Dear Stakeholders,
As we conclude another remarkable year, I am proud to reflect on the achievements and progress of Crescent Enterprises. 2023 has been a year marked by significant milestones, strategic growth, and unwavering commitment to our core values. I am pleased to share the highlights of our performance across our diverse platforms: CE‑Operates, CE‑Invests, CE‑Ventures, and CE‑Creates, showcasing how we have advanced our goal of fostering sustainable development, environmental stewardship, and community betterment.
CE‑Operates has been instrumental in driving economic development through smart infrastructure solutions. Gulftainer, a key subsidiary, secured a 35-year extension of its concession agreements with Sharjah Ports Customs and Free Zones Authority in the United Arab Emirates (UAE) after successful operations since 1976. These extensions underscore our commitment to enhancing the UAE’s supply chain and logistics capabilities, ensuring long-term benefits for the economy and local communities. Furthermore, Gulftainer’s dedication to innovation was recognised with the ‘Digital Transformation Leader of the Year’ award, highlighting our focus on integrating cutting edge technologies into our operations.
CE‑Invests expanded its footprint into India and Southeast Asia, regions known for rapid growth and favourable investment climates. By focusing on healthcare, consumer goods, food, and logistics sectors, we are tapping into promising long-term growth opportunities.
CE-Ventures continued to invest in early-stage technology-driven businesses, and despite turbulent market conditions, our portfolio remained resilient and grew 15% in value compared to last year. This year, we made seven investments, including a follow on investment in an existing portfolio company, NorthLadder, a trading platform for used electronics that expanded its market penetration further into the UAE and other GCC countries and welcomed six new companies and funds in our portfolio, Servify, DCVC VI, ICONIQ ISP VII, Exeliom Biosciences, and Freya Biosciences, the latter two being microbiome companies looking to improve human health by using bacteria living in human bodies. To further augment our investment in these companies, we signed a collaboration agreement with USA-based Cedars Sinai Medical Center to co-finance research projects aimed at developing microbiome drugs. We also expanded our investments into LayerZero, a cross-chain interoperability protocol enhancing blockchain connectivity.
CE-Creates made significant strides with ventures like Kava & Chai, which reduced food wastage by 50% while increasing food revenues by 20%. BreakBread, our platform for home chefs, grew its host base by 50%, forging partnerships with key entities and enriching community-driven dining experiences. ION, our green mobility platform, was awarded an exclusive contract by the Sharjah Roads and Transport Authority (SRTA) for deploying electric vehicle (EV) charging infrastructure across Sharjah. Over the next decade, ION aims to install and manage 1,800 chargers across the UAE. These initiatives underscore our commitment to developing socially responsible and economically viable businesses that generate comprehensive value.
Caring for the environment is integral to our strategy. We actively promote circular economy principles and invest in companies with a strong commitment to environmental responsibility. During the recent United Nations Climate Change Conference (COP28) hosted by the UAE in December 2023, I had the honour of chairing the inaugural COP28 Business and Philanthropy Climate Forum, which brought together over 1,300 business leaders and foundation heads from 80 countries. Our goal was to mobilise the private sector’s unique contributions and leverage philanthropic capital to advance toward net-zero emissions. This effort resulted in commitments exceeding US$ 7 billion and the launch of more than 20 initiatives addressing climate finance, energy transition, biodiversity targets, and other relevant issues.
Our commitment to communities and people is demonstrated by our diverse initiatives aimed at fostering inclusive growth and social development. Furthermore, our pledge to the World Economic Forum’s EDISON Alliance focuses on bridging the digital divide by positively impacting 100,000 lives in the Middle East, North Africa, and South Asia (MENASA) region by 2025, as part of the 1 Billion Lives Challenge. This Alliance is dedicated to enhancing digital access, telehealth, and digital skilling for underserved communities. Our collaboration with Habaybna.net to launch a financial literacy initiative for children of determination highlights our efforts to promote financial inclusion and independence.
As we move forward, our strategic initiatives and commitment to responsible investing will guide us in creating lasting value for our stakeholders. We are optimistic about the future and believe that with the support of our stakeholders, we will continue to achieve success. Together, we will shape a better future for Crescent Enterprises and the communities we serve.
Thank you for your continued trust and support.
With gratitude,
Badr Jafar
