Economy Tunisia seeks $2.2bn from central bank to repay debts Tunisia’s central bank will provide $2.2 billion to the government to help repay debts next year, according to news reports. The funding follows the parliamentary approval of a budget law amendment that allows the government to borrow directly from the central bank. This marks the second instance within a year of the government tapping the central […] December 3, 2024
Tourism Jumeirah enters Africa to expand hotel portfolio Jumeirah, a member of Dubai Holding, has partnered with South Africa’s Thanda Group to expand the luxury brand into Africa, as it aims to diversify its portfolio of destinations. The companies have launched a private island and safari reserve. The Jumeirah Thanda Island, a villa retreat, is located on a remote island in a protected […] December 3, 2024
Mining Oman takes 41% stake in Angolan diamond miner Oman’s Maaden International Investment has acquired a 41 percent share in Angolan diamond miner Catoca from Russia’s Alrosa. Diamantino Azevedo, Angola’s minister of mineral resources, oil and gas, announced the decision, saying the deal is in order to comply with sanctions imposed by the US, the European Union and allies, following Russia’s invasion of Ukraine […] December 2, 2024
Opinion Infrastructure Africa’s port assets are irresistible for the UAE The privatisation of maritime infrastructure is often controversial in Africa November 25, 2024
Opinion Sustainability Baku’s Cop29 makes the best of a bad hand The 'finance Cop' has delivered the biggest ever financial commitment of any UN climate summit November 25, 2024
Oil & Gas QatarEnergy ups stakes in Namibia offshore blocks QatarEnergy has signed an agreement with France’s TotalEnergies to acquire additional stakes in two exploration blocks in the Orange Basin, off Namibia. The state-backed gas giant will acquire an additional 5.25 percent interest in block 2913B and another 4.7 percent interest in block 2912. QatarEnergy’s interests in both licenses will increase to 35.25 percent in […] November 25, 2024
Video length: 03:19 VIDEO Tech A lesson in growth for educational technology Funding value is down by 90 percent in the educational technology sector from global highs, forcing many companies out of business. In the first quarter of 2024 there were about 100 venture capital transactions in educational technology, or “edtech”, with a total value of about $580 million. Online course provider Coursera has more than 20 […] November 20, 2024
Trade DP World CEO shrugs off threat of US tariffs A prominent Dubai business leader has downplayed the threat of tariffs from the incoming US administration of Donald Trump. Sultan bin Sulayem, chairman and CEO of DP World, one of the world’s largest port operators and a flagship enterprise of the emirate of Dubai, said on Monday that he was unfazed by Trump’s proposed blanket […] November 18, 2024
Trade Nigeria nears trade deal with Saudi Arabia Nigeria is looking to finalise a $5 billion bilateral trade facility with Saudi Arabia, it said, following a meeting between its president, Bola Tinubu, and Crown Prince Mohammed bin Salman in Riyadh. The pair met on the sidelines of the joint Arab-Islamic Summit, which was convened to discuss the ongoing Israel-Hamas conflict. Following the meeting, […] November 13, 2024
Sustainability Saudi Arabia’s carbon market to finance climate projects Saudi Arabia has launched a carbon trading market that will help provide financing for climate projects. The Regional Voluntary Carbon Market Company’s (RVCMC) voluntary carbon market exchange platform has more than 2.5 million tonnes of carbon credits for auction, it said in a statement. Buyers can obtain carbon credits from 17 climate projects from around […] November 12, 2024
Analysis Mining How the UAE has made a global mining power grab Expanding trade deals Supply chain investment Overseas expansion Embracing copper from Peru, lithium from Zimbabwe, tantalum from Kenya and bauxite from Pakistan, the UAE’s mining interests nowadays span three continents. Trade deals... Register now: It’s easy and free This content is available for registered members only. Register for your free account today for exclusive emails, […] November 4, 2024
