have always leveraged and traded is the strategic importance of ideas and how it pushes the frontiers of creativity and innovation.”

“Innovention is all about ideas ruling the world, which is why we have built the Innovention Series on five pillars; Development Accelerators, Youth Empowerment, Technology for Growth, Entrepreneurship, and Leadership. And we aim to affect a lot of lives with this benchmark”, he added.

Unveiling the speakers for this year’s event, Olugbodi stated that “This year’s event will have a touch of difference as various speakers from across the world will be speaking on the theme and encouraging others to imbibe the Circularity in every aspect of existence”.

Some of the invited speakers are Soren Bouer, President, Revolve Circular; Fela Akinse, Founder, Salubata; Joanna Bingham, Chief Executive Officer, Footprints Africa, and Oluwaseun Fasuhanmi, Head, Sustainability, Mottainai Africa amongst others.

The theme will focus on how to fuse innovation and integration between natural ecosystems, businesses, our daily lives, waste management technology, entrepreneurship, and development in Africa. The discuss, will attempt to provide practical ways of harnessing the power of African sustainability and circular economy to generate revenue streams from across the world.

Invited dignitaries and patrons for the event will be drawn from corporate and social Nigeria to stimulate the pragmatic conversation. Other participants for the series are CEOs, Business Leads, Functional Directors, and Senior Managers across Marketing, Media, Creative Arts, and Communication whose functions require the making and implementation of business development decisions that influence business growth and profitability in the immediate and long term.

Instituted in 2012 by Verdant Zeal, the Innovation Series is a Corporate Social Responsibility Event Series that examines the development of Africa, discusses the Nigerian project as well as pinpoints opportunities for development and growth within the continent. Patrons from both the public and private sectors have found it a strong route to engage in stimulating but pragmatic conversations and discourse that challenge that status quo.

Verdant Zeal Marketing Communications Group, a multidisciplinary business solutions provider in Nigeria, Ghana, and The Gambia, and with specializations in Branding, Consultancy, PR Management, Media Consulting, Digital Marketing, and Events Activation, has been in operation for over a decade.

For registration, click on the link below- bit.ly/Vzinnovention9

The African Energy Chamber Announces list of Africa’s Top 25 Movers and Shakers for 2022

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The African Energy Chamber Announces list of Africa’s Top 25 Movers and Shakers for 2022

The African Energy Chamber (AEC) recently announced the launch of the highly anticipated ‘State of African Energy 2022’ outlook.

Comprising an outline for Africa’s energy sector, the report provides reliable and actional information on Africa’s energy industry, emphasizing challenges and opportunities, and paving the way for an influx of investment in the continent’s lucrative energy sector.

In a bid to promote the role of African players in driving energy sector growth and success, the 2022 outlook identifies Africa’s top 25 movers and shakers to watch in 2022. Specifically, the outlook draws attention to the influential and impactful individuals who are not only leading African companies and organizations into a new era of enhanced activity but are positioning the continent as a globally competitive energy market. Industry leaders including H.E. President Macky Sall of Senegal; Hon. Minister Gwede Mantashe of South Africa; H.E. Mohammed Barkindo, OPEC Secretary General; Hu Xiaolian from China’s Export-Import Bank; Minister Gabriel Obiang Lima of Equatorial Guinea,  Patrick Pouyanné, CEO of TotalEnergies; Fleetwood Grobler, CEO of SASOL; and H.E. Minister Chief Timipre Sylva, Proscovia Nabbanja, CEO, Uganda National Oil Company, Rolake Akinkugbe Filani, Chief Commercial Officer, Mixta Africa, Dr. Matthew Opoku, Minister of Energy, Ghana among others, represent just some of the names in this category.

The list aims to notes individuals active across the entire energy sector value chain who are making significant progress to advance Africa’s energy industry. With 2022 poised to be both a remarkable and dynamic year for Africa’s energy sector, the projects, initiatives, and objectives undertaken by these individuals will be both exciting and transformative. The list serves as a form of introduction to these projects, providing readers with a starting base for further analysis into Africa’s 2022 energy plans.

“The State of African Energy 2022 outlook is an exceptionally detailed, multi-sector understanding of the current and future state of the African energy sector. Within the report, data-based projections, current challenges and opportunities, and future investment trends offer readers the know-how for navigating Africa’s energy sector in 2022. By drawing attention to the movers and shakers to watch in 2022, the report not only challenges these individuals to step up to the challenge and drive Africa into a new era of enhanced sector success but provides readers with a baseline as to who to watch in 2022 and beyond,” states NJ Ayuk, Executive Chairman of the AEC.

