Algeria OKs purchase of 15 new aircraft for Air Algerie
Updated 08 May 2022
Reuters
ALGIERS: The Algerian Cabinet has authorized the national airline, Air Algerie, to purchase 15 new aircraft to open new routes to African and Asian destinations, Algerian State TV said on Sunday citing a Cabinet statement.
Algeria recorded a total of 591,000 tourists in 2020, ranking 120th in the world in absolute terms, according to WorldData.info.
The tourism sector in Algeria accounts for 3.9 percent of the volume of exports, 9.5 percent of the productive investment rate and 8.1 percent of the gross domestic product.
Market size of energy transition minerals to hit $770bn by 2040: IEA
Updated 14 sec ago
Nirmal Narayanan
RIYADH: The market size of key minerals for energy transition is expected to double twofold to hit $770 billion by 2040, an analysis revealed.
In its latest report, the International Energy Agency said that more investments are needed in the clean energy sector as the world strives to achieve net-zero emissions by the middle of the century.
“The combined market value of key energy transition minerals — copper, lithium, nickel, cobalt, graphite, and rare earth elements — more than doubles to reach $770 billion by 2040,” said the energy agency.
It added: “At around $325 billion, today’s aggregate market value of key energy transition minerals aligns broadly with that of iron ore. By 2040, copper on its own attains that scale.”
Ensuring reliant and diversified supply critical
The report also highlighted that ensuring a reliant and diversified supply of critical minerals is crucial to achieving future climate and energy goals.
“Secure and sustainable access to critical minerals is essential for smooth and affordable clean energy transitions. The world’s appetite for technologies such as solar panels, electric cars, and batteries is growing fast — but we cannot satisfy it without reliable and expanding supplies of critical minerals,” said IEA Executive Director Fatih Birol.
He added: “The recent critical mineral investment boom has been encouraging, and the world is in a better position now than it was a few years ago when we first flagged this issue in our landmark 2021 report on the subject. But this new IEA analysis highlights that there is still much to do to ensure resilient and diversified supply.”
The report further pointed out that stepping up efforts to recycle, innovate, and encourage behavioral change is vital to ease potential strains on the supply of critical minerals required for energy transitions.
“Some $800 billion of investment in mining is required between now and 2040 to get on track for a 1.5 °C scenario. Without the strong uptake of recycling and reuse, mining capital requirements would need to be one-third higher,” said IEA.
According to IEA, announced projects are sufficient to meet only 70 percent of copper and 50 percent of lithium requirements by 2035.
However, the energy think tank noted that markets for other minerals look more balanced if projects come through as scheduled.
Earlier in May, an additional report released by the International Energy Forum echoed similar views, highlighting that the already set targets for 100 percent electric vehicle adoption globally by 2035 cannot be achieved without an unprecedented acceleration in copper mining.
IEF said that electrifying the global vehicle fleet would necessitate opening another 55 percent more new copper mines by 2035.
Moreover, from 2018 to 2050, the world will need to mine 115 percent more copper than has been mined in all of human history to meet vehicle electrification goals, said IEF.
IEA, in the latest report, also highlighted that announced projects in the mining sector show limited progress in diversifying supply.
“Announced projects indicate that refined material production is set to remain highly concentrated in a few countries. For battery grade spherical and synthetic graphite, almost 95 percent of growth comes from China,” said the agency.
IEA added: “These high levels of supply concentration represent a risk for the speed of energy transitions, as it makes supply chains and routes more vulnerable to disruption, whether from extreme weather, trade disputes or geopolitics.”
Critical mineral prices fell in 2023
The energy think tank also revealed that the prices of critical minerals fell in 2023, returning to levels last seen before the COVID-19 pandemic.
“Materials used to make batteries saw particularly significant decreases, with the price of lithium dropping by 75 percent and the prices of cobalt, nickel, and graphite falling by between 30 percent and 45 percent — helping drive battery prices 14 percent lower,” said IEA.
The study added that the demand for critical minerals experienced substantial growth in 2023, with lithium demand rising by 30 percent, while requests for nickel, cobalt, graphite, and rare earth elements all saw increases ranging from 8 percent to 15 percent.
IEA noted that clean energy applications were the main driver of growth for a range of critical minerals in 2023.
