Artificial Intelligence
Half-year report
Draper Esprit VCT plc Recent performance summary
CHAIRMAN’S STATEMENT Unsurprisingly new investment activity fell to a reduced level in the early stages of the pandemic however, this has now recovered, and the Manager made good progress in continuing to deploy the Company’s funds later in the period. Net Asset Value, results and dividends
At 30 September 2020, the Company’s Net Asset Value (“NAV”) per share stood at 49.9p, an increase of 3.9p or 8.5% since 31 March 2020.
The profit on ordinary activities after taxation for the period was £5.7 million (2019: £228,000), comprising a revenue loss of £222,000 (2019: revenue return of £134,000) and a capital profit of £5.9 million (2019: £94,000).
An interim dividend of 1.0p per Share will be paid on 26 March 2021, to Shareholders on the register as at 5 March 2021.
Venture capital investments The Company invested £2.4 million in Thought Machine Group Limited, a fintech company which has developed cloud native banking technology with its core banking system, Vault.
£1.1 million was also invested in Ravelin Technology Limited, a cloud-based fraud detection and prevention platform that helps companies stop online payment fraud.
Further investments were made into three existing portfolio businesses: Back Office Technology (£720,000), Evonetix (£692,000) and Roomex (£465,000).
At the period end, the Company held a portfolio of 39 venture capital investments, valued at £37.7 million.
The Board has reviewed the valuations of the unquoted investments as at 30 September 2020 and made a number of adjustments to the carrying values. This has resulted in a net valuation uplift of £6.2 million for the period across the portfolio. Fundraising
The Company launched an offer for subscription in October 2019 which closed on 31 August 2020, having raised £13.5 million.
The Board is giving consideration to further fundraising plans.
Share buybacks
The Company continues to operate a policy of buying in its shares that become available in the market, at approximately a 5% discount to the latest published NAV, subject to regulatory and liquidity constraints. In line with this policy, during the period the Company purchased 388,328 shares for cancellation an average price of 42.9p per share.
Any Shareholders considering selling their shares will need to use a stockbroker and may wish to contact Panmure Gordon (UK) Limited, who acts as the Company’s corporate broker and can provide details on closed periods when the Company is unable to buy shares.
Board Composition The Board now comprises four non-executive directors. The Directors are reviewing the Board structure and may make further adjustments in due course.
Outlook Over the remainder of the financial year, with dealflow reported to be strengthening, we expect to see a reasonable level of further funds deployed.
I look forward to updating Shareholders in the next Annual Report, which will be issued in July 2021.
David Brock INVESTMENT MANAGER’S REPORT At the period end, the Draper technology portfolio as a percentage of total net assets accounted for 41%, the legacy portfolio 27%, and cash 32%. Since the March year end, two new investments have been completed in the fin-tech sector totalling £3.5 million.
One is Thought Machine Group Ltd. Founded in 2014 by a former Google engineer. The company has built, Vault, a modern cloud native core system for banks constrained by legacy systems. Over the last months, the company has scaled up international hiring, adding 100 employees in the first two quarters of 2020. This Draper Esprit led round was joined by Lloyds Banking Group, IQ Capital, Backed and Playfair Capital. Together with a further subsequent round led by Eurazeo Growth this brings the total funds raised to $125 million.
The other is Ravelin Technology Ltd, a vendor of fraud detection software. Founded in 2018 Ravelin has pioneered the use of machine learning and graph network technologies to help online businesses accept more payments with confidence. It has marquee clients in each sector globally and has helped businesses to accept over 1.2 billion transactions; secure over 230 million active user accounts; and use machine learning to block 4 million fraudulent accounts which attempted to place 14.7 million orders worth $53 billion.
Since the September period end we have signed commitments to an additional two new investments totalling £1.2 million and are awaiting HMRC advance assurance to complete.
Four further follow-ons have been made into the Draper Esprit portfolio totalling £3.4 million, one post the September period end. Two follow-ons were investments led by third party investors into Evonetix and Back Office Technology. Back Office Technology (trading as Form 3) is a cloud native fintech payments processor. This £29 million strategic investment round included new investors Lloyds Banking Group, Nationwide Building Society, and venture capital firm, 83 North.
Evonetix which is developing DNA gene synthesis technology, raised a further round led by US venture investors, Foresite Capital. The new funding will be used to accelerate internal technology development, including the integration of Evonetix’s technology to enable the synthesis of DNA on a chip.
Details of these additions can be found below.
Within the legacy portfolio, four companies make up 94% of the carrying value at 30 September 2020. Two of these, Access Intelligence plc and Fulcrum Utilities Group, are quoted on AIM and have risen in value by 56% since 30 March and now total £6.6m (12% of NAV). The valuation of the two private companies, Fords and Lyalvale, remain unchanged. No further investment was made into the legacy portfolio.
As Managers of the VCT, we were confident of the upward trend in the portfolio valuations until the advent of the Covid crisis which resulted in a marked decrease in portfolio valuations at the year end. We are pleased to report an overall recovery in these valuations despite some mixed results in trading across our portfolio companies. As a result, the Company recorded a 3.9p increase in the Total Return (net asset value including cumulative dividends), from 31 March 2020 from 151.0p to 154.9p, an increase of 8.5%.
The Draper Esprit investments continue to offer some exciting prospects for the future. The pace at which new technologies are disrupting, shaping and improving the world around us shows no signs of relenting with developments around machine learning, artificial intelligence, mobility, and blockchain opening up exciting new possibilities across our areas of focus in enterprise, digital health, hardware and deeptech, and consumer technology.
In summary the Manager continues to believe that despite the setbacks of the Covid pandemic and the uncertainty of Brexit, investing into technology retains the attributes of good potential for future value growth.
