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Unprecedented Financial Results Achieved by the Libyan Foreign Bank

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Through the combined efforts of everyone and the adoption of a comprehensive strategic transformation plan launched at the Libyan Foreign Bank three years ago in collaboration with major international consultancy firms, including Deloitte, Ernst & Young, and Curtis, we have started to achieve our set goals. 
 
 
We realized net profits of $804 million in 2022 and 2023, an unprecedented profit level in the history of the Libyan Foreign Bank. This achievement would not have been possible without the concerted efforts of the bank’s employees and our strategic partners. The exceptional profit rate can be attributed to several factors, notably:
  1. The regular flow of oil revenues due to the efforts of the National Oil Corporation, our strategic partner.
  2. Profits from some of the bank’s foreign investments.
  3. Improved performance of the bank’s investment portfolio.
When we took over the bank three years ago, it was burdened with a legacy of accumulated problems, primarily the historical losses in the bank’s investment portfolio, which exceeded $1 billion due to investments in non-listed bonds and deviations from the investment policy, as well as weak oversight and communication with the bank’s foreign investments, the lack of preparation of consolidated financial statements according to IFRS standards, and the underperformance of the three lines of defense (audit, risk, compliance) and the absence of a governance and transparency approach in the bank’s performance.
 
Over the past three years, we have focused on enforcing a comprehensive strategic transformation by partnering with leading international consultancy firms. Together, we conducted a bold assessment of the bank’s reality, analyzed gaps and shortcomings, identified strategic priorities, and adopted a project management approach to achieve our goals. The transformation covered two main axes: addressing the previous legacy and improving investment performance.
 
The efforts of the Attorney General and members of the prosecution played a pivotal role in the transformation by overseeing an international forensic audit of the bank’s investment portfolio, which revealed the flawed investment practices that led to past losses. We drew lessons from this to improve our portfolio and recover some of the losses.
 
We have ensured the implementation of a governance approach within the bank, with the Board of Directors operating through specialized committees, including Risk, Audit, IT Governance, Compliance, Legal, and Appointments. We increased disclosure and transparency rates by preparing consolidated and audited financial statements according to IFRS standards, working according to specific and timed plans, and protecting our foreign assets from seizure and execution. We also developed and adopted a set of policies and systems governing the bank’s work and rebuilt the three lines of defense.
 
We continue to execute the comprehensive strategic transformation, with our next focus on improving the performance of our foreign investments, ensuring their capital adequacy, and compliance with regulatory requirements in their respective countries. We aim to enhance their returns in a globally competitive and rapidly changing market.
 
Additionally, we seek to continue developing the performance of our investment portfolio by investing in financial products that yield significant returns without jeopardizing the safety of our investments. We also aim to fulfill our bank’s role in driving trade and investment domestically through our contributions to national banks and companies, which we strive to support in financing projects and introducing financial products needed in the Libyan market, such as leasing. We also rely on our bank to play a national role in encouraging foreign investors to enter Libya by overcoming investment guarantee challenges that hinder the targeted return of foreign capital.
 
As I stated three years ago, the transformation train at the Libyan Foreign Bank has started, and today I affirm that it has begun reaching its targeted profitability and return stages, with work continuing to achieve comprehensive transformation despite challenges and obstacles.
 
Mustafa Al-Mana
Member of the Management Committee and Chairman of the Governance Committee, Libyan Foreign Bank
Media Contact
Company Name : Libyan Foreign Bank
Email Id : info@laf.ly
Company Address : Dat El Imad Administrative Complex, Tripoli, Libya
Company Website : https://www.lfb.ly/en

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ZainTECH earns CREST accreditation for SOC excellence in Jordan and KSA

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– Joins a global elite of trusted cybersecurity providers

Advanced capabilities position ZainTECH as a regional hub for cybersecurity excellence

Riyadh, KSA, 23rd February 2025, ZainTECH, the digital solutions arm of Zain Group, has joined a global elite of trusted cybersecurity providers by securing CREST accreditation for its Security Operations Centre (SOC) services in Jordan and Saudi Arabia. This accomplishment will empower ZainTECH to provide businesses with scalable, efficient, and regulatory-compliant cybersecurity solutions, backed by skilled professionals with globally recognized certifications.

