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Meet Sonnie Babatunde Ayere,

founder of Development Investment Banking group, DLM Capital Group.






Editor’s Note

There are still many injustices and inequalities in the tech and finance industries and many hurdles that women face in order to get to the top.

To highlight women in finance and tech this issue focuses on a few women who have forged their way into the industries and are shining.

International Women’s Day on the 8th of March, reminded us that all of us can work together to improve the world of tech and finance for women. Leaders must be accountable in their companies to ensure that women have equal opportunities and can access the top spots.

In this issue we will find out from Dr. Tanya McCartney, CEO & Executive Director of the Bahamas Financial Services Board why the Bahamas remains the complete and compelling choice for financial services.

WPU – the Danish company that is ready to rock the world of plastic waste explains all about their sustainable business model.

We also zoom in on DLM Capital Group which takes a special interest in crafting financing strategies & solutions for the Nigerian market.

Happy reading!

08 | INTERNATIONAL INVESTOR MAGAZINE 10 The Lamborghini Urus Performante Raising the bar on the Super SUV 14 Sonnie Ayere of DLM DLM Capital Group: Building a PanAfrican empire 22 The Bahamas Clear Choice Innovation, Expertise, Location 24 Leading Ladies Women leaders in the Tech and Finance industries 26 Passion and Creativity in E-commerce Cristina Comalrena de Sobregrau 28 Inspiring Female Award Winners Meet two of our female CEO award winners 32 B de Bali Moments in Paradise 36 Aldar Properties Working Toward Climate Goals 38 Responsible Gold Best ESG Blockchain Bullion Company // 2022 10 14
| 09 INTERNATIONAL INVESTOR MAGAZINE 60 20 26 72 International Investor Award Winners Meet our winners 44 Invest Africa 6 Reasons to Choose Ghana 52 Alpha Global Wealth A Dedicated Service 54 IM Power Conference Book your tickets now 50 Gulf Insurance Group Story of Success and Promising Growth 42 Tesla Master Plan 3 Revealed

The Lamborghini Urus Performante Raising the bar on the Super SUV


Sant’Agata Bolognese/Pebble Beach 19 August 2022Automobili Lamborghini announces the Urus Performante, raising the bar on Super SUV sportiness and performance with design emphases that reflect the new Urus’ prowess on street, track and loose surfaces. The Urus Performante establishes itself on first sight with a new level of powerful styling that asserts the super sports engineering within.

Ahead of its premiere the Urus Performante set a new record in the production SUV category on the Pikes Peak International Hill Climb Road, crossing the finish line at 4302 meters (14,115 ft) in 10:32.064 and beating the previous 2018 record of 10:49.902.

“The Urus Performante takes the supreme performance and distinctive looks of Lamborghini’s ground-breaking Super SUV to the next level, retaining its luxurious versatility and delivering the most engaging driving experience: not only on road but in every environment, distinguished through an alluring design that denotes new benchmarks for driving dynamism in what is already a remarkable car, “ says Stephan Winkelmann, Lamborghini Chairman and CEO.

“The Urus set a new standard at its launch, taking Lamborghini’s design DNA and technological talent and delivering the world’s first Super SUV for a new era: the Urus Performante sets the bar even higher for the SUV segment. ”


The Urus Performante resounds with bold, aeronautical dynamism, from first glance, at every angle: it’s not just from the front that the Performante commands the road. A pure, sharper, more prominent bonnet and bumper design immediately highlights the Performante’s super sports genetics yet retains the Urus’ innate elegance. The Urus Performante’s extensive use of composite materials makes it the car with the highest number of carbon fiber parts in its segment.

”The Urus Performante’s very bold and characterful design perfectly integrates the improved aerodynamics incorporating the front bumper’s air curtain, with significant visual differentiation including the new lightweight carbon fiber engine bonnet and extensive use of carbon fiber throughout reminding of its ‘Performante’ heritage. This benchmarking Urus is designed as a unique driver-oriented Super SUV, ” says Mitja Borkert, Head of Design.”

With deep cuts in the hood lines down to the new front bumper, the bonnet including air outlet is forged from lightweight carbon fiber in body colour or partially visible carbon fiber as an option. A roof in optional carbon fiber references Lamborghini super sports models such as Huracan Performante and Super Trofeo.

The front bumper and splitter in carbon fiber sport assertive new lines: new black front air-intakes deliver increased engine cooling and maximum expression of the SUV’s super sports heritage. A new air curtain draws airflow over the front wheels, within an aerodynamic design theme that decreases drag the new bonnet’s air outlet contribute to the overall aerodynamics efficiency and helps the engine cooling. The newly-designed rear spoiler, increases rear downforce of the Urus Performante by 38%.

New steel springs lower the Performante’s chassis by 20 mm, with a wheel track that is broader by 16 millimeters, over which wider carbon fiber wheel arches embrace new optional 23”” or forged 22”” lightweight wheels with titanium bolts and specially developed Pirelli tires.

In profile, the Urus Performante’s lowered stance is accented by its prominent front, and rear wing and bumper, increasing its overall length by 25 mm. The rear of the Urus Performante is equally distinctive by its purposeful high-performance design. A rear spoiler with carbon fiber fins takes design inspiration from the Aventador SVJ and contributes to the increased downforce.


The lower rear bumper and diffuser is also in carbon fiber with a lightweight titanium Akrapovic sports exhaust as standard, developing its characteristic Lamborghini resonance depending on the drive mode selected. The bicolor livery scheme accentuates the dynamism of this Performante model: against the body color, features such as black painted door handles, CFK air outlets over the bonnet and CFK spoiler lip.

Inside, the cockpit features Nero Cosmus black Alcantara as standard with a new hexagonal seat stitching design, the “”Performante trim””, and further options including a leather interior. Dedicated color and trim options include extension of the Performante trim on doors, roof-lining, seat backrest and rear wall, with further Ad Personam customization including interior matt carbon fiber details, red door handles, and a customized kickplate with Ad Personam logo. The black Alcantara/leather steering wheel is trimmed in matt black as well as the Aluminum interior trim in black anodized. With the optional “”Dark Package””, the matt black treatment can be extended to other interior details including the lever of the Urus’ central ‘TAMBURO’, hosting controls such as the start/stop button and drive mode selector. A new HMI graphic, with a dedicated design for the Urus Performante, features on both the center

console screen and in a large arc across the main display.”


“The Urus Performante takes to the road as a lightweight, honed athlete. Its muscular stance, distinctive design, VB twin turbo powerplant and lightweight sports exhaust establish it through sight, sound and experience as the most exciting contender on every road, track and loose surface. This is a super sports car driver’s SUV,”

says Reuven Mohr, Chief Technical Officer.

The Performante’s power is increased by 16 CV to 666 CV, and its weight reduced by 47 kg, giving it a best-in-class weight-to-power ratio of 3,2. Accelerating from 0-100 km/h in just 3.3 seconds, and braking from 100 km to standstill in 32.9 m, the Urus Performante produces 850 Nm of torque at 2,300 to 4,500 rpm, with its benchmarking longitudinal abilities including a top speed of 306 km/h matched by its responsiveness, handling and stability. Aerodynamic efficiency is improved, and overall downforce increases by 8%. Torque distribution is optimized thanks to a new differential, delivering a ratio increase from 3.16 to 3.4 in drive


conditions and from 3.02 to 3.33 when coasting.

The tires Pirelli P Zero (sizes 285/40 R22 and 325/35 R22) come alongside with an evolution of the Urus’ Pirelli P Zero Trofeo R: for the first time, the Pirelli semi-slick tire has been developed to meet the characteristics of an SUV, with this particular variant developed in co operation with Lamborghini. The result of the collaboration is a tire with increased versatility, returning high performance both on dry asphalt with high ambient temperatures and on wet surf aces with colder temperatures.

At the wheel, the Urus Performante allows the driver a new intimacy with the road beneath him, with enhanced agility, feedback and sports orientation. A recalibration of the front wheel steering enhances connection with the road with precise inputs and direct feedback. The rear-wheel steering’s faster intervention increases turn-in agility complemented by torque vectoring of the rear differential both on-road and in off-road mode.

The re-engineered drive modes allow the Urus Performante pilot to select the perfect set-up for every environment: in STRADA, the Urus provides a comfortable and luxurious ride with smooth damping. In SPORT mode the driver enjoys

enhanced throttle response, with the rear-wheel steering more agile at low speeds and stable at high speed, with oversteer fun-to-drive characteristics and a faster gear-shift: the sportier chassis set-up including new stiffer steel springs and specific dampers’ tuning, maximizes feedback to engage the pilot in serious driving fun.

In CORSA, the Urus Performante’s race car persona is let loose with supreme handling: high-speed stability, flat cornering supported by the active anti-roll bars and maximum damping, while the sports exhaust reminds those inside and out that this is a Lamborghini built on super sports heritage.

Alongside the standard drive modes, the Urus Performante introduces a new RALLY selection, elevating the Super SUV’s fun-to-drive sportiness to a thrilling new level on dirt tracks. Its oversteer character is amplified with anti-roll and damping systems optimized for steel springs onrough and mor e extreme surf aces, raising the bar for a new level of Super SUV performance.

The Chinese market will enjoy the technical upgrades delivered by the new Urus Performante, with engine power set at 640 CV for homologation reasons.


Sonnie Ayere of DLM Capital Group

- Building a Pan-African empire

Sonnie Ayere is a goal-oriented financial economist/ investment banker with a strong grasp of macroeconomic principles with over 30 continuous years of solid experience in Corporate and Structured Finance, Banking, and Asset Management. He has worked with HSBC, NatWest Bank, Sumitomo Mitsui Bank, Bank of Montreal Nesbitt Burns in London, and the International Finance Corporation. Sonnie has advised on and negotiated complex mandates for several companies and goverments across Sub-Saharan Africa.

In 2009, Sonnie Ayere had just left United Capital Group, formerly known as UBA Global Markets Ltd, as its Managing Director/Chief Executive Officer, to set up Dunn Loren Merrifield (now known as DLM Capital Group). DLM Capital Group, which originally started out as an investment banking and advisory firm, has now morphed into a diversified financial institution, with eight subsidiaries offering services that combine attributes of origination: (raising capital & advisory), trustees, securities, nominees, corporate lending, foreign exchange sales and trading, and digital banking.

Prior to setting up DLM Capital Group, Sonnie Ayere applied

his expertise in areas of national service to the Federal Government of Nigeria. In 2004, despite the opposition faced by external factors, Sonnie Ayere pioneered IFC’s interest and championed the development of the Nigerian Sovereign bond market and was the principal IFC adviser to the Nigerian Debt Management Office on the development of the market. It successfully took off in 2006 with the first issuance calendar; and has now become a huge source of liquidity in the financial market and by extension expands the size of the capital market. Today, Nigeria’s domestic bond market is pegged at N28.94 trillion as of July 15, 2022, by the Financial Market Dealers Quote. (FMDQ). He was then appointed task manager by Dr. Ngozi Okonjo-Iweala to set up the Nigeria Mortgage Refinance Company Plc (NMRC) and was appointed its inaugural managing director in 2014. Sonnie Ayere was also tasked by the Council of Petroleum & Energy Ministers of Africa under the chairmanship of Dr. Emmanuel Ibe Kachikwu to set up the Africa Energy Investment Corporation (AEICORP). Today, AEICORP’s vision is to be Africa’s premier partner of choice and primary provider of finance for Africa’s energy sector. In 2006, Sonnie was member of the Inaugural Nigerian Bond Steering Committee set up by Dr. Ngozi Okonjo-Iweala. Mr. Ayere never relented


to serve his country in whatever capacity requested of him. At Sonnie’s 14-years old empire, DLM Capital Group, the focus has remained on driving the development of the Nigerian economy by focusing our expertise on key sectors such as consumer credit, agriculture, microfinance, and education in line with our developmental mandate, to help reduce poverty, improve living conditions for Africans and mobilize resources for the continent’s economic and social development.

DLM Capital Group takes a special interest in crafting financing strategies & solutions for micro-finance banks, asset financing, agricultural, infrastructural, power, energy, oil & gas, and mining sectors of the Nigerian economy. DLM Capital Group is regarded as a market leader in providing best-in-class deal structuring and execution of advisory and capital raising services in the Nigerian capital market. Through its financial advisory division, DLM Capital Group has become well recognized in the West African capital market for its expertise and leading role in structured finance and securitisation. We acted as sole arranger to more than 80% of structured finance transactions in Nigeria and 100% of all securitisation transactions in the market currently. Some of our innovative financing solutions include: the ₦440Billion Medium Term Note Programme (Mortgage Passthrough) of Nigeria Mortgage Refinance Company Plc. NMRC which recorded an all-time high in 2020 when it was oversubscribed by 328% at the completion of its ₦10 billion 7.20% series 3 fixed rate bonds due in 2027. This was the highest subscription for a Nigerian bond so far. Also worthy of note is t he Primero BRT Securitisation SPV Plc ₦16.5Billion 17% Series 1 Bonds due 2026 under its ₦100Billion Medium Term Note Programme, CERPAC Receivables Funding SPV Plc ₦12.5Billion 15.25% Series 1 and ₦1.6Billion 15.50% Series 2 Fixed Rate Bonds due 2025 under its ₦25Billion Medium Term Note Programme, and CERPAC Receivables Funding SPV Plc ₦4.83Billion 18.25% Fixed Rate Discrete Bonds due 2025. The. CERPAC SPV transaction, till date remains, one of the most innovative securitizations deals out of Nigeria, with DLM Trust Company Limited and DLM Advisory fully involved in its creation, and success. DLM Capital Group has redeemed a part of the CERPAC Receivables Funding SPV and paid investors a total of N17.377Billion from the Discrete and Series 1 bonds which matured 15th January 2023.

