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Quarterly Results Of Tech Giants Reveal Economic Benefits Of AI

by THEFUTURE.TEAM

July 22, 2024

The quarterly earnings of major technology companies provide insight into the economic benefits of artificial intelligence (AI) and the long-term sustainability of significant investments in this technology. Analysts at Wedbush Securities predict that AI-driven transformations will accelerate profit growth for industry leaders like Microsoft and Google, expecting double-digit percentage increases. Conversely, Apple, which has been slower to embrace AI, is projected to see only a 3% rise in profits.

Apple recently introduced its Apple Intelligence system, but its impact is anticipated to be minimal until the release of the iPhone 16 in September, which will feature AI capabilities across all models. Analyst Angelo Zino of CRFA notes that while Apple’s AI advancements will take time to materialise fully, other tech giants are already reaping the rewards.

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Meta has significantly increased its AI investments, channelling billions into semiconductors, servers, and data centres necessary for developing generative AI technologies. However, CRFA predicts that Meta’s revenue growth may slow by year-end due to these substantial AI expenditures.

Microsoft, expected to report its earnings on July 30, has invested $13 billion in OpenAI, the company behind ChatGPT, positioning itself well to capitalise on AI in content creation. Despite this, Jeremy Goldman of eMarketer emphasises that Microsoft needs to meet market expectations but believes it has the necessary time and support.

Amazon’s earnings, due on August 1, will be scrutinised for indications that its Q1 growth, driven by its cloud services arm AWS, can be sustained. Investors are keen to see whether AWS’s performance represents a consistent trend or a one-time spike.

Egypt’s Suez Canal Economic Zone Draws $8.1B In Investments Through 255 Projects

by THEFUTURE.TEAM

February 4, 2025

Egypt’s Suez Canal Economic Zone (SCZone) has secured an impressive $8.1 billion in investments across 255 projects in the last 30 months, according to an official announcement on Monday.

Major Investment Boost For SCZone

The General Authority for the SCZone has successfully attracted 251 projects in its industrial zones and ports, accumulating $6.2 billion in capital investments, which has resulted in around 28,000 new jobs, as stated by SCZone Chairman Walid Gamal El-Din.

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Additionally, four new projects have brought in $1.8 billion in investments, boosting the total capital inflows within the zone. These developments were discussed in a meeting with Mohamed Zaki El Sewedy, Chairman of the Federation of Egyptian Industries (FEI), and other officials from various chambers of commerce.

Strengthening Industrial Ties And Opportunities

The meeting focused on expanding investment prospects, fostering collaboration, and addressing challenges faced by industrial firms with strong export potential. A key objective was to encourage businesses to scale up their operations within the SCZone, leveraging its prime location, advanced infrastructure, and investor-friendly policies.

El-Din stressed the importance of the SCZone in driving Egypt’s economic growth and industrial transformation, citing the Ain Sokhna Integrated Industrial Zone as a flagship example of development. This zone is a testament to Egypt’s growing presence as a competitive global manufacturing hub.

The continued partnership between the SCZone and the private sector, El-Din noted, plays a pivotal role in building a strong ‘Made in Egypt’ brand, supporting local industrial development, and boosting innovation to improve Egypt’s position in global markets.

Acknowledging Achievements And Future Collaboration

El Sewedy praised the SCZone for its efforts in creating a robust investment climate, offering comprehensive services, incentives, and cutting-edge infrastructure. This meeting marked the beginning of a deeper collaboration between the SCZone and FEI, setting the stage for future joint initiatives.

Egypt’s Economic Outlook

Egypt’s economy is projected to grow by 4% in the year leading up to June, bolstered by supportive measures from the IMF, according to a Reuters poll conducted in January 2025. The poll also forecasts a GDP growth acceleration to 4.7% in 2025-26 and 5% in 2026-27.

However, the country’s GDP growth slowed to 2.4% in 2023-24, down from 3.8% in the previous year, primarily due to the ongoing currency crisis and the geopolitical impact of the war in neighboring Gaza, according to the Central Bank of Egypt.