Business Club

AMMAN - Boehringer Ingelheim today reported a strong performance in 2022, a year in which 30 million patients benefited from its innovative medicines across the globe, while deepening investments in the search for new treatments. Research and development investments reached 5 billion EUR, or 21 percent of net sales. Net sales rose by a currency-adjusted 10.5 percent to 24.1 billion EUR.

“2022 has shown that our long-term commitment to medical research is the right strategy. For some patient conditions that were until recently deemed difficult to treat, we have now found medical entities that can be true breakthroughs,” said Hubertus von Baumbach, Chairman of the Board of Managing Directors. “The acceleration of our broad pipeline demonstrates our commitment to transform the treatment of cardiovascular-renal diseases, inflammation, and respiratory diseases, as well as mental health, oncology and retinal diseases.”

Development of the pipeline progressed steadily in 2022. Boehringer Ingelheim received one Breakthrough Designation, three Fast Track Designations, and two Orphan Drug Designations from the FDA. In the next seven years the company expects about 20 regulatory approvals in human pharma. Throughout the current year, Boehringer Ingelheim expects to present additional data from its pipeline. 

In 2022 operating income at Group level rose by 1.4 percent to 4.8 billion EUR, while income after taxes amounted to 3.2 billion EUR.

Strong Growth in IMETA

In India, Middle East, Turkey, and Africa (IMETA) region, the company recorded net sales of 752 million EUR (2021: 670 million EUR), a 12% increase compared to the previous year.

Mohammed Tawil, Regional Managing Director and Head of Human Pharma at Boehringer Ingelheim India, Middle East, Turkey and Africa (IMETA) said: “We are proud of the strong financial results Boehringer Ingelheim has achieved in the IMETA region in 2022. We made steady progress in boosting access to research-driven breakthrough therapies that improve the lives of patients and the communities in which we operate. Alongside our life-long commitment to innovation, we will continue to create value and drive growth through investing in areas of unmet medical needs and improve human and animal health across the region.”

Significant growth in Human Pharma - Empagliflozin and Nintedanib drive sales growth

The Human Pharma business achieved currency-adjusted net sales growth of 13.6 percent to 18.5 billion EUR, driven by Empagliflozin and Nintedanib.

Empagliflozin, which is used to treat type 2 diabetes and heart failure with reduced and preserved ejection fraction, was the company’s most significant growth and revenue contributor, with net sales of 5.8 billion EUR and a currency-adjusted growth of 39.1 percent in 2022.

Nintedanib was the company’s second-strongest revenue contributor. Nintedanib is a medicine for the treatment of patients with idiopathic pulmonary fibrosis as well as certain fibrosing interstitial lung diseases. Nintedanib generated net sales of 3.2 billion EUR, representing a currency-adjusted growth of 20.6 percent in 2022.

The biopharmaceuticals contract manufacturing business achieved annual net sales of over 1 billion EUR, reinforcing the company’s position as a leading manufacturer of biopharmaceuticals worldwide.

Animal Health to launch around 20 new products, starting in 2023

Animal Health experienced the effects of the economic slowdown in North America, intense competition and declining net sales of swine vaccines in China. Net Sales were on a comparable level with 2021 at 4.6 billion EUR in 2022. NexGard, a medication for flea and tick protection for dogs, rose by currency-adjusted 8.0 percent to reach more than 1 billion EUR in annual sales, marking an industry-first.

R&D investments in Animal Health amounted to 464 million EUR in 2022, or 10 percent of the business unit’s sales, well exceeding industry average. Animal Health has an ambitious schedule to launch about 20 new products, starting this year, including novel flea and tick products for cats and dogs and a breakthrough oral product for diabetes in cats.

Looking ahead, Boehringer Ingelheim anticipates moderate growth in 2023, on a comparable basis, with a slight increase in its operating income, creating the fundamentals for bringing more innovative medicines to patients and animals.

Visa, a world leader in digital payments, signed a memorandum of understanding (MoU) with the Greater Amman Municipality (GAM) to implement secure, contactless payment technology solutions across the fully integrated Amman Bus Rapid Transit (BRT), operated by Amman Vision Investment & Development (AVID).Visa cardholders will enjoy the speed and convenience of contactless digital payments during commutes by using credit and debit cards to pay for travel on BRT rides. 