DLM successfully executed the first Bus Rapid Transit (BRT) securitization in Nigeria in 2019. Working with the Sponsor; Primero Transport Services Limited (PTSL) - Nigeria’s first Bus Rapid Transit system that caters to residents of Nigeria’s most densely populated city (Lagos state), DLM successfully raised the sum of ₦16.50Billion (USD45.8Million) through the securitization of the company’s BRT tickets receivables. The Sponsor, who is licensed to solely operate the longest BRT route in West Africa, spanning 35.3 kilometers with its 434-bus fleet commenced operations in 2015. A feasibility study conducted

about the same time put the daily passenger carriage at about 226,300 passengers per day. However, due to working capital pressures arising from inappropriate funding at the time of business commencement, the company could only commute an average of 135,000 passengers per day before the execution of the securitisation transaction in 2019. The ₦16.5Billion 17.0% Series 1 Fixed Rate Bonds issued were utilized primarily to refinance all pre-existing commercial banking loan facilities on the books of the Sponsor. The transaction provided the company with significant savings in interest - shaving its cost of funds from 27% per annum down to 17%, whilst at the same time extending the tenor of the company’s debt from three (3) years to seven (7). By this transaction, DLM was able to provide the company with up to 10% (1000bps) savings in interest which in addition to the tenor extension has significantly reduced the cash required to service debt and thereby improved the working capital of the company. Beyond the bond issuance, we advised on the restructuring of the company’s balance sheet by moving the operating assets into a new vehicle and eliminating the huge strain of depreciation charges on the company’s books. Our ultimate aim is to be the bridge between consumer-based loans and the capital markets.

Over the years, the firm has launched and completed several novel financing transactions across Africa and Europe. Its subsidiaries have demonstrated expertise across the following five core focal points:

• 1. Financial Advisory and Restructuring

• 2. Debt & Equity Capital Raising

• 3. Underwriting

• 4. Mergers & Acquisitions

• 5. Set-up & other Advisory Services

To further improve the reach and earnings of the company, DLM Capital group also intermediates as an NBFI by lending to corporations and mediumsized businesses through one of its subsidiaries – CitiHomes Finance Company.

In 2020, the Group acquired a microfinance bank to aid its transition to digital banking and lending. The newly acquired microfinance bank, Links Microfinance Bank, was approved to commence operations by the


apex bank and in April 2022, Links MFB launched its flagship digital product Sofri. Sofri was birthed to cater to the financial needs of average Nigerians who have been neglected by other players within the fintech spectrum. From savings, payments, loans, and. investments, Sofri has adopted the core banking transactions into its mobile app, allowing for a one-stop-shop approach to banking. Now, customer do not need to operate too many bank apps, they only need to have just the Sofri app. Sofri has positioned itself in Nigeria’s neo-banking space as ‘the bank that gives back’ or ‘the bank that shares its profits with customers.’ In 2023, following the CBN’s cashless policy and the hardship that ensued after, Sofri gave N10,000 to new customers of the neobank, to help encourage people to adopt the policy as well as cushion the effects of initial economic hardship owing to the policy. Sofri has since its commencement in 2022, been a solutionist neo-bank looking for ways to better the life of its customers. Perhaps, having its brand name stem from the pidgin English expression ‘SofriSofri’ makes the resolve to be a people-bank stronger. It is Sonnie Ayere’s dream that Sofri will become a commercial bank in the nearest future – a future he can very clearly see.

As an offshoot of its excellence in impacting lives across all facets of the economy, DLM Capital Group has won several awards till date. DLM was recognized by Global Finance and Banking Magazine as Most Innovative Deal in Nigeria 2020, Best Development Finance Company Nigeria 2021, Best Securitization House in Nigeria 2019, and Best Securitization House in Nigeria 2018. Capital Finance International also awarded the Group as Best Structured Finance and Securitization team West Africa for 2020 and 2021 respectively.

Sonnie Ayere looks to build and sustain a Pan-African empire and has begun partnership and business opportunities that will drive DLM Capital Group in that direction. This dream is big, but so also is Sonnie Ayere’s business acumen and the wealth of knowledge of the people who work at DLM Capital Group as his advisers and employees.


Sonnie Babatunde Ayere


Sonnie Babatunde Ayere – born 25 September 1966, is a trained financial economist, investment banker and entrepreneur. He is the Founder and Group Managing Director of DLM Capital Group Limited, a Developmental Investment & Lending Bank. The institution was founded in 2009.


Sonnie Ayere was born at St. Mary’s Hospital, Paddington, Westminster, London to Nigerian Parents, Gideon and Ebunoluwa Alatise Ayere. He initially grew up in London and returned to Nigeria in 1970. He attended St. Catherine’s Model School and Government College in Lagos. He later achieved a MA(Hons) degree in Financial Economics (2:1) from the University of Dundee, Scotland, and later an MBA in finance from the Business School, University of London, England. He also studied Corporate Finance at London Business School.



Sonnie Ayere began his career with NatWest Bank in London as a Corporate Banking Officer in 1993, and then in 1996, moved on to Sumitomo-Mitsui Bank working in corporate and property finance. He then transferred to the structured finance department of the bank in 1997, completing the first Japanese CLO securitization transaction, working with the Lehman Brothers team. He left Sumitomo Mitsui to join BMO Nesbitt Burns London (the investment banking arm of the Bank of Montreal) in 1998 as part of the team responsible for setting up a US$20bn Fixed Income Structured Investment Vehicle (“SIV”). In 2001, he joined the Global Structured Finance Group of the International Finance Corporation (The World Bank Group) in Washington D.C. and later in Johannesburg, South Africa where he was initially responsible for originating structured finance and securitization transactions globally; then in July 2002, he assumed the role of Structured Finance Specialist for Sub-Saharan Africa where he was responsible for developing structured finance and securitization transactions in addition to developing debt capital markets and instruments for the corporation and its clients across the continent.

In 2004, he pioneered IFC’s interest and championed the development of the Nigerian Sovereign bond market and was the principal IFC adviser to the Nigerian Debt Management Office on the development of the market. It successfully took off in 2006 with the first issuance calendar.

Following this achievement, he joined Tony Elumelu’s UBA Bank team as the pioneer managing director of United Capital Plc in July 2005. He left in 2009 and founded DLM Capital Group. He twice was the vice president of the Issuing Houses of Nigeria, in 2007 and 2014 and then became President from 2016 – 2018. He was also a non-executive director of AIICO Insurance Plc from 2012 – 2018. Additionally, he is the chairman of Unique Group of Schools. He was an adviser to the Lagos State Government under Governor Babatunde Raji Fashola to set up the Lagos Mortgage Board and Lagos-Homs He was task manager appointed by Dr. Ngozi Okonjo-Iweala to set

up the Nigeria Mortgage Refinance Company Plc (NMRC) and was appointed the inaugural managing director in 2014. He also set up and chairs Mortgage Warehouse Funding Limited.

In 2018, Sonnie Ayere was tasked by the Council of Petroleum & Energy Ministers of Africa under the chairmanship of Dr. Emmanuel Ibe Kachikwu, to set up the Africa Energy Investment Corporation (AEICORP).

Sonnie was a member of the Inaugural Nigerian Bond Steering Committee set up by Dr. Ngozi Okonjo-Iweala in 2006, he sat on the SEC committee on Market structure & reforms, the Steering Committee for the review of the Foreclosure and Securitization Law of Nigeria and the CBN FSS2020 Steering Committee. He is also a member of the Capital Market Master Plan Implementation Committee (CAMMIC) as well as an avid commentator on financial market developments in Nigeria and across the African continent.


Mr. Ayere has been bestowed with several awards such as, the West Africa Nobles Forum Award; Dr. Kwame Nkrumah Africa Leadership Award, Ghana, the Best Male Entrepreneur, Investment Services; International Business Star Award, Ghana; Winner Top 10 CEOs in Nigeria Insight Global Awards, United Kingdom; Africa’s Patriotic Personality of the Year Award from LEADS Africa and many others. He was conferred with an Honorary Doctorate Degree in Science (DSc) from the European-American University.

The West African Youth Council also recognized Mr. Ayere as Winner of the ECOWAS Icon of Societal Development and African Man of the Year in 2020.

In 2020, Sonnie Ayere was also named Investment Banking CEO of the Decade at the Business Day Banking and Financial Institutions Awards.


He is the founder of DLM Foundation, a charitable nonprofit organization set up to assist very bright children from disadvantaged backgrounds with their educational needs.


Why The Bahamas Remains the Complete and Compelling Choice for Financial Services

Any country heavily engaged in financial services bears the responsibility and a commitment to the international community of which it is intricately involved, the financial institutions operating within its borders, the clients which it serves and its citizens which rely on the sustainability of the industry for continued economic development. The Bahamas is such a country. The Bahamas has always sought to provide superior financial products and services and a world class client experience. It has proven itself to be nimble and responsive to global changes – always mindful of the need to adhere to international standards with respect to compliance, cooperation and transparency. This is complemented by the fact that the Bahamas is not only somewhere that offers bespoke private wealth management, it is also a beautiful place to live and work in. The need to be a responsible international financial service provider is not seen as a heavy burden to those engaged in financial services. Rather, it is embraced as sacred pact with the many stakeholders who have come to rely on and recognize the Bahamas for its financial services acumen over the years. Four vital features at the heart of what distinguishes The Bahamas as an international financial centre of significance are: Regulation, Expertise, Innovation and Location. Everything The Bahamas offers is defined by these four words. Everything that comprises The Bahamas value proposition and continued success as a leading international financial services centre is guided by these distinguishing factors.


Regulation The strong regulatory regime that characterises the financial services sector ensures that the Integrity of The Bahamas as an international financial centre is maintained. As a sovereign nation for more than 40 years, successive governments have consistently demonstrated the country’s commitment to international best practices, cooperation in

the administration of justice, international tax transparency, anti-money laundering and the countering of financial terrorism initiatives. Bahamian regulators are well regarded and active partners with international peer groups and agencies. There is collaboration between government and private sector to ensure that the Bahamas remains a wellregulated, blue chip international financial centre. In fact, The Bahamas Financial Services Board (BFSB) was established in 1997 to create a public-private partnership and forum for open dialogue about the challenges and opportunities facing the country’s second most important economic sector. The integrity of the jurisdiction is evidenced by the following:

(a) A Strong Anti-money laundering, counter financing of terrorism / counter-proliferation financing regime with The Bahamas being compliant with 40 out of the 40 FATF Recommendations;

(b) Tax Transparency and Cooperation . The Bahamas was among 136 countries who, in early October 2021, that indicated its support for a 15 percent minimum global corporate tax rate levied on the largest multinational enterprises under the BEPS Initiative. The OECD/G-20 are hoping that all countries will formally commit to the initiative in 2022, with implementation targeted at 2023.

(c) US Foreign Accounts Tax Compliance Act implemented (FATCA Compliance); and

(d) Commitment to Automatic Exchange of Information/The Common Reporting Standard



With an 80 plus year track record in financial services, few jurisdictions offer the wealth management experience that The Bahamas has to offer. This heritage is the basis for the strong legal framework that has been cultivated for financial services, an investment climate that has been nurtured through years of maturity and a stable and predictable business environment anchored by highly trained and qualified cadre of Bahamian professionals who work side-by-side with expatriate colleagues who bring experience and a vast network for business development in the more than 250 financial institutions that call The Bahamas their home.


Market responsiveness has long been a part of The Bahamas’ DNA as a forward thinking IFC, and has been the basis of legislation creating innovative, client-centric products and services in a modern, compliant regulatory regime. Such innovation can be seen in the country’s evolving and often ground-breaking trust legislation. It led The Bahamas to become the first common law jurisdiction to introduce foundations. It sparked the Bahamas Executive Entity and has thrust The Bahamas into the forefront of the investment funds industry with the introduction of SMART Funds and the Investment Condominium (ICON) fund. And with this innovative spirit it should come as no surprise that the country’s once dormant insurance business has re-emerged as a sought-after destination for captives. The innovation experienced in the sector is fueled by a progressive investment climate that seeks to place financial services in the context of development.


The unique geographical location of the Bahamas, just fifty (50) miles off the coast of Florida and positioned as the gateway to the wider Americas, is an undeniable advantage for The Bahamas. Our proximity to the U.S., Central and South America places The Bahamas in an enviable position to serve both our traditional and emerging markets and presents an opportunity to link commercial and financial interests. In recent years, as more and more individuals have chosen to “follow their money” with respect to where they live and work, The Bahamas with its tropical environment has become the preferred choice for many who yearn for an excellent quality of life whilst being able to manage their financial affairs.. Most importantly, individuals, family offices and institutions will find a warm welcome when they come to The Bahamas as the country is committed to utilising its natural resources and cultivated assets to create an environment that is attractive to business and the enjoyment of life. Few competitive jurisdictions can claim – or duplicate -- the business and lifestyle combination which exist naturally in The Bahamas.

The Jurisdiction of Choice

Regulation, Expertise, Innovation and Location are the pillars of financial services in The Bahamas. In combination they form a compelling reason to consider The Bahamas as place to do business and will continue to guide the jurisdiction’s pathway to be a provider of superior financial products and a world class client experience.


Leading Ladies - Women leaders in the Tech and Finance industries

The tech sector has lagged behind other industries when it comes to the representation of women in leadership roles. Even though technology is an increasing part of our modern day lives, it seems that women are still facing a bias in tech companies. Across industries, companies are keen to increase the presence of women in technical roles. Although progress has been made in the last few years, fast-growing fields such as engineering, product management still have a way to go.

Some of the reasons for women to be left out of the booming tech industry could be “bro-culture” which refers to an uncomfortable work environment where sexist attitudes and sexual harassment and assaults may occur. According to a report from TrustRadius, 72% of women said they have worked for a company where “bro culture” is pervasive.

