Banking & Finance 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 […] January 10, 2024
Trade 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 […] January 2, 2024
Oil & Gas 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 […] December 22, 2023
Renewable Energy 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. […] December 19, 2023
Sustainability 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 […] December 18, 2023
Renewable Energy 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 […] December 13, 2023
Sustainability 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 […] December 11, 2023
Renewable Energy 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 […] December 11, 2023
Renewable Energy 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 […] December 6, 2023
Oil & Gas 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 […] December 6, 2023
Health 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 […] December 4, 2023
Opinion Sustainability Africa should be a prime focus for Cop28 policymakers The continent's climate needs mean it should be seen as a special case November 27, 2023
Oil & Gas 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. […] November 23, 2023
Oil & Gas Opec+ agonises over quotas but more cuts loom Opec+ members are likely to extend their voluntary output cuts through to next year at their meeting in Vienna on November 26, even if this means the oil group risks losing market share to keep prices high, analysts and economic experts said. Brent prices held above $82 a barrel on Monday, after four weeks of […] November 20, 2023
Energy Egypt expected to resume LNG exports by January Egypt is expected to resume exports of liquefied natural gas (LNG) in December or January as domestic demand declines during winter and as it receives more gas from Israel, an executive at Italy’s Eni said on Tuesday. “Consumption in Egypt is reducing and we would expect by December, possibly January, (LNG) exports could resume,” Cristian […] November 15, 2023
Finance Egypt and India explore local currency trade settlement Egypt discussed with India’s ambassador to Egypt the possibility of entering Indian financial markets, Egypt’s finance ministry said in a statement on Tuesday. “The two sides discussed ways to encourage the use of national currencies to settle payments,” in a meeting between Egyptian finance minister Mohamed Al Maait and ambassador Ajit Gupte, the statement said. […] November 15, 2023
Finance Nigeria in talks with Saudi bank for project funding Nigerian President Bola Tinubu met top officials of the Jeddah-based Islamic Development Bank (IsDB) to negotiate a “multi-billion-dollar infrastructure finance facility” to help build ports and power plants, his spokesperson said on Tuesday. Tinubu held talks with IsDB vice president Mansur Muhtar late on Monday in Mecca, Saudi Arabia, spokesperson Ajuri Ngelale said in a […] November 15, 2023
Analysis Trade Zimbabwe sharpens focus on trade with UAE The UAE could soon rival South Africa as Zimbabwe’s largest trading partner as the southern African country competes to attract more foreign investment. Zimbabwe is working to develop a number of sectors with the UAE, including agriculture, mining and energy, to build on the $2 billion bilateral trade registered last year, Lovemore Mazemo, Ambassador of […] November 13, 2023
Development Saudi Arabia to invest $500m in African development Saudi Arabia is to sign agreements worth more than SAR2 billion ($533 million) with African nations to invest in development projects and help boost “Africa’s voice” in international affairs. “Today we’ll witness the signing of agreements between the Saudi Fund for Development and a number of African countries for projects exceeding 2 billion riyals,” the […] November 9, 2023
Finance Insurers take a chance on Mena’s merger market The Middle East and North Africa is a hotspot for mergers and acquisitions in a tricky global market – which also makes it fertile territory for insurance companies that offer protection if deals go wrong. “A couple of years ago, trying to get a UAE deal insured would have been fairly difficult. Now a UAE […] October 26, 2023
Logistics DP World to invest $1bn to upgrade Tanzanian port Dubai’s DP World has signed a 30-year concession agreement with the Tanzania Ports Authority (TPA) to operate and modernise Dar es Salaam Port. The deal aims to improve transport and logistics services throughout Tanzania and the wider East Africa region, according to the state-run Wam news agency. DP World will invest more than $250 million […] October 23, 2023
Opinion Economy Bridging investment between the Gulf and Africa Building investor confidence in Africa as a viable business destination is paramount October 20, 2023
