Infrastructure Morocco issues tender for high-speed rail to Marrakech Morocco has issued a tender for a high-speed rail link as part of its $37 billion strategy to connect more of its cities, ports and airports by train. The national rail operator ONCF is seeking companies to build a 375km line, which will stretch from Kenitra on the northwest coast to Marrakech in the south. […] March 26, 2024
Trade Abu Dhabi buys majority of Georgia logistics centre Abu Dhabi Ports Group is buying a 60 percent stake in the Tbilisi Dry Port, a new logistics centre in Georgia. The project, which is scheduled to be operational by the end of this year, will be developed in phases on two parcels of land, while an additional 88,000 sq m of land is available […] March 26, 2024
Construction Egyptian builder blames currency turmoil for revenue slump Egyptian construction giant Orascom has reported a 19 percent decline in revenue to about $3.4 billion last year, attributing most of the drop to the devaluation of the Egyptian pound. Orascom said that without the country’s foreign exchange issues, it would have reported a 5.5 percent increase in revenue compared to 2022, after completing a […] March 25, 2024
Banking & Finance Egyptian banks complete merger but M&A activity falls Bank ABC Egypt has announced the completion of its merger with Blom Bank Egypt, which aims to treble its market share in the North African country. The integration has doubled the size of the Egyptian network of branches and ATMs of Bahrain-based Bank ABC. It follows Bank ABC’s acquisition of a 99.5 percent stake in […] March 25, 2024
Agriculture Tunisia secures $520m in loans to attack food crisis The World Bank has approved loans worth $520 million to address Tunisia’s food security challenge, but experts are calling for the government to devise a new long-term policy. A loan of $300 million will supplement the Emergency Food Security Response Project, which aims to minimise the impact of four consecutive years of drought in Tunisia, […] March 22, 2024
Industry Abu Dhabi industrial sector attracts foreign investors The Abu Dhabi Chamber of Commerce has said that the number of industrial licences issued by the emirate last year increased by 51 percent. The total now stands at 363, excluding free zones. Statistics from Abu Dhabi Chamber also revealed that 46 foreign companies secured industrial licences in the emirate, with mining support services attracting […] March 21, 2024
Analysis Finance Green finance focus of UAE-Rwanda trade ambitions With trade between the UAE and Rwanda topping $1 billion last year, Kigali International Financial Centre and Abu Dhabi Global Market (ADGM) are to work together on developing green and Islamic finance options. The two markets have signed an agreement to establish a framework for collaboration, with sustainable finance highlighted as a “major focus” for […] March 21, 2024
Industry Demand for Saudi mining licences rises sharply Incentives and legislation are fuelling growth in Saudi Arabia’s mining industry as the government seeks to stimulate investment under Vision 2030. The Ministry of Industry and Mineral Resources said demand for Saudi mining licences had surged since a mining investment law came into force in 2021. The number of building material quarry licences jumped to […] March 20, 2024
Trade Barakah Unit 4 adds extra power to UAE-South Korea trade The fourth and final nuclear reactor at the UAE’s Barakah nuclear energy plant will be connected to the country’s electricity grid in the next few weeks. The $32 billion Barakah plant, 140 miles west of Abu Dhabi city, has been developed by Barakah One, a joint venture between Emirates Nuclear Energy Corporation and Korea Electric […] March 20, 2024
Analysis Renewable Energy Kuwait playing catch-up with latest renewables strategy Kuwait still has a way to go on its energy transition, industry experts say, despite the announcement of a 20-year renewables strategy. Salem Al-Hajraf, minister of electricity, water and renewable energy, said on March 7 that the country is targeting carbon neutrality by 2050. “We … need an increase in solar energy, which is considered […] March 20, 2024
Analysis Trade Saudi Arabia courts China’s Shandong province Saudi Arabia is targeting more investment from the Chinese province of Shandong after hosting a delegation of more than 200 private sector and government officials. The Economic Cities and Special Zones Authority (ECZA), in collaboration with Invest Saudi, entertained the visitors last week with the aim of cultivating investment prospects for Chinese enterprises considering expansion […] March 14, 2024