Another historical reason for a shortage of women in tech is that STEM degrees are still traditionally male-dominated. A study from MIT indicates that young people are interested in STEM early on, but then lose interest due to a lack of interaction and inspiring female role models and mentors in the STEM fields. Stereotypes have also led to women being systematically excluded from tech industries for decades due to supposed lack of ability or interest in science and maths. Although research by the Girls who Code initiative reported that 74% of girls express a desire for a career in STEM fields.

When companies are hiring there is more focus on gender parity and increasing equality in management and executive roles but there is still work to do regarding promotion for women in tech.

Regardless of the industries and roles, men are still promoted faster than women. The Women in the Workplace report, published by McKinsey in 2021 showed that only 86 women

are promoted to manager for every 100 men at the same level. However, in technical roles, this gender gap becomes even bigger, as only 52 women are promoted to manager for every 100 men.

Early promotion in a career is an important step towards success, and as McKinsey’s report shows, women still hold only 34 percent of entry-level engineering and product roles and 26 percent of first-level manager positions, compared with 48 percent of entry-level roles and 41 percent of firstlevel manager positions.

It seems that gender equality pays, as the report also found that companies with the most diversity within their leadership teams also have better performance and are 48 percent more likely to perform better than companies that are less gender-diverse, so gender-diversity is a benefit that extends to all stakeholders.

A study by Boston Consulting Group (BCG) and the Technical University of Munich showed that increasing the diversity of leadership led to more and better innovation and improved financial performance in both developing and developed economies. It seems that not taking advantage of a female presence in the workplace is a risk most businesses shouldn’t take.

In 2022, Deloitte predicted that the tech industry would reach nearly 33% overall female representation in the workforce. The proportion of women in technical roles also rose in 2022, though it is still behind, with the overall proportion of women around 8 %.

Companies should take into account how their models can help them expand the diversity of their talent pool. Several major tech companies such as Google, Salesforce, and IBM


have increased their childcare and caregiver leave, other companies are following a remote-first work model or hybrid working. This working “from anywhere” model can also help expand the talent pool as employees can be based anywhere around the world.

Interacting with a diverse team helps workers prepare better and anticipate alternative viewpoints. The presence of women in a company makes individuals anticipate differences in opinion and perspective.

A mix of genders with various backgrounds and ethnicities helps a company gain a reputation of having a more diverse workforce, you also gain an extremely powerful recruiting tool at your disposal.

By encouraging and promoting female tech leaders, more girls could have increased interests and careers in tech, and increase the hiring diversity. Young girls need strong role models of successful women in STEM in order to see that they can be in the industry too.

Being a woman in Tech is not always easy, and being the only woman in the boardroom at times can create unseen pressure, but more women are needed who are willing to take on leadership positions, men must be more willing to take on work in the household and employers have to create a more flexible workspace. We live in a profoundly connected and global world, and companies/institutions that are more diverse will achieve better performance

There are many economic, organisational, cultural and policy obstacles that stop women from accessing the top roles in tech, and in order to help a company realise its full potential, gender diversity must be a business priority. Leaders must be accountable for diversity and inclusion.


Passion and Creativity in E-commerce: Cristina Comalrena de Sobregrau

International Investor interviews Cristina Comalrena de Sobregrau, the telecom engineer leading GAP’s e-commerce operations in Spain and Portugal.


I am a Telecommunications Engineer with over 15 years of experience in e-commerce and start-ups. My entrepreneurial and curious mindset combined with my passion for e-commerce, business development, and business digitization has led me to launch numerous digital businesses across various sectors including retail, short-term real estate, and SaaS technology. Two and a half years ago, I was fortunate enough to be given the opportunity to spearhead the establishment and growth of the online business for GAP, the well-known American retail brand, in Spain and Portugal. Working closely with the brand and the local franchisee, I leveraged my expertise in both technology and business to successfully launch the website. I am proud to say that I am still actively involved in leading and expanding the online operations.


When I was growing up, my parents encouraged my siblings and me to develop a problem-solving mindset. I was fascinated by watching my older siblings create electrical circuits, fix appliances or set phone cables around the house. As I grew older, I wanted to follow in their footsteps and honed

my problem-solving skills. When it came time to choosing my degree, I was interested in both technology and business. However, I felt that technology would give me the tools I needed to solve complex situations, so I decided to study engineering first, and pursue a business education later.


Anyone working in tech should develop a combination of technical and soft skills. Strong problem-solving and critical thinking skills, as well as the ability to adapt to changing technology and work environments, are essential for success.

Stylist: Beñat Yanci Image: Diego Merino Stylist: Beñat Yanci Image: Diego Merino

Effective communication and collaboration skills are also important, as usually, you can find yourself working in crossfunctional teams and need to be able to clearly articulate technical concepts to a non-technical audience. In addition, strong interpersonal skills, such as empathy and active listening, help build positive relationships with colleagues and clients. I would say that curiosity for emerging technologies and a willingness to continue learning will be key to thrive in a constantly evolving industry.


The technology industry still struggles with gender bias and a lack of diversity, however, there are steps that can be taken to enhance it. One way to address this is through education programs that actively encourage girls to feel comfortable and confident around science, technology, engineering, and mathematics (STEM). Another way to address this is for companies to make diversity and inclusiveness a priority in their hiring practices, as well as in their training and mentorship programs. These efforts can help eliminate unconscious biases and create a more diverse and inclusive workplace culture within the technology industry.


Unfortunately, gender bias and a lack of diversity persist not only in the tech industry but in many industries worldwide. The unequal representation of women can be traced back to societal and educational conditioning that begins in childhood. Linda Babcock and Sara Laschever’s book “Women Don’t Ask” explores how societal institutions and practices discourage women from asking for opportunities and resources they deserve, perpetuating unfair and economically unsound inequalities. To address these disparities, it is crucial to challenge and break down harmful gender stereotypes, make the causes of inequalities visible, and provide equal educational and career opportunities for women.


In recent years there has been a growing recognition of the need to address stereotypes, nonetheless, we can still be perceived as too emotional or not taking our work seriously enough. Another stereotype is that women in tech don’t have good managerial qualities, because leadership roles are traditionally viewed as masculine. In my opinion, the most prevailing one is that women are often not seen as fitting the typical “geek” associated with tech, therefore there is the belief that women lack the technical skills required to work in tech.


Women bring unique skills and perspectives to the tech industry. Women have the ability to look at a specific situation from multiple angles, together with problemsolving, technical skills, and communication abilities allow them to bring fresh ideas that challenge existing solutions and drive innovation. Women are known for having strong organizational and managerial qualities and can manage teams with a collaborative approach. Companies with gender diversity tend to perform better, which makes hiring women beneficial for overall business success.


My advice to women who are interested in getting into the tech industry is to stay focused, work hard, and remain confident. Embrace your passion for tech and utilize it to explore various fields of study within the discipline. To sharpen your skills, take advantage of online courses. Network with professionals in the industry and look for a mentor, someone that can provide guidance and expertise.


I admire many women in tech, but one who stands out is Anna Navarro Schlegel. She was considered the Most Influential Women in Technology by the US magazine Analytics Insight in 2020 and featured this year as the Most Admired Woman Leader in Business by the international business magazine CIO LookIn. It’s impressive to note that she is from Barcelona, holds a degree in philosophy, and has still managed to excel in tech companies such as Xerox, VeriSign, VMware, NetApp, and Procore. She serves as a remarkable role model for women in a field where only 2% of women hold management positions and has proven that education and background do not limit one’s ability to succeed in the tech industry.


I have a strong passion for taking on challenging projects that allow me to tap into my creativity, expand my skill set, and collaborate with my colleagues. I believe that working in a team environment is crucial for success and I always strive to create an atmosphere where everyone feels supported and valued. I find immense satisfaction in contributing to a project that brings out the best in my team and I relish the opportunities to learn and grow alongside my peers. To me, the most fulfilling projects are those that offer new and exciting challenges, and I am always eager to tackle these challenges head-on.


Inspiring Female Award Winners

In our list of winners in this issue we have several women leaders who we are highlighting. They are women who go above and beyond and have forged new paths in their countries and companies.

Both women are outstanding in their sectors and have strong proven track-records that showcase their invaluable experience and expertise.

Meet Lamia Boutaleb, cofounder and CEO of Capital Trust, an investment banking group in Morocco and Dr. Tanya McCartney, CEO and Executive Director at the Bahamas Financial Services Board.

Lamia Boutaleb has been awarded CEO Of The Year for Morocco and Dr. Tanya McCartney has been named CEO of the year Bahamas 2023.

Capital Trust, Boutaleb’s firm, is an investment banking group in Morocco with capital markets, advisory, asset management and real estate activities.

Before setting up Capital Trust, Lamia spent two years as a Special Advisor to the CEO of Office Chérifien des Phosphates.

Lamia Boutaleb started her career with the International Finance Corporation (World Bank) where she had spent 5 years before joining Mercer Management Consulting in London as a consultant. Subsequently, in the year 2000, she joined the Wafabank Group, where she was in charge of managing Wafa Bourse, the group’s Brokerage firm. In 2002, she was appointed managing director of Wafa Trust, the investment and corporate finance subsidiary of the group. In 2006, Lamia Boutaleb was appointed as Managing


director of Attijari Invest, the private equity subsidiary of the Attijariwafa Bank group. Under her management, Attijari Invest has established and structured several investment funds specializing in infrastructure, agribusiness and tourism for a total investment envelope of $ 400 million.

Mrs.Boutaleb is a graduate from Ecole des Hautes Etudes Commerciales (HEC) in Lausanne and has an MBA from the Wharton School of Business at the University of Pennsylvania. She served on the Wharton Executive Board for Europe, Middle East and Africa and was previously a member of the Government of the Kingdom of Morocco as Secretary of State in charge of Tourism.

Dr. Tanya McCartney, Executive Director at the Bahamas Financial Services Board is a UK-trained barrister and chartered banker who since 2016 has served as the CEO and over the past two decades Tanya has distinguished herself as a hardworking professional with expertise in the law, regulatory and gaming compliance, risk management, banking, and international financial services. She holds a Doctor of Business Administration from Edinburgh Napier University (Scotland, U.K.) for a programme of work entitled “Perspectives on Leading change: Exploring Change Readiness Strategies used in the Bahamian Financial Services Sector”. The study focuses on creating more agile organisations and the important role that leadership plays in this process. Tanya completed her Bachelor of Laws degree (Upper Second Class) at the University of Reading (United Kingdom), A Master of Laws degree with Merit from the London School of Economics and Political Science (London, U.K.), an MBA in Leadership from The College of the Bahamas as well as a Chartered Banker MBA from the University of Bangor in Wales (United Kingdom). She holds an International Compliance Association (ICA) special certificate in Money Laundering Risk in Betting and Gaming and is also a Certified Compliance and Anti-Money Laundering Specialist.

Tanya commenced her legal profession in 1997 as Assistant Counsel in the Office of the Attorney General working in civil litigation representing government ministries, agencies, and departments. She has also served in the criminal prosecution division. In 1999 Tanya moved into the private sector as legal counsel and compliance officer for a local private bank. She has served in various senior positions with several international banking institutions in The Bahamas. Miss McCartney previously worked as Assistant General Counsel in the hospitality sector and served as Managing Director of Royal Bank of Canada (RBC), RBC FINCO for six years

commencing in 2008. She joined RBC in 2006 as Regional Manager for Compliance for the Bahamas and the Caribbean with responsibility for the Caribbean (The Bahamas, Cayman Islands, Barbados, and the Eastern Caribbean countries).

Tanya currently plays a critical role in facilitating collaboration between the private sector and policy makers in The Bahamas with respect to all the global regulatory initiatives impacting the financial services sector. She serves as an advocate for over 250-member financial services institutions that are members of The Bahamas Financial Board. Since 2016 Tanya has organized and led contingents of Bahamian professionals to promote the Bahamas as an international financial centre in The United States, Canada, Europe, and Latin America. The primary objective is to increase international awareness of the Bahamas value proposition as an international financial centre. She is playing a central role in rebranding the jurisdiction as an international business centre. Tanya is intimately involved in the development of a strategic plan for sustainability of the Bahamian financial services industry. She has presented at conferences in Africa, South America, and the United States.

Tanya was appointed to the Senate of the Commonwealth of the Bahamas in 2001 being one of the youngest persons ever appointed to the Upper House where she served for five years. She vied for a seat in parliament in the 2002 general elections. She is a former President and founding member of the Bahamas Association of Compliance Officers. She is the co-chairman of the Bahamas Chapter of the global Association of Certified Anti-Money Laundering Specialists. Tanya is also an adjunct professor in the School of Business at the University of the Bahamas. She has served on several government boards over the years including The Public Hospital’s Authority, The University of The Bahamas and currently serves as Chairman of The Police Complaints Inspectorate and Deputy Chairman on The Airport Authority. Tanya was awarded the Bahamas ICON Award for financial services in 2018. In addition, in 2020 Tanya received The Woman of The Year “Highly Commended” Award from UK based International Investment for her work in financial services. Most recently she won the International Investment award doe Diversity and Inclusion for accelerating the pace of change towards a more diverse and inclusive international financial services industry. She is the author of “Strategies for Success: A Roadmap for the Compliance Professional in Financial Services” which is available at Amazon, iBooks and BookBaby.


Bali : Moments in Paradise

If you want to immerse yourself in the authentic Island of the Gods at the hands of experts, you are in the right place. We are the only agency specialized exclusively in Bali so we create unique trips on the Island of the Gods. We are in love with Bali and from our passion and years of exploration, learning and experiences, B de BALI has been born.


We organize tailor-made trips, group trips, themed trips and multiple experiences to add personality to your trip. Our mission is to show the authentic Bali, which is why all our trips are characterized by having a cultural base and by alternative routes, visiting places that escape mass tourism.