Elderstreet Investments Limited
SUMMARY OF INVESTMENT PORTFOLIO SUMMARY OF INVESTMENT MOVEMENTS
*Quoted on AIM UNAUDITED BALANCE SHEET UNAUDITED INCOME STATEMENT All Revenue and Capital items in the above statement are derived from continuing operations. The total column within the Income Statement represents the profit and loss account of the Company. UNAUDITED STATEMENT OF CHANGES IN EQUITY A transfer of £276,000 was made from the Special reserve to the Capital Reserve – realised in respect of capital expenses in the period.
UNAUDITED STATEMENT OF CASH FLOWS
for the six months ended 30 September 2020
(155)
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
for the six months ended 30 September 2020
1.The unaudited Half-Yearly Report covers the six months to 30 September 2020 and has been prepared in accordance with the accounting policies set out in the statutory accounts for the period ended 31 March 2020, which were prepared in accordance with the Financial Reporting Standard 102 (“FRS 102”) and the Statement of Recommended Practice “Financial Statements of Investment Trust Companies” issued in October 2019 (“SORP”). 2.The Company has only one class of business and derives its income from investments made in shares, securities and bank deposits.
3.The comparative figures are in respect of the six months ended 30 September 2019 and the year ended 31 March 2020, respectively.
4.Basic and diluted return per Share
5.Dividends
6.Basic and diluted Net Asset Value per Share 7.Called up Share capital
During the period the Company allotted 31,328,577 Ordinary Shares of 5p each (“Ordinary Shares”) under an Offer for Subscription that launched in October 2019, at an average price of 43.1p per Share. Gross proceeds received thereon were £13.5 million, with issue costs in respect of the Offer amounting to £455,000.
During the period, the Company purchased 388,328 Shares for cancellation for an aggregate consideration of £168,000, at an average price of 42.9p per Share (approximately equal to a 5.8% discount to the most recently published NAV at the time of purchase) and representing 0.5% of the Share capital in issue as at 1 April 2020.
8.Reserves Distributable reserves are calculated as follows: In October 2018, the balances on the Share Premium account and the capital redemption reserve were cancelled and added to the special reserve, contributing an additional £26.2 million to distributable reserves. The VCT regulations place some restrictions on the use of these reserves during the first three to four years after the funds on which they arose were raised.
9.Investments The Company has categorised its financial instruments using the fair value hierarchy as follows:
Level 1 -Reflects financial instruments quoted in an active market (fixed interest investments, and investments in shares quoted on either the Main or AIM Markets); 10.Risks and uncertainties The Board has concluded that the key risks facing the Company over the remainder of the financial period are as follows:
-investment risk associated with investing in small and immature businesses; In all cases the Board is satisfied with the Company’s approach to these risks. As a VCT, the Company is forced to have significant exposure to relatively immature businesses. This risk is mitigated to some extent by holding a well-diversified portfolio.
With a reasonably illiquid venture capital investment portfolio, the Board ensures that it maintains an appropriate proportion of its assets in cash and liquid instruments.
The Company’s compliance with the VCT regulations is continually monitored by the Administration Manager, who regularly reports to the Board on the current position. The Company also retains Philip Hare and Associates LLP to provide regular reviews and advice in this area. The Board considers that this approach reduces the risk of a breach of the VCT regulations to a minimal level. The Company has considerable financial resources at the period end and holds a diversified portfolio of investments. As a result, the Directors believe that the Company is well placed to manage its business risks successfully despite the current uncertain economic outlook.
The Directors have concluded that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.
11.The Directors confirm that, to the best of their knowledge, the half-yearly financial statements have been prepared in accordance with the “Statement: Half-Yearly Financial Reports” issued by the UK Accounting Standards Board as well as in accordance with FRS 104 Interim Financial Reporting and the half-yearly financial report includes a fair review of the information required by:
a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the current financial year and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the year; and
b)DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period, and any changes in the related party transactions described in the last Annual Report that could do so. 12.The unaudited financial statements set out herein do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006 and have not been delivered to the Registrar of Companies. The figures for the period ended 31 March 2020 have been extracted from the financial statements for that period, which have been delivered to the Registrar of Companies; the Auditor’s report on those financial statements was unqualified.
13.Copies of the unaudited Half-Yearly Report will be sent to Shareholders shortly. Further copies can be obtained from the Company’s registered office or downloaded from www.draperespritvct.com and www.downing.co.uk.
LEI: 2138003I9Q1QPDSQ9Z97
Half-Yearly Report for the six months ended 30 September 2020
30 Sept
2020 30 Sept
2019 31 Mar
2020
Pence
Pence
Pence
Net Asset Value (“NAV”) per Share
49.9
57.1
46.0
Cumulative distributions paid per Share
105.0
102.0
105.0
Total Return per Share
154.9
159.1
151.0
Since my statement with the last annual report, published in July, we have seen some progress in the battle against the coronavirus with the end of the first lockdown but then a setback with the second wave and, more recently, positive news in respect of vaccines which now suggests there is some light at the end of the tunnel. The pandemic has been disruptive for all businesses, but I believe the Company’s portfolio has generally weathered the storm well and many businesses have been able to adapt to the new conditions.
Investment activity and valuation
During the period, the Company made two new and three follow-on investments, totalling £5.4 million.
As previously announced, Barry Dean retired from the Board and did not stand for re-election as a non-executive director at the AGM, which took place in September. We thank Barry for his significant contribution during the period that he served on the Board.
A substantial part of the Company’s portfolio is now invested in businesses introduced under the co-investment arrangements with Draper Esprit plc. It is still too early to expect major successful exits from these investments, but progress is generally satisfactory to date. Although many of these businesses are reasonably immature, many operate in sectors that have not been heavily impacted by the pandemic and should be well positioned to flourish as the world starts slowly to return to more normal conditions.