The project, powered by Network International and Kentkart, is aligned with Visa’s global efforts to help improve urban mobility by offering commuters fast, convenient payment options that improve their transit experience. Contactless payment solutions help commuters save time by avoiding the need to pre-purchase a ticket or stand in line to reload their fare card. The project aims to support the Greater Amman Municipality and AVID in helping to streamline fare collection, reduce operational costs and boost ridership through an improved customer experience. 

Commenting on the MoU signing, Leila Serhan, Visa’s Senior Vice President and Group Country Manager for North Africa, Levant and Pakistan (NALP), said: “We are delighted to work with the Greater Amman Municipality and AVID to accelerate the adoption of contactless fare systems in the Jordanian capital. Visa has launched more than 650 urban mobility projects around the globe, and our experience shows that partnerships with the public sector on high-impact projects help bring robust digital-payment infrastructure and world-class services that improve lives across cities. 

“Our global 2022 Future of Urban Mobility Survey highlights that consumers prefer contactless payments on public transit due to convenience, time savings and reduced need to carry cash. In fact, the survey also stated that 91 per cent strongly or somewhat expect public transport to offer contactless payments, showcasing the potential for this solution globally. We look forward to leveraging Visa’s global network and expertise in open loop contactless payments to modernize fare collection systems, improving passenger experiences through frictionless transit and enhancing connections between individuals, businesses and governments.”

Yousef Al Shawarbeh, Amman Mayor and Chairman of Amman Vision Transport (AVT), said: At Amman Vision for Transport, we proactively work to create opportunities for international companies to become part of Jordan’s growth story. The new partnership with Visa will scale up and improve the capital’s public transport network, as well as enhancing travellers’ experience and boost customer satisfaction. This will support our main objective to increase public transport usage in Amman.”

Visa’s global partnerships, as well as urban mobility payment models including "Visa Known Fare Transaction", "Mobility & Transport Transaction", and "Visa Ready for Transit” drive efficiencies in cities so that people can get around easier and faster. Visa supports private companies, public transport operators and technology enablers in delivering digital payments acceptance in the urban mobility sector.

The general assembly of the Mediterranean Tourism Investment Company (METICO), which owns and operates the Four Seasons Hotel in Amman, was recently held under the leadership of the Chairman of the Board of Directors, Hani Al Qadi, and in the presence of the board of directors, shareholders, a representative of the Companies Control Department, and an external auditor.

During the meeting, a new board of directors was elected for a period of four years, composed of Hani Al Qadi, Mahmoud Malhas, Samer Al Qadi, Wael Al Qadi, Bassem Malhas, Eyhab Al Okar, Khalil Abu Al Rub, Fahd Malhas, Abdulkadir Al Qadi, the Arab Jordan Investment Bank, and Al Yaqeen Investment Company. Following a meeting of the new board, Hani Al Qadi was elected as chairman and Bassem Malhas as vice-chairman.

Qadi noted that the various positive developments that had taken place over the course of 2022, including the decline in severity of the COVID-19 pandemic, resulted in a growing demand for the tourism sector as a whole, particularly hotel room reservations.This, he added, underscores the soundness of the company’s decision to leverage the pandemic period to renovate and modernise the rooms and facilities of the Four Seasons, which gave the hotel a competitive edge against newer five-star hotels and accelerated its post-pandemic market share growth. He expects that this growth will continue in 2023 as the industry further recovers. 

In 2022, METICO’s profits after tax amounted to JD1.8 million, compared with losses totalling JD1.3 million experienced during 2021 as a direct result of pandemic slowdown. During 2022, the Four Seasons’ occupancy rate reached 59.2 per cent, compared with 34.6 per cent in 2021.The hotel witnessed significant growth in 2022, maintaining its solid standing in the tourism market and welcoming guests from around the globe. Meanwhile, a healthy growth in revenues also helped to substantially improve liquidity and cash flows. The general budget showed a JD1.02 million increase in total assets, which reached JD64.1 million at year-end 2022, compared with JD 63.1 million in 2021. Meanwhile, total shareholders’ equity amounted to JD 47.98 million, compared with JD 46.24 million in 2021.