Get inspired and start dreaming with some of the themed trips that we have designed for you. Bali is characterized

by having one of the richest and most fascinating cultures in the world where spirituality is lived in a very intense way and is very present in everyday life. For this reason, all our trips have a cultural and spiritual base, which are essential to experience the real Bali and will surely not leave you indifferent. In addition, in all of them you will visit some of its most emblematic places and other more secret ones and you will merge with an exuberant nature that makes you fall in love at every step. Nor will you lack free time to live the Island of the Gods at your leisure or add experiences and personify your trip even more. Our trips:


Immerse yourself in the most ancient and sacred Bali. Reconnect with your essence as you explore the Island of the Gods. Live private ceremonies and rituals with local priests and experience the most spiritual Bali.



Create unforgettable memories with that special person while you immerse yourself in a fascinating culture that will captivate you. Balinese rituals, nature, temples and the best sunsets.

Let the magic begin...


Explore one of the most interesting cultures in the world first hand, interacting with its people, learning about its history from the hands of professional experts in the sector. Have fun while you learn...


Discover Bali with your group of friends or the women of the family. Culture, nature, spirituality and fun so that you live intensely the “Magic Island” with the best company...


We have adapted the real Bali so that both you and your little ones can enjoy a perfect vacation on the island of the Gods. We create beautiful family memories without giving up the

unique culture, nature and spirituality of the island with which everyone will surely have a great time...


We have adapted the real Bali so that both you and your little ones can enjoy a perfect vacation on the island of the Gods. We create beautiful family memories without giving up the unique culture, nature and spirituality of the island with which everyone will surely have a great time...


Either alone or accompanied by someone close to you, have you ever experienced a group trip with strangers? If the answer is no, it is something that we recommend trying at least once in your life because it is something wonderful. Among its main advantages, two stand out: meeting other fantastic women and sharing experiences that you can later relive together because in the vast majority of cases, friendships are created that last over time beyond the trip.


Would you like to live a spiritual journey discovering the most magical and authentic Bali while practicing yoga? Our


spiritual journeys with yoga are taught by qualified teachers, extensive experience and a true gift for teaching who, in addition to teaching the classes, will accompany you on your journey from start to finish, ensuring your well-being at all times and offering you their support.

And if what you want is for us to organize your trip or retreat in Bali for your group and to be able to teach your yoga classes, therapies or workshops in the magical island, we have a lot of experience organizing spiritual retreats.

-Be more than a tourist and live the soul of Bali-

Contact: www.bdebali.com

Email: info@bdebali.com

Instagram: @b_de_bali






Aldar Working Toward Climate Goals

Aldar Properties PJSC (‘Aldar’) published its 2022 Sustainability Report showcasing the progress it has made across the four pillars of its sustainability strategy - environment, economy, community and people – as it moves forward to create a better, more sustainable future.

2022 was a defining year in the sustainability-led transformation of Aldar’s business. Over the course of the year, Aldar completed the development of its Net Zero Plan, demonstrating its commitment to supporting the UAE Net Zero by 2050 Strategic Initiative and to being a leader on climate action in the region.


“Aldar’s 2022 Sustainability Report tells the story of how we are creating positive impact in the near term while also activating a sustainability roadmap that will drive positive change for years and decades to come. Underpinning this long-term, strategic approach is our recently launched Net Zero Plan, which is already starting to drive deep and rapid change across all our lines of business and throughout our supply chain. Moreover, with the UAE declaring 2023 the ‘Year of Sustainability’ and hosting COP 28, we have a unique opportunity to catalyse collaboration across the real estate value chain to ensure a prosperous future for generations to come.”


“As Aldar continues on its journey to shape a better future, we are focused on achieving sustainable growth and supporting the development of the UAE economy. To


achieve our ambitions, we are engaging our entire value chain and actioning plans that span the whole lifecycle of our assets, including everything from low carbon design and construction through to energy efficiency. More broadly, as a Group that is a community developer, a retail and lifestyle designer, an educator, and an investor at the same time, we are ideally positioned to tackle social challenges and create a positive impact on communities across the UAE.”

Within the report Aldar outlines the need for closer collaboration across the entire real estate sector, and with governments and customers, in order to achieve global climate and sustainability goals. Aldar’s approach to collaboration led to it joining the global Science Based Targets initiative (SBTi) Expert Advisory Group for the building sector as well as the Middle East Clean Energy Business Council in 2022. More recently, in February 2023, Aldar and the Ministry of Climate Change and Environment cohosted a real-estate focused National Dialogue for Climate Ambition (‘NDCA’) meeting where 29 real-estate and construction companies from across the UAE signed Aldar and MOCCAE’s Real Estate Climate Pledge. By signing the Pledge, the signatories are supporting the UAE’s Net Zero by 2050 Strategic Initiative through a commitment to publishing their own decarbonisation targets before COP 28. Aldar is actively engaging companies throughout the UAE real estate and construction sector to encourage them to join the Pledge and support the UAE’s Net Zero targets.

As one of the largest real estate developers and managers in the region, Aldar is in a unique position to influence the actions and operations of its supply chain and enhance the sustainability of its assets throughout their entire lifespan. Aldar activated its supply chain in 2022 by introducing new low-carbon design guidelines and incentivising more sustainable building practices. It also held sustainability training sessions for more than 400 of its suppliers over the course of the year.

This engagement with suppliers complemented initiatives such as a portfolio-wide energy retrofit project, which is expected to reduce energy consumption by about 20% across Aldar’s assets. The first phase of this project was completed in 2022, with Aldar subsequently making an additional investment of AED 25 million to expand the programme. Aldar’s focus on embedding sustainable and energy efficient processes in its developments is reflected in the launch

of The Sustainable City – Yas Island earlier this year, which saw its first phase sell out within 24 hours, a testament to the demand for a more sustainable way of living.

Reinforcing its commitment to being part of the long-term growth story of the UAE, Aldar recirculated AED 7.6 billion to the UAE economy in 2022. In its role as a strategic partner of the national In-Country Value (ICV) programme, 100% of Aldar Projects’ contracts in 2022 were awarded to ICVcertified suppliers. Aldar is also supporting the local economy through its Emiratisation programme, which aims to develop the next generation of talent in the UAE. In 2022, Aldar saw an increase in the percentage of Emiratis in its corporate offices to 42% of its workforce, up from 35% 2021.

People are a priority for Aldar, whether it is developing the Company’s talent or ensuring the safety of its construction site workers – including those that are employed by contractual partners. In 2022, 100% of Aldar’s general contractors demonstrated an improvement in employment practices related compliance since their initial onboarding and 90% of the accommodation facilities have demonstrated improved compliance against Aldar’s checklist since their initial assessment.

In line with Aldar’s commitment to creating positive social and environmental impact, the Company invested over AED 42 million in social responsibility programmes over the course of 2022 to promote healthy and inclusive living. The partnerships forged or expanded included Emirates Red Crescent, Ma’an, the Family Care Authority, and the Department of Community Development, and enable the Company to support initiatives that provide urgent access to housing, healthcare and education. Meanwhile, to foster greater diversity and inclusion in its communities, Aldar launched the Thrive Scholarship Programme to support children from low-income families by offering them access to quality education.

As a result of the strategic integration of ESG into the firm’s operating model, Aldar witnessed a strong year on year improvement in its ratings across three major global, environmental, social, and governance benchmarks. This includes a two-point increase on the Dow Jones Sustainability Index (DJSI), while the sector average slightly declined. MSCI upgraded Aldar from a BB rating to BBB, and Sustainalytics lowered the Company’s risk from 16.6 to 16.1 in its ESG Risk Assessment Scale.


Responsible Gold TM Best ESG Blockchain Bullion Company // 2022


Responsible Gold™ is conflict-free and responsibly sourced gold with blockchain-based proof of provenance and supply chain traceability.

The Responsible Gold Supply Chain Application (RG SCA), tracks gold custody transfers from mine-to-refinery–to-vault or to end user, while conforming with the Responsible Gold Standards (“Standards”). The RG SCA successfully combines blockchain technology with web and mobile applications that revolutionize the way different participants capture, communicate, access and audit supply chain information. The Standards, which encompass industry best practice regulatory requirements and environmental, social and governance (ESG) controls, provide the framework for the gold supply chain and its participants, so that its output can be affirmatively declared “Responsible Gold”.

Available in physical format as bullion bars or wafers and in a digital format as the ERC20 G-Coin® digitized gold (minted under a unique proprietary asset tokenization patent), the Responsible Gold™ ecosystem is comprised of a growing number of trusted participants, including miners, refiners, logistics providers, and vault operators.


Mining in general tends to have the general perception of being a conflict-ridden, dirty, and unsustainable business. As ESG becomes more mainstream, the primary customers of gold, including investors, jewelry manufacturers, industrial companies and central banks are demanding more transparency and information on the precious metals they purchase.

Despite evolving regulatory and industry supply chain due diligence standards, challenges with gold sourcing remain prevalent. Inadvertently, this has led to blanket bans on sourcing from certain jurisdictions or types of material (e.g., artisanal and small-scale mining) that are perceived as highrisk, leaving several industry participants disenfranchised.

The artisanal and small-scale mining sector provides a livelihood to 15 to 20 million people globally1. Large-scale gold mining has numerous positive benefits for the host countries and local communities from royalties and taxes paid in-country, to local job creation and skills development, and infrastructure development in the form of roads and hospitals.


With increasing complexity in supply chain management, Responsible Gold™ delivers unprecedented visibility and transparency across the gold supply chain, and easily and efficiently connects trusted gold producers to end buyers, regardless of the jurisdiction or sector of operation.


The current market for track-and-trace blockchain applications in the precious metals industry focuses primarily on digitization of asset transfer documentation. With the RG SCA, actual physical assets or doré at the mine site are digitized by attaching cryptographic seals. These seals are scanned with a mobile application to record custody transfer transactions directly onto the blockchain.

Moreover, Responsible Gold™ provides the ability to immutably capture the many component parts of ESG, such as carbon emissions, that are associated with a specific gold asset, sourced from a specific miner, and the ESG policies and actions implemented by that specific miner.

More than 80% of the largest companies in the extractive sector report on ESG,2 yet the biggest gripe for investors is the

lack of consistent, comparable ESG data. Mid-tier and smaller mining companies are less advanced in their reporting.

Responsible Gold™ has solved these issues by creating an ESG Tool to standardize and streamline ESG management and reporting. Supply chain partners are supported on every step of their ESG journey with over 180 ESG risk and control cards documented for gold miners, refiners, logistics providers and vault operators, a compliance monitoring tool that recognizes existing certifications and streamline compliance and audit processes, and ESG policy and risk assessment blueprints.

By creating an end-to-end system of record for a physical gold asset, including provenance, custody and ownership traceability, Responsible Gold™ allows the market to value gold commodities based on both financial and ESG factors, ensuring that potential bifurcation in pricing based on ESG criteria is attributed fairly.

In addition, it empowers gold producers to take ownership and accountability of ESG impacts and, by attributing value to this, draws in additional participants to lift the bar for the entire industry.



While the focus on recycled materials from an ESG perspective has increased in recent years, mined gold product still accounts for 70-80% of total new supply used in products.3 Moreover, recycled gold is not always traceable back to the point of extraction, making it significantly more vulnerable to illicit practices.4

Responsible Gold™, on the other hand, has been recognized as exceeding Shariah requirements for transparency and ethical trading, by the Shariah Supervisory Board of Amani Advisors. A UN Task Force has also recognized the Responsible Gold™ ecosystem as a positive contributor to the UN Sustainable Development Goals.5


ESG factors have been associated with mining for decades, but only recently become mainstream, as consumers, investors, and regulators seek products that are both commercial and sustainable. Much of this is driven by heightened scrutiny within both retail and institutional capital markets. ESG assets under management surpassed $35 trillion in 20206 and increasing ESG-related regulation, for example the EU Sustainable Financial Disclosure Regulation, is further fueling the creation of new ESG investment products.

Responsible Gold™ is perfectly placed to meet new customer and market needs and in partnership with financial market participants, we will soon launch new Responsible Gold™based financial products.

We see gold as a powerful wealth creator and protector and, with the G-Coin® digitized gold token, our mission is to make it sustainable and accessible for everyone. Customers can start to own as little as 0.25grams (~$16 at today’s price) of Responsible Gold™ without needing to worry about storage facilities and costs.

G-Coin® is currently available in 76 countries worldwide through digital asset platforms, and we are launching our proprietary digital wallet in new countries to enable customers to send or gift gold peer to peer, or even to spend in gold.

1. https://www.gold.org/esg/artisanal-and-small-scale-gold-mining#:~:text=It%20 covers%20formal%20or%20informal,exploration%2C%20extraction%2C%20and%20 processing.

2. UN Environment Programme, Sustainability Reporting in the Mining Sector, 2020 https://wedocs.unep.org/bitstream/handle/20.500.11822/33924/SRMS. pdf?sequence=1&isAllowed=y

3. CME Group, Introduction to Precious Metals, https://www.cmegroup.com/ education/courses/introduction-to-precious-metals/understanding-supply-anddemand-precious-metals.html

4. https://www.responsiblemines.org/en/2019/10/is-recycled-gold-an-ethicalchoice/

5. The UN ITU report can be found at https://www.itu.int/en/ITU-T/focusgroups/dlt/ Documents/d21.pdf Page 32 of the report references the Responsible Gold Ecosystem IND 006 as a contributor to SDG 12.