“Electric vehicles consolidated their position as the largest-consuming segment for lithium and increased their share considerably in the demand for nickel, cobalt, and graphite,” said the energy agency.
The report added that lower prices for critical minerals in the past year have been good news for consumers and affordability. However, they have provided a headwind for new investment.
The IEA noted that in 2023, investment in critical minerals mining grew by 10 percent, and exploration spending rose by 15 percent — still healthy but slower than in 2022.
“The recent fall in prices has affected investments in new mineral supply, but they are still growing. Increases in 2023 were smaller than those seen in 2022, but investment in critical mineral mining nonetheless grew by 10 percent. Investment by lithium specialists saw a sharp rise of 60 percent, despite weak prices,” said the report.
It added: “Exploration spending also rose by 15 percent, driven by Canada and Australia. China’s spending on and acquisition of overseas mines has grown significantly in the past ten years, reaching record levels of $10 billion in the first half of 2023.”
The study further highlighted that Latin America will capture the largest market value for mined output, with around $120 billion by 2030.
Similarly, Indonesia will witness the fastest growth in mining output value. Due to its burgeoning nickel production, the country is expected to double its market value by 2030 to $75 billion.
Ukrainian firm DTEK seeks Saudi partnerships to enhance European energy security
Updated 2 min 18 sec ago
Nadin Hassan
RIYADH: Ukraine is actively seeking financial partnerships with Saudi Arabia to diversify its economy, focusing on cleantech, agriculture, and energy, according to a senior executive.
In an interview with Arab News, Maxim Timchenko, CEO of Ukrainian energy company DTEK, revealed that high-level governmental talks with the Public Investment Fund and other Saudi institutions regarding capital deployment in the country were in progress.
He said: “The main area of what we are discussing with PIF and other institutions is the deployment of capital in Ukraine and participation in cleantech, IT, agriculture, and energy sectors. These are the priorities where we work together so that you can be part of the recovery of Ukraine.”
Timchenko also outlined a recent meeting between DTEK representatives and the CEO of ACWA Power. They discussed potential opportunities for collaboration in Ukraine and other European countries.
“We have operating assets. We have some solar and wind parks in development. We want to be very active in battery storage and flexible capacity investment in the grid, and we disclosed all this, all these plans to ACWA Power and CEO,” Timchenko stated.
He added that they agreed to continue the dialogue at the government level because decisions needed to be made regarding the intensity at which ACWA Power could deploy capital in Ukraine and European projects.
Timchenko noted that discussions on May 17 primarily focused on establishing financial partnerships with Saudi Arabia to support Ukraine’s economic diversification.
“Ukraine has the second-largest deposits of natural gas on the European continent, and of course, your technologies, your resources, and knowledge of your companies will be very helpful to explore all this potential in the gas and oil industry in Ukraine,” the firm’s CEO said.
He added, “For us, it’s important to develop clean technologies and renewables, as we already discussed, but as well as become one of the major suppliers of natural gas to the European continent, and I think this is the area where we can build partnerships that your companies will come to Ukraine.”
Timchenko stressed that Ukraine and the firm are seeking investment opportunities from Saudi Arabia, which sponsored the fight between Ukrainian boxer Oleksandr Usyk and British boxer Tyson Fury, held in Riyadh on May 18.
He added these partnerships could position Ukraine as a major supplier of clean energy to Europe, with Saudi Arabia playing a significant role through its financial resources and strategic alignment.
DTEK, Ukraine’s largest private energy company, has invested over €1.5 billion ($1.63 billion) in renewables, establishing itself as a leader in the sector.
The company’s strategy aligns with Saudi Arabia’s vision for green transition and clean technologies.
Sky’s the limit: Saudi Arabia’s Future Aviation Forum 2024 will help fuel Kingdom’s Vision 2030
Updated 19 May 2024
Nadin Hassan
RIYADH: Aviation leaders and key figures from across the globe will convene in Riyadh for the Future Aviation Forum 2024, a three-day event highlighting the strides in global air travel innovation, coinciding with Saudi Arabia’s ambition to generate $100 billion from the sector by 2030.
The event, centered on the theme “Elevating Global Connectivity,” will unite more than 5,000 experts and leaders in aviation from over 100 countries, including ministers, regulators, and manufacturers, as well as representatives from airlines and airports.
