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Africa

Tunisians struggle with prices and shortages as economy worsens

Tunisian street cleaner Lassad Mejri says life has grown so tough for his family because of the country’s dire economy that they prepare just one meal a day, but as government finances falter, there may be worse to come. Like many Tunisians Mejri, 57, and his wife Elgeya had already been struggling to cope with […]

Startup academy

New academy to help Mena startups tap into Africa

As competition within the Middle East’s startup sector intensifies, a new academy is offering free advisory services, especially those looking to scale up in the African market. The DAI Magister Academy, founded last summer by boutique investment bank DAI Magister, has already helped several startups in Africa. It now hopes to develop across the Mena […]

Plant, Soil, Person

Senegal gets $436m funding to boost trade with Arab nations

The International Islamic Trade Finance Corporation has signed a $436 million financing plan with Senegal and a two-year programme to boost the country’s trade with other African and Arab nations, it said on Monday. The annual financing plan is part of a revised $1.5 billion five-year framework agreement signed in 2021 as part of the […]

Garden, Nature, Outdoors

Sudan expects 2023 budget deficit at $1.47bn

The Sudanese cabinet on Monday approved the 2023 budget which expected a total deficit of 1.4 percent of gross domestic product (GDP), ahead of final approval in a joint meeting with the Sovereign Council. The minister of finance and economic planning, Jibril Ibrahim, said that total expected public revenues in the budget amounted to 7.363 […]

Esports and gaming is big business across the world

Egyptian gaming startup acquires Tunisian rival Galactech

Egyptian startup GBarena, an esports platform operating across the Middle East, has acquired Tunisian rival Galactech in a share swap valued at $15 million. The deal comes as GBarena prepares to close its Series A funding later this year, with participation from investors in the US, Singapore and the Middle East and North Africa (Mena) […]

Thani bin Ahmed Al Zeyoudi, minister of state for foreign trade of the UAE

Economic success for Menap hinges on greater regional trade

Many countries in the Middle East, North Africa, Afghanistan and Pakistan (Menap) region are enjoying growth, but new research has found that intra-regional exports account for only 2.9 percent of total gross domestic product.  This compares to a global average of 7.9 percent, and 22 percent across the European Union (EU), Norway, Switzerland and the […]

Abu Dhabi seaward

Middle East on a roll as fastest growing theme park market

The Middle East and North Africa is set to be the fastest-growing region for investment in amusement parks, as developing economies create attractions to lure visitors.  Consumer spending at theme parks and related destinations in the Mena region is projected to grow at an annual rate of 10.9 percent, from $282 million in 2019 to […]

Morocco

Four Seasons reveals new hotel as Morocco’s tourism sector recovers

Four Seasons Hotels and Resorts has announced plans to transform a former military hospital in Rabat as Morocco’s tourism revenues continue to recover from the impact of the coronavirus pandemic. The luxury hospitality company is partnering with Atlantic Coast Hospitality, a subsidiary of Abu Dhabi-based real estate development firm Q Holding, to create Four Seasons […]

Global oil demand to reach record high this year, IEA says

Global oil demand is forecast to hit an all-time high in 2023 as China relaxes its Covid restrictions, potentially pushing up prices in the second half of this year, according to the latest report from the International Energy Agency (IEA).  The IEA said global oil demand is set to rise by 1.9 million barrels per […]

West ‘unfair’ to stop Africa using fossil fuels, says Qatari minister

Barring Africa from exploiting its fossil fuel riches is “very, very, very unfair” despite the urgency to cut global greenhouse gas emissions, Qatar’s energy chief has said. Saad Al Kaabi, Qatar’s minister of energy and CEO of state-owned QatarEnergy, told a panel at the Atlantic Council Global Energy Forum that people needed to be realistic […]

Worker, Person, Solar Panels

Tunisia steps up solar ambitions with launch of new tenders

Tunisia has released tenders for two solar power projects as the North African country seeks to deliver 35 percent of its energy needs through renewables by the end of the decade. The Ministry of Industry, Mines and Energy is seeking companies to implement the solar photovoltaic (PV) independent power projects (IPPs). Both will have capacity […]