CREST, a globally recognized non-profit, upholds rigorous evaluation and standards for cybersecurity quality and reliability of SOC elements, including compliance with ISO27001/9001, robust incident response, effective monitoring, and operational hygiene.

This achievement makes ZainTECH the first organization to earn CREST SOC accreditation in Jordan while also securing it in Saudi Arabia. This milestone solidifies both countries’ position as a hub for cybersecurity excellence and paves the way for ZainTECH to expand these advanced capabilities across its  Middle East footprint. Enterprise customers benefit from enhanced protection, operational efficiency, and cutting-edge expertise against evolving threats.

This accreditation represents the first step in ZainTECH’s strategy to achieve CREST recognition across all its SOCs, ensuring world-class cybersecurity standards regionally. It reflects ZainTECH’s dedication to continuous improvement and customer trust.

The foundational expertise of ZainTECH’s subsidiary STS played a critical role in meeting CREST’s stringent criteria, showcasing ZainTECH’s ability to achieve global recognition by leveraging technical and operational excellence.

Andrew Hanna, CEO of ZainTECH, stated: “Achieving CREST SOC accreditation underscores our commitment to cybersecurity excellence, protecting our clients, and driving advancements across all markets we serve. It also complements the many other leading-edge digital transformation and managed ICT solutions we offer enterprise and government customers in the MENA region.”

Sebastian Madden, Chief Product Officer at CREST, stated; “By obtaining the gold standard of SOC accreditation from CREST, ZainTECH has demonstrated effective planning, management, and oversight of SOC operations to support consistent and reliable service delivery. The accreditation provides assurance to ZainTECH’s clients and government regulators around the world of ZainTECH’s maturity across all aspects of SOC operations, governance, and customer alignment.”

As cyber threats grow increasingly complex, ZainTECH’s accreditation reaffirms its role as a trusted partner in digital transformation, delivering innovative, customer-centric solutions while maintaining the highest standards of excellence.

About ZainTECH

ZainTECH is a regional integrated digital solutions provider, unifying Zain Group’s ICT assets to offer a unique value proposition of comprehensive digital solutions and services under one roof. The company is positioned to drive the transformation of enterprise and government customers in the MENA region by providing a center of excellence and managed solutions across the ICT stack, including cloud, cybersecurity, modern infrastructure, big data, IoT, AI, smart cities, drones and robotics, and emerging technologies.

ZainTECH leverages Zain’s global reach, unique regional footprint, and infrastructure across its operations in Kuwait, Saudi Arabia, Bahrain, Jordan, Iraq, and the United Arab Emirates, as well as in other key markets in the Middle East.

ZainTECH forms a key pillar in the evolution of Zain’s core telecom business to maximize value and build on the company’s many strengths to selectively create and invest in growth verticals beyond standard mobile services. This ultimately supports Zain’s vision of becoming a leading ICT and digital lifestyle provider.

For more information, please visit www.zaintech.com For more information, please visit www.zaintech.com

About CREST

CREST is an international not-for-profit, representing the global cyber security industry. Its mission is to build capacity, capability, consistency and collaboration in the global cyber security industry through services that nurture, measure and enhance the performance of individuals and organisations.

CREST has accredited over 420 member companies, operating across dozens of countries, and certifies thousands of professionals, worldwide. It works with governments, regulators, academia, training partners, professional bodies and other stakeholders around the world to build industry awareness and understanding, and provide market opportunities.

CREST members undergo a rigorous quality assurance process and employ competent professionals. Organisations buying their cyber security services from CREST members can do so with confidence.

To find out more, visit their website at www.crest-approved.org

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erlebniswiese: Revolutionizing Early Childhood Learning for an AI-Driven Future showcasing at Web Summit Qatar 2025

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Heidelberg, Germany, 23rd February 2025, ZEX PR WIRE, erlebniswiese, a pioneering social enterprise, is redefining early childhood education by integrating hands-on, experiential learning with the demands of an AI-driven future. As automation and artificial intelligence continue to reshape industries, erlebniswiese is ensuring that children develop the essential skills of creativity, emotional intelligence, and self-awareness to thrive in the modern world.