It is worth noting that the successful renovation and modernisation initiative helped position the hotel as one of the premier destinations in a highly competitive market, allowing the hotel to retain the title of the first and only hotel in Jordan to earn the highly coveted five-star rating from Forbes Travel Guide for the second year in a row. Meanwhile, the hotel's main restaurant, La Capitale, maintained its rating as the best restaurant in Jordan by the Pinnacle Awards.

Qadi stressed that the company fully intends to continue delivering best-in-class services and provide all means of comfort for hotel guests under the highest global standards, in addition to maintaining healthy financial growth for the company and its shareholders.

AMMAN — Four Seasons Hotel Amman invites guests to celebrate Ramadan through various dining experiences that embody the true spirit of this occasion with support from Platinum Sponsor Hongqi Jordan and Exclusive Telecommunications Sponsor Zain Jordan.

Iftar at the Grand Ballroom

Enjoy Iftar at the Grand Ballroom with entertainment and a comprehensive array of international live stations to bring guests together to break their fast.

Executive Chef Francesco Greco and Executive Pastry Chef Anas Al Qusairi have invested their combined years of gastronomic knowledge to ensure Ramadan meals are nothing short of spectacular.

The price is JD50 per person; JD25 for 6-11 year olds, and children 5 and under can enjoy complimentary dining. Price includes tax and service charge.

La Capitale Brasserie

Guests are invited to enjoy a menu of French classics in this traditional brasserie. After the first week of Ramadan, La Capitale will open for dinner from 7pm until 11pm with the regular a la carte menu.

Iftar in the room

For guests who prefer quieter evenings in the privacy of their rooms or suites, the in-room dining service will offer the regular menus in addition to an a la carte menu for Sohour starting from 7pm.

The Foyer Lounge

The Foyer lounge is open to guests daily from 11am until 1am, serving the regular a la carte menu. A Sohour menu will be available from 7pm until 12am, and an Arabesque Ramadan dessert display will be available daily from 7pm until 1am.

Olea Restaurant

Guests can enjoy breakfast every day from 6.30am until 11am offering menus of hot and cold dishes, international cuisine and gourmet treats – all made with top-quality local ingredients.

A Ramadan affair - private and corporate events


Our Grand Ballroom and Olea Restaurant are both perfect options for hosting your private or corporate Ramadan events with a special menu:

- A minimum of 200 guests for the Grand Ballroom at JD42 per person, all-inclusive of taxes.

- A minimum of 80 guests for Olea Restaurant at JD42 per person, all-inclusive of taxes.

Our team of catering specialists will help you create your ideal Iftar gathering.

For non-fasting guests

Our non-fasting guests can enjoy breakfast at Olea, all day dining at The Foyer Lounge, dinner at La Capitale or the regular in-room dining menu day or night.


Eid brunch

Celebrate the first day of Eid Al Fitr with a family buffet brunch at Olea Restaurant. Price is subject to applicable taxes.

1:30pm – 4:30pm 

JD55 for adults

JD27.5 discount for children ages 6 to 11

Complimentary for children 5 and under

To reserve your memorable Ramadan or Eid Al Fitr experience, call the Hotel at +962-6-550-5555 or email us at: HYPERLINK "mailto:[email protected]" [email protected]

Dubai continues to solidify its reputation as a global hub for FinTech and Innovation ahead of the Dubai FinTech Summit taking place on May 8 and 9 this year under the patronage of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai; Deputy Prime Minister and Minister of Finance of the UAE; and President of the Dubai International Financial Centre. 

During 2022, investment in DIFC’s FinTech and innovation community exceeded $615mn and the total number of active firms in the sector grew 36 per cent to 686.

The Fintech and Innovation sector in the Middle East, Africa and South Asia (MEASA) region is growing at pace with a market value forecasted to double in size from $135.9b in 2021 to $266.9b in 2027, according to DIFC FinTech Hive’s 2022 FinTech Report. 

The Dubai FinTech Summit will provide the perfect environment for connecting start-ups, investors and industry leaders tapping into this opportunity as they advance in the region and beyond. 

Organised by DIFC, the leading international financial hub in the (MEASA) region, the Summit will bring together 5,000 global FinTech and technology experts to discuss innovations and challenges in the sector, as well as spotlight all things impacting the future of finance — from Web3.0, Metaverse and Blockchain to decentralised finance, regulation and policymaking, and the greater need for increased financial inclusivity.

Visitors will also be able to meet more than 100 FinTech exhibitors and join a series of panels and fireside chats. The Dubai FinTech Summit will take place at Madinat Jumeirah in Dubai.