The report represents the only consolidated document to provide a detailed understanding of the future of Africa’s energy sector. Serving as a form of prelude to the continent’s premier energy event, African Energy Week (AEW) 2021 taking place in Cape Town in November, the outlook is not only transformative for the continent’s growth but will be particularly valuable for investors looking at capitalizing on Africa’s significant oil and gas opportunities.

AEW 2021, in partnership with South Africa’s Department of Mineral Resources and Energy (DMRE), is the AEC’s annual conference, exhibition and networking event. AEW 2021 unites African energy stakeholders with investors and international partners to drive industry growth and development and promote Africa as the destination for energy investments.

Nigeria’s Largest Cinema Chain Wants To Run A Subscription Service

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Nigeria’s Largest Cinema Chain Wants To Run A Subscription Service

In September 2019, MoviePass, an American subscription-based movie ticketing platform, shut down its services, with its parent company filing for bankruptcy months later in January 2020.

The service offered users access to one movie per day at the cinema for less than $10 a month. It eventually failed because its model was too good to be true and couldn’t keep up with unit economics. Still, MoviePass’ eight-year run showed cinema operators what was possible.

Now, the three largest cinema chains in the US – AMC, Cinemark, and Regal – have similar subscription services, with two other smaller chains – Alamo Drafthouse and Showcase – doing the same. In Nigeria, there’s Filmhouse, which offers access to unlimited cinema tickets, free movies online (from a limited catalogue), and discounts on some concessions at the cinema for ₦5,999 ($11) or ₦8,999 ($16.5) a month.

Filmhouse is Nigeria’s largest cinema chain, and in 2021, it introduced a two-tiered subscription service. The first is FH+ Silver (₦5,999 per month) which allows users to purchase unlimited tickets to movies showing in standard and premium formats from Monday to Friday, excluding public holidays. The second is the FH+ Platinum (₦8,999) which gives users access to an unlimited number of tickets to movies showing in all formats, including IMAX and MX4D (my favourite).

I’ve subscribed to FH+ Platinum for two months running, and I appreciate the potential of the service. I go to the movies at least three times a month, depending on what’s showing, and this usually sets me back ₦15,000 to ₦20,000, including tickets and concessions. An ₦8,999 plan is a no-brainer for me.

In theory, Filmhouse’s subscription plans are great. In reality, execution is the devil. And it is this devil that punches holes in Filmhouse’s plot.

The plothole

After signing up in September, I wanted to purchase tickets to see Shang-Chi and the Legend of the Ten Rings, The Protégé, and Free Guy. Ordinarily, it should have been straightforward: I log on to the Filmhouse platform, select the movies I want to see and the cinema where I want to see them, and then checkout. But that was not my experience.

Instead, when I logged on to the app, my subscription wasn’t reflecting. I reached out to a member of the Filmhouse team to understand what was going on. He told me the app had a bug that they’d been trying to fix and offered to help out manually. He did, and I received a notification that my subscription was now active.

Next, I needed to buy the tickets but got an error message, “Unable to find recognition”. This, I found out, was part of what they were trying to fix. I had to refresh the page repeatedly before I was able to buy the tickets I wanted. Since then, I have dealt with many more issues. On some days, I have to purchase tickets in person using my subscription details.

Nigeria’s Largest Cinema Chain Wants To Run A Subscription Service
Nigeria’s Largest Cinema Chain Wants To Run A Subscription Service

This month, when I renewed my subscription, I faced another problem – I couldn’t log in to my account and got an error message saying I couldn’t be logged into more than two devices at a time. That was strange because I wasn’t even logged in anywhere.

Anyway, I reached out to customer service and was asked to “select ‘forgot password’ to sign in”. I did, and it worked, until recently when I wanted to purchase another movie ticket. This time, repeated attempts to change my password proved futile, and I had to get my ticket in person again. What’s more is that, as things stand, I cannot log into the mobile app. This is a frustrating symptom of a larger problem.

Denouement

In Communique 14, I wrote about the challenges of building a subscription service in this market:

“There are technical problems with subscription management that are, in some ways, unique to African publishers, mainly because it is a nascent concept on the continent and the talent and resources needed to solve them are not readily available. Subscription management requires an incredible amount of engineering investment that most media companies can either not afford or be bothered to make.”

What Filmhouse seeks to do with its subscription service is relatively new and, as far as I know, the first of its kind by a cinema company in this part of the world. (Nairabox is not a cinema company.) So, I’ll make a discount for growing pains and the drawbacks of experimentation. Nevertheless, the dissonance between my expectations and experience with the service lends credence to my point in that essay and this statement from Preston Ideh, Stears’ CEO (emphasis mine):

“This infrastructure hurdle [to providing subscription products] can make or break publishers [or media companies]. It might seem negligible when you have only a few subscribers. But at scale, it can become a nightmare. It gets even more complex when African publishers want to be creative with their reader [or user] experiences… Behind the scenes (and you can ask my team if you do not believe me), it requires engineering power that most media businesses do not have.”