Unlike traditional education models, erlebniswiese takes a holistic approach by connecting schools with cultural institutions, farms, technology hubs, and expert partners. More importantly, the initiative actively encourages individuals—especially those who are self-employed on a regional basis—to become partners in education. Whether they are artisans, entrepreneurs, or specialists in various fields, these professionals play a crucial role in fostering emotional intelligence and experiential learning in children. By integrating diverse professionals into schools alongside teachers, erlebniswiese transforms learning into an inspiring, community-driven experience.

“Children learn best through experience, and at erlebniswiese, we create opportunities for them to engage with real-world environments that stimulate their imagination and critical thinking,” said Bente Vosteen, Founder of erlebniswiese. “By bringing passionate professionals into schools, we turn education into a dynamic, interactive process—one that not only benefits students but also strengthens entire communities.”

This innovative model ensures that education remains at the heart of communities, making learning more attractive, accessible, and rooted in hands-on experiences. By turning schools into magnets for engagement, erlebniswiese is creating vibrant hubs of knowledge exchange that prepare children for the future while also strengthening regional economies. Additionally, this approach helps sustain meaningful jobs that might otherwise disappear due to AI-driven automation, preserving and elevating human-centric skills that will always be essential.

Expanding Global Reach at Web Summit Qatar

erlebniswiese’s groundbreaking approach has already gained international recognition, and its upcoming participation at Web Summit Qatar underscores its commitment to forging strategic partnerships. At the event, the organization will be actively engaging with investors, foundations, and educational leaders who share the vision of revolutionizing early childhood learning.

“Web Summit Qatar presents an incredible opportunity for us to collaborate with like-minded individuals and organizations that are passionate about the future of education,” Vosteen added. “We’re looking for partners who are eager to support innovative learning experiences that empower the next generation.”

Join the Movement

As the landscape of education continues to evolve, erlebniswiese invites educators, institutions, and investors to be part of this transformative journey. Those interested in contributing to the future of learning can connect with erlebniswiese through their official channels:

Website: www.erlebniswiese.com
LinkedIn: erlebniswiese
Instagram: @erlebniswiese
Facebook: erlebniswiese

About erlebniswiese

Erlebniswiese is a social enterprise dedicated to transforming early childhood education through experiential learning. By connecting children with real-world environments and interdisciplinary experts, erlebniswiese fosters creativity, emotional intelligence, and self-awareness, preparing them for an ever-changing future.

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Press Release

NINJA Token Presale Surpasses $200,000, Signaling Strong Market Confidence

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February 2025 – The presale of NINJA Token has rapidly exceeded $200,000, reflecting significant investor enthusiasm for its innovative ecosystem. Hosted on NinjasApp.io, this early-stage milestone underscores the growing demand for a decentralized platform that integrates earning, trading, and gaming.

The NINJA ecosystem is designed as a comprehensive 3-in-1 platform, incorporating:

  • Earn Money App – A passive income generator designed for seamless rewards.
  • Integrated DEX – A secure, decentralized exchange for efficient asset management.
  • Play-to-Earn Game – A gaming experience that enables participants to compete and earn real-time rewards.

Rising Demand for NINJA Token

The strong presale response highlights the market’s recognition of NINJA Token’s role in reshaping decentralized finance and blockchain-based gaming. The token serves as the foundation of the platform, granting holders access to exclusive features, powerful DeFi tools, and early adoption benefits ahead of the official launch.

With allocations filling rapidly, prospective participants have limited time to engage in the presale through NinjasApp.io. The platform offers a user-friendly process to acquire NINJA Tokens, ensuring accessibility for those looking to be part of the ecosystem’s expansion.

A New Era in Earning, Trading, and Gaming

NINJA Token represents more than a digital asset; it is an entry point into a forward-thinking ecosystem built for sustainable growth. By merging decentralized finance with play-to-earn gaming, the platform introduces new opportunities for users to engage with digital assets in an innovative and rewarding way.

For further information, media inquiries, or partnership opportunities, visit NinjasApp.io or join the official community on Telegram.

Official Channels:

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