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Visitors admire the House of the Blackheads in Riga, which Eagle Properties hope will be 'the new centre of Europe'

Abu Dhabi developer spots opportunity in Latvia

Abu Dhabi developer Eagle Hills Properties announced a €3 billion ($3.25 billion) investment in the Latvian capital city of Riga, as the UAE continues its investment drive into Europe. Eagle Hills’ Riga Waterfront, which was unveiled on Thursday, will ultimately encompass 8,000 luxury homes for 30,000 residents on a redeveloped site along 5 kilometres at […]

Mark Foster, who played professional rugby for Gloucester and now heads LIV Golf, says the sport is ripe for investment

LIV Golf chief says rugby next in line for Gulf funds

Talks are taking place with sovereign wealth funds and private equity entities about potential Gulf investment in rugby, according to Mark Foster, senior vice president of finance operations at Saudi-backed LIV Golf Investments. Foster, a former Gloucester and Exeter Chiefs professional rugby player, told The Good the Bad & the Rugby podcast that discussions have […]

A worker arranges vegetables to be displayed at a market in Maadi, a suburb of Cairo, Egypt, February 26, 2024. REUTERS/Mohamed Abd El Ghany

Egyptian businesses yet to feel effect of $60bn new funding

The close to $60 billion in new funding announced for Egypt in recent months has yet to trickle down to average business people in the country, according to the results of a new monthly survey. Difficult market conditions in Egypt continued in April as the monthly S&P Global Purchasing Managers Index (PMI) slid from 47.6 […]

Accessories, Formal Wear, Tie

EU looks for alternatives as trade talks with GCC stall

The European Union is actively seeking alternative “avenues” for economic cooperation with the GCC following a deadlock in free trade agreement talks, said Johannes Hahn, the EU commissioner for budget and administration. “We would be interested, of course, to get an agreement [with the GCC], but we have not made a lot of progress,” Hahn […]

Migrants attempting to reach Italy from Tunisia. About 270,000 so-called irregular migrants arrived in the EU via sea crossings last year

EU reveals total aid to North Africa to combat migration 

The European Union provided €673 million ($718 million) in funding to four North African countries from 2021-23 to help the quartet reduce what it calls irregular migration to the 27-member bloc, official data shows. Last year about 270,000 “irregular migrants” arrived in the EU via sea crossings, 64 percent more than in 2022. Crossings from […]

A woman buys cooking oil at a market in downtown Cairo, Egypt

EU to provide ‘urgent’ $1bn short-term aid to Egypt

The European Union (EU) will provide €1 billion ($1.1 billion) in urgent short-term financial aid to support Egypt’s economy. The funding is part of the larger €5 billion macro-financial assistance package.  The remaining €4 billion will be released as longer-term assistance over 2024-2027 but is yet to be cleared by the 27-member bloc. The aid […]

Turkish crude steel output rose 25% year on year to 3.2 million tonnes in January

Turkish steel in the black but EU rules rankle

Turkey’s steel industry has rebounded strongly from a weak 2023, despite facing new emissions standards and competition for important markets.  Crude steel output rose 25 percent year on year to 3.2 million tonnes in January, with domestic consumption of finished steel reaching 3.5 million tonnes, a 20 percent increase.  Exports were also up, increasing 23 […]

Mohamed Maait, Egypt's finance minister, at an IMF/World Bank meeting in Marrakech on October 13. He said Cairo's panda bonds had a low interest rate of 3.5%

Egypt to get $20bn loan from global funders says minister

The expanded loan facility from the International Monetary Fund (IMF) will allow Egypt to receive more than $20 billion in additional funding from global financial institutions. The additional funding is expected from the World Bank, the European Union (EU), the African Development Bank, the Arab Monetary Fund and others, finance minister Mohamed Maait told a […]

People are seen out shopping in the old city of Tunis, Tunisia, 23 August 2023. Tunisia's Ministry of Tourism and Handicrafts has officially restarted tourism in the country after the challenges caused by COVID-19 in 2020. Up to 10 August 2023, a total of 5.4 million tourists have picked Tunisia for their vacations (Photo by Yassine Mahjoub/NurPhoto)NO USE FRANCE

EU throws Tunisia a financial lifeline with $163m grant

The European Union has handed Tunisia a €150 million ($163 million) grant to support economic reforms and fiscal stability as the North African country attempts to fend off a financial crisis. Almost $4 billion in external debts are due for repayment this year, up 40 percent on 2023. Although Tunisia managed to pay an €850 […]

Egypt’s food exports to Europe reached 1.4m tonnes in 2022-23

Egyptian food producer plans European expansion

An Egyptian food producer is planning to expand into European markets on the back of a significant rise in US sales. City Farm, a frozen fruits and vegetables processor, intends to open representative offices in Germany, Belgium and the Netherlands first. CEO Mahmoud Lamei said the plan followed “remarkable success” in the United States and […]

The new EBRD HQ in Canary Wharf, London. EBRD funding of $37m for Morocco will be distributed in two tranches

Moroccan pharma company gets $37m European funding

The European Bank for Reconstruction and Development (EBRD) is to provide MAD380 million ($37.1 million) in funding to support Morocco’s pharmaceutical private sector. The loan will be given to Dislog Group, a distributor of consumer goods covering more than 70,000 retailers across the country, which is owned by Moroccan conglomerate H&S Holding. Founded in 2005, […]

Abu Dhabi Spain

Abu Dhabi fund buys share of hotel group in Spain

Coral Reef, a subsidiary of Abu Dhabi Investment Authority, and Melia Hotels International have received approval to acquire a portfolio of 17 hotels from Equity Inmuebles in Spain and the Canary Islands. Financial details around the acquisition were not revealed. The deal was given the green light by the European Commission under EU merger regulations. […]

Ursula von der Leyen and other EU leaders met Tunisia's President Kais Saied on June 11

EU offers Tunisia $1bn loan – if it accepts IMF reforms

The European Union has offered Tunisia a €1 billion ($1.07 billion) loan to prop up its economy and tighten border controls. Under the proposal, Tunis must agree to sweeping economic reforms, said European Commission president Ursula von der Leyen. The International Monetary Fund agreed a $1.9 billion bailout for Tunisia last September, but it has […]

Georgia Meloni and Sheikh Mohamed bin Zayed Al Nahyan

UAE and Italy elevate trade status in bid to grow $7bn relationship

The UAE and Italy have elevated relations to the level of a strategic partnership as the countries aim to build on growing trade figures seen last year. The announcement came after a meeting held on Saturday between President Sheikh Mohamed bin Zayed Al Nahyan and Italy’s Prime Minister Giorgia Meloni in Abu Dhabi during her […]

ECB must be ready to take the heat and raise rates further

The European Central Bank (ECB) must be prepared to take the heat and raise interest rates further, including by more than the market expects, if that is needed to bring down inflation, ECB policymaker Isabel Schnabel said in an interview published on Saturday. The ECB raised rates for a fourth straight time last week and […]

G7 should opt for fuel tax cut over price cap, says Saudi-based analyst

A proposal by the G7 group of leaders to look at the feasibility of introducing a price cap on energy imports was dismissed as “highly doubtful” by a top Saudi-based energy analyst. A report by the Financial Times on Tuesday claimed that the G7 leaders – which includes Canada, France, Germany, Italy, Japan, the UK […]