Tunisia

Record deficit: Tunisia’s trade deals in numbers

Tunisia posted a record 55 percent increase in its trade deficit in 2022, reaching TND 25.2 billion ($8.18 billion), according to figures released by the National Institute of Statistics. As the North African country battles an economic crisis, the deficit increase was attributed largely to the loss of trade with several key countries, including China, […]

Algeria’s Sonatrach plans to invest over $30bn in hydrocarbons

Algeria’s state-owned Sonatrach has revealed plans to invest over $30 billion in exploring and producing hydrocarbons, with a particular focus on natural gas to supply to the global market. “As part of Sonatrach’s five-year investment plan more than $30 billion will be allocated to exploration and production,” said CEO Toufik Hakkar, according to Algeria Press […]

Emirati company sponsors

Emirati partners in demand despite easing of company laws

The UAE’s move to introduce 100 percent company ownership has not dented demand among international companies for local Emirati partners. Before the publication of UAE Federal Decree-Law No. 26 of 2020, foreign companies could only own up to 49 percent of a UAE business, with the majority 51 percent held by a local Emirati partner. […]

Nature, Outdoors, Harvest

Morocco expects economic growth at 3.4% in Q1 2023

Morocco’s economic growth is likely to hit 3.4 percent in the first quarter of 2023, Morroco World News reported, citing data from Higher Commission for Planning (HCP). After the sharp decline in growth in 2022, Morocco’s economy is expected to show moderate recovery, the commission said, attributing the growth to post-Covid economic recovery and easing […]

A Nouvelair plane on the tarmac at Lyon-Saint Exupéry airport in France. The airline carried 1.3m passengers in the year to November

Tunisian government to sell its 24% stake in Nouvelair

Tunisia’s state-owned investment company, Al Karama Holding, plans to sell its shares in Nouvelair and Nouvelair Handling this month, according to national press agency Tunis Afrique Presse. The move comes as the Tunisian government attempts to raise 656 million dinar ($210.2 million) through privatisation and the sale of companies confiscated from establishment figures after the […]

Tunisia

Diversification is key to Tunisian tourism recovery

Tunisia must diversify its tourism offerings, according to experts, as the country continues to chart a course of recovery from the effects of the coronavirus pandemic. The number of foreign visitors to the North African nation in 2022 is forecast to reach over 6 million, as revealed by Lofti Mani, central director of promotion at […]

People, Person, Woman

Tunisia union rejects 2023 budget and threatens to occupy streets

Tunisia’s powerful UGTT union will hold mass protests and “occupy the streets” soon to show its rejection of next year’s austerity budget, the leader of the union said on Monday, in its strongest challenge to the government of President Kais Saied yet. The union, with more than a million members, has proven able to paralyse […]

Dubai VC

Dubai key as 30% of UK’s VC investors target Mena in 2023

Nearly one in three UK-based investors plan to look towards the Middle East and North Africa for venture capital deals next year, according to new research. The region is the third most popular destination for planned investments during 2023 by UK decision makers who invest in venture capital, after their home market and North America. […]

Tunisia

Tunisia looks to boost trade with African neighbours

Tunisia is looking to increase trade with its African neighbours, particularly sub-Saharan countries, amid an expected slowdown in business with Europe. Geopolitical tensions arising from the Russian invasion of Ukraine have fuelled international inflation levels, which could impact levels of trade between Tunisia and its European partners, according to Mélanie Laloum, lead economist, global policy, […]

Aerofarms

Abu Dhabi backs women-led food security startups in Mena

Dana Global, an Abu Dhabi-based venture builder and investment platform that supports women-led startups in agricultural technology (agtech) and water solutions, has announced a new partnership to tackle the food security situation in the Middle East and North Africa. Its agreement with Silal, a subsidiary of Abu Dhabi’s $110 billion state holding company ADQ, focused […]