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Qalaa Holdings highlights stories of success of beneficiaries of its scholarship grants
Qalaa Holdings Founder Dr. Ahmed Heikal highlighted stories of success of youth beneficiaries of the Qalaa Scholarship Foundation’s grants in contributing to various sectors and advancing development.
Heikal stressed the importance of creating opportunities, developing human capabilities, and instilling hope in the youth of the region by giving them opportunities for good education.
“Today, youths need hope and you cannot have hope without social mobility. Education triggers social mobility, which causes advancement, which leads to a better life. After spending five years at Standford doing my Masters and PhD., We established two foundations when I came back; one for providing Masters scholarships to the US and Europe. We have been offering these scholarships for 20 years to 270 people so far. I have seen the type of change the recipients have made after coming back from their studies, ” he said.
Heikal said Qalaa Holdings is currently working to pump new investments into Egypt and expand the scope of its geographical reach during this year, supported by its strong technological infrastructure and the tremendous expertise of the management team.
Heikal made the remarks during the FII7 Plenary Session on New Geoeconomics Strategies in Riyadh. The session was moderated by Ryan Chilcote, Special Correspondent at PBS NewsHour, and attended by Faisal bin Fadhil Alibrahim, Kingdom of Saudi Arabia’s Minister of Economy & Planning, Ahmed Heikal, Chairman and Founder of Qalaa Holdings, William E. Ford, Chairman and CEO of General Atlantic, and Mohamed Alabbar, Founder and Chairman of Emaar Properties.
The session focused on the new geoeconomic landscape and tackling growth and prosperity amid prevalent challenges, covering a wide range of topics such as innovation, digitalization and AI, social welfare, and space exploration.
Commenting on the current geoeconomic situation, Qalaa Holdings’ Chairman and Founder Ahmed Heikal said “The current global situation is one of changed risk return environments, with numerous global and regional dislocations on the monetary policy, geopolitical, supply chain, and societal fronts, prompting a change in the investment world. Monetary policy changes will alter the interest and liquidity regimens around the world, while geopolitical issues are increasingly impacting global conditions. Global debt to GDP levels will also have an impact on societies, as they impact educational spending thereby limiting the advancement of human capital.”
Commenting on current events and their impact, Heikal noted “In order to promote prosperity, energy must be readily available to regular households. The Russia-Ukraine crisis has caused oil and natural gas supply shortages to the West from Russia, increasing demand on the Gulf region. As a result, Suez Canal proceeds have skyrocketed over the past two years. This has also had an impact on TAQA Arabia, which supplies energy to 5 million people in Egypt. TAQA Arabia now sees substantial potential in Africa for both electricity supply and CNG fuel for cars.”
“Technological advancements stemming from generative AI, which has been made possible by chip technology, will widen the gap between those who have access to such technologies and those who have yet to venture into this space,” he added.
“I am happy to have participated in this important event, which brings together policymakers and business leaders to discuss the way forward and shed light on the challenges and opportunities arising from the current environment,” Heikal concluded.
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