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DP World's terminal at Dakar in Senegal, one of the countries in the first phase of the decarbonisation project

DP World and Masdar link up for project to decarbonise ports

Two of the UAE’s biggest companies have formed a partnership that aims to decarbonise ports in the Middle East and Africa. Logistics group DP World has signed a three-year agreement with clean energy giant Masdar. Their initial focus will be on ports in Saudi Arabia, Senegal and Egypt. The companies will identify the best sites […]

FILE PHOTO: United Arab Emirates Minister of State for Foreign Trade Thani Al Zeyoudi gestures during an interview with Reuters in Dubai, United Arab Emirates, June 30, 2022. REUTERS/Abdel Hadi Ramahi/File Photo

UAE and Kenya complete Cepa negotiations

The UAE and Kenya have completed negotiations on a comprehensive economic partnership agreement (Cepa) between the two countries. It is the 12th Cepa deal secured by the UAE and its third in Africa, after agreements were signed last year with Mauritius and the Republic of the Congo (Congo-Brazzaville). “The UAE-Kenya Cepa will not only boost […]

Workers at an oil refinery in Kerbala. Iraq cut about a third of the amount needed to meet its voluntary output target

Some countries missing oil cut targets, says Opec

Crude production by Opec fell by 350,000 barrels per day (bpd) in January, as members of the wider Opec+ group started implementing voluntary output cuts, the oil bloc said in its monthly report published this week.  Some countries did not adhere to the pledged amounts, complicating Opec’s efforts to stabilise global oil prices. Kuwait and […]

Unemployment increased from 15.8 percent to 16.8 percent in urban areas of Morocco marketplace Marrakesh Marrakech

Morocco job market hit by rise in rural unemployment

Morocco’s unemployment rate increased by 13 percent to nearly 1.6 million last year as the country’s rural areas haemorrhaged jobs. Between 2022 and 2023, the national economy lost 157,000 jobs, according to the latest figures from the Higher Commission of Planning. Although urban areas recorded an increase of 41,000 jobs, employment in rural parts of […]

Moroccan farmer Ahmed Al Amri inspects his crop. The government is encouraging imports as drought affects wheat production

UAE’s Invictus seeks takeover of Moroccan grain trader

Invictus Investment Company is planning to acquire a majority stake in one of the largest grain traders in Morocco as it seeks to expand operations across Africa. The UAE commodities house, which is listed on the Abu Dhabi bourse, is aiming to buy a 60 percent stake in Graderco from Zalar Holding.  The deal is […]

Morocco's minister of energy transition Leila Benali. The country hopes to produce half of its electricity from renewables by 2030, with the remainder coming from natural gas

Nigeria and Morocco renew focus on gas pipeline project

Talks to deliver Nigerian gas to Morocco and Europe have intensified, the Nigerian National Petroleum Company said in a press release published on its website. The discussions are focused on how to accelerate the financial investment decision for the pipeline project in line with the series of memoranda of understanding signed between the two countries […]

girl solar panel Kenya Dubai East Africa

Solar deal shows power of East Africa for Dubai

A Dubai energy company has joined a $150 million solar project in Mozambique, the latest indication of the UAE’s interest in investing in East Africa. Amea Power will work with Mozambique’s Hidropower to develop the 125 megawatt Matambo solar photovoltaic power plant. The joint Mozambique-Dubai project will provide electricity to more than 150,000 homes in […]

The initial phase of Befar Group's industrial complex in the Suez Canal Economic Zone will see investments of $500m

Uganda in talks with UAE firm on $4bn oil refinery

Uganda is in talks with a Dubai investment company to develop its proposed $4 billion refinery, the country’s energy minister said. The government received expressions of interest from multiple potential investors, leading to the signing of a memorandum of understanding on December 22, 2023, Ruth Nankabirwa added. Negotiations to finalise commercial details between the Ugandan […]

A view of Angola's capital Luanda. The Dubai Investments mixed-use development will be built around 50 km from the city

Dubai Investments plans flagship project in Africa

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 […]

Jean Baptiste Ondaye, minister of economy and finance of the Republic of Congo, signed a joint statement with his UAE counterpart

UAE finalises trade deal terms with Congo

The UAE and the Republic of Congo have finalised the terms of a comprehensive economic partnership agreement – and are looking to the Cepa to build on their growing trade relationship. Bilateral non-oil trade increased 134 percent year on year during the first six months of 2023, to reach $2.1 billion. The two countries also […]

FILE PHOTO: Angola's Minister of Mineral Resources, Petroleum and Gas Diamantino Pedro Azevedo arrives at the OPEC headquarters for a meeting in Vienna, Austria, June 3, 2023. REUTERS/Leonhard Foeger/File Photo