The event will host esteemed local voices such as Abdullah Bin Touq Al Marri, UAE Minister of Economy, and Essa Kazim, Governor of DIFC. The impressive roster of HYPERLINK "https://dubaifintechsummit.ae/speakers?utm_source=news&utm_medium=press-release&utm_campaign=pr1"speakers at the summit includes Bill Winters, Group Chief Executive of Standard Chartered PLC; Brad Garlinghouse, CEO of Ripple; Melissa Guzy, Co-Founder and Managing Partner of Arbor Ventures; and Michael Shaulov, CEO of Fireblocks; among others. 

Currently home to 60 per cent of all FinTech companies based in the GCC, Dubai and DIFC is being recognised as a global centre for innovation, with its unique ecosystem and comprehensive approach to business, driving not only the future of finance but increasingly the future economy. As per MAGNITT, FinTech start-ups in MENA recorded a 183 per cent year-over-year growth in funding in 2021.

Highlighting the impact of the growing FinTech sector in the region, Mohammad Alblooshi, Head of DIFC Innovation Hub and FinTech Hive, said: “The demand for FinTech services has grown significantly in the last few years, powered by digital technologies and innovation across sectors. In recent years, DIFC has successfully cemented its position as the finance and innovation hub in the MEASA region by offering the most comprehensive FinTech and venture capital environments. In line with its vision to drive the future of finance, DIFC has created lucrative opportunities for start-ups, global players, and unicorns to set up base in the Emirate.”

He added: “I’m confident that the Dubai FinTech Summit, organised by DIFC, will soon become the premier platform allowing us to capture the industry’s attention and fulfil our vision of making Dubai a new home for the future of FinTech and finance.”

“Dubai’s work in the digital asset space, in the last few years, has been nothing short of remarkable. The government’s collaborative approach with the industry has drawn some of the most dynamic and innovative companies in the digital asset space to its shores, cementing its position as a leading FinTech hub and securing its economy for the future. Fireblocks is excited to participate in the Dubai FinTech Summit and explore some of the best FinTech solutions from around the world,” said Michael Shaulov, CEO, Fireblocks — a secure digital asset infrastructure company.

Luis Valdich, Managing Director at Citi Ventures, added: “FinTech is one of the most exciting industries in tech and banking alike. Trends like digitisation, open banking, embedded finance, financial inclusion, the democratisation of investing, the modernisation of the core banking stack, and the emergence of the creator and shared economies are driving disruption and economic progress, all over the world. I am excited to further explore these and other innovations we are seeing across the industry, as part of this exciting summit.”

Visitors can now purchase HYPERLINK "https://dubaifintechsummit.ae/?utm_source=news&utm_medium=press-release&utm_campaign=pr1" \l "book-tickets"tickets for the Dubai FinTech Summit, with early bird prices available until March 15, 2023. 

www.dubaifintechsummit.ae

AMMAN — Four Seasons Hotel Amman is celebrating a remarkable milestone as it marks twenty years as one of Jordan’s most sought-after addresses.

Established in May 2003 as the first-ever luxury hotel in the Kingdom’s capital city, the 15-storey property is a beacon of elegance that has won the hearts of travellers from across the globe and claimed its place at the pinnacle of the local hospitality scene.

Situated on the tallest of Amman’s seven hills between the Abdoun and Sweifieh neighbourhoods, Four Seasons Hotel Amman is a landmark in hospitality that offers convenient access to local attractions, making it the ideal base from which to explore Jordan’s many wonders. The iconic property recently completed a full renovation, setting the stage for the next chapter in its success story and building on a two-decade legacy of excellence. In 2022, Four Seasons Hotel Amman became the first and only hotel in Jordan to achieve a Forbes Five-Star Rating and was recently announced as retaining this prestigious honour for a second year running.

“Since first opening our doors twenty years ago, we have strived to create authentic experiences for our guests that capture the essence of this storied destination,” explained Carlo Stragiotto, General Manager at Four Seasons Hotel Amman. “We are proud of all that has been achieved during the Hotel’s first two decades, and grateful to the Mediterranean Tourism Investment Company’s continuing trust in our ability to consistently delight our guests. I would like to thank our entire team for the genuine passion they bring to the delivery of Four Seasons signature intuitive hospitality every day, as well as our guests from near and far who we look forward to sharing many more magical moments with during the years ahead.”