Chairman
The co-investment arrangements with Draper Esprit plc, to share deal flow, management experience and investment opportunities, continues to be positive from both an investment and a fundraising perspective. We now define the Company as having two portfolios; a new technology portfolio invested alongside other Draper Esprit funds and a legacy portfolio assembled before the Draper Esprit arrangement.
Investment Portfolio as at 30 September 2020
Cost
Valuation
Valuation
movement
in period% of
portfolio
by value
£’000
£’000
£’000
Top ten venture capital investments
Access Intelligence plc*
2,586
5,980
2,238
10.9%
Fords Packaging Topco Limited
2,433
5,626
–
10.1%
Endomagnetics Limited
912
2,862
397
5.2%
Back Office Technology Limited
1,420
2,409
–
4.3%
Thought Machine Group Limited
2,400
2,400
–
4.3%
IESO Digital Health Limited
1,900
2,061
161
3.7%
StreetTeam Software Limited
2,504
1,917
1,776
3.4%
Evonetix Limited
1,485
1,882
7
3.4%
Freetrade Limited
600
1,500
240
2.7%
Lyalvale Express Limited
1,915
1,428
–
2.6%
18,155
28,063
4,819
50.6%
Other venture capital investments
20,775
9,611
1,352
17.3%
38,930
37,676
6,171
67.9%
Cash at bank and in hand
17,806
32.1%
Total investments
55,482
100.0%
Investment additions
Venture capital investments
£’000
Thought Machine Group Limited
2,400
Ravelin Technology Limited
1,133
Back Office Technology Limited
720
Evonetix Limited
693
Roomex UK Limited
465
5,411
Investment disposals
Cost
Value at
1 April
2020 Proceeds
Profit
vs costRealised (loss)/
gain
£’000
£’000
£’000
£’000
£’000
Venture capital investments
Retention proceeds
Pod Point Holdings Limited
–
–
22
22
22
–
–
22
22
22
All venture capital investments are unquoted unless otherwise stated.
as at 30 September 2020
30 Sept 2020
30 Sept 2019
31 Mar 2020
£’000
£’000
£’000
Fixed assets
Investments
37,676
31,913
26,095
Current assets
Debtors
51
75
2,416
Cash at bank and in hand
17,806
14,036
8,422
17,857
14,111
10,838
Creditors: amounts falling due within one year
(219)
(205)
(190)
Net current assets
17,638
13,906
10,648
Net assets
55,314
45,819
36,743
Capital and reserves
Called up Share capital
5,544
4,015
3,997
Capital redemption reserve
652
615
633
Share premium account
18,321
6,387
6,388
Merger reserve
1,828
1,828
1,828
Special reserve
17,814
21,729
18,713
Capital reserve – unrealised
10,588
8,952
4,417
Capital reserve – realised
798
2,175
776
Revenue reserve
(231)
118
(9)
Equity Shareholders’ funds
55,314
45,819
36,743
Basic and diluted Net Asset Value per Share
49.9p
57.1p
46.0p
for the six months ended 30 September 2020
Six months ended
30 Sept 2020
Six months ended
30 Sept 2019
Year ended
31 Mar 2020
Revenue
Capital
Total
Revenue
Capital
Total
Total
£’000
£’000
£’000
£’000
£’000
£’000
£’000
Income
48
–
48
411
–
411
585
Gains on investments
Realised
–
22
22
–
–
–
120
Unrealised
–
6,171
6,171
–
386
386
(5,746)
48
6,193
6,241
411
386
797
(5,041)
Investment management fees
(91)
(276)
(367)
(98)
(292)
(390)
(848)
Other expenses
(179)
–
(179)
(179)
–
(179)
(366)
Return on ordinary activities before taxation
(222)
5,917
5.695
134
94
228
(6,255)
Tax on total comprehensive income and ordinary activities
–
–
–
–
–
–
–
Return attributable to equity Shareholders
(222)
5,917
5,695
134
94
228
(6,255)
Basic and diluted return per Share
(0.2p)
5.5p
5.3p
0.2p
0.1p
0.3p
(7.8p)
for the six months ended 30 September 2020
Called up Share capital
Capital redemption reserve
Share premium
Merger reserve
Special reserve
Capital reserve-unrealised
Capital reserve-realised
Revenue reserve
Total
£’000
£’000
£’000
£’000
£’000
£’000
£’000
£’000
£’000
At 1 April 2019
3,436
599
–
1,828
22,545
8,403
2,174
(16)
38,969
Total comprehensive income
–
–
–
–
–
(5,746)
(516)
7
(6,255)
Transfer between reserves
–
–
–
–
(3,281)
1,760
1,521
–
—
Transactions with owners
Issue of new Shares
595
–
6,388
–
–
–
–
–
6,983
Share issue costs
–
–
–
–
(185)
–
–
–
(185)
Purchase of own Shares
(34)
34
–
–
(366)
–
–
–
(366)
Dividends paid
–
–
–
–
–
–
(2,403)
–
(2,403)
At 31 March 2020
3,997
633
6,388
1,828
18,713
4,417
776
(9)
36,743
Total comprehensive income
–
–
–
–
–
6,171
(254)
(222)
5,695
Transfer between reserves
–
–
–
–
(276)
276
–
—
Transactions with owners
Issue of new Shares
1,566
–
11,933
–
–
–
–
–
13,499
Share issue costs
–
–
–
–
(455)
–
–
–
(455)
Purchase of own Shares
(19)
19
–
–
(168)
–
–
–
(168)
Dividends paid
–
–
–
–
–
–
–
–
At 30 September 2020
5,544
652
18,321
1,828
17,814
10,588
798
(231)
55,314
Six months ended
30 Sept 2020
Six months ended
30 Sept 2019
Period ended
31 Mar 2020
£’000
£’000
£’000
Cash flow from operating activities
Return on ordinary activities before taxation
5,695
228
(6,255)
Gains on investments
(6,193)
(386)
5,626
(Increase)/decrease in debtors
2,408
(10)
(2,403)
Increase/(decrease) in creditors
(11)
13
16
Net cash outflow generated from operating activities
1,899
(3,016)
Cash flow from investing activities
Purchase of investments
(5,411)
(2,850)
(5,208)
Sale of investments
22
–
2,165
Net cash outflow from investing activities
(5,389)
(2,850)
(3,043)