Angola’s Opec exit points to growing divisions on quotas

Angola’s decision to leave the Organisation of the Petroleum Exporting Countries (Opec) over a production quotas dispute will have a limited impact on oil supply but highlights cracks in the organisation’s long-term unity, industry analysts have said. Diamantino Pedro Azevedo, Angolan mineral resources minister, said the African country’s role in the organisation was not deemed […]

Kuwait solar power reneweable energy plans

Acwa Power backs $800m energy project in South Africa

Acwa Power, Saudi Arabia’s operator of power generation and desalinated water production plants, has signed a purchase agreement for a 150 megawatt (MW) renewable energy project in South Africa. The $800 million Project Dao, one of the largest hybrid investments in the South African renewable energy sector, is currently under construction, Acwa Power said in a statement. […]

Young West African activists demanding action on climate change

Doha-based carbon credit group signs West Africa deal

The Qatar-backed international carbon credit programme Global Carbon Council (GCC) has signed a deal to develop decarbonisation projects in West Africa. The Doha-based GCC signed the agreement at the UN climate conference Cop28 in Dubai last week with the West African Alliance for Carbon Markets and Climate Finance (WAA), a group of 16 West African […]

President of Djibouti Mr Ismail Omar Guelleh speaking at Cop28 in Dubai. AMEA Power is planning a 1GW electrolyser project in the East African country

AMEA Power plans $15bn hydrogen investment in Africa

UAE renewable energy company AMEA Power is ready to develop projects worth $15 billion in Africa as it ramps up production of green hydrogen. The company, which has a clean energy pipeline of over 6 gigawatt (GW) across 20 countries, plans to develop three 1GW-scale electrolyser projects in Mauritania, Djibouti and Egypt. “We believe they […]

The Saudi Fund for Development hosts a discussion at Cop28 about the ACG's $50bn for Africa

Arab Coordination Group announces $50bn for Africa

The Arab Coordination Group, made up of regional and international development institutions, has allocated $50 billion to advance sustainable development in Africa through to 2030. The funding was announced at the Saudi-Arab-African Economic Conference in Riyadh and further discussed at a panel arranged by the Saudi Fund for Development on Sunday on the sidelines of […]

Morocco energy transition minister Leila Benali

Morocco reveals strategy to speed up energy transition

Morocco is accelerating plans to add 9 gigawatts to its electricity generation capacity – enough power for nearly 8 million homes – with 7GW coming from renewables.  But the country will need to discover or import more gas as it bets on creating a new hydrogen economy, according to Leila Benali, its minister of energy […]

An Acwa Power wind turbine in Morocco. The company says not enough developers are in Africa

Acwa Power plans a bold investment future in Africa

Saudi Arabia-listed Acwa Power is targeting future investments in Africa as part of the clean energy company’s plan to triple in size by 2030. “Africa needs that energy transition. But there aren’t enough developers going there and asking questions,” said Raad Al-Saady, vice chairman and managing director of Acwa Power, during a panel discussion at […]

Russian deputy prime minister Alexander Novak says Opec+ must 'restrict volatility'

Russia says Opec+ ‘ready’ to hike oil output cuts in 2024

Opec+ members may increase oil production cuts in the first quarter of 2024 to remove “profiteering and restrict volatility”, according to Russian deputy prime minister Alexander Novak. The decision by Opec+ to lower oil production by 2.2 million barrels per day (bpd) in the first quarter of 2024 will help the world to navigate through […]

Co-founder of Microsoft, Bill Gates, with Sheikh Abdullah bin Zayed bin Sultan Al Nahyan at the Reaching the Last Mile Forum 2023

UAE president expands fund to fight tropical diseases

Reaching the Last Mile – a global philanthropic health initiative by UAE president Sheikh Mohamed bin Zayed al Nahyan – has increased the size of its flagship fund five-fold to $500 million, with $340.2 million raised to date, following donations made during Cop28.   The 10-year RLM Fund was set up in 2017, in partnership […]

Saudi minister of energy Prince Abdulaziz bin Salman at an Opec meeting in June. It is thought Opec+ members cannot agree on further output cuts

Tensions over quotas and cuts delay Opec+ meeting

Opec+ has postponed its ministerial meeting from this weekend to November 30 amid tension over members’ production levels and plans for further output cuts, industry experts said.  Oil prices extended losses by more than 1 percent on Thursday. Brent traded at $80.93 a barrel at 9.38 GST after a steep 4 percent decline on Wednesday. […]