The renovation of Four Seasons Hotel Amman was completed in 2021 by international hotel design firm, Richmond International, who crafted the original interiors when the property first opened 20 years ago and have brought their original vision into the modern era in spectacular style. The Hotel’s look and feel have been revitalised to create a welcoming environment featuring colours, textures and materials inspired by the majestic landscape surrounding the city of Amman.

Hani Al Qadi, Chairman of the Board at Mediterranean Tourism Investment Company (METICO), stated: “METICO is proud to have owned Amman’s leading luxury hospitality address since it first opened its doors in 2003. Since then, Four Seasons Hotel Amman has not only earned a reputation as one of Jordan’s most successful hotels, but also for nurturing the local tourism sector and contributing to the enrichment of the country’s service culture. We would like to thank everyone involved in establishing the property as an industry benchmark that successfully blends elegant contemporary design with the timeless traditions of authentic Jordanian hospitality.”

Over the course of the last 20 years, Four Seasons Hotel Amman has garnered a host of prestigious international awards. In 2022, the property added to its coveted Five-Star Forbes Travel Guide rating by ranking fourth on Travel & Leisure’s rundown of the Best City Hotels in North Africa and the Middle East. The previous year, it was crowned Best Business Hotel in Amman by Business Traveller Middle East and recognised as a 2021 TripAdvisor Travellers’ Choice Award winner, placing the property among the top 10 per cent of hotels worldwide.

The Hotel’s La Capitale Brasserie was also the proud recipient of a 2021 Travellers’ Choice Award, reflecting its status as Jordan’s first authentic brasserie and a favourite dining spot among the city’s gourmets. Featuring chic interiors by internationally acclaimed design firm AvroKO, La Capitale captures the spirit of a classic French bistro and serves updated classics with a modern, fashionable flair. Diners can also choose from a delectable selection of steaks and seafood at Five Lounge & Grill, which features an outdoor terrace area and is set to undergo a full renovation this April that will see the introduction of original Jordanian art, a herb garden, and floral trees. Guests can also enjoy a delicious breakfast or brunch at Olea, and relax over signature local dishes including Mansaf at The Foyer Lounge all-day dining destination.

Home to the largest ballroom in the city and a grand terrace surrounded by lush greenery, Four Seasons Hotel Amman is considered the most prestigious venue for weddings, social events, and business conferences. The 1,100m² Grand Ballroom can accommodate over a thousand guests, while a wide range of function rooms and meeting spaces are available to cater to events of all types and sizes with a combined area of more than 3,000m².

Guests at the Hotel enjoy access to a range of exceptional leisure facilities including indoor and outdoor swimming pools, together with a 350m² fitness centre featuring floor-to-ceiling windows with panoramic views of Amman’s charming old city area. For the ultimate in resort-style relaxation, the Hotel’s luxurious Spa offers a range of rejuvenating massages and body treatments, many of which harness the restorative benefits of locally-sourced Dead Sea salt scrubs and mud treatments.

Four Seasons guests who are looking to experience Jordan’s charms can embark on a series of “off the beaten track” adventures including hiking, cycling, camping and cultural activities in and around the historical towns of Umm Qais and Pella. These are offered in partnership with local sustainable tour provider Baraka Destinations and provide guests with unique opportunities to experience everything from beekeeping and olive harvesting to traditional arts and crafts. Four Seasons also seeks to promote the work of talented local artists and artisans by featuring their work throughout the Hotel, including pieces from local art gallery Foresight32.

Underlining Jordan’s reputation as a must-visit destination, Four Seasons Hotel Amman has also been featured twice on the Four Seasons Private Jet itinerary as part of the “Ancient Explorer” journey, which enabled guests to experience an unforgettable three-day adventure at the world-famous archaeological site of Petra and the desert of Wadi Rum. Guests were treated to an evening of Bedouin-style hospitality with a barbeque from Jordanian Banquet Chef Khaldoun Al Momani and a seated gala dinner prepared by Jordanian Executive Sous Chef Loay Ali, which took place at one of the locations featured in Disney’s live-action adaptation of the animated classic “Aladdin”.