Cash flows from financing activities
Proceeds from Share issue
13,500
6,982
6,983
Share issue costs
(498)
(203)
(165)
Purchase of own Shares
(128)
(194)
(389)
Equity dividends paid
–
1
(2,403)
Net cash inflow from financing activities
12,874
6,586
4,026
Increase/(decrease) in cash
9,384
3,581
(2,033)
Net movement in cash
Beginning of period
8,422
10,455
10,455
Net cash inflow/(outflow)
9,384
3,581
(2,033)
End of period
17,806
14,036
8,422
30 Sept 2020
30 Sept 2019
31 Mar 2020
Return per Share based on:
Net revenue gain for the period (£’000)
(222)
134
7
Capital return per Share based on:
Net capital gain for the period (£’000)
5,917
94
(6,262)
Weighted average number of Shares
106,544,017
80,116,839
80,113,600
30 September 2020
31 March 2020
Per Share
Revenue
Capital
Total
Total
Pence
£’000
£’000
£’000
£’000
Payable
2021 Interim
1.0p
–
1,109
1,109
–
Paid in the period
2020 Final
1.5p
–
1,587
1,587
2020 Interim
1.5p
–
–
–
1,199
2019 Final
1.5p
–
–
–
1,204
–
1,587
1,587
2,403
30 Sept 2020
30 Sept 2019
31 Mar 2020
Net asset value per Share based on:
Net assets (£’000)
55,314
45,819
36,743
Number of Shares in issue at the period end
110,874,413
80,293,973
79,934,164
Net Asset Value per Share
49.9p
57.1p
46.0p
30 Sept 2020
30 Sept 2019
31 Mar 2020
Ordinary Shares of 5p each
Number of Shares in issue at the period end
110,874,413
80,293,973
79,934,164
Nominal value (£’000)
5,544
4,015
3,997
The special reserve is available to the Company to enable the purchase of its own Shares in the market without affecting its ability to pay dividends and allows the Company to write back realised capital losses arising on disposals and impairments.
30 Sept 2020
30 Sept 2019
31 Mar 2020
£’000
£’000
£’000
Special reserve
17,814
21,729
18,713
Capital reserve – realised
798
2,175
776
Revenue reserve
(231)
118
(9)
Merger reserve – distributable element
423
423
423
Unrealised losses – net of unquoted gains
805
(524)
(3,545)
19,609
23,921
16,358
The fair value of investments is determined using the detailed accounting policy as set out in Note 1 of the Annual Report.
Level 2 -Reflects financial instruments that have prices that are observable either directly or indirectly; and
Level 3 -Reflects financial instruments that use valuation techniques that are not based on observable market data (unquoted equity investments and loan note investments).
Six months ended 30 Sept 2020
Period ended 31 Mar 2020
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
£’000
£’000
£’000
£’000
£’000
£’000
£’000
£’000
AIM quoted shares
6,605
565
–
7,170
4,006
250
–
4,256
Loan notes
–
–
508
508
–
–
508
508
Unquoted shares
–
–
29,998
29,998
–
–
21,331
21,331
6,605
565
30,506
37,676
4,006
250
21,839
26,095
Under the Disclosure and Transparency Directive, the Board is required in the Company’s half-yearly results to report on principal risks and uncertainties facing the Company over the remainder of the financial year.
-liquidity risk arising from investing mainly in unquoted businesses; and
-failure to maintain approval as a VCT.
Artificial Intelligence
ADQ Appoints Modon as Master Developer for Ras El Hekma Megaproject in Egypt
In the presence of Mohamed bin Zayed Al Nahyan and Abdel Fattah El-Sisi
The event marked the signing of several significant agreements aimed at driving the development of the new destinationABU DHABI, UAE, Oct. 4, 2024 /PRNewswire/ — In the presence of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and His Excellency Abdel Fattah El-Sisi, President of the Arab Republic of Egypt, ADQ, an Abu Dhabi-based investment and holding company, appointed Modon Holding PSC as the master developer for the Ras El Hekma megaproject.
In addition to being master developer for the entire development spanning 170 million square metres, Modon Holding will undertake the responsibility of the developer role for the first phase of the envisaged city consisting of 50 million square metres.
The remaining 120 million square metres, which are part of the master plan presented by Modon Holding, will be developed in partnership with prominent developers from Egypt, the UAE, and the international community under the oversight of the recently established ADQ subsidiary Ras El Hekma Urban Development Project Company and Modon Holding.
This iconic project represents a major milestone for Modon Holding by significantly increasing its land under development outside the UAE. Ras El Hekma is located around 350 kilometres northwest of Cairo and envisioned as a fully functional, smart, sustainable, and inclusive urban community situated against the scenic coastline.
The project is expected to become a powerful economic engine, with cumulative investments anticipated to reach US$110 billion by 2045, an annual GDP contribution of around US$25 billion, and approximately 750,000 jobs to be created, both directly and indirectly.
Upon completion, the development will be home to two million people and feature more than 40 kilometres of green spines, set to make Ras El Hekma the greenest megaproject in the region.
