Markets Saudi Arabia exchange has its biggest gain in more than a year Stock markets in the Gulf ended higher on Tuesday, pausing for breath after a steep sell-off, but major central banks’ rate hike plans and global recession risks kept investors cautious. Saudi Arabia’s benchmark index advanced 2.6 percent, its biggest intraday gain in more than a year, buoyed by a 3.4 percent jump in Al Rajhi […] June 22, 2022
Egypt, Saudi Arabia sign 14 deals worth $7.7bn Egypt and Saudi Arabia have signed 14 agreements valued at $7.7 billion during a visit to Cairo by Saudi Arabia’s de facto ruler Crown Prince Mohammed bin Salman, Egypt’s General Authority for Investment and Free Zones said in a statement on Tuesday. Saudi Arabia has provided billions of dollars in financial support since Egypt’s President […] June 21, 2022
Tourism Egypt’s Sharm el-Sheikh reels from Ukrainian, Russian exodus On Sharm el-Sheikh’s sandy beaches many of the sun loungers lie empty. At a central promenade packed with shops, cafes and nightclubs, crowds are thinner than usual. The resort on the southern tip of Egypt’s Sinai Peninsula is reeling from the impact of the war in Ukraine, which has seen Ukrainians and Russians – previously […] June 21, 2022
Gulf sovereign funds sign deals to spur investment in Africa Three Gulf sovereign funds signed a deal on Monday in Rabat with nine African peers to promote investment on the continent. The deal was signed by Abu Dhabi’s Investment Authority and holding firm ADQ in addition to Kuwait’s Investment Authority on the sidelines of the first meeting of Africa Sovereign Investors Forum (ASIF), a platform […] June 21, 2022
UAE to build port in Sudan as part of $6bn investment package The United Arab Emirates will build a new Red Sea port in Sudan, as part of a $6 billion investment package, said DAL group chairman Osama Daoud Abdellatif, a partner in the deal which marks the first major foreign investment since the military took power in an October coup. Abdellatif said the package includes a […] June 21, 2022
Markets Saudi stock market sees biggest fall since November 2021 Stock markets in the Gulf registered steep losses on Sunday, as investors worried that tighter monetary policy by inflation-fighting central banks could damage economic growth. On Wednesday, the US central bank approved its biggest interest rate hike since 1994, lifting the target federal funds rate by 75 basis points to a range of between 1.5 […] June 20, 2022
Tunisian party will not accept terms of $4bn IMF loan One of Tunisia’s main political parties, the Constitutional Free Party, said on Sunday it would not recognise any agreement that Tunis makes with international lenders in exchange for unpopular reforms, the latest threat to a possible deal with the International Monetary Fund. The director of the Middle East at the IMF, Jihad Azour, will visit […] June 20, 2022
Development Tunisian union goes on strike in challenge to President Saied A powerful labour union will go on strike in Tunisia on Thursday to protest against government economic reform plans in a challenge to President Kais Saied as opposition to his one-man rule mounts and a financial crisis looms. The UGTT union has called the strike by employees in state companies in response to proposals including […] June 16, 2022
Banking & Finance Mauritius Bank to open Nigeria office in Africa growth plan Mauritius Commercial Bank (MCB), the Indian Ocean island nation’s largest bank, will open a representative office in Nigeria in months as it seeks to expand beyond oil and gas deals to cover renewables and mining, a senior executive said. MCB, which has $850 million in exposure in Nigeria, already has representative offices in Nairobi and […] June 14, 2022
Development Spain vows to defend interests after Algeria halts non-gas trade Spain said it will firmly defend its national interests following Algeria’s decision to suspend a 20-year-old treaty of friendship and cooperation and ban all non-gas trade, a move that also alarmed EU officials. Spain was also monitoring gas flows from Algeria, its second-largest supplier after the US, but these were unaffected by the diplomatic rift over Madrid’s […] June 10, 2022
Media & Advertising Disney+ takes aim at Netflix as it goes live in 16 Arab countries Disney+ launched its streaming service in the Middle East and North Africa yesterday, vying for market share in a region where the population is young but few people so far use such services. Disney+ said it had gone live in 16 Arab countries and was tailoring content for the region, including offering Arabic subtitles on […] June 9, 2022