6. https://www.bloomberg.com/company/press/esg-assets-rising-to-50-trillionwill-reshape-140-5-trillion-of-global-aum-by-2025-finds-bloomberg-intelligence/


1 G-Coin token is a digital title to 1 gram of Responsible Gold stored in licensed and regularly audited vaults

1 G-Coin token is a digital title to 1 gram of Responsible Gold stored in licensed and regularly audited vaults

G-Coin can be held as a store of value, redeemed for physical gold, transferred or gifted to others and in time used to make payments

G-Coin can be held as a store of value, redeemed for physical gold, transferred or gifted to others and in time used to make payments

The Responsible Gold kilobars from which G-Coins are “minted” optimize transparency, traceability, and trust through the supply chain

The Responsible Gold kilobars from which G-Coins are “minted” optimize transparency, traceability, and trust through the supply chain

G-Coin can now be bought and sold in 76 countries on one of the world's fastest-growing crypto and digital asset exchanges @CrossTower With 24/7 access, G-Coin brings gold into the digital age and increases its utility

G-Coin can now be bought and sold in 76 countries on one of the world's fastest-growing crypto and digital asset exchanges @CrossTower With 24/7 access, G-Coin brings gold into the digital age and increases its utility

Awarded Best ESG Blockchain Bullion Company in 2022

Awarded Best ESG Blockchain Bullion Company in 2022

Attested as Shariah Compliant in 2018

Attested as Shariah Compliant in 2018

Recognized as positive contributor to UN SDGs in 2019

Recognized as positive contributor to UN SDGs in 2019


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Tesla Master Plan 3 Revealed

Master Plan 3 will lead Tesla in the global effort to eliminate fossil fuels and convert the world to sustainable energy. Musk’s plan is to create “a sustainable energy civilization.”

This means adding renewable power to the existing grid, producing more electric vehicles, installing heat pumps in homes and buildings, using high-temperature heat delivery and hydrogen for industrial applications, and building sustainably fueled planes and boats.

Tesla projects it will take $10 trillion in investments to bring about this sustainable future powered by renewable energy. Musk said it’s “not a big number relative to the global economy.”

Part of Musk’s plan involves expanding the world’s energy storage capacity by up to 240TWh. During the course of the event, Tesla executives said this can be accomplished without mining much ore. Musk claimed that it would only need less than 30 percent of all nickel in the Earth.

Musk adds that the infrastructure needed for this, including wind and solar, will take “less than 0.2 percent” of the Earth’s surface. Musk will release a white paper outlining the plan.

“I really wanted today to be not just about Tesla investors who own stock, but really anyone who is an investor in Earth,” Musk said optimistically.

During the live Q&A sessions at Tesla’s Investor Day event, Musk also announced that the company is building its next Gigafactory in Mexico, where it will build a next-generation vehicle.

The facility will be built in the Mexican state of Nuevo León, bordering with Texas — home of Tesla’s Austin Gigafactory. Mexican President Andres Manuel Lopez Obrador confirmed the project will be built in the city of Monterrey.

Elon Musk revealed the third part of Tesla’s “Master Plan,” during an investor event held on the 1st of March at the company’s Gigafactory in Austin, Texas.

Invest Africa: 6 Reasons to Choose Ghana

As the world gradually emerges from the ruins of the recent economic recession, the search continues for the next hotspot for global commerce. Emerging markets in Africa, Latin America, and the Middle East are being viewed as possible new engines of economic growth.


Amid the hot debates and ponderings, the case for Africa has grown stronger than ever, as it keeps exhibiting strong indications for a significant takeoff soon. Not only is Africa the second-largest continent in terms of area and population, but it also has a wealth of untapped natural resources, enormous potential for sustainable agriculture, and, as of recently, the Africa Continental Free Trade Area (AfCFTA), which has created the largest free market in the world.

With the ongoing economic revival in Africa, Ghana has established itself as one of its nations to watch in terms of trade, investment, and tourism. It combines a conducive business climate, transparent regulations, and political stability in presenting one of the continent’s most favorable economic environments for investors seeking to do business in Africa.

If you have ever wondered why the country has taken centerstage in discussions on investment, here are 6 reasons you should also be choosing Ghana.


Ghana is ranked as the most stable political environment within West Africa, with advanced democratic institutions and systems to ensure good governance and the rule of law. According to the Global Peace Index, the country is also first in West Africa and second in Africa.

Ghana’s current political stability can be attributed to its strong and transparent democratic institutions, which have made it a beacon of hope for the entire West African region .This reliable democratic dispensation makes it the safest place within the subregion to hone your investment.


Ghana is a resource-rich country, presenting an enormous pool of untapped raw materials for investors to leverage, especially now, amid its industrial revolution.

The country is currently the number one gold-producing country in Africa, and the 2nd largest cocoa producer in the world, to name a few. It also has the 3rd largest bauxite


reserve in Africa with an estimated reserve base of 900 million tonnes, valued at $50 million in its raw state and at $400 billion when refined.

Moreover, Ghana has 5 million hectares of arable land, 4 million hectares of cultivable land, and 228,792 hectares of irrigable land. This is in addition to the over 189 thousand barrels of oil produced daily and the 8 trillion cubic feet of natural gas reserves.


Ghana’s progressive policies, including its vision to transform the country into an industrialized nation by 2030, have been instrumental in creating a business-friendly environment for businesses. According to Ease of Doing Business Reports, Ghana is among the best places to do business in West Africa. In 2021, the AT Kearney Global Services Location Index adjudged Ghana as the best destination for investment in West Africa and the third most attractive on the continent. Ghana is also regarded as one of the most competitive economies on the continent by the World Economic Forum Global Competitiveness Index.


With an average flight time to Europe and the Americas of 8 hours, Ghana is geographically the closest country to the center of the earth (World Population Review).

Investors looking to export to or access markets in regions like the Americas, Asia and Europe will find the country to be in a prime location because of its unique geographic situation.

Investors have easy access to the rest of the globe through Ghana’s main airport, Kotoka International Airport, which has been ranked the best in West Africa and the best in Africa for airport service quality. In addition, Tema Port, one of West Africa’s largest ports, is located in Ghana. An excellent network of trunk highways serves Tema Port, which makes it easier to conduct business.


Businesses in Ghana have a wide pool of skilled and trainable labour available to them. Inarguably, the country has one of the highest literacy rates in West Africa (according to the World Bank Group), as well as the most competitive minimum


wages in the sub-region. This is beneficial for businesses looking to set up in Ghana, as it ensures a low cost of production and, at the same time, a highly skilled workforce.


As an emerging economy playing a central role in Africa’s Free Trade Area Agreement and hosting its Secretariat, Ghana is in pole position to work with potential investors and make it easier for them to access products and services from a market of 1.3 billion people across Africa.

Headquartering the AfCFTA is expected to boost Ghana’s hospitality and, more broadly, the services sectors and generate increased international exposure.

This heightened visibility and increased investment are expected to further stimulate trade, creating opportunities for Ghanaian businesses, as well as businesses looking to access the African market.


Ghana is on a path to becoming a regional powerhouse in commerce as it continually adopts policies to reduce the general cost of doing business and incentivize investors.

Today, the country is not only the best place to do business in West Africa but a hub that connects investors to Africa as a whole.

Meanwhile, the government’s investment promotion wing, GIPC, continues to play a pivotal role in helping investors navigate Ghana’s business environment by providing them with insights on opportunities and incentives while following through with necessary guidelines and assistance to help them manage business risks. Ghana’s efforts have resulted in a positive business environment that has allowed local and international investors to capitalize on opportunities and grow their businesses.


Trust the experts of a leading Shari'a-compliant bank

Trust the experts of a leading Shari'a-compliant bank

Welcome to Masraf Al Rayan, a bank that takes pride in being recognised as your preferred Islamic banking partner. Be it customer service, banking solutions, financial services or remote banking channels, you will always find meticulously crafted solutions that are precisely tuned to your needs. Today, we are recognised as a leading Shari'a-compliant bank in Qatar and the region.



our banking solutions call us on 4425 3333


Story of Success and Promising Growth…


Gulf Insurance Group K.S.C.P (GIG) was established in 1962. It is a public shareholding company listed on the Boursa Kuwait (Kuwait Stock Exchange) and a consistent market leader in Kuwait in terms of premiums written with operations in life and non-life as well as Takaful insurance.

GIG is amongst the largest and most diversified insurance groups in the Middle East and North Africa region. GIG is one of the leading private insurers (by gross premium written) with a strong competitive market position in Kuwait, Jordan, Bahrain and Egypt. Furthermore, the Group has operations in United Arab Emirates, Saudi Arabia, Turkey, Algeria, Oman, Qatar, Syria, Iraq and Lebanon.

Gulf Insurance Group enjoys the privilege of being the first triple-rated insurance group in Kuwait. The Group holds a Financial Strength Rating of ‘A’ (Excellent) and issuer credit rating of ‘a’ with Stable Outlook from A.M. Best Europe –Rating Services Limited, a Financial Strength Rating of “A” with Stable outlook from Standard & Poor’s and an Insurance Financial Strength Rating (IFSR) of ‘A3’ from Moody’s Investors Service carrying a Positive outlook. The ratings reflect GIG’s

strengthened risk-adjusted capitalization, its excellent regional business profile, robust track record of underwriting profitability and improved risk management.

Through customer-centric approach, GIG offers range of products and services involving various classes of insurance: Motor, Marine & Aviation, Property & Casualty, Engineering and Life & Health in conventional and takaful (Islamic insurance based on Shariah principles) basis. Our products and services are designed and developed in collaboration with leading international insurance and reinsurance companies to meet individuals’ and corporate customers’ insurance requirements.


“We’re shaping a valuable insurance ecosystem for the MENA region”.


We’re invested in; providing rewarding experiences to customers, building loyalty with employees, creating value for stakeholder and serving the community as committed citizen.



By cultivating a team of over 400 local proficient and over 3,400 regional life and non-life insurance consultants trained to offer clients the most practical advice and dedicated attention and with a growing network of over 13 branches accessible throughout Kuwait and having more than 100 branches across MENA region, the Group has always been recognized for its professional excellence.

Over the years, Gulf Insurance has grown from being a leading personal and commercial insurer in Kuwait into a regional insurance solutions provider in Middle East and North Africa.

GIG has created a competitive edge in its markets through the implementation of a comprehensive approach involving use of latest and superior Information Technology services, Product Innovation, Customer Relations Management, Enterprise Risk Management, Corporate Governance, prudent underwriting practices and Digitalization.


GIG’s capitalization and usage of the latest technologies has immensely contributed to the company’s operational efficiency, customer service satisfaction, and company profitability. GIG’s state-of-the art web based information technology applications link of all its operations and that of subsidiaries in one unified universe. A comprehensive database of clients has been built over the years allowing improved customer relationship management, customer service and support, and cross selling, all of which are crucial steps in customer retention.

As part of our continued efforts to promote customer convenience, GIG was the first insurance company in Kuwait to launch online sales of insurance products over the internet (www.Clickgic.com).

In our continued efforts to introduce innovative technology solutions geared toward servicing our customers, GIG was also the first insurance company in Kuwait and the region to introduce the sale and renewal of insurance product over smart phones.


For 60 years, Gulf Insurance Group has been part of Kuwait & its peoples lives’. We have witnessed the good times & bad times of our nation however throughout our history & future to come we always believed that relationships are one of the most valuable things in life. In 2012, the decision was taken to unite our Group under one flag, one name and one brand The Gulf Insurance Group (GIG). In pursuance for our plans, our ultimate objective was to be recognized as a regional

Arabian Insurance Group from this region, for this region; with excellent offerings & standards.


September 2021, GIG successfully acquired AXA’s operations in the Gulf, which is considered as one of the largest insurance acquisitions in the region.

The transaction included:

• AXA Gulf (Bahrain, UAE, Oman & Qatar) - Rebranded to GIGGulf,

• AXA Cooperative Insurance Co. (KSA) - Rebranded to GIGSaudi and


GIG intends to implement many ambitious and futuristic projects in order to meet the ever-changing customer needs and exceed their expectations. Its dynamic leadership continuously strives to train and support human resources in order to develop the technical and administrative capabilities within its group of companies. Apart from being committed to the advancement of insurance industry both in Kuwait and in the Middle East region, GIG plans to continue the regional expansion strategy towards establishing itself as a major player in the regional insurance markets and increasing its business portfolio. In this concern, GIG intends to strengthen its presence in the regional markets, emerge as a consolidator of businesses and develop a unified branding strategy.


• Kuwait Projects Co. (KIPCO) is one of the biggest holding companies in the Middle East and North Africa. The Group has significant ownership interests in over 60 companies operating across 24 countries

• Fairfax Financial Holdings Limited is a financial services holding company, which through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management.


Alpha Global Wealth: A Dedicated Service

Alpha Global Wealth believes that developing wealth planning services offers real added value to private clients, as they enable the firm to provide guidance on a global approach to wealth management.


Our wealth planning services are geared towards private clients who want to optimise tax planning in a legitimate way, see their wealth grow, and pass it safely on to future generations. In order to provide our private clients with the best solutions for their financial situation and to respond to their specific needs and objectives, our professionally qualified advisors and external experts offer personalised consultations along with tailor-made professional advice.

The relationship that we have developed with our private clients is built on decades of respect and trust. Our services are put together to cover all major events in the lives of our clients and their families.

More specifically, we can provide guidance on the following subjects:

• Estate assessment

• Consolidation of assets

• Tax planning (including cross-border issues)

• Wealth structuring

• International and local pension planning

• Asset protection

• Ownership and controlling strategy

• Estate planning

• Relocation

• Private insurance

• Family matters and governance

• Philanthropy


We at Alpha Global Wealth take the time to analyse your needs, propose a suitable investment strategy and carefully construct a portfolio that is in line with your situation. You have access to an experienced portfolio manager who will be responsible for all investment decisions, oversee the dayto-day management and interact with you personally.



We invest your assets with a view to the long term, and actively manage your portfolio and ensure it is broadly diversified and risk efficient. Our investment approach is systematic, independent and disciplined, and you benefit from our full range of investment expertise.