As a result of Ras El Hekma’s location within a four-hour flight for over 400 million outbound tourists, the establishment of tourism infrastructure will be a priority during the first phases of the development, encompassing an international airport as well as high-speed rail connectivity. The masterplan also includes residential areas, office spaces, hospitality venues, retail, leisure, and recreation facilities.
Ras El Hekma will have an international marina and a special free zone. Additionally, Modon Holding will look to develop infrastructure to support a range of high-growth industries, including business services, financial services, light manufacturing, and technology.
His Excellency Jassem Mohamed Bu Ataba Al Zaabi, Chairman of Modon Holding, said, “Ras El Hekma is destined to become a regional crown jewel in a country already famed for its rich and diverse attractions. Modon Holding is proud to bring this 170-million-square-metre visionary megaproject to life, leveraging our expertise and innovative approach. With our partners, we are poised to transform Ras El Hekma into a dynamic economic powerhouse and a global model for urban development.”
His Excellency Mohamed Hassan Alsuwaidi, Managing Director and Group Chief Executive Officer of ADQ, said, “As a project of unprecedented scale and impact, Ras El Hekma will be a catalyst for the development of Egypt’s economy by offering opportunities for businesses and stimulate tourism. Modon Holding brings a wealth of expertise in master planning and will pioneer state-of-the-art, innovative solutions, creating a destination that will deliver long-term value for Egypt and its people.”
Bill O’Regan, Group CEO of Modon Holding, said, “The Ras El Hekma destination is one of the Group’s most significant investment and development projects outside the UAE. The project provides an incredible development pipeline, and Modon Holding looks forward to delivering a destination that will be an exceptional experience for visitors and residents alike.”
During the ceremony, Modon Holding PSC engaged with the initial major partners to join in the development of the Ras El Hekma megaproject on Egypt’s stunning Mediterranean coast.
Ras El Hekma is set to become a leading urban and tourist hub, boasting a wide array of attractions and amenities. Modon Holding aims to harness its large-scale development expertise, collaborating with local, regional, and global partners to bring this visionary destination masterplan to life.
These collaborative efforts, combined with a focus on diverse entertainment, sports, cultural events, and top-tier community management, will position Ras El Hekma as a premier Mediterranean destination.
While the immediate focus is on tourism and hospitality, Modon’s long-term vision for the 170-square-metre site also includes business services, financial services, light manufacturing, and technology.
Modon Engages First Batch of Investors and Partners in Landmark Ceremony
On 4th October, in a momentous ceremony attended by President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Egyptian President His Excellency Abdel Fattah El-Sisi, Modon proudly initiated the engagement of its first group of investors and partners.
The event marked the signing of several significant agreements aimed at driving the development of the new destination:
– A framework agreement with Orascom Construction, designating them as one of the primary contractors for the initial phase of the project.
– A memorandum of understanding with Elsewedy Electric to explore opportunities for supplying building materials and collaborating on industrial parks, manufacturing, operations, and maintenance.
– A memorandum of understanding with Abu Dhabi Airports to collaborate in airport strategic planning, design, development, and operational support.
– A memorandum of understanding with TAQA to explore cooperation opportunities in relation to the development, financing, and operation of greenfield utilities infrastructure projects, water desalination projects, electricity transmission and distribution projects and wastewater projects.
– A memorandum of understanding with Valderrama for the development and operation of golf communities.
– A memorandum of understanding with e& Egypt to facilitate the design and implementation of smart city infrastructure, including digital connectivity, fiber networks, and 5G; smart building technologies and IoT-enabled solutions for residential and commercial properties; city-wide data collection, monitoring, and analytics systems; smart utilities, encompassing automated energy management, water, and waste systems; smart transportation systems; and any other mutually agreed smart city services.
– A memorandum of understanding with Candy International aims to explore luxury real estate development opportunities, leveraging Candy’s extensive international reach.
– A memorandum of understanding with Montage International for the development and management of luxury hotels in Ras El Hekma.
– A memorandum of understanding with Accor and Ennismore to operate hotels and resorts in Ras El Hekma.
– Finally, a memorandum of understanding with Burjeel Holding to develop multi-specialty healthcare facilities, implement innovative healthcare solutions, provide medical training programmes, and collaborate on public health initiatives and community wellness programmes.
These strategic partnerships underscore Modon’s commitment to creating a world-class destination, fostering innovation, and enhancing the quality of life for Ras El Hekma’s future residents.
His Excellency Jassem Mohamed Bu Ataba Al Zaabi, said, “Ras El Hekma represents a visionary and multifaceted endeavour that promises to make a substantial contribution to the Egyptian economy. Crafting a masterplan of such scale demands specialised expertise and capabilities across diverse industries, which can only be realised through robust strategic partnerships. We look forward to working with our partners present and future in harnessing the full potential of this extraordinary location.”
Bill O’Regan, said, “Ras El Hekma is an extraordinarily ambitious and complex project that will significantly contribute to the Egyptian economy through various stages of planning, design, and construction, ultimately bringing this new destination to life. Developing and delivering a masterplan of this magnitude requires sector-specific expertise and capabilities across a wide range of industries and is achievable only through strong strategic partnerships.”
About ADQEstablished in 2018, ADQ is an Abu Dhabi-based investment and holding company with a broad portfolio of major enterprises. Its investments span key sectors of the UAE’s diversified economy including energy and utilities, food and agriculture, healthcare and life sciences, and transport and logistics, amongst others. As a strategic partner to the Government of Abu Dhabi, ADQ is committed to accelerating the transformation of the Emirate into a globally competitive and knowledge-based economy.
For more information, visit adq.ae or write to [email protected]. You can also follow ADQ on Instagram, LinkedIn and X.