Analysis Trade Nigeria-UAE trade tipped to recover as Emirates restarts flights Nigeria’s trade with the UAE is expected to rise significantly following the resumption of Emirates flights to Lagos this month. The daily return flights from Dubai offer more than 300 tonnes of “bellyhold” capacity – cargo carried in the hold on passenger flights – every week. Emirates suspended the flights nearly two years ago after […] October 30, 2024
Real Estate Emaar’s Alabbar eyes major investment in Madagascar Emaar founder Mohamed Alabbar is planning a major investment in Madagascar, marking the island nation as his next big venture. “Madagascar is the next new thing in my life,” Alabbar said at the Future Investment Initiative in Riyadh on Tuesday. “It’s going to be a very big investment,” he said, but did not provide further […] October 30, 2024
Development Saudi Arabia to invest $41bn in Africa over next decade Saudi Arabia is providing at least $41 billion in funding for low-income sub-Saharan countries in Africa, the government announced on Monday. Finance minister Mohammed bin Abdullah Al-Jadaan revealed a $1 billion development initiative for Africa, $5 billion for startups from the Saudi Development Fund over the next ten years, $10 billion in financing from the […] October 28, 2024
Industry Copper-trading centre in Abu Dhabi planned by UAE’s IRH The UAE’s International Resources Holding (IRH) intends to set up a copper trading hub in Abu Dhabi, as the market looks to forecasts from China on the direction of prices. IRH, an arm of International Holding Company, said it plans to target “over 500,000 tonnes of green copper annually by 2025”. “This initiative will further […] October 25, 2024
Opinion Trade UAE believes trade with Africa is worth the risk Investments by Emirati companies are being encouraged and supported by the government October 22, 2024
Mining PIF’s Manara in talks to buy minority stake in Zambian mines Manara Minerals, a joint venture between Saudi Arabian Mining Co (Maaden) and the sovereign Public Investment Fund (PIF), is in advanced talks to acquire 15 to 20 percent in Canadian miner First Quantum Minerals’ Zambian copper and nickel assets. The stake could be potentially valued between $1.5 billion and $2 billion, Reuters reported, citing informed […] October 17, 2024
Finance Kenya in loan talks with UAE to reduce debt Kenya and the UAE are discussing a commercial loan worth $1.5 billion, according to the Kenyan minister of finance. The loan would have an 8.25 percent interest rate and a seven-year tenor, John Mbadi told a press conference on Wednesday. “This loan is cheaper than the Eurobond we borrowed at 10.7 percent,” Mbadi told the […] October 16, 2024
Development Islamic Development Bank approves $3bn for projects The Islamic Development Bank has approved financing worth more than $3 billion for 20 social and economic development projects in 17 of its member states. The money will be used to boost social and economic development in critical sectors such as transportation, energy, agriculture, water resources, food security, health and social development. In an announcement, […] October 16, 2024
Transport Turkish contractor to build Uganda-Kenya rail link Turkish construction company Yapi Merkezi has signed a deal with the Ugandan government to build a rail line linking Uganda to Kenya, Ugandan officials announced Monday. Yapi Merkezi will build 272km of a planned 1,700km electric line in a contract worth $3 billion. Construction will start in November, Uganda’s Standard Gauge Railway project coordinator, Perez […] October 14, 2024
Mining IRH of Abu Dhabi to invest in South Africa Abu Dhabi’s most valuable company is investing in mining, green energy and transport via Africa’s largest asset manager. International Resources Holding (IRH), part of International Holding Company, has signed an agreement with the Public Investment Corporation (PIC) of South Africa. IRH and PIC have also agreed to create an artificial intelligence-enabled geoscience company to explore […] October 1, 2024
Agriculture UAE pledges $30m for Ghana’s biodiversity push The UAE and Ghana have signed a $30 million partnership for nature-based community development and climate initiatives. The agreement covers six areas of investment, including biodiversity corridors, which allow animals to travel from one patch of native forest to another, reforestation and agroecology – sustainable farming that works with nature. The partnership aims to deliver […] September 30, 2024
