Banking & Finance Dubai Investments plans flagship project in Africa By Gavin Gibbon January 10, 2024, 4:41 PM Eric Lafforgue/Hans Lucas via Reuters Connect A view of Angola's capital Luanda. The Dubai Investments mixed-use development will be built around 50 km from the city Investor launching in Angola 2,000 hectares under development Offering retail, residential and leisure UAE investment group Dubai Investments has revealed details of its first flagship mixed-use development in Africa. The company is creating Dubai Investments Park Angola, a 2,000 hectare residential, commercial and industrial hub in the West African country. The project, based 50 kilometres from the capital Luanda in Bengo Province, includes an 18-hole golf course and housing near retail and industrial sites as well as communal parks and leisure facilities. UAE firms to develop land in Angola for rice and avocados UAE finalises trade deal terms with Congo Yellow Door targets South Africa and Saudi Arabia Khalid Bin Kalban, vice chairman and CEO of Dubai Financial Market-listed Dubai Investments, said the development was “the beginning of a journey towards global expansion”. Dubai Investments will develop the infrastructure and lease land to developers and investors. The project is not Dubai Investments’ first in Africa – in July last year it announced plans with E20 Investment, an Abu Dhabi agribusiness investment company to develop 3,750 hectares in Angola. The flow of capital from the GCC into Africa is increasing, spreading from only East Africa initially to Angola, Nigeria, Ghana and South Africa, according to Standard Bank Group CEO for Middle East and North Africa, Rassem Zok. UAE exports to Angola reached $364 million in 2021, according to the Observatory of Economic Complexity, made up mainly of cars ($107 million), delivery trucks ($23.3 million) and refined petroleum ($17.1 million).
Artificial Intelligence Gulf has a strong hand in Trump’s $500bn AI project Two of the three tech giants that President Donald Trump said on Tuesday will be partners in building billions of dollars worth of artificial intelligence (AI) infrastructure in the US have been recipients of significant Gulf investments. Japan’s Softbank and US companies OpenAI and Oracle committed $500 billion over four years to Stargate, a new […] 3 hours ago
Energy Fertiglobe’s $1bn blue ammonia bet hinges on Asia Abu Dhabi-listed Fertiglobe will invest $1 billion in expanding its blue ammonia plant capacity if Asian countries commit to buying. The final decision on the investment depends on securing contracts from Japan and South Korea, who have plans to subsidise imports of the blue ammonia, CEO Ahmed El-Hoshy told Bloomberg. The capacity building will take through […] 1 hour ago
Real Estate PIF worker housing company buys luxury compound Smart Accommodation for Residential Complexes Company (Sarcc), the company established to provide housing for workers employed on major projects, has bought a luxury residential compound in Riyadh. Sarcc acquired Al Nakhla Residential Resort in Riyadh for SR2.5 billion ($667 million). The development, located in northern Riyadh, has more than 600 apartments and over 500 villas. […] 13 hours ago
Oil & Gas Iraq makes huge oil discovery but faces Opec restrictions Iraq has announced the discovery of a massive oil field expected to significantly increase the country’s hydrocarbon reserves, but Baghdad will face a number of challenges in its attempt to exploit the new resource. The field, located in the central part of the country, contains more than 2 billion barrels of medium and light crude […] 14 hours ago