UAE sends ministerial delegation to Morocco to boost trade The United Arab Emirates’ minister of economy, Abdulla bin Touq Al Marri, will today lead a high level delegation to Morocco to discuss ways to boost bilateral investment between the two Arab countries. “The visit aims to promote cooperation between the business communities of the two countries and motivate the private sector and entrepreneurs to […] June 9, 2022
Energy UAE arrests Gupta brothers, wanted in South Africa The United Arab Emirates has arrested Rajesh and Atul Gupta, brothers who face charges of corruption in South Africa. Dubai Police confirmed the arrest on Twitter, posting on Tuesday that it had received an Interpol red notice for the brothers and was coordinating with the South African authorities “regarding the extradition file to complete the legal procedures”. South Africa’s Ministry of Justice and Correctional Services said […] June 7, 2022
Analysis Tourism Mena has high hopes for post-pandemic tourism Visitors are returning to key tourism destinations around the Middle East and North Africa, but not everywhere is faring so well The surge in passenger numbers at the Gulf’s biggest airports in the opening months of this year tells a clear story of recovery in the region’s travel and tourism sector. Doha’s Hamad International handled […] June 3, 2022
Energy Oil price fall dents Gulf stock markets Most Gulf markets ended lower on Thursday on growing concerns over inflation and recession and as oil prices slumped following speculation that Saudi Arabia would boost production. Saudi Arabia’s benchmark index finished 1.3 percent lower, hurt by a 2.1 percent fall in oil giant Saudi Aramco and a 1.2 percent decline in country’s biggest Islamic […] June 2, 2022
Tech Africa’s online platforms take on Silicon Valley African startups challenge giants like Facebook, Twitter Innovators say local knowledge is key to meeting needs Platforms prioritize indigenous languages, data rights By Kim Harrisberg and Menna A. Farouk Plan a funeral, call out corruption or start a business – tough jobs all now made easier by a generation of tech-savvy Africans tackling local problems […] June 1, 2022
Analysis Food & Drink Saudis want the world to wake up and smell their coffee Did Arabica coffee originate in Arabia? Many say it hails from Ethiopia and then spread to Yemen and the rest of the Middle East. As coffee experts and aficionados continue to debate its history, Saudi Arabia is working to put a new stamp on the industry. Saudi Arabia has named 2022 the year of Saudi […] May 31, 2022
UAE, Egypt and Jordan sign $10bn industrial power pact Abu Dhabi's ADQ to allocate $10 billion in investment for projects. Focus includes agriculture, pharmaceuticals, petrochemicals and textiles May 30, 2022
Agriculture South Africa looks to Middle East to replace Russia fruit exports The conflict in Ukraine has throttled South Africa’s citrus exports to Russia and driven input costs higher, further squeezing fruit producers already suffering from spiralling shipping costs, an industry body said. The war, which started on Febuary 24, blocked South Africa’s citrus shipments to Russia in the immediate aftermath, Citrus Growers Association of Southern Africa […] May 26, 2022
Economy Menap countries must work together to close GDP shortfall Economic cooperation in the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) is a strategic must for continued regional prosperity and socio-economic development, says a new report. The introduction of bloc-wide common standards and free flow of capital, goods and services could help unlock up to US$230 billion in GDP, according to research from UAE […] May 26, 2022
Exclusive Banking & Finance UK $350m venture capital fund sees Dubai on the Horizon Founder of London-based Digital Horizon targets investment potential in UAE startups London-based venture capital fund Digital Horizon is targeting the UAE for growth, with investments in its first Dubai-based startups expected to be completed later this year. Alan Vaksman, founder and general partner of Digital Horizon, which has $350 million of assets under its management, […] May 26, 2022
Banking & Finance World’s first carbon credit exchange boosts green projects Abu Dhabi Global Market pioneers the milestone exchange allowing companies to trade carbon credits like conventional financial assets The launch of the world’s first regulated carbon credit exchange and clearing house to regulate carbon credits will help mobilise capital for renewable energy projects in the MENA region. It will also help companies reach their decarbonisation […] May 25, 2022
