The MENA region has recently experienced remarkable progress in digitalisation within the economy, marked by significant achievements. Simultaneously, this advancement has led to an increased vulnerability to growing cyber risks. Especially noteworthy is the growing use of artificial intelligence technology by cyber attackers, along with an increase in state-sponsored cyber-attacks due to escalating geopolitical tensions. This has emphasised the critical need for companies of all sizes and industries to prioritise cybersecurity.

According to Chairman Bedir Sarı, TITLE at BBS Technology (www.BBSTeknoloji.com), a company specialised in cybersecurity technologies, consultancy, and managed security services (MSS) in the MENA region said, “The global digital economy is projected to reach a staggering US$ 20 trillion by 2025. The impact of cyber-attacks can be far-reaching, affecting the security, economy, and politics of nations as they target vital national security infrastructures and critical industries.”

Risks arising from state-sponsored cyber-attacks are on the rise

In the cybersecurity space, various state-sponsored or affiliated cybercrime groups have come to prominence due to their activities with international impacts. Notably, APT28, also known as Fancy Bear, and APT29, or Cozy Bear, are believed to spearhead Russia’s cyber operations. Concurrently, Lazarus Group from North Korea has recently carved out a reputation for itself.

Within the realm of cybersecurity, several cybercrime groups with ties to states or affiliations have gained notoriety for their actions that have had global consequences. It is worth mentioning that APT28, also known as Fancy Bear, and APT29, Cosy Bear, are believed to be at the forefront of Russia’s cyber operations. At the same time, the Lazarus Group from North Korea has recently established a notable reputation.

Highlighting that two organisations specifically targeting the MENA region, namely Elfin and Charming Kitten, operate out of Iran, Chairman Bedir Sarı remarked, “Such attackers strategically target their Middle Eastern rivals to shift regional power dynamics.”

Emphasising the focus on the MENA region, it is worth noting that Iran is home to two organisations, Elfin and Charming Kitten. These entities which operate out of Iran, he remarked, “They have been observed to strategically target their Middle Eastern counterparts, aiming to influence the power dynamics in the region.

Moreover, IBM’s (https://apo-opa.co/3TEFXrP) findings reveal that the average cost of cybersecurity breaches for businesses in Middle East has escalated to US$ 8 million, reaching the highest level in a decade.

Moreover, IBM’s research shows that businesses in the Middle East are facing a significant increase in the cost of cybersecurity breaches, reaching a record high of US$ 8 million, the highest in the past ten years.

Cybersecurity spending to surpass 3 billion

In response, business owners in the MENA region are increasing their investments in cybersecurity. Gartner predicts a significant rise in cybersecurity expenditure, with a projected 12% growth by 2024, reaching a total of US$ 3.3 billion. Cloud security expenses are included in this. As a result, businesses are actively exploring various solutions and services to enhance their security measures, including CTI, Red Team, Blue Team, and Purple Team services, as well as forming partnerships with MSS providers.

Chairman Bedir Sarı emphasised the company’s comprehensive approach, stating, “Our vision on a global scale allows us to provide these essential services across the world.” We offer valuable advantages for SMEs in addressing cybersecurity challenges. We have a deep understanding of the cyber risk landscape in the MENA region, which is a key market for us. This knowledge enable us to safeguard against threats motivated by state or economic interests effectively. At BBS Technology, we take great pride in our commitment to delivering not only exceptional products, but also comprehensive solutions to meet the needs of our clients.

“We are ready to deploy our integrated cybersecurity solutions”

Services that replicate real-world situations such as Red Team, Blue Team, and Purple Team exercises are crucial for assessing and bolstering an organisation’s cyber defence mechanisms, this helps to improve its preparedness for potential cyber-attacks. CTI, moreover, provides in-depth understanding of threat actors’ profiles and strategies, enabling the development of a proactive defence strategy in a constantly changing dynamic cyber threat environment.

Emphasising their in-house developed tools such as Ataguc, Shields Guard, and AtaGuard, he concluded, “These products empower organisations to safeguard their valuable assets by establishing a robust defence against cybersecurity threats.” Considering the current state of security risks, it is clear that there is an increasing demand for cutting-edge solutions provided by companies such as BBS Technology. We are fully equipped to address the advanced and comprehensive cybersecurity needs of companies in the MENA region, regardless of their size.

Distributed by APO Group on behalf of BBS Technology.