About Modon HoldingModon develops vibrant communities, unique hospitality and lifestyle experiences, and world-class sports facilities. Based in Abu Dhabi, Modon Holding is a Private Joint Stock company listed on the ADX Growth Market with the shareholding of ADQ and the IHC Group being our majority shareholders. Through a diversified business portfolio in the UAE, we are engaged in strategic investment and innovation on an unrivalled scale, shaping future smart living. Our goal is to deliver long-term, sustainable value, laying the foundations for intelligent, connected living.
Ras El-Hekma Urban Development Project CompanyA wholly owned subsidiary of ADQ, an Abu Dhabi-based investment and holding company, Ras El Hikma Urban Development Project Company S.A.E. (RED) is mandated to oversee the execution of the Ras El Hekma project, a 170 million square meter visionary megacity located on Egypt’s north coast. Established in March 2024 and based in Egypt, RED holds the ownership rights of the Ras El-Hekma as well as responsibility for the implementation of the multi-phase project together with its partners, which include Modon Holding as the master developer.
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Artificial Intelligence
Electronic Access Control Systems Market Set for Significant Expansion, with Projected Growth to USD 16 Billion by 2031: Market Research Intellect
The Electronic Access Control System market is driven by increasing security concerns and advancements in technology. As businesses and institutions face growing threats, there is a rising demand for sophisticated access control solutions to protect assets and data. Technological innovations, including biometrics, IoT integration, and cloud-based systems, enhance system functionality and appeal. Additionally, the trend toward smart buildings and stringent regulatory requirements further fuels the market’s expansion, reflecting a broadening need for advanced security solutions.
LEWES, Del., Oct. 4, 2024 /PRNewswire/ — The Electronic Access Control System market is projected to grow from approximately USD 10 billion in 2024 to USD 16 billion by 2031, achieving a compound annual growth rate (CAGR) of around 7.5%. This growth is driven by rising security needs, advancements in technology, and increased adoption of smart and connected security solutions across various sectors.
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202 – Pages126 – Tables37 – Figures
Scope Of The Report
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2020-2031
BASE YEAR
2023
FORECAST PERIOD
2024-2031
HISTORICAL PERIOD
2020-2023
UNIT
Value (USD Billion)
KEY COMPANIES PROFILED
Honeywell International Inc., Johnson Controls International plc, ASSA ABLOY Group, Allegion plc, Schlage (a brand of Allegion), Bosch Security Systems, Tyco International Ltd., and HID Global (an ASSA ABLOY Group brand).
SEGMENTS COVERED
By Type, By Application And By Geography
CUSTOMIZATION SCOPE
Free report customization (equivalent to up to 4 analyst working days) with purchase. Addition or alteration to country, regional & segment scope
Electronic Access Control System Market Overview
Market Size and Growth:The Electronic Access Control System market is experiencing robust growth, expected to expand from approximately USD 10 billion in 2024 to USD 16 billion by 2031, representing a compound annual growth rate (CAGR) of about 7.5%. This growth trajectory is driven by the increasing need for enhanced security solutions across various sectors, including commercial, residential, and industrial applications. The rising concerns over security breaches and unauthorized access are prompting organizations to invest in advanced access control technologies. Additionally, the growing adoption of smart buildings and connected infrastructure contributes to the market’s expansion, as these technologies offer more efficient and scalable security solutions. As the demand for higher security standards continues to rise, the EACS market is poised for substantial growth in the coming years.Technological Advancements:The EACS market is significantly influenced by rapid technological advancements. Innovations such as biometric authentication, including fingerprint and facial recognition, are enhancing the capabilities of access control systems, providing more secure and user-friendly solutions. The integration of Internet of Things (IoT) technology allows for remote monitoring and management of access control systems, increasing their flexibility and effectiveness. Cloud-based solutions are also gaining traction, offering scalable and cost-effective options for businesses of all sizes. These technological advancements not only improve security but also streamline system management and integration with other smart technologies. As the technology continues to evolve, the EACS market is expected to benefit from more sophisticated, efficient, and adaptable access control solutions that meet the growing demands for security and convenience.Market Drivers:The primary drivers of the EACS market include heightened security concerns and the need for compliance with regulatory standards. Organizations across various sectors are increasingly investing in advanced access control solutions to safeguard their assets, sensitive information, and personnel. The growing frequency of security breaches and unauthorized access incidents further amplifies the need for reliable and robust security systems. Additionally, the trend toward smart buildings and the integration of IoT technology are driving market growth by offering more sophisticated and interconnected security solutions. Regulatory requirements related to data protection and physical security are also influencing the adoption of EACS, as businesses seek to meet these standards while ensuring the safety and security of their operations.Regional Insights:The EACS market shows varying growth patterns across different regions. North America and Europe lead the market due to their high adoption rates of advanced security technologies and stringent regulatory requirements. In these regions, the emphasis on high-security standards and the presence of major market players contribute to significant market growth. Conversely, the Asia-Pacific region is emerging as a key growth area due to rapid urbanization, industrialization, and increasing investments in infrastructure development. Countries such as China and India are witnessing a surge in demand for electronic access control systems as they modernize their infrastructure and enhance security measures. The diverse regional dynamics reflect varying levels of market maturity and growth opportunities, influencing the overall global market landscape.Download Sample Report Now: https://www.marketresearchintellect.com/download-sample/?rid=194769Market Segmentation:The EACS market can be segmented based on type, application, and technology. Key types include biometric systems, card-based systems, and electronic locks. Biometric systems are gaining popularity for their high security and convenience, while card-based systems remain widely used due to their affordability and ease of integration. Electronic locks offer versatile security options for both residential and commercial applications. In terms of application, the market serves commercial buildings, residential complexes, government facilities, and industrial sites. Each segment has unique requirements and preferences, driving the development of specialized solutions. Technology-wise, advancements such as IoT integration, cloud-based systems, and mobile access are shaping the market, offering improved functionality and user experience. Understanding these segments helps stakeholders tailor their offerings to meet diverse market needs effectively.Challenges:Despite its