Industry Golden licences bring $2bn into Bahrain A total of $2.4 billion in investment in nine major projects has flowed into Bahrain after the introduction of its golden licence initiative last year. The projects, which could generate 3,000 jobs, include the setting up of Bahrain Titanium by Interlink Metals & Chemicals of Switzerland and the urban waterfront development Bahrain Marina. “Bahrain has […] March 14, 2024
Analysis Trade Boats, baubles and balsamic lift Italian exports to UAE Italian boat manufacturers were out in force at the Dubai International Boat Show earlier this month, doubtless buoyed by the news that nautical exports to the UAE totalled nearly $120 million in the first 11 months of 2023. More than 20 Italian companies attended the event at Dubai Harbour, part of a strengthening Italy-UAE trade […] March 14, 2024
Trade Cenomi’s Uzbekistan debut a sign of Saudi trade ambitions Saudi retail major Cenomi has announced its debut in Uzbekistan in tandem with the kingdom’s efforts to expand bilateral trade with the Central Asian nation. Uzbekistan is Cenomi’s 11th-largest international market, and it has signed a deal to open eight international brands – including a flagship Zara store – at the newly developed Tashkent City […] March 13, 2024
Analysis Trade Digital economy focus of UAE-Malaysia trade talks The UAE is expected to sign a free trade deal with Malaysia by the end of June as the latter courts more investment to develop its digital economy. Talks on establishing a comprehensive economic partnership agreement (Cepa) began last year and Tengku Zafrul Abdul Aziz, Malaysia’s minister of investment, trade and industry, said the two […] March 13, 2024
Analysis Banking & Finance Mergers drive growth in Bahrain’s Islamic finance sector When Al Salam Bank, one of the largest Islamic banks in Bahrain, became majority shareholder of its Algerian subsidiary last June, CEO Rafik Nayed made clear that the shopping spree was not over. Mergers and acquisitions “will remain an important pillar of our growth plans”, Nayed said – and last month Al Salam announced a […] March 13, 2024
Analysis Employment Alstom breaks mould as Gulf lags on hiring women as CEOs Dalya Al Muthanna is a member of an exclusive club. In January she became Gulf CEO for the transport giant Alstom, the company behind tram systems in Dubai and Qatar. She was previously a senior executive at GE in the UAE, bucking the trend of men dominating senior C-suite jobs in the Gulf. Just 5 […] March 8, 2024
Employment UAE to invest $1.7bn to place more Emiratis in private sector jobs The UAE is aiming to add 36,000 Emiratis to the private sector workforce this year and has approved a $1.7 billion budget to support Emiratisation. The number of UAE nationals working in the private sector was about 92,000 by the end of 2023, according to the Emirati Talent Competitiveness Council. Nearly 42,000 joined private businesses […] March 6, 2024
Manufacturing Stellantis hails Middle East and Africa sales surge Multinational car maker Stellantis has announced that its 2023 Middle East and Africa revenues grew by 64 percent year on year to more than $11.5 billion. Stellantis is one of the world’s biggest automakers – its brands include Alfa Romeo, Chrysler, Citroën, Peugeot and Vauxhall. It said shipments to the region totalled 616,100, up 43 […] March 6, 2024
Analysis Economy Volatility of crude markets masks Saudi non-oil momentum Volatility in global oil markets, which led to Saudi Arabia’s GDP shrinking last year, is masking the strength of the kingdom’s non-oil economy, analysts have said. Its non-oil revenue is forecast to rise by more than 5 percent in each of the next two years, according to Jadwa Investment. The 2023 contraction was driven by […] March 5, 2024
Trade Tech deal aims to improve UK-Saudi trade engagement The UK and Saudi Arabia signed an agreement on Monday aimed at elevating science and technology links and trade growth opportunities. Officials said the deal will pave the way for the UK and Saudi Arabia to work together on deep science and technology breakthroughs that underpin progress in tackling challenges such as food security and […] March 5, 2024
Infrastructure Sweden’s Abu Dhabi truck deal to drive bilateral trade The UAE’s deal for Swedish tech company Einride to help to build the Abu Dhabi portion of the Falcon Rise Grid electrified road freight system could portend more business between the two countries. Einride will deploy 1,000 electric heavy duty trucks and 100 autonomous vehicles across Abu Dhabi and Al Ain, and install charging infrastructure. […] March 5, 2024