Led by the General Authority of Civil Aviation, the event is set to take place from May 20 to 22 and will highlight various projects and incentives aimed at attracting investments into Saudi Arabia’s rapidly growing aerospace sector.
This includes investment projects across areas such as airports, airlines, and ground services, as well as cargo, and logistics, which will be highlighted on the sidelines of the forum’s Investment Showcase.
The $100 billion in opportunities includes more than $50 billion earmarked for airports, around $40 billion for new aircraft orders, and $10 billion allocated to other projects.
Building on the success of the 2022 edition, which witnessed the signing of over 50 agreements and deals totaling $2.7 billion, this year’s forum will showcase commercial announcements alongside roadmap presentations and specialized panel sessions focusing on general aviation.
Minister for Transport and Logistics Services Saleh Al-Jasser will inaugurate FAF24 and said: “Saudi Arabia is offering unparalleled aviation investment opportunities globally. The Saudi Aviation Strategy aims to triple passenger numbers, connect to over 250 destinations, and manage 330 million passengers and 4.5 million tonnes of cargo by 2030.”
The Investment Showcase at the forum will be inaugurated by the Minister of Investment Khaled Al-Falih.
“Saudi Arabia is the world’s new investment hub, targeting $3.3 trillion in investment by 2030. Aviation is a key investment sector and enabler of the Kingdom’s broader economic transformation,” Al-Falih said, according to a press release.
He added: “The aviation investment showcase will provide investors with unparalleled access to participate in the Kingdom’s transformation.”
The showcase will include investor briefings, meetings, and panels on major projects including the massive six-runway King Salman International Airport in Riyadh and public-private partnerships for the Abha, Taif, Hail and Qassim international airports.
It will also feature opportunities in cargo and logistics, advanced air mobility, and business aviation. Aviation suppliers will be briefed on expansion plans for the new airline Riyadh Air, as well as leading regional airlines including Saudia, Flynas, and Flyadeal.
The main sponsors of the forum include Saudia Group, Matarat, King Salman International Airport, and Saudi Air Navigation Services.
Global aviation executives from companies including Boeing, Airbus, Commercial Aircraft Corp. of China, and Embraer will also attend the event.
Additionally, GACA is set to unveil a General Aviation roadmap setting how to increase the sector’s contribution to Saudi Arabia’s gross domestic product tenfold to $2 billion by 2030.
The plan covers the business jet segment, including charter, private, and corporate aircraft, and will support Saudi Arabia’s development as a global high-value business and tourist destination.
The new roadmap comes after Saudi Arabia revised its 2030 tourism target upwards from 100 to 150 million visitors in October 2023.
“The General Aviation roadmap will turbocharge the sector within the Kingdom, transforming infrastructure and regulations, simultaneously developing, promoting, and enhancing general aviation services in the market,” said Abdulaziz-Al Duailej, president of GACA.
He added: “GACA looks forward to hosting general aviation investors, operators, and service providers at the Future Aviation Forum in May, where we will launch this ambitious plan to global audiences.”
The roadmap is designed to bolster private aviation by facilitating infrastructure investments and streamlining regulations for aircraft owners, lessors, investors, operators, and service providers.
This initiative comes after GACA’s decision to eliminate ‘empty-leg restrictions’ and simplify economic license requirements for operators and investors in October 2023, aimed at enhancing the general aviation sector.
The event will also cover industry themes including business, talent and the future, collaborations, and ecosystems, as well as sustainability, innovation, and technology.
High-level speakers such as Fadi Al-Buhairan, CEO of Special Integrated Logistics Zone, Gaith Al-Gaith, CEO of FlyDubai, and Mohammed Al-Maghlouth, CEO of Matarat Holding, are set to participate in the forum.
Suliman Al-Mazroua, CEO of the National Industrial Development and Logistics Program, Bander Al-Mohanna, managing director and CEO of Flynas, and Fahd Cynndy, CEO of Saudia Technic are also due to take part.
Following the opening remarks on the first day, the panel titled “Ministerial Speech: Sky High Tourism – Unlocking Destinations and Cultural Exchange Now and in the Future” will take place, followed by a special conversation with Boeing and a spotlight session on the New Future of Aviation.
The event will then highlight the future of airports and logistics with the plenary sessions “Airports Council International Special Address: Airports of the Future” and “Insight Piece: Navigating Tomorrow – Customer Focus, Digitalization, and AI as Enablers for the Future.”