growth, the EACS market faces several challenges. High initial investment costs can deter small and medium-sized enterprises (SMEs) from adopting advanced access control solutions. Integration complexities, particularly with existing security infrastructure, can also pose hurdles for implementation. Additionally, concerns about data privacy and cybersecurity risks associated with connected systems may affect market adoption. The rapid pace of technological advancements requires continuous updates and upgrades, adding to the cost and complexity of maintaining access control systems. Addressing these challenges involves developing cost-effective solutions, enhancing system compatibility, and ensuring robust cybersecurity measures. Overcoming these obstacles is crucial for market players to successfully expand their customer base and capture emerging opportunities in the evolving security landscape.Competitive Landscape:The EACS market is characterized by intense competition, with numerous players vying for market share. Major companies include Honeywell, Johnson Controls, ASSA ABLOY, and Allegion, each offering a range of innovative products and solutions. These players focus on technological advancements, strategic partnerships, and mergers and acquisitions to strengthen their market positions. Additionally, emerging players and startups are introducing novel solutions, contributing to market dynamism and innovation. Competitive strategies involve differentiating products through advanced features, improving customer service, and expanding distribution channels. As the market evolves, companies must stay ahead of technological trends and customer demands to maintain a competitive edge and drive growth in a rapidly changing environment.Future Outlook:The future outlook for the EACS market is promising, with continued growth expected as security concerns and technological advancements drive demand. Emerging trends such as the integration of artificial intelligence (AI) and machine learning are likely to enhance system capabilities, providing more proactive and intelligent security solutions. The growing emphasis on smart cities and connected infrastructure will further propel market growth, as EACS plays a crucial role in modernizing urban environments. Additionally, increasing awareness of data privacy and security will lead to greater adoption of advanced access control systems. As the market evolves, stakeholders should focus on innovation, user experience, and addressing emerging security challenges to capitalize on future opportunities and sustain long-term growth.Geographic Dominance:
The Electronic Access Control System market exhibits significant geographic dominance, with North America and Europe leading due to their advanced infrastructure and stringent regulatory standards. North America, particularly the United States, holds a substantial share of the market, driven by high security concerns, technological advancements, and a robust presence of major EACS providers. Europe follows closely, with countries like the UK, Germany, and France investing heavily in security solutions due to strict regulations and high adoption rates. Meanwhile, the Asia-Pacific region is emerging as a major growth area, fueled by rapid urbanization, industrial expansion, and increasing investments in smart infrastructure. Countries such as China and India are witnessing rising demand for advanced access control systems as they modernize and enhance their security measures. The diverse regional dynamics highlight varying levels of market maturity and growth potential across the globe.
Electronic Access Control System Market Key Players Shaping the Future
The Electronic Access Control System market is significantly influenced by key players such as Honeywell International Inc., Johnson Controls International plc, ASSA ABLOY Group, Allegion plc, Schlage (a brand of Allegion), Bosch Security Systems, Tyco International Ltd., and HID Global (an ASSA ABLOY Group brand). These companies are at the forefront of technological innovation and market development, shaping the future of access control solutions through their advanced products and strategic initiatives.
Electronic Access Control System Market Segment Analysis
The Electronic Access Control System market is segmented based on By Type, By Application and Geography, offering a comprehensive analysis of the industry.
By Type:
Biometric Systems: These systems use unique biological characteristics, such as fingerprints, facial recognition, and iris scans, to provide secure access. They offer high security and are increasingly adopted in sensitive areas.Card-Based Systems: These systems use magnetic stripe cards, smart cards, or proximity cards to control access. They are popular due to their affordability, ease of use, and integration capabilities.Electronic Locks: These include keypads, smart locks, and other electronic mechanisms that can be controlled remotely or via electronic credentials. They are versatile and used in various residential and commercial settings.By Application:
Commercial Buildings: EACS in commercial buildings includes office complexes, retail spaces, and hospitality venues. These systems focus on managing employee access, visitor control, and security integration.Residential Complexes: Access control systems for residential complexes include apartment buildings and gated communities, emphasizing security and convenience for residents.Government Facilities: High-security access control solutions are used in government buildings, military bases, and other critical infrastructure to ensure tight security and regulatory compliance.Industrial Sites: EACS for industrial sites manage access to sensitive areas, protect valuable assets, and ensure safety compliance in manufacturing and industrial environments.By Geography:
North America: This region leads the market due to high adoption rates of advanced security technologies, stringent regulations, and a strong presence of major market players.Europe: Europe follows closely, with significant market activity in countries such as the UK, Germany, and France, driven by regulatory standards and high security needs.Asia-Pacific: The Asia-Pacific region is emerging as a key growth area, with increasing urbanization, industrial expansion, and investments in smart infrastructure driving demand for EACS.Latin America: Growth in Latin America is fueled by increasing security concerns and infrastructural development, with a growing adoption of electronic access solutions.Middle East and Africa: The market in this region is expanding due to rising security needs and infrastructure projects, with increasing investments in advanced access control technologies. Automotive And Transportation:
The Electronic Access Control System market within the automotive and transportation sector is experiencing notable growth, driven by advancements in vehicle security and the need for enhanced access management. In vehicles, EACS technology includes electronic locks, biometric systems, and keyless entry solutions that improve convenience and security for drivers and passengers. These systems are increasingly integrated into both commercial and personal vehicles, offering features such as remote access control, advanced theft prevention, and personalized settings. In the transportation sector, EACS is utilized for secure access to restricted areas within transportation hubs, including airports, train stations, and cargo facilities. This enhances the management of personnel and vehicle access, contributing to overall safety and operational efficiency. As the demand for smarter and more secure transportation solutions grows, the EACS market is expected to expand, driven by ongoing innovations and the increasing adoption of connected technologies.