The emphasis here is on the engineering requirements for building a subscription service with a seamless experience. Filmhouse outsources the engineering for this service, and my experience hasn’t been great so far. The alternative might be to bring this in-house, but that only works if the service’s uptake is big enough to justify this decision. I doubt it is.

Still, much like Filmhouse, more media companies in Africa will attempt to build subscription products, and they will hit the same engineering snags. But perhaps there is a point in the future where companies that have built great subscription management services exist here. Maybe we don’t have to look too far ahead.

I pointed out in Communique 14 that there is an entire market outside of publishing for a subscription management service, something that Stears has received a grant from the Google News Initiative to build. But Stears is likely not the only company looking to solve this problem, and a lot will depend on how quickly the market expands.

New Guide Will Help African Countries Measure Progress On Sustainable Development At City Scale

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New Guide Will Help African Countries Measure Progress On Sustainable Development At City Scale

A new guide developed by the United Nations Economic Commission for Africa (ECA) will support African countries with the monitoring and reporting of their progress on sustainable urban development.

The ‘Reference Guide on City Indicators and Measurement in Africa’ contains 107 city-level indicators for 17 categories, covering all aspects of sustainable urban development such as energy, environment and economy. Under each indicator, it meticulously defines how and when the specific data should be collected as well as its unit, source, provider, processing methods and disaggregation standards in line with good practice and regional context.

One-stop solution

For local authorities, the guide will serve as a one-stop solution to measure, analyze and disseminate how well their cities perform against the indicators which are based on the city-specific commitments outlined in international agreements such as the New Urban Agenda, the 2030 Agenda for Sustainable Development and the African Union’s Agenda 2063.

It will offer evidence on whether cities are sustainable, productive and inclusive using existing and emerging statistics, while providing decision-makers with new insights to understand the growth trajectory better and, if necessary, embark on the best-suited methodologies to produce disaggregated data for their cities.

The guide will not only serve as a data measurement tool but will also help build the long-term capacity of the national statistics offices in producing reliable, accurate, relevant and timely city-level data for progress reporting.

‘Valuable tool’

The guide was presented to a group of experts, which included officials from national statistics offices and regional organizations, at a two-day meeting last week, who described it as a “valuable tool” for the post-pandemic urban recovery and rebuilding efforts. The meeting’s purpose was to gather feedback from the experts on the indicators and identify opportunities to pilot the guide in selected cities.

Speaking at the meeting, Ms. Edlam Yemeru, ECA’s Director a.i. for the Gender, Poverty and Social Policy Division, said: “African cities house 588 million dwellers and are rapidly growing without adequate city-level disaggregated data and statistics that could inform their planning and management. Urgent action is needed to address this challenge as cities are central to the realization of Africa’s vision for inclusive growth and shared prosperity.”

She added: “Improving the availability of city-level data is critical in accelerating progress on the implementation of the 2030 Agenda within this decade of action, ensuring no one is left behind.”

Building on her statement, Mr. Oliver J. M. Chinganya, ECA’s Director for the African Centre for Statistics, said: “City-level disaggregated data is generally unavailable in Africa and, where available, it is either underutilized, inaccessible or incomparable. Such gaps impact the formulation of appropriate urban policies and strategies in various areas of development.”

He continued: “The reference guide will strengthen the statistical capacity across all levels of the national statistics systems for gathering data on urbanization and utilizing the information to steer sustainable urban planning.”

Each indicator is carefully designed to ensure optimal data collection with the least effort and is developed after extensive consultation with national statistics offices of more than 30 African countries as well as the UN-Habitat, the Economic Communities of West African States, the East African Community, the Africa Development Bank and the African Union Commission.

The reference guide – part of ECA’s African programme on urban data and statistics – will be officially launched later this year.

Alternate Careers In Finance Worth Considering

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Alternate Careers In Finance Worth Considering

Careers in the finance sector are sought-after because they’re generally rewarding and lucrative. Some positions tend to be more popular than others, but there are a few which deserve more attention than they usually receive.

Dany Mawas, Regional Director at INFINOX Capital, shares some insights into these positions, which professionals and students could do well to consider.

Accounting, insurance, and banking are among the most popular career avenues in finance; however, there are other career choices that are fulfilling, high-paying (in excess of R400 000 per annum), and well worth investigating.