The first day will also address securing the future of human capital in aviation with the sessions “Cargo and Logistics Town Hall: An Era of Growth, Evolution, and Opportunity” and “Aviation Human Capital Now and for the Future – Meeting Our Industry’s Most Critical Challenge.”
On the second following the key address, a conversation session with Commercial Aircraft Corp. of China will take place followed by a panel exploring what is the “Future of Sustainability in Aviation and Tourism.”
It will then highlight a panel discussion on “Privatization, Investment and Funding – The Evolving Financial and Infrastructure Landscape,” which will then be followed by a conversation with Embraer.
The second day will spotlight the future of civil aviation with the sessions “Global Civil Aviation Spotlight: Tonga and Nepal,” “Civil Aviation Authority Director General Panel: Aviation – Accelerating from Economic Enabler to Sustainability Champion,” and an insight piece on “How Safe Are Our Skies.”
The third day will feature interactive workshops on assistance for aircraft accident victims and their families.
Saudi venture capital sector expanding exponentially
Global venture capital firms capitalize on Kingdom’s expansive strategy
Updated 19 May 2024
Nour El-Shaeri
CAIRO: Saudi Arabia’s venture capital landscape continues to grow with its reverberations reaching far continents.
Global venture capital firms are capitalizing on the Kingdom’s expansive strategy, as evidenced by the state-owned Saudi Venture Capital Co.’s $30 million investment in a US-based investment firm.
SVC has pledged this significant investment in a private equity fund managed by the renowned US-based investment firm General Atlantic.
“The investment in the private equity fund by General Atlantic is part of SVC’s Investment in Funds Programme and an implementation of its strategy related to attracting top global fund managers to invest in Saudi-based companies as well as stimulating investment for later stages,” Nabeel Koshak, CEO and Board Member at SVC, commented.
Established in 1980, General Atlantic boasts a formidable reputation as a global growth equity investor, overseeing a vast portfolio of $84 billion in assets under management.
Nabeel Koshak, CEO and board member at SVC. (Supplied)
The focus of this venture will be on investing in high-growth, tech-enabled companies within Saudi Arabia.
The initiative aims to bolster innovation and entrepreneurship in the region, particularly in key sectors such as consumer goods, financial services, healthcare, life sciences, and technology.
“We are very proud to partner with SVC and broaden our commitment to Saudi Arabia. Vision 2030 sets the stage for a period of dynamic growth and innovation in Saudi Arabia, which will create attractive investment opportunities for our global investors. SVC is a highly strategic investor who will deepen our expertise in this important region,” Bill Ford, Chairman and CEO of General Atlantic, said.
Saudi Arabia’s WheeKeep secures $8m series A funding
Saudi Arabian logistics startup WheeKeep raised $8 million in a series A round led by Fintech Collective, with participation from local and international investors.
Founded in 2020 by Sultan Al-Olayan, Amr Al-Marzouki, and Youssuf Fayez, WheeKeep provides mobile self-storage units for individuals and businesses.
The new capital will aim to fuel WheeKeep’s expansion plans in Saudi Arabia and beyond.
Saudi Qsalary partners with Itqan Capital to launch $80m fund
Saudi HRtech company Qsalary has partnered with Itqan Capital to launch an $80 million investment fund.
Founded in 2022 by Mohammed Badwi and Amr Abu Shady, Qsalary offers a digital platform for accelerated salary payments.
The fund aims to provide investment opportunities for investors seeking financial growth.
Qatari investors commit $20m to MENA Fund I
Qatari investors are boosting the regional startup landscape with a $20 million commitment to the newly announced MENA Fund I.
Golden Gate Ventures, a venture capital fund founded by Silicon Valley natives, announced its first $100 million MENA fund, with $20 million in commitments from some of Qatar’s most prominent families.
The anchor investor is the multi-faceted Al Khor Holding, a company with 60 years of heritage. Other notable investors include the Al Attiya Group, widely recognized for its support in developing local businesses, and Sheikh Jassim Bin Jabor Al Thani.
The announcement of the first close of its $100 million MENA Fund I, backed by the pillars of Qatar’s private business community, represents a major step forward in Golden Gate Ventures’ ambitions to drive innovation and entrepreneurship in the MENA region.
The fund combines the aggregate regional influence of its investors with Golden Gate Ventures’ extensive experience in startup ecosystem development across Silicon Valley and Asia.