Contact: 
Bedir Sarı
info@bbsteknoloji.com

Local content will be one of the central pillars of the upcoming Namibia International Energy Conference (NIEC) (https://apo-opa.co/3wlRmF1) 2024 – taking place in Windhoek on April 23-25 – which unites Namibian stakeholders with international investors and creates a platform for local companies to showcase services and attract investment. Leveraging innovative strategies and a high-caliber network to unlock value within Namibia’s extractive sectors, NIEC 2024 will feature a dedicated panel under the theme, Promoting Local Content: Maximizing Opportunities in the Energy Value Chain.

Namibia’s Ministry of Mines and Energy has placed local content at the heart of the country’s oil and gas agenda and is currently formulating a local content policy (LCP) to ensure the participation and inclusion of Namibians ahead of future production. A draft policy was published by the Ministry last November, while a cumulative process to develop a comprehensive policy for the upstream petroleum industry has been initiated with stakeholders within the sector. Meanwhile, Namibia’s Green Hydrogen and Derivatives Strategy Report – published in November 2022 – showcases the potential of the country’s emerging green hydrogen industry to create up to 80,000 jobs, while contributing up to $6 billion to GDP.

Energy Capital&Power is a strategic partner of the Namibia International Energy Conference (NIEC) – taking place in Windhoek on April 23-25, 2024. The 6th annual conference unites industry leaders, business executives and policymakers to engage in dialogue, exchange ideas, create new partnerships and identify strategies to foster a prosperous energy industry in Namibia and beyond. For more information, please visit https://www.NIEConference.com/. 

Panelists include Maggy Shino, Petroleum Commissioner of Namibia’s Ministry of Mines and Energy; Nillian Mulemi, CEO of the Petroleum Training and Education Fund; Nosizwe Nokwe-Macamo, African Energy Chamber Advisory Board Member and former CEO of PetroSA; Anabela Marcos, General Manager of SONILS – Sonangol Integrated Logistics Services; and Engr. Simbi Kesiye Wabote, former Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB). 

Local Content Development on the Back of Major Discoveries

A series of commercial discoveries in the offshore Orange Basin has positioned Namibia as one of the most sought-after exploration markets globally. Last month, French supermajor TotalEnergies intersected hydrocarbon-bearing intervals at its Mangetti-1X exploration well, while Portuguese energy company Galp announced two consecutive oil discoveries at the Mapone complex in the first months of this year. This follows four commercial discoveries by supermajor Shell in 2022 and 2023, as well as the Venus-1X discovery by TotalEnergies in 2022.

These discoveries have the potential to create thousands of jobs and contribute billions to the country’s GDP, with some estimating that Namibia’s economy could double by 2040. As a result, regulatory bodies, such as the Namibian Competition Commission, are advocating for mandatory investment in local content development as a condition for license awards and acquisition approvals. Effective LCPs serve as a key catalyst for growing the role of national companies and service providers across the sector, with nascent energy sectors like Namibia’s standing to gain valuable insight from existing African producers. 

Namibia is also prioritizing local capacity building ahead of first production, with the soon-to-be-launched Namibia Offshore Training Center offering comprehensive training in exploration, petroleum engineering and geoscience and representing the first facility of its kind in the country. Meanwhile, a cooperation agreement signed between national oil company NAMCOR and QatarEnergy in March 2022 provides a framework for the training and development of NAMCOR employees in industry skills. 

As Namibia continues to foster partnerships and promote capacity building programs, NIEC 2024 serves as a valuable platform to share best practices when it comes to local content development, as Namibia works to establish its own LCP. 

“Having worked in our country’s energy sector for years, local content is important for Namibia and for the in-country value creation that will give our young people and entrepreneurs jobs, business opportunities and much-needed capacity building. The government’s pragmatic and common sense approach works for both citizens and industry, which continues to create a win-win platform,” says Selma Shimutwikeni, CEO of RichAfrica Consultancy, organizers of NIEC 2024. 

“The active participation and development of Namibian labor and suppliers before first oil is key. The benefits coming from the huge capital expenditures in appraisal and development activities on labor, goods and services will benefit Namibia’s industry, economy and wider society, and this panel speaks to that interplay.” 

Distributed by APO Group on behalf of Energy Capital&Power.

Engr. Simbi Kesiye Wabote, former Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), will speak at the upcoming Namibia International Energy Conference (NIEC) 2024, unlocking newfound collaboration between the two countries on local content policy development and implementation. 

Since his appointment in 2016, Wabote has been a fierce advocate of local beneficiation for both Nigerians and Africans across the sector, steering strategic national programs to build local capacity, calling for enhanced transparency in contracting processes and boosting local manufacturing capabilities. The NCDMB serves to review Nigerian content plans developed by operators, set guidelines and minimum content levels for project-related activities across the oil and gas value chain and engage in targeted capacity building interventions, among other key responsibilities, with a view to achieving 70% local content by 2027. 