Public market investor: This is a role that manages investments of both stocks and bonds. The investor needs to ensure that their portfolios, or those they’re being paid to manage, are correctly balanced. Understanding risk across various asset classes is a key skill in this type of job, and learning with multi-asset providers helps traders to determine how much risk they have in any given market.

Private capital investor: These professionals invest in equity or debt securities of privately held companies, real estate, or other assets.

Financial analyst: Analysts are often not spoken about because they’re not as ‘glamorous’ as traders. An analyst will do all the in-depth analysis of a financial market, but their personality traits tend to be different from that of a trader. They are paid a normal monthly salary, no matter what the markets do, whereas if the markets turn against a trader, this will often affect his/her salary.

Financial trader: Financial trading is a relatively well-known career, but not many people go into it in a professional capacity. This is because it is difficult to get backing without a track record. Often, the only way to get a track record is by using one’s own funds to start with, which can be seen as risky. To use one’s own funds and become a professional trader, trading must become one’s primary source of income. The trader must therefore be in a position to skip a salary for a month, because all traders will have good and bad spells when trading.

Global commodity trader: New traders are often attracted by the forex market because of its liquidity; however, once they get used to trading, they soon see the opportunities in commodities, indices, and the stock market. Traders often change the markets they trade as their knowledge and experience grow.

Buy-side traders: This role is one of the first steps on the ladder to becoming a professional trader. Traditionally, they execute the trades which are decided by other people or algorithms. They understand how to get the best price using the platform they have.

The abovementioned careers may sometimes be overlooked because of the element of risk they carry. The risk involved is that the traders could lose their own or their investors’ money. Being able to manage risk is a key skill in these roles and something that is not naturally taught or learnt in other jobs. 

Technology and AI

Most positions are being supported more and more by technology. Technology is here to stay, so for long-term success, new technologies and platforms need to be understood.

When it comes to predictions regarding future career opportunities in the trading sector, considering that artificial intelligence (AI) is fast dominating the industry, humans will still play a vital role.

AI will have a growing influence. Automation is already a key element in trading – being able to take a trade while you’re not watching the markets allows for flexibility and freedom. There will be more and more jobs involving AI in the future, but it won’t completely remove the need for humans in the financial markets. The markets are driven by human emotion, and so, while a robot may be able to predict, it won’t be able to drive the price.

Education and mentoring

Guiding finance students and professionals is essential to ensure that their careers within the trading industry have longevity and are lucrative. This is key in avoiding future unemployment due to certain jobs becoming obsolete.

Education is the key to success. To progress to the next stage in a career in the financial markets, one needs to fully understand how they work. Traders need to learn everything from the basics of trading to advanced trading strategies that experienced traders and analysts use.

One of the biggest stumbling blocks for forex trading entrepreneurs in Africa when choosing which field of trading to build a career in is that they feel they have to learn on their own. Not having a mentor or community to bounce ideas off and learn from can be daunting.

This is why INFINOX introduced its social trading app, IX Social. It’s a community-based app that lets traders share their trades and ideas. It also incorporates the automation of trading by allowing users to automatically copy trades from their peers. Traders that start trading with INFINOX will use it as a springboard to trading careers in the financial industry.

Considering these careers can open up additional opportunities in the financial sector that may not have been considered before. They are worth investigating further for those pondering a career change or for students who need direction regarding their career options in finance.

Nigeria Based Alabi Samuel Anjolaoluwa Wins The U21s Category Of The Canon Young Champion

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Nigeria Based Alabi Samuel Anjolaoluwa Wins The U21s Category Of The Canon Young Champion

Nigeria-based Alabi Samuel Aniolaoluwa won the U21s category award; UAE based siblings Mishal and Mir Faraz, are the winners of the U16s category for their continued campaigning on environmental and social causes in the UAE.

Canon is pleased to announce the winners of the second edition of the Canon Young Champion of the Year Award, as part of the Global Good Awards , which celebrates the achievements of young people around the world who are driving social and environmental change. Nigeria based, Alabi Samuel Anjolaoluwa won the U21s category for his inspiring project, Students of Ibadan (https://bit.ly/3npII07), which shines a light on the struggles faced by under-served students in the city of Ibadan, Nigeria.

The Global Good Awards recognises those campaigning for sustainable change by recognising and promoting exceptional work by individuals, NGOs and businesses on social and environmental issues. This year’s submissions came in from individuals across the world, with finalists from UAE, USA, UK, Nigeria and India.

The judges commended his project for using the power of visual storytelling to not only raise awareness of the challenges the students face, but for painting a poignant picture of the emotions that sit behind their stories.