MENA Fund I is the first international venture capital fund to be established and managed within Qatar. Michael Lints, Partner at Golden Gate Ventures, has moved to Qatar to deepen the firm’s commitment to the MENA region.
The fund will focus on powering startups in key sectors such as alternative energy, green technology, B2B artificial intelligence, and energy-related deep tech.
Other strategic sectors that MENA Fund I will cover include fintech, healthtech, and edtech, furthering Qatar’s economic diversification agenda.
Glint completes first close of its second venture fund at $3 million
Egypt-based investment firm Glint completed the first close of its second venture fund at $3 million, supported by Wadi Degla Group.
Glint Fund II, led by Tarek Aboualam and Youssef Helmy Habib, aims to support Egyptian entrepreneurs with early-stage investments ranging from $250,000 to $500,000.
“Glint’s second fund represents an important step to further develop our ecosystem designed to support Egyptian tech-based startups looking to penetrate the regional and international markets,” said Aboualam.
UAE’s Property Finder raises $90m debt round to buyout lead investor
Dubai-based Property Finder secured $90 million in debt from Francisco Partners to finance the buyout of its first institutional investor, BECO Capital.
The online real estate platform bought back BECO Capital’s stake, which had also invested in ride-hailing app Careem and logistics startup Fetchr.
Property Finder said the deal allows BECO to exit “with a strong return on its investment,” without providing further details.
“We’ve seen tremendous growth in the real estate market across the entire UAE, not just Dubai,” said Michael Lahyani, CEO and founder of Property Finder. Valued at about $1 billion, the company joins the growing list of Middle Eastern unicorns.
UAE’s Lune raises $1.5m in seed round
UAE-based data analysis company Lune has raised $1.5 million in a seed round from Dubai Future District Fund, Plus Venture Capital, Reach International, and Judah Ventures, alongside other family offices and angel investors.
Founded in 2020 by Helal Tariq and Alexandre Soued, Lune enables financial institutions to turn customer transaction data into valuable insights.
The funding will support Lune’s regional expansion and product development.
Egypt’s MNZL raises $3.5m in seed funding
Egyptian fintech MNZL raised $3.5 million in a Seed round led by P1 Ventures, Localglobe, and Ingressive Capital, with additional support from 500 Startups, Flat6Labs, First Circle Capital, ENZA Capital, Beenok, and other angel investors.
Founded in 2023 by Sameh Saleh, Ahmed El-Dessouky, and Bassem El-Shaer, MNZL allows users to convert assets like homes and cars into liquidity.
“By enabling Egyptians to safely harness their own assets—homes or cars—for financial needs, We at MNZL are going beyond a mere adjustment; it’s a complete revolution in credit access. This shift not only empowers families by providing financial leverage but also contributes to broader economic prosperity in the region,” Saleh said.
The company aims to utilize the new capital to enhance MNZL’s technology and scale operations in Egypt.
Alvarez & Marsal outlines action-oriented approach as it launches regional HQ in Saudi Arabia
Decision reflects company’s dedication to long-term growth and transformation in the Saudi market
Updated 19 May 2024
REINA TAKLA & MIGUEL HADCHITY
RIYADH: Global consulting firm Alvarez & Marsal is set to introduce its distinct, unbiased, and action-oriented approach to Saudi Arabia’s market following the launch of its regional headquarters, according to a top official.
This decision, aimed at solidifying A&M’s presence in the region, reflects the company’s dedication to long-term growth and transformation in the Saudi market, James Dervin, managing director of the firm in the Middle East and co-head in the region, told Arab News.
He described the firm’s strategic vision in the Saudi market as “relatively simple,” adding that the aim is “to bring A&M’s differentiated, and non-conflicted, execution-focused proposition to a market which is at an inflection point in terms of demand for translation of strategy into action and results.”
Speaking of the inauguration of the firm’s regional headquarters, Dervin explained that “the decision was actually made some time ago, and we had been working on the establishment of the RHQ (regional headquarters) for approximately 12 months and simply wanted to be sure that we were able to meet all of the requirements, which, alhamdulillah, we were able to do.”
He further emphasized the significant growth witnessed across A&M’s team and service areas in the country, making the establishment of a regional headquarters a natural progression.