Sustainability is an integral part of everything we do at Alpha. That is why we take the impact of investments on the environment, society and the quality of corporate governance into account in our investment decisions. While helping to ensure a better future for all of us, this approach can also lead to better results for your investments.


Awards are the culmination and the ultimate endorsement of our team’s passion and efforts to produce the highest quality of service and the best-performing products on the market.

The awards Alpha receives recognise not only the firms drive to innovate, its quest for performance, its flexibility and its talent – all key components that set it apart from the competition – but also its ability to respond to the waves of change that are affecting markets and the industry alike.

Alpha regularly wins awards from prestigious research institutes for its performances in various fields, including the management of funds, investment strategies, direct investments, and advisory, wealth planning, family office, and independent asset manager services.


The Grimaldi Forum Monaco

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Hundreds of new partnerships await at IMpower Incorporating FundForum!

Join the industry’s most senior leaders as they discuss the challenges and outlook for 2023 and beyond. Exchange ideas, inspiration and actionable solutions for your customer-growth strategy across next-gen distribution, operating models & investment solutions. See the latest agenda at: informaconnect.com/impower-fundforum/agenda

The world’s leading face-to-face investment management event is designed to connect you with a quality audience you won’t find anywhere else. Find out more about networking here: https:// informaconnect.com/impower-fundforum/your-social-calendar

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Intercorp Group: Serving High-net-worth entrepreneurs

Intercorp Group is an international consulting firm that serves high-net-worth entrepreneurs and their families.

Its consultants pride themselves on finding professional solutions to often very personal issues including migration and succession planning, right through to finding the right property and a good school.

Intercorp Group offers clients a view of the bigger picture and how it can benefit them in almost every endeavour.


Over the past several years, Intercorp has evolved from being a traditional tax consultancy to a multi-disciplinary strategic consulting firm. In a world of rapid change, clients need a

partner which is able to adapt to the shifting conditions of multiple jurisdictions, while remaining a consistent and reliable source of independent advice. Our heritage in tax consulting has provided us with the expertise to become the bridge between the process-driven corporate consultancy world and the real human needs of the client. We adopt the needs and objectives of our clients and manage the potential risks to which they may be exposed.

Many years, I had a simple idea. As a Brazilian national, growing up in a country with a booming economy, I witnessed first-hand the expansion of Brazil’s high- and ultra-high networth population.

Brazil has a very complex tax system and, when the economy began to falter in the late 2000s, it caused further confusion and uncertainty. As a professional with almost 30 years’ tax


compliance experience, dealing with the complex – and increasingly international – needs of my clients, I identified a need to provide clarity and stability at a time of disorder.

Using my knowledge of international tax regulations, and the unique needs of ultra-high net worth individuals, I developed a business that provides global solutions for individuals and their international business interests. We listen to our clients’ needs, investing time to truly analyse and understand their requirements; anticipating future trends to advise on international and cross-border issues.

We help our clients to make decisions. Regardless of the challenges, we use our depth of experience and our global network of partners to advise on the best course of action. Over the years I have nurtured relationships, developing a level of confidence and trust that helps my clients reach an efficient and successful resolution. From tax advice to relocation support, we make sure everything runs smoothly.

Everyone has their comfort zone of professional capacity. An emergency hospital might – on the surface – seem like a hectic place, but it’s the natural environment for an ER doctor. At Intercorp Group, we thrive on the chaotic environment of the international tax world. It’s in our DNA.

For more than 15 years we have been committed to building

the trust and relationships required to deliver first-class consultancy. Our unrivalled experience and knowledge, coupled with our diverse network of business connections, has equipped Intercorp Group with the capacity to meet any challenge, no matter what obstacle stands in the way of success.


Our mission is to help the world’s most successful entrepreneurs navigate the high-net- worth universe in which they now find themselves. We offer a wide lens approach to strategy consulting. We invest time and energy in understanding the client’s unique requirements and evaluating their complex, multidisciplinary and global needs. Then, putting this in context with latest intelligence on the global financial and legal environment, we recommend the most efficient approach to fulfil those needs.

Amid lawyers, tax consultants, family relocation specialists and asset managers, Intercorp Group streamlines these individual strands—giving the client both a single point of contact and access to the world’s best minds across all specialisms. In a world of rapid change, clients need a partner which is able to adapt to the shifting conditions of multiple jurisdictions; while remaining a consistent and reliable source of valuable, transparent and truly independent advice.


Clients rarely engage us for single-issue solutions or offthe-shelf products. More often, they come to us with a much broader, general demand—the bigger picture. We work most effectively in long-term partnerships where clients grant us a high level of autonomy to make decisions on their behalf.


Our consultants act as a bridge between the process-driven corporate consultancy world and the real human needs of individual clients. We become the client on behalf of the client; identifying the right questions rather than professing to have all the answers. We search for the best specialists available and then coordinate the most efficient way to execute it. Intercorp Group assumes responsibility for playing the role of its client: adopting its needs, objectives and managing the potential risks to which the client may be exposed.

Often, consultancies will provide answers to questions according to their specialism—be it tax efficiency, succession planning or fiduciary structures. Intercorp Group by contrast will understand the reason why that advice is being sought and ensure the right questions are being posed to yield the best outcome.

Our experience across many different sectors allows us to mine intelligence from a range of disciplines and filter it into our counsel. Because our network spans across multiple jurisdictions, we have a sharp – truly global – grasp of the current and forecast economic cli- mate. Our capacity to advise based on current and predicted economic trends has become a benchmark for the consulting world.


Intercorp Group was originally founded as a tax consultancy. While our scope of services is now much broader, this heritage compelled us to develop a deep understanding of our clients—everything from investment structures to interpersonal relationships. No strategic advice is given without a complete and thorough immersion. We see the whole picture and can act faster than most, appreciating the consequences of each decision on all aspects of the client’s business.

Based on that intelligence – of both the client and the landscape – we can provide efficient advice based not on what the law says today, but on what we believe the law is going to say, how governments will behave and how trends will develop over time.

Our understanding of the client allows us to speak their language, all the while helping to elevate their frame of reference to appreciate a global perspective. We also know how to speak the language of the professional services

industries: our clients can talk openly about their desired outcomes unencumbered by legal jargon.

We have access to a network of specialists, carefully built through reputation and personal experience. This network includes several hundred strategic partners, all quality assured, checked and vetted. This network model is rare and effective—it helps bypass corporate competition, ensuring access to the best expert in any given field.

Ultimately, Intercorp Group is built on the idea that consultancies should remain loyal and responsible to their clients. In an unpredictable financial world, such a service is becoming more and more vital.


An introduction to Intercorp Group


Intercorp Group is an international consulting firm that serves high-networth entrepreneurs and their families. We pride ourselves on finding professional solutions to often very personal issues, from migration and succession planning, through to finding the right property and a good school.

We offer a highly bespoke and individual service, investing time and energy to fully understand our clients’ requirements and evaluate their complex, multidisciplinary and international needs. By placing their specific circumstances with our understanding of the global and financial legal environment, we recommend the most efficient approach to fulfil their wishes.


In a world of rapid change, clients need a partner capable of adapting to the shifting conditions of multiple jurisdictions; while remaining a consistent and reliable source of valuable, transparent and independent advice.

Intercorp employs experienced consultants across a range of sectors, who work with clients on a long-term basis to solve complex issues on their behalf. While we are wholly independent, our business model utilises its access to a global network of specialist partners, carefully built through years of reputation and personal experience. The network includes several hundred strategic partners, all quality assured, checked and vetted.

This model is extremely rare and provides us with unrivalled access to experts in any given field.


Our unique partnership model is central to the service we provide. We are an extension of our global network, embedding ourselves within their clients’ team and ensuring they have access to the tools and talent required to solve multi-disciplinary and cross-border challenges. We are the glue that binds our partners together in the common interest of serving the client’s needs. Each task is unique and requires a tailored approach. We understand how to navigate highly technical issues and can build the best team to meet your goals.

50 Sloane Ave, SW3 3DD. London www.intercorp.com

We believe your Leaders are your biggest Investment

Executives in Africa have been placing leaders into businesses across Africa for over 13 years. We are passionate about finding the right leaders who will deliver the strategic aims of the business for our Clients. www.executivesinafrica.com

How do you find the right leader to deliver sustainable growth in Africa?

We have worked with founders and companies at various fundraising stages to find leaders with experience in new country set-up, creating a blueprint for scaling, fundraising and investor relations as well as leveraging technology and working across all aspects of product design for tech-enabled businesses.

Many of our clients are in a ‘race’ to secure market share and achieve first-mover advantage, so finding the right talent to get them there is critical, but also highly competitive. It’s a balance between hiring quickly but making sure they get it right first time.

Our appointed leaders thrive because they have been proactively profiled, handpicked and evidentially assessed to ensure

they can technically deliver what is needed and that they ‘fit’ the behavioural requirements for success. By investing time, and by undertaking full due diligence of the talent market, we give our clients the confidence they are hiring the BEST available leader to meet the specific needs of their business and deliver growth.

When you commit so much time and money into assessing a potential investment, why would you not apply the same thorough approach to appointing the person you will entrust to deliver your objectives?

You can’t afford NOT to invest in getting the right leader. To hear more, contact Richard Putley, CEO at rp@executivesinafrica.com.

Is gender diversity important to you when selecting your senior management team? Executives in Africa are committed to supporting gender diversity and are proud that Sarah FitzMorris, Co-Founder and CEO of Executives in Africa, is on the Global Advisory Council of 100WF to help set up 100 Women in Finance in Africa. Last year saw the official launch of locations in South Africa and Kenya, with Nigeria close to launch.

To find out more about how we can help you connect to support women in careers in finance on the continent, please contact Sarah at sf@executivesinafrica.com or connect with her on LinkedIn.

73% of our placed Leaders are African nationals

Contact: Richard Putley: rp@executivesinafrica.com / +44 7957 339 235 Sarah FitzMorris: sf@executivesinafrica.com / +44 7900 996 609
Our greatest demand for talent over the last year has been for leaders who can scale businesses.

Why Consider Forex Trading in Times of High Inflation and Financial Instability

As the global economy becomes increasingly complex, Forex trading has become a critical tool for individuals and businesses seeking to manage their financial risks and seize opportunities in the global market.

Forex trading has become increasingly desirable in a climate of financial uncertainty due to its high liquidity, diversification benefits, flexibility, profit potential, and accessibility. It is an important tool for traders during times of high inflation too, due to the potential for currency depreciation, interest rate differentials, commodity prices, hedging, and increased volatility.


One way traders can take advantage of inflation is through currency depreciation. Inflation can cause a country’s currency to lose value compared to other currencies, so traders may buy stronger currencies against weaker ones. For example, if inflation is high in a country, traders may purchase the US dollar, which is often seen as a safe haven currency.

Central banks may also raise interest rates to combat inflation, making a country’s currency more attractive to investors seeking higher returns. Traders who follow interest rate differentials may find trading opportunities as a result of

currency movements.

Inflation can also drive up commodity prices, which can impact currencies of commodity-producing countries. For instance, traders may buy currencies of oil-producing countries, like Canada, Norway, or Russia, if oil prices rise due to inflation.

Forex trading can also provide a way for businesses to hedge against inflation risks. If a company expects rising costs due to inflation, it may buy a currency likely to appreciate in value, offsetting the impact of those rising costs.


In this highly competitive industry, Forex4you has established itself as a leading Forex broker, providing traders and partners with cutting-edge technology, exceptional customer service, and an unrivaled trading experience.

Founded in 2007, Forex4you has grown rapidly over the past 16 years, now boasting over 2.6 million trading accounts worldwide. With a focus on transparency, security, and innovation, the company has earned a reputation as a trusted and reliable partner for Forex traders and partners across the globe.



For traders, Forex4you offers a wide range of trading instruments, including major and minor currency pairs, commodities, indices, cryptocurrencies and stocks. With leverage of up to 1:2000, traders can maximize their profits while minimizing their risks. And with tight spreads starting from just 0.1 pips, traders can enjoy some of the most competitive trading conditions in the industry.

In addition to its proprietary trading platform, Forex4you provides traders with a range of tools and resources to help them make informed trading decisions. These include daily market analysis, economic calendars, and real-time news updates. And with 24/7 customer support in multiple languages, traders can access assistance whenever they need it.

But what really sets Forex4you apart is its commitment to transparency and fairness. The company operates a true ECN/STP trading model, which means that all trades are executed directly on the market without any intervention or manipulation. This ensures that traders get the best possible prices and fills.


For partners, Forex4you offers some of the most attractive partner programs in the industry, allowing them to earn extra income by referring new clients to the company. With over $135 million in partner commissions paid out to date, Forex4you has established itself as the best affiliate program in Asia, as awarded by the International Investor Magazine.

Partnering with Forex4you is simple and easy. Partners can choose from a range of partner programs, including introducing brokers and affiliates. And with payouts every 2 hours, partners can start earning commissions right away.

Forex4you has always been driven by its core values of competency, honesty, transparency and integrity.

For the last 16 years, our commitment to enhancing your user experience remains unwavering, and we are dedicated to working with you to achieve even greater success in the years to come.

But what really sets Forex4you apart is its commitment to supporting its partners every step of the way. With dedicated account managers, customized marketing materials, and ongoing training and support, partners have everything they need to succeed.


One of the most exciting innovations to come out of the Forex4you ecosystem is Share4you, a cutting-edge copy trading platform that allows traders to automatically copy the trades of successful traders in real-time.

With Share4you, traders can follow and copy the trades of experienced traders, without having to do any of the work themselves. And with a range of filters and settings, traders can customize their copy trading experience to suit their individual needs and risk tolerance.

Share4you also benefits the traders whose trades are being copied, allowing them to earn extra income by sharing their expertise with others. And with full transparency and comprehensive performance data, traders can monitor their progress and adjust their strategies as needed.