At the virtual ceremony, UAE based siblings Mishal and Mir Faraz, were announced as the winners of the U16s category for their sustainability campaigning work, while Nigeria based Alabi Samuel Anjolaoluwa won the U21s category for his project Students of Ibadan.

Alabi Samuel Anjolaoluwa won the U21s category for his inspiring project, Students of Ibadan , which shines a light on the struggles faced by under-served students in the city of Ibadan, Nigeria. The judges commended his project for using the power of visual storytelling to not only raise awareness of the challenges the students face, but for painting a poignant picture of the emotions that sit behind their stories. The Students of Ibadan  – birthed from the Fame Illuminate Project at which 19-year-old-Alabi Samuel Anjolaoluwa is a volunteer- was fitting as it tells the stories of young students while highlighting their pain and daily struggles.

Speaking about his project the young man explained that he focused on local government schools and students coming from low-income backgrounds.  “I personally wanted to know what it was like to be a student in Ibadan. My image essay is meant to be an extension of their pain, stories and struggle of living and schooling in Ibadan. Seeing and capturing each of the student’s stories made me more human than just being a photographer.”

Appreciative of the students that he came across Alabi Samuel Anjolaoluwa said that the Students of Ibadan  was an amazing project which allowed him to be relatable and connect with the youth of Ibadan.

Award winners will receive a Canon EOS 250D DSLR camera to support them to continue campaigning for sustainable change, while the other shortlisted finalists will each receive a Canon SELPHY Square QX10 mobile photo printer.

Xlife Sciences AG is elected as Innovation Partner for Saudi Arabia

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ZÜRICH, SWITZERLAND – EQS Newswire – 26 October 2021 – Xlife Sciences AG has signed a strategic partnership with the development organization Peace City World as part of the Vision 2030 future program. Peace City World is the official developer of four Smart Cities in Saudi Arabia and Tunisia as well as part of Vision 2030. The program was launched by the Saudi Crown Prince in 2016 and aims to reduce Saudi Arabia’s dependence on fossil fuels and diversify its economy financially. As part of the partnership, Xlife Sciences will be granted a budget of up to 50 Million US Dollars. The core focus is the establishment of an innovation center and technology transfer for the Smart Cities initiative.

The partnership of Xlife Sciences AG with Vision 2030 takes place in the field of sustainable health and particularly focuses on promoting innovation and technology transfer to the Middle East. Oliver R. Baumann, CEO of Xlife Sciences sees significant potential in the collaboration: “For Xlife, the partnership with Saudi Arabia is a recognition of our work and a step towards more international presence and innovation in our four pillars of technology platforms, biotech, medtech and artificial intelligence.” “Furthermore, by participating in the program, Xlife is significantly expanding its network of relationships and presence in the region. In terms of the program, further license partners for the various technologies may be found, particularly for the exit of project companies and the acceleration of registration processes”, says Baumann.

According to the management of Xlife, the funds of up to 50 Million US Dollars will especially be used for the construction of an innovation center and the further development of smart city technologies. As part of the Smart City Sustainability initiative, Saudi Arabia aims to operate ten cities sustainably in the mid term. Moreover, the funds are also intended to further advance the scaling process of various Xlife project companies.

About Xlife Sciences AG

Xlife Sciences AG is a Swiss company with focus on investing in promising technologies in the life science industry. Xlife Sciences AG is building the bridge from research and development to healthcare markets by supporting researchers and entrepreneurs in positioning, structuring, developing and implementing their concepts. Together with industrial partners or universities, Xlife Sciences AG leads projects through the proof-of-concept phase after an invention disclosure or start-up. Subsequently, the firm focuses on out-licensing or selling the company, often with a combination of a strategic partnership. Xlife Sciences AG offers its investors direct access to the further development of innovative and future-oriented technologies at a very early stage. For more information, please visit: www.xlifesciences.ch

Employment Led by 11% Quarter on Quarter Rise in Job Opportunities Within Technology: Michael Page Thailand

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BANGKOK, THAILAND – Media OutReach – 26 October 2021 – Global recruitment specialists Michael Page Thailand witnessed a marginal 2% quarterly increase in overall job numbers within Q3 2021 as hiring evened out after the surge in the early parts of 2021.

Fintech the Main Driver of Financial Services Employment Up 45% in Q3 2021 from Q2: Michael Page Indonesia

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JAKARTA, INDONESIA – Media OutReach – 26 October 2021 – According to job opportunity data shared by global recruitment specialists Michael Page Indonesia the number of jobs rose in Q3 2021 compared to Q2 led by job positions within Financial Services (up 45%), Digital (up 14%) and Technology (up 13%).

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