The Hotel has also successfully hosted an outside catering event for over 100 guests in the ancient city of Jerash. Located 45km north of Amman, this remarkable destination boasts an unbroken chain of human occupation dating back more than 6,500 years and is considered among the best-preserved Roman provincial towns in the world. The city’s architecture, religion, and languages reflect a period when the powerful cultures of the Graeco-Roman world and the ancient traditions of the Arab Orient blended and coexisted.

Building on its two decades legacy as a key part of Amman’s cultural fabric, Four Seasons Hotel Amman has launched a series of initiatives designed to support the local community. These include partnerships with the Jordanian Food Bank, the King Hussein Cancer Foundation, Green Wheelz, the Jordan River Foundation, and the Zahrat Al Yasmin Charitable Society. Reflecting the Four Seasons brand’s global commitment to sustainability, the property has also embarked on a series of environmental programs designed to conserve energy, reduce waste, and ensure the availability of eco-friendly guest options such as electric vehicle charging stations and delicious vegan menu items.

The Hotel’s prominent place within the community also extends to its role as a leading employer. Over the past five years, between 97 per cent and 98 per cent of the Hotel’s 415 team members have been Jordanians and are proud to share their local knowledge with guests by recommending the best ways to explore the Kingdom’s hidden gems and unmissable attractions.

To find out more or to make a reservation, please call +962 (6) 550-5555 or visit fourseasons.com/amman

CAIRO - Stakeholders have called for increasing support to small and medium-sized enterprises (SMEs) so they can enjoy smoother access to finance, which will greatly enhance waste management and green projects in the Southern Mediterranean Region.

The stakeholders made their call during a working group titled “Renewable Energy, Waste Management and Green Projects” held during the MED Business Days South 2023 on Thursday.

Equally important, is increasing awareness among the public and the various stakeholders on the significance of sorting out waste and recycling, they added.

The participants said that the lack of awareness among the public and the government agencies obstruct the efficient implementation of waste management policies.

“There is a dire need for increased advocacy and awareness,” they said.

Access to green financing remains a major challenge for SMEs in the region, they said, calling for increased collaboration and networking and adoption of best practices.

“Better law enforcement is essential to ensure awareness and guarantee a change in societal behavior,” they said.

They also called for connecting research and development with academia and the labour market.

Stressing the important role media plays in this regard, they stressed on the significance of having access to latest data and information, which are of paramount importance to be able to make informed decisions.

They also called on the media to increase coverage of environmental issues to increase awareness on the importance of the green transition.

CAIRO — Intensifying cooperation among the private sector representatives and stakeholders is essential to accelerate the green growth in the Southern Mediterranean region, experts said during the MED Business Days South 2023 on Wednesday.

Speaking at the opening of the event held in Cairo under the theme “In the wake of the COP27, how can the private sector address climate change and promotion green growth, Barbara Beltrame Giacomello, president of BUSINESSMED and Vice President of Internationalisation CONFINDUSTRIA in Italy said partnerships among businesses are key for the creation of sustainable development.

“It is important to foster partnerships and cooperation among t5he private sectors in the Mediterranean region to enhance sustainability and green growth and drive green transition,” she said, stressing on the important role of the international organisations and non-governmental organisations in the green transition journey.

Jihane Boutiba Director of EBSOMED Project, Secretary General of BUSINESSMED underscored the significance of the gathering, saying it provide an appropriate platform for networking and exchanging expertise in this arena.

The experts said intensified cooperation among the various stakeholders is the key to help achieve net-zero targets.

Mohamed Zaki El Sewedy, president of the Federation of Egyptian Industries, said cooperation is key for decarburization.

“There is a great opportunity in the Mediterranean region for increased partnerships and cooperation to work towards common objectives in the green energy transition,” El Sewedy added.

For his part, Nikolaos Zaimis, Head of Trade Section at the European Union Delegation to Egypt, stressed on the EU’s commitment to support the climate resilience of the southern Mediterranean region.

“The region is warming at a rate of 20 per cent more than other regions and there are less FDIs and less GDP growth, thus we need to accelerate investments in the region, “ Zaimis added.

He stressed on the importance of more efforts to make industries cleaner and more competitive, calling for facilitating green financing especially among SMEs.

“The EU needs a strong private sector in the southern region of the Mediterranean,” he added, underlining the significance of the support provided by stakeholders and regulators to accelerate the transition towards green energy.