James Dervin, managing director of A&M in the Middle East and co-head in the region. (Supplied)
Starting from January 1, 2024, Saudi Arabia declared it would only award deals to foreign companies with Middle East bases within Saudi Arabia. As a result, numerous international firms across sectors such as energy, technology, healthcare, and hospitality have set up headquarters in Riyadh.
“We have witnessed strong growth across our team and service areas in the country in recent years, so as the company continues to deepen our roots in the Kingdom, this seemed a natural next step to take. It also reflects A&M’s commitment to the Saudi market for the long term,” Dervin added.
In a market witnessing increasing competition, A&M aims to stand out by its action-oriented approach, Dervin highlighted.
He added: “Our proposition is differentiated, elsewhere in the world, in the region, and in the Kingdom. We’re not ‘blue-sky’ thinkers, and we’re not auditors. A&M’s proposition is about taking action and achieving results in line with our ‘get-stuff-done’ brand.”
A&M’s suite of services spans restructuring, turnaround, performance improvement, and more, catering to a diverse range of business needs in Saudi Arabia.
Dervin elaborated on the company’s offerings, stating: “We work across the spectrum of under-performance, ranging from mild underperformance or 'turnaround' territory, through to stressed and distressed situations.”
He further emphasized the company’s ability to provide advisory or executive support, including taking on management roles like chief revenue office and chief financial officer, a service not commonly offered by competitors.
“The market, in general, is developing at an extraordinary rate, and the Kingdom’s visionary leadership deserves immense credit for the great strides that already have, and are still being made, for example; the Kingdom’s 2018 bankruptcy law was generally regarded as the most progressive in the region upon implementation, and appears to have meaningfully informed the UAE’s equivalent legislation, which was revised in 2024,” Dervin noted.
He further mentioned that the implementation of the law, and subsequently the introduction of processes like financial restructuring, have provided tools to aid in the rescue of businesses and to minimize the occurrence of outright failure and subsequent liquidation.
The enactment of the new Companies Law, coupled with the growing sophistication of the capital markets, is rendering the Kingdom – and the broader region – an increasingly enticing hub for foreign investment, according to the top official.
This trend aligns seamlessly with the fundamental objectives of Vision 2030, he said.
Earlier this month, Bryan Marsal, A&M’s CEO and co-founder, commented on the close alignment of his firm’s global brand with the local market dynamic in Saudi Arabia, following the establishment of the regional HQ.
“The all-encompassing nature of the Saudi Arabian transformation is driving significant demand for A&M’s distinctive ‘get-stuff-done’ brand of services — for our ability to fix problems, our ‘skin in the game,’ and our freedom from audit conflicts,” he said in a statement.
Dervin highlighted A&M’s unique position in influencing the restructuring landscape, particularly its expertise in corporate rescue, turnaround, and performance improvement, which are virtually unparalleled in the region.
Aligned with Vision 2030, A&M is committed to supporting Saudi youth employment programs, exemplified by initiatives like the Bidayah Graduate Program.
Dervin expressed pride in the program, stating: “We are obviously extremely proud of the Bidayah program, which is a pioneering initiative for A&M from a youth development perspective.”
He added: “We have designed and implemented a bespoke graduate training program providing these exceptional individuals with rotating roles across the business, hopefully providing them with a breadth of experience and visibility of the options and opportunities within our firm and in the market more broadly.”
The managing director said that the company is hoping to play a meaningful part in the personal and career development of young Saudis, “who themselves have a vital role to play in the development of the economy and society in the Kingdom.”
Looking ahead, A&M aims to further empower Saudi graduates through partnerships with local universities and educational institutions.
“Our objective is to empower new graduates, equipping them with the necessary skills and knowledge for a successful career. More details of these partnerships, and its potential to contribute to the development of the next generation of Saudi business leaders, will be shared closer to the next intake,” affirmed Dervin.
As A&M continues to expand its footprint in Saudi Arabia, Dervin emphasized the crucial role of young Saudi professionals in driving the company’s growth and success.
“Much like the Kingdom itself, we cannot be truly successful without young Saudi professionals playing their part in our development, as we look forward to a bright future for our growing Saudi Arabian office,” he concluded.
More than 180 major global companies and organizations have already established regional headquarters in the Saudi capital. These include Apple, Microsoft, and Alibaba, as well as the IMF, IBM, and Google.