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Artificial Intelligence
System-on-Chip (SoC) Market worth $205.97 billion by 2029 – Exclusive Report by MarketsandMarkets™
DELRAY BEACH, Fla., Oct. 4, 2024 /PRNewswire/ — The System-on-Chip (SoC) market is projected to grow from USD 138.46 billion in 2024 and is estimated to reach USD 205.97 billion by 2029; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 8.3% from 2024 to 2029 according to a new report by MarketsandMarkets™. The growth of the System-on-Chip (SoC) market is driven with the increasing trend of SoC in automotive industry along with the adoption of IoT and connected devices that require SoCs to carry out real time processing. Moreover, the surging adoption of AI and machine learning technologies is likely to fuel the demand for system-on-chips.
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Browse in-depth TOC on “System-on-Chip (SoC) Market”
250 – Tables73 – Figures326 – Pages
System-on-Chip (SoC) Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 138.46 billion
Estimated Value by 2029
$ 205.97 billion
Growth Rate
Poised to grow at a CAGR of 8.3%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Core Count, Core Architecture, Device and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Rapid technological changes challenge SoC longevity
Key Market Opportunities
Growing penetration of AI PCs and GenAI smartphones
Key Market Drivers
Rising adoption of ADAS in autonomous vehicles to fuel the growth of automotive SoCs
By core architecture, RISC-V is projected to grow at a high CAGR for system-on-chip market during the forecast period
The market for System-on-Chips (SoC) for RISC-V architecture segment is expected to grow at highest CAGR during the forecast period. The RISC-V architecture is bound to grow at a higher rate in view of the flexibility, cost, and scalability advantages it has over others, driving wide adoption across diversified applications. The open-source nature of the architecture is one of the major growth drivers because it reduces licensing costs and accelerates innovation since customizations are allowed for use cases as per various needs. This flexibility is valuable in the emerging and high-growth sectors of AI, 5G, and IoT, where a solution that is tailor-made to complex requirements needs to be provided. For instance, in May 2024, Arteris, Inc. (US) and Andes Technology Corporation (Taiwan) partnered to develop the Andes Qilai RISC-V platform. It incorporates the high-performance RISC-V processor IPs from Andes Technology Corporation (Taiwan) and the FlexNoC interconnect IP from Arteris, Inc. (US). Their joint effort shows their efforts towards advancing RISC-V based SoC designs for a wide range of applications, which include AI, 5G, Networking, Mobile, Storage, AIoT, and Space. With open-source RISC-V model, such developments further continue to accelerate innovation and drive adoption in these high-growth areas, positioning RISC-V as the choice for future technology roadmaps.
The automotive segment in System-on-Chip (SoC) market will account for the high CAGR from 2024 to 2029
The SoC market for automotive segment will grow at highest CAGR during the forecast period. The SoCs integrated in automotive applications enable enhanced performance, reduced power consumption, and compact designs, which makes them essential for numerous vehicle systems. The automotive segment will experience growth due to the increasing adoption of advanced driver assistance systems (ADAS), infotainment systems, and the rising popularity of electric vehicles. EVs rely heavily on sophisticated electronics for battery management, powertrain control, and energy efficiency optimization, all of which require advanced SoCs. For instance, in June 2024, Intel Corporation (US) launched OLEA U310 SoC chip for automotive applications. It is developed to improve the performance of electric vehicles. This chip combines hardware and software in one SoC to enable seamless operation across various EV station platforms. They are designed to manage the complex systems within EVs. It ensures optimal performance, safety, and extended range. The increasing complexity of autonomous driving systems, along with the demand for safer and more reliable vehicles fuels the adoption of SoCs in the automotive industry, driving significant growth in this segment.
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Asia Pacific is expected to register the highest CAGR during the forecast period
The system-on-chip (SoC) industry in Asia Pacific includes economies such as South Korea, Japan, China, and India and Rest of Asia Pacific. The Rest of Asia Pacific countries include Australia, Singapore, the Philippines, Taiwan, Thailand, and Indonesia. There is a presence of leading SoC manufacturers in this region including MediaTek Inc. (Taiwan), Samsung (South Korea), Infineon Technologies AG (Germany), and Renesas Electronics Corporation (Japan). The Asia-Pacific region is still the biggest revenue generator in terms of SoC market globally due to the fast-growing consumer electronics and mobile device-related sectors. Other regions considered as major manufacturing centers in the world are China, South Korea, Japan, and India for making the latest smartphones, tablets, and other consumer electronic products that require state-of-the-art SoCs for delivering high performance, energy efficiency, and integrated functionalities. A highly and technologically advanced population in the region has always formed the basis for a sustained demand in terms of innovative and feature-rich devices, thereby showing sustainable growth in the SoC market. Automotive and industrial automation are another major sector driving the SoC market in Asia Pacific. This region contains some of the largest automobile manufacturers in the world, such as Hyundai Motor Company (South Korea), Toyota (Japan), and Tata Motors Limited (India). These car manufacturers are now putting SoCs into their automobiles so that they are equipped with ADAS capabilities, infotainment features, and autonomous driving technologies.
Key Players
Key companies operating in the System-on-Chip (SoC) companies are Qualcomm Technologies, Inc. (US), MediaTek Inc. (Taiwan), Samsung (South Korea), Apple Inc. (US), Broadcom (US), Intel Corporation (US), Advanced Micro Devices, Inc. (US), NVIDIA Corporation (US), HiSilicon (China), Microchip Technology Inc. (US), among others.
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