In today’s fast-paced and complex financial landscape, Forex trading has become an essential tool for businesses and individuals alike. And when it comes to choosing a Forex broker, there is no better partner than Forex4you.

With over 16 years of experience, 2.6 million trading accounts, and some of the most competitive trading conditions and partner programs in the industry, Forex4you has established itself as a trusted and reliable broker for traders worldwide.

| 063 INTERNATIONAL INVESTOR MAGAZINE 2013 2007 Forex4you, an online trading service that allows 150+ instruments to be traded using many e-payment systems, was established Launched our copy trading service, Share4you 2021 Paid out over US$24 million in partner commissions in the year 16 years of Building Trust Launched Marketplace, our own liquidity aggregator and order execution technology that chooses the best BID/ASK prices for our clients 2016 Reached 2,000,000 opened client accounts and more than 1 billion executed orders 2020 2023

BMW Reduces Emissions and moves toward Hydrogen

The BMW Group continued to systematically reduce its emissions and, based on preliminary internal calculations, lowered its EU fleet-wide CO2 emissions by more than nine percent from 2021 to 2022.

With emissions of 105 grams per kilometre, according to WLTP (2021: 115.9 grams per kilometre), based on preliminary calculations for 2022, the company once again outperformed the fleet target limit set by the European Union EU27+2 (EU, Norway, Iceland) of 127 grams per kilometre by 22 grams.

In addition to further increases in vehicle efficiency, the reduction in emissions can largely be attributed to successful implementation of the company’s electrification strategy. The BMW Group sold a total of more than 215,000 fullyelectric vehicles worldwide in 2022 – an increase of almost 108 percent, compared to the previous year. Fully-electric vehicles accounted for nearly nine percent of total sales last year. The goal is to increase this figure to 15 percent in 2023. The BMW Group also aims for more than 50 percent of its sales volumes to come from fully-electric vehicles no later than 2030.

The BMW Group became the first German automotive manufacturer to join the Business Ambition for 1.5° C campaign launched by the Science-Based Targets Initiative and is committed to the goal of complete climate neutrality throughout the entire value chain.

As the next step in this direction, the BMW Group plans to reduce CO2 emissions by at least 40 percent per vehicle throughout the entire lifecycle – supply chain, production and use phase – from 2019 levels by 2030.

The BMW Group is presenting international media representatives with the first vehicles in a pilot fleet that will go into service this year. After four years of development work, the BMW iX5 Hydrogen vehicle and development project is entering its critical next phase.

The fleet of under 100 vehicles will then be employed internationally for demonstration and trial purposes for various target groups. This active driving experience will therefore be the first chance for people not involved in the development process to gain a direct impression of what the BMW iX5 Hydrogen has to offer.


“Hydrogen is a versatile energy source that has a key role to play in the energy transition process and therefore in climate protection. After all, it is one of the most efficient ways of storing and transporting renewable energies”, said Oliver Zipse, Chairman of the Board of Management of BMW AG. “We should use this potential to also accelerate the transformation of the mobility sector. Hydrogen is the missing piece in the jigsaw when it comes to emission-free mobility. One technology on its own will not be enough to enable climate-neutral mobility worldwide.”


The BMW iX5 Hydrogen developed on the basis of the current BMW X5 was first unveiled as a concept at the IAA show in 2019. Initial prototypes were then made available at the IAA Mobility 2021 for visitors to experience in action as shuttle vehicles.

Its hydrogen fuel cell system is further proof of the BMW Group’s leading development expertise in the field of electric drive technologies. The BMW Group is systematically pushing forward with development of hydrogen fuel cell technology as an additional option for locally emission-free individual mobility in the future.


The BMW Group produces the highly efficient fuel cell systems for the pilot fleet at its in-house competence centre for hydrogen in Munich. This technology is one of the core elements in the BMW iX5 Hydrogen and generates a high continuous output of 125 kW/170 hp.

A chemical reaction takes place in the fuel cell between gaseous hydrogen from the tanks and oxygen from the air. Maintaining a steady supply of both elements to the fuel cell’s membrane is of crucial importance for the drive system’s efficiency. In addition to the technological equivalents of features found on combustion engines, such as charge air coolers, air filters, control units and sensors, the BMW Group also developed special hydrogen components for its new fuel cell system. These include the high-speed compressor with turbine and high-voltage coolant pump, for instance.

The BMW Group sources the individual fuel cells from the Toyota Motor Corporation. The two companies have enjoyed a partnership characterised by trust for many years and have been collaborating on fuel cell drive systems since 2013.

Fuel cell systems are manufactured in two main steps, based on the individual fuel cells. The cells are first assembled into a fuel cell stack. The next step involves fitting all the other

components to produce a complete fuel cell system.

Stacking of the fuel cells is largely a fully automated process. Once the individual components have been inspected for any damage, the stack is compressed by machine with a force of five tonnes and placed in a housing. The stack housing is manufactured in the light metal foundry at BMW Group Plant Landshut using a sand casting technique.

For this, molten aluminium is poured into a mould made from compacted sand mixed with resin in a process specially designed for this small-series vehicle.

The pressure plate, which delivers hydrogen and oxygen to the fuel cell stack, is made from cast plastic parts and lightalloy castings, also from the Landshut plant. The pressure plate forms a gas-tight and water-tight seal around the stack housing.

Final assembly of the fuel cell stacks includes a voltage test along with extensive testing of the chemical reaction within the cells. Finally, all the different components are fitted together in the assembly area to produce the complete system.

During this system assembly stage, further components are fitted, such as the compressor, the anode and cathode of the fuel-cell system, the high-voltage coolant pump and the wiring harness.

In combination with a highly integrated drive unit using fifth-generation BMW eDrive technology (the electric motor, transmission and power electronics are grouped together in a compact housing) at the rear axle and a power battery with lithium-ion technology developed specially for this vehicle, the powertrain channels maximum output of 295kW / 401 hp onto the road. In coasting overrun and braking phases, the motor also serves as a generator, feeding energy back into a power battery.


The hydrogen needed to supply the fuel cell is stored in two 700-bar tanks made of carbon-fibre reinforced plastic (CFRP). Together these hold almost six kilograms of hydrogen, enough to give the BMW iX5 Hydrogen a range of 504 km (313 miles) in the WLTP cycle. Filling up the hydrogen tanks only takes three to four minutes – so the BMW iX5 Hydrogen can also provide the driving pleasure for which BMW is renowned over long distances, with just a few, short stops along the way.

Building a road to a better future www.sc.com

WPU – the Danish company ready to rock the world of plastic waste

It all started with a good idea, some half-finished drawings, and no money three years ago for the Danish company Waste Plastic Upcycling (WPU).

At least, that’s how the chairman of the board Niels Stielund jokingly begins the story about the early beginnings of WPU. Now, the company is on the verge of starting production and entering the market for handling end-of-life plastic waste.

“I was introduced to a great idea but also a project that was out of money, and I and a couple of investors bought it because we believed it had potential,” he says.

They succeeded and today the great idea is still alive and kicking. On 22nd April last year, WPU was listed on Euronext Growth in Oslo, and the first of three planned factories in Denmark is built and will be operational in Q2 2023.

“Now, we have a fully functioning system where we can upcycle end-of-life plastic waste into an oil product and full range naphtha,”

Niels Stielund states with a smile.

The product can be used to produce new plastic or as an additive for diesel and petrol or jet fuel.


In the last couple of months, WPU has hired dozens of new employees, but in the beginning, the team consisted only of a small core of people. Niels Bagge joined early on as CEO, and he’s played a key part in bringing WPU forward and developing a technology that sets the company apart from other actors in the market.

He explains how WPU uses pyrolysis to give new life to plastic that would otherwise end up in a landfill or an incinerator with a negative impact on the environment and climate.

However, the use of pyrolysis isn’t the main reason for the great interest in WPU:

“We’ve developed a batch technology, and batch pyrolysis processes are far easier to construct and operate compared to other pyrolysis processes,”

Niels Bagge says.


Extremely tolerant to various types and grades of waste plastic Indiscriminate intake of polluted waste plastic No sorting of waste plastic before processing needed Robust and flexible w/o risk of total breakdown of production


The first factory is ready to receive 42,000 tonnes (93,000,000 US pounds) of plastic waste yearly. When all three Danish factories are built in 2026, they’ll be able to process almost 160.000 tonnes each year.

At that point, the expectation is annual net sales of 97 million USD and an annual result of 80,5 million USD.


Niels Stielund (NS): First and foremost, I must point out our batch technology as something that separates us from our competitors. Also worth emphasizing are the circular production process and the possibility of making a profit on the sale of excess heating.


Niels Bagge (NB): We developed the technology in close cooperation with The Technical University of Denmark, and it

has shown itself to be robust and flexible.

With our technology we can process the plastic in big, messy batches with different kinds of materials like steel bands, without worrying if it is dirty or wet.

Most pyrolysis processes are continuously fed and are not able to take batches. Usually, the plastic needs to be cleaned, shredded, and sorted, and that’s a process that require a lot of resources. However, our technology enables us to bypass that whole process.


NS: you can compare it to a huge washing machine. Just like you have programs for different kinds of clothes, so do we for different kinds of plastic.

That way, we can process plastic waste from a hospital in one pyrolysis reactor while the one next to it processes a completely different type of plastic waste.

Plastic waste
Pyrolysis Condensation Gasification Oil Batch Lighter fraction for plastics production Heavier fraction for transport sector Can be distilled to kerosene/ jet fuel 70 % 30 %


NB: For six months, we had a production in a test facility. We even sold the product to a German company. So not only did we prove that the technology works, but the test-product was of such a high quality that we had no problem selling it.


NS: Our system hardly uses any external energy to run the pyrolysis process even though it’s quite energy intensive. When the process begins, gas is released from the plastic, and we use that gas for our burners. When we ignite a cold reactor, we use a bit of oil from the production the day before. It makes us independent of fluctuating energy prices as the only electricity we need is for our pumps and the coffee machine in the kitchen.


NB: We are ISCC+-certified and we only process end-oflife plastic that no longer can be mechanically recycled, so

it is either landfill, incineration, or pyrolysis. When our three factories in Denmark are up and running, they will reduce CO2 emissions by more than 68.000 tonnes a year compared with incineration.


NB: Our plan is to turn it into an alternative revenue stream as we move forward. Excess heating from our first factory will be led to the local district heating plant that can distribute it to the local community. And we are already in talks with local companies that are very interested in paying for our excess heat to use it in their own production.


NS: Our previous test production has made us quite confident in our business model. Moreover, we have secured deals when it comes to feedstock and offtake. Vitol, one of the largest independent traders of energy and commodities, will buy all the product from our initial three Danish factories for the next five years. So, all in all, I think we can allow ourselves to be positive about the future.


Thank you!

At Waste Plastic Upcycling, we are honoured to win this award for Most Innovative Plastic Waste Conversion Firm 2023.

Who are we? We are WPU.

It’s our fundamental mission to give new life to plastic waste through pyrolysis and a unique batch technology. The batch technology simplifies the sorting and cleaning process. This makes the technology robust, flexible, and efficient. We predict it’s going to play a vital role in solving the world’s plastic challenge.

In 2026, our three factories in Denmark will process 209,625 metric tons (462,144,017 US pounds) of plastic waste a year and reduce CO2 emissions by more than 68,000 tonnes*.

Want to invest?

Our system is circular meaning that it hardly uses any external energy to process the plastic waste. This ensures our independence from fluctuating energy prices.

We produce oils that can be used for new plastic products as well as an additive for diesel, petrol or jet fuel.

We have deals in place for both feedstock and offtake. Our modular approach and low CAPEX ensure multiple expansion possibilities.

WPU was listed on Euronext Growth in Oslo in 2022 (WPU.OL, YN2.F). As an investor, you can be part of our journey as we expand to Europe and the rest of the world. Read more on Euronext Oslo: bit.ly/3WbdeuL

*Compared to incineration

International Investor Awards Winners 2023

In this issue we are celebrating women leaders. Women who have overcome the constraints and difficulties that these industries posed them. Amongst our award winners there are some exceptional women leaders and we want to recognise their roles and achievements.

The awards are open to any business, large, mid-size or small, established or start-up, provided they display first rate service, opportunity, innovation and performance. The following pages celebrate organisations that drive forward the world of international business and investment.


ACTIV TRADES Best Forex Broker // 2023 Safest Forex Broker // 2023

ActivTrades is an award-winning, multiasset global forex broker founded in 2001, offering a wide range of financial products including over 1000 CFD and Spread Betting instruments across Forex, Indices, Shares, Commodities, Financials, and ETFs.

Headquartered in the heart of London together with offices in Milan, Nassau, Sofia, Luxembourg, Lisboa, and Florianópolis, the company delivers exceptional trading conditions and outstanding support to its loyal customers in more than 140 countries.

The brokerage offers the world’s most popular trading platform: MetaTrader, enhanced with Smart Tools developed exclusively for our customers as well as its own ActivTrader – an intuitive and fully-featured platform designed for all levels of trading experience and available on desktop, smartphone, and tablet.

ActivTrades is regulated by the UK’s Financial Conduct Authority (FCA), Commission de Surveillance du Secteur Financier (CSSF), and Securities Commission of The Bahamas (SCB).

ALPHA GLOBAL WEALTH Best Financial Advisory Firm // Switzerland // 2023

Alpha Global Wealth develops wealth planning services that offer real added value to private clients, while providing guidance on a global approach to wealth management.

They provide a dedicated service geared towards private clients who want to optimise tax planning in a legitimate way, see their wealth grow, and pass it safely on to future generations.

AVATRADE Most Trusted Broker // 2023

AvaTrade is an award-winning online broker offering users the opportunity to trade Commodities, Stocks, Indices, Cryptocurrencies and more. The company is regulated across seven jurisdictions with a global clientele in over 150 countries. Since 2006 AvaTrade has expanded enormously, with over 300,000 registered customers globally, executing more than two million trades a month.