Energy Capital&Power is a strategic partner of the Namibia International Energy Conference (NIEC) – taking place in Windhoek on April 23-25, 2024. The 6th annual conference unites industry leaders, business executives and policymakers to engage in dialogue, exchange ideas, create new partnerships and identify strategies to foster a prosperous energy industry in Namibia and beyond. For more information, please visit https://www.nieconference.com/

Having spent 26 years at Shell Petroleum Development Company Nigeria, Wabote offers a unique private sector perspective on local content development and compliance, with roles spanning business management to government relations to local content strategy. During his tenure at the NCDMB, Wabote established a series of impactful initiatives including the $350-million Nigerian Content Intervention Fund, which provides affordable credit for Nigerian oil and gas service companies and local contractors, as well as the $40-million Women in Oil and Gas Intervention Fund, created in partnership with the Nigerian Export-Import Bank. 

These policy interventions, pioneered by the NCDMB under Wabote’s leadership, could serve as a blueprint for other African countries seeking to directly translate oil and gas revenues into local content development. Namibia, for its part, is in the process of drafting its own National Upstream Petroleum Local Content Policy, following a series of high-profile offshore discoveries since 2022. The southern African country is seeking to establish an effective policy that enables training and skill development, job creation and the participation of national companies and service providers across the sector, with a view to generating and retaining local value. 

As Namibia’s Ministry of Mines and Energy continues to consult with stakeholders on its draft policy, NIEC 2024 represents a valuable platform to exchange local content best practices, as well as catalyze new investment in infrastructure, capacity building and technology. The NCDMB is one of the key features that sets Nigeria’s local content policy apart in that it oversees and implements the Nigerian Oil and Gas Industry Content Development Act, while forming strategic partnerships with leading industry players and educational institutions. 

“As an emerging producer, Namibia can learn from mature markets like Nigeria when it comes to establishing a comprehensive local content framework with specific guidelines. Engr. Simbi Kesiye Wabote has been a long-time champion of accelerating indigenous participation in oil and gas contracts and ensuring that policy interventions support national local content targets. A well-formulated local content policy is critical to creating both backward and forward linkages across Namibia’s value chain that ensure oil and gas resources are leveraged for inclusive growth,” says Selma Shimutwikeni, CEO of RichAfrica Consultancy, organizers of NIEC 2024. 

Distributed by APO Group on behalf of Energy Capital&Power.

On Friday, March 15, 2024, the annual Dealmakers Africa Award Gala took place in Lagos, Nigeria. DealMakers is the pre-eminent league table agency for Africa.

At the awards, it was announced that Verdant Capital was ranked joint 2nd by deal flow in 2023 in the prestigious DealMakers Africa M&A leagues tables for the East Africa region overall. This is the fourth successive year that Verdant Capital has been placed in the top three in East Africa.

Verdant Capital also won joint 2nd place overall in the pan-Africa (ex-South Africa) region. Verdant Capital has been placed in the top five in the Pan-Africa region for three consecutive years. Verdant Capital has maintained its high league table ranking consistently in the African region over a period of heightened volatility in global and regional capital markets and over a time of significant macro-economic stress in specific countries. The consistency of Verdant Capital’s performance is a testament to the quality of the support it provides its clients and its tenacity in completing transactions in difficult markets.

In 2023, Verdant Capital completed M&A and private capital transactions in East, West, Central and Southern Africa. Verdant Capital’s landmark transactions completed in 2023 included the sale of Unguka Bank in Rwanda and advising on an acquisition in South Africa for Saint Gobain, the Paris-headquartered group ranking in the top 100 industrial companies in the World. Verdant Capital also advised five clients on debt and equity capital raisings.

Verdant Capital has been successful in bridging the African and global capital markets and structuring cross-border M&A in part because of its position as the IMAP member firm for its region. IMAP is a global M&A partnership founded in 1973, with members in over 40 countries and completing over 200 M&A transactions every year.

Overall, in recognition of the firm’s successes advising private equity firms on exits and facilitating new investments, Verdant Capital received accolades from the prestigious Africa Global Funds awards. The firm won Best Independent Advisory Firm – pan-Africa and Best Advisory Firm to Private Equity.

Distributed by APO Group on behalf of Verdant Capital.

Media enquiries:
Verdant Capital
Liezel van Greunen
T: +27 10 140 3700
E: liezel.vangreunen@verdant-cap.com

About Verdant Capital:
Verdant Capital is a leading investment manager and investment bank specialising in the private capital markets and operating on a pan-African basis. www.Verdant-Cap.com.