The company’s total trading volumes now surpasses $70 billion per month. AvaTrade’s user-oriented perspective, combined with solid financial backing, is unique to the field of online trading. From 24-hour multilingual support desks to a broad range of platforms and services, AvaTrade has successfully created the optimal trading environment for every level of trader in addition to the full spectrum of trading instruments covering Forex trading, stocks, commodities, cryptocurrencies and indices.


BAC CREDOMATIC Best ESG Initiatives // LATAM // 2023 Best Banking Group // LATAM // 2023

BAC is an organization with more than 70 years of experience that offers financial solutions to more than 4.4 million clients throughout the Central American region, who in turn are served thanks to the contribution and commitment of more than 19,500 employees.

BAC’s purpose is “Reimagining banking to generate prosperity in the communities it serves.” Additionally, BAC launched its new strategy in 2022 with the aspiration of becoming the first Financial Group to be Net Positive, this means that it will create more positive economic, environmental and social value than the footprints it produces by operating in the six countries of the Central American region.

BAC also defined that it will also be a bank that offers financial solutions of triple positive value and focused on life (of people and the planet). This means that with the same excellence and rigor that works to maximize economic value, it will also maximize and share social and environmental value with all its stakeholders.

The company began its operations in 1952 with the creation of the Bank of Central America in Nicaragua. Gradually it opened operations in each of the countries, until in the 1990s it became the first Financial Group with a presence in all Central America.

BAHAMAS FINANCIAL SERVICES BOARD Best Regional Financial Center // 2023

The Bahamas Financial Services Board (BFSB), launched in April 1998, represents an innovative commitment by the financial services industry and the Government of The Bahamas to promote a greater awareness of The Bahamas’ strengths as an international financial centre.

The Board is a multidisciplinary body that embraces active contribution from individuals within government, banking, trust and investment advisory services, insurance and investment fund administration as well as interested legal, accounting and management professionals.

BANQUE MISR Best SME Business Bank // Egypt // 2023

Best Customer Reward Program & Customer Service // Egypt // 2023 Bank of the Year // Egypt // 2023

Banque Misr (BM) was established in 1920 by the pioneer economist and financial expert Mohamed Talaat Harb Pasha, who spearheaded the concept of investing in national savings and directing them toward economic and social development. Thus, Banque Misr was established as the first wholly Egyptian-owned bank.

Banque Misr has funded many businesses spanning across multiple domestic sectors, such as: textiles, insurance, transportation, aviation, entertainment, and filmmaking. Currently, BM owns shares in 157 companies across different fields, ranging from finance, tourism, housing, agriculture and food, and communication and information technology. Banque Misr has also established major investment funds in Egypt, as part of a diversified portfolio.



Best Investment Bank // Morocco // 2023

BMCE Capital is the Investment Banking division of BANK OF AFRICA - BMCE Group, a Moroccan banking institution with a worldwide dimension. As a pan-African investment bank, BMCE Capital intends to play a leading role in the development of the continent’s financial markets.

Since its creation in 1998, BMCE Capital offers a wide range of financial solutions for institutional, corporate, and individual clients, notably in Capital Markets, Asset Management, Wealth Management, Corporate Finance, Brokerage, Securities Services, Private Equity, Real Estate and Global Research.

Based in Casablanca, a real hub of exchange between Europe, Africa, and the Middle East, BMCE Capital is also present in Tunisia through its subsidiary - BMCE Capital Tunisie - and in West Africa through its subsidiaryBOA Capital -. The investment bank benefits from the network of its parent company, BANK OF AFRICA - BMCE Group, in Africa and around the world.


Best Investment Group // Morocco // 2023

CAPITAL TRUST is an independent investment bank, offering a range of integrated financial services ranging from market activities to advisory and investment activities (mergers and acquisitions, structured finance and public-private partnerships).


Best Development Investment Bank // 2023


Comprehensive Investment Firm // 2023

DLM Capital Group is a diversified financial institution, with eight subsidiaries offering services that combine attributes of origination: (raising capital & advisory), trustees, securities, nominees, corporate lending, foreign exchange sales and trading, and digital banking.



Best African Region Executive Recruitment Firm // 2023

Most innovative Executive Recruitment Firm // 2023

Executives in Africa is an Executive Search firm that believes it can have a positive and lasting impact on Africa by finding the right leaders for executive and senior management level appointments in Africa. Our extensive international and pan-African networks, combined with the understanding of recruiting into local markets in Africa, gives Executives in Africa an unrivalled ability to access and assess talent effectively.

By investing time, and by undertaking full due diligence of the market, we have supported over 800 businesses across 42 countries on the continent to hire the BEST available leader to meet the specific needs of their business. Our appointed leaders thrive because they have been evidentially assessed to ensure they can technically deliver what is needed and also that they ‘fit’ the behavioural requirements for success. Our track record of success over the last 13 years is testament to our ability to deliver on even the most challenging of Searches.


Best Forex Broker // Asia // 2023

Forex4you was born out of our vision to create accessible and transparent trading for traders globally. Launched in 2007 by E-Global Trade & Finance Group, Inc. Forex4you is an online trading platform for the trading of more than 150 instruments using e-payment systems. Following that, with the advent of social trading, Share4you was launched in 2013.

Share4you is a copy trading service designed to democratise trading knowledge and performance. It enables users to copy the trades of experienced traders and learn from their trading strategies. For over a decade, we have grown from strength to strength. We have empowered more than 2 million trading accounts worldwide. To better serve our international clients and partners, our 24/7 customer service team is multilingual and stands ready to help.


Best Insurance Group // MENA // 2023

Decade of Excellence // 2013-2023

Gulf Insurance Group K.S.C.P (GIG) was established in 1962. It is a public shareholding company listed on the Boursa Kuwait (Kuwait Stock Exchange) and a consistent market leader in Kuwait in terms of premiums written with operations in life and non-life as well as Takaful insurance.



International Tax Advisory Firm of the Year // 2023

Consultancy Firm of the Year // 2023

Intercorp Group is an international consulting firm that serves high-net-worth entrepreneurs and their families. We pride ourselves on finding professional solutions to often very personal issues, from migration and succession planning, through to finding the right property and a good school.

LAMIA BOUTALEB Women In Finance - CEO Of The Year Morocco // 2023

Lamia Boutaleb is the co-founder and CEO of Capital Trust, an investment banking group in Morocco with capital markets, advisory, asset management and real estate activities.

MASRAF AL RAYAN BANK Best Islamic Bank // Qatar // 2023 ESG Bank of the year // Qatar // 2023

Masraf Al Rayan is one of the world’s largest fully-fledged Shari’a-compliant banks established in Qatar, with operations spanning across Qatar, the United Kingdom, France, and United Arab Emirates, with assets exceeding QAR 164 billion (US$ 45 billion). It offers a comprehensive range of products and services through its various business lines including Corporate Banking & SME, Retail & Private Banking, Treasury & Financial Institutions and Asset Management & Financial Advisory in conformity with Shari’a principles and supervised by the Shari’a Supervisory Board. As a sustainably conscious organization, the bank has launched Qatar’s first Shari’acompliant Green Deposit and Islamic Sustainable Finance framework. Masraf Al Rayan’s footprint in Qatar includes 16 branches and 112 ATMs located throughout Qatar’s major cities, including malls, traditional souqs, and business districts. Additionally, it offers 24/7 banking services via its state of the art digital channels web and mobile banking.


SONNIE AYERE Lifetime Achievement Finance // 2023

Sonnie Babatunde Ayere – born 25 September 1966, is a trained financial economist, investment banker and entrepreneur. He is the Founder and Group Managing Director of DLM Capital Group Limited, a Developmental Investment & Lending Bank.

The institution was founded in 2009.

DR. TANYA MCCARTNEY CEO of the Year Bahamas // 2023

Dr Tanya McCartney is the CEO of Bahamas Financial Services Board currently plays a critical role in facilitating collaboration between the private sector and policy makers in The Bahamas with respect to all the global regulatory initiatives impacting the financial services sector.

PANTHERA Best Financial Service Provider // Europe // 2023

Panthera Solutions is a behavioural design company based in the Principality. Our solutions are targeted directly for asset managers/owners. Through our two SaaS platforms (Skill Management and Smart Decision Management) we have created a radical new approach to rational investment decision-making & uncertainty management. We understand the influence and importance of balancing Human with Artificial Intelligence. An environment that incorporates both, while allowing investors to fulfil their potential individually, as well as part of a team is crucial for market success.

We firmly believe that people with passion can change the world for the better. By creating a specific ‘’athlete’’ mindset, we allow an investor to maximise flow states and stay focused on evidence-based decisions. Our unique, award-winning solutions are driven by creative innovation and a constant strive for perfection in every detail. It is a simple logic for a simple idea: uncompromising quality for every investor.

Over the years, a diverse range of asset managers and asset owners across different cultures, sizes and levels of sophistication trusted our service. Clients of our coaching, consulting and behaviour-tech solutions aggregate to more than €100 billion in assets under consultancy since inception.



Best Broker // Africa // 2023

Most Innovative Broker // Africa // 2023

Vault Markets team is made up of experienced and passionate International traders from within the Forex industry. Strategically combining their expertise to focus on developing and empowering African Forex markets to compete at a global scale. We’ve got over 40 years of combined experience in our Vault, which we are sharing with our valued Brokers and clients, to support their success and the prosperity of Africa as a whole.

Vault Markets is a South African-based licenced and regulated broker which aims to give you a better trading experience by allowing you to customise your account type to your trading style – less of what you don’t need, and more of what you do!


[Disclaimer: Vaultmarkets (Pty) Ltd. is a product of 1st Fintech Capital (Pty) Ltd, South Africa, with company number 2020/936466/07.]


Most Innovative Plastic Waste Conversion Firm // 2022-2023

WPU - Waste Plastic Upcycling A/S (WPU. OL) WPU - Waste Plastic Upcycling A/S is a danish company which converts plastic waste into valuable products to be used in the production of sustainable plastic oil, which can be used to produce new plastics as well as jet fuel and heavy

transportation. The strategy and main goal of WPU - Waste Plastic Upcycling A/S is to upcycle end-of-life plastic waste by using its batch pyrolysis technology. The company aims for further expansion, in the European market as well as globally.

WPU is well positioned for this expansion with its proven technology that is peer-leading in respect of low CAPEX, high yield and fast pace construction which will set the future standards in the growing market for plastic pyrolysis within the waste plastic industry.


Environmental, Social and Governance

ESG is more than ticking boxes. It’s about making a differencefor your business and our world. Creating sustained outcomes that drive value and fuel growth, whilst strengthening our environment and societies.

Scan here to learn more details, or contact PwC ESG team: cnhk.esg@cn.pwc.com

The New Equation
Turn ESG theory into action 知行合一,止于至善

Articles inside

International Investor Awards Winners 2023 article cover image

International Investor Awards Winners 2023

pages 72-79
Thank you! article cover image

Thank you!

page 71
WPU – the Danish company ready to rock the world of plastic waste article cover image

WPU – the Danish company ready to rock the world of plastic waste

pages 68-70
BMW Reduces Emissions and moves toward Hydrogen article cover image

BMW Reduces Emissions and moves toward Hydrogen

pages 64-67
Why Consider Forex Trading in Times of High Inflation and Financial Instability article cover image

Why Consider Forex Trading in Times of High Inflation and Financial Instability

pages 62-63
How do you find the right leader to deliver sustainable growth in Africa? article cover image

How do you find the right leader to deliver sustainable growth in Africa?

page 61
An introduction to Intercorp Group article cover image

An introduction to Intercorp Group

page 59
Intercorp Group: Serving High-net-worth entrepreneurs article cover image

Intercorp Group: Serving High-net-worth entrepreneurs

pages 56-58
The Grimaldi Forum Monaco article cover image

The Grimaldi Forum Monaco

page 55
Alpha Global Wealth: A Dedicated Service article cover image

Alpha Global Wealth: A Dedicated Service

pages 52-53
Story of Success and Promising Growth… article cover image

Story of Success and Promising Growth…

pages 50-51
Invest Africa: 6 Reasons to Choose Ghana article cover image

Invest Africa: 6 Reasons to Choose Ghana

pages 44-47
Tesla Master Plan 3 Revealed article cover image

Tesla Master Plan 3 Revealed

page 42
Responsible Gold TM Best ESG Blockchain Bullion Company // 2022 article cover image

Responsible Gold TM Best ESG Blockchain Bullion Company // 2022

pages 38-41
Aldar Working Toward Climate Goals article cover image

Aldar Working Toward Climate Goals

pages 36-37
Bali : Moments in Paradise article cover image

Bali : Moments in Paradise

pages 32-34
Inspiring Female Award Winners article cover image

Inspiring Female Award Winners

pages 28-30
Passion and Creativity in E-commerce: Cristina Comalrena de Sobregrau article cover image

Passion and Creativity in E-commerce: Cristina Comalrena de Sobregrau

pages 26-27
Leading Ladies - Women leaders in the Tech and Finance industries article cover image

Leading Ladies - Women leaders in the Tech and Finance industries

pages 24-25
Why The Bahamas Remains the Complete and Compelling Choice for Financial Services article cover image

Why The Bahamas Remains the Complete and Compelling Choice for Financial Services

pages 22-23
Sonnie Babatunde Ayere article cover image

Sonnie Babatunde Ayere

pages 18-21
Sonnie Ayere of DLM Capital Group article cover image

Sonnie Ayere of DLM Capital Group

pages 15-17
The Lamborghini Urus Performante Raising the bar on the Super SUV article cover image

The Lamborghini Urus Performante Raising the bar on the Super SUV

pages 10-14
Editor’s Note article cover image

Editor’s Note

pages 7-9
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