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Dune Part Two, a Warner Bros film, has grossed more than $700m worldwide. Warner Bros Discovery is targeting the Mena streaming market

Warner Bros Discovery buys 30% stake in OSN Streaming

Warner Bros Discovery (WBD) has bought a stake in a subsidiary of Dubai-based satellite TV company Orbit Showtime Network Group, in an attempt to tap into the rapidly expanding Middle Eastern streaming market. The US-based media and entertainment conglomerate will acquire a 30 percent stake in OSN Streaming for KD17.5 million ($57 million), Kuwait Projects […]

Iraq's oil exports range between 3.2m and 3.5m barrels per day, with 70 percent shipped to Asia

Iraq targets oil exports to Africa in expansion plan

Iraq is considering exporting crude oil to Africa amid a market expansion plan, oil minister Hayan Abdul Ghani has said. “The government is evaluating the feasibility of entering African markets,” he told state-run Iraqi News Agency. Iraq signed 44 contracts under the latest oil licensing rounds across 14 provinces. The state-owned Basra Oil Company, which […]

Libya Mabruk oil

Production resumes at Libya’s Mabruk oilfield after a decade

Libya has resumed production at the Mabruk oilfield after a decade-long shutdown, the Tripoli-based Government of National Unity said on Wednesday. Production under Mabruk Oil Operations officially restarted on Sunday at an initial rate of 5,000 barrels per day, according to a government statement, with plans for an increase to 7,000 bpd by the end […]

The Cepa will create further growth and business opportunities in the UAE and Central African Republic, said minister of state for foreign trade Ahmed Al Zeyoudi

UAE and Central African Republic target $1bn trade

Trade between the UAE and the Central African Republic is estimated to surpass AED3.7 billion ($1 billion) following the signing of a comprehensive economic partnership agreement (Cepa) last week. Cepa will create further growth and business opportunities in both countries, boosting bilateral trade over the next five to seven years, UAE minister of state for […]

Barloworld is the official distributor for Caterpillar construction equipment in South Africa

Barloworld rejects Zahid’s $1.25bn takeover bid

Shareholders at South African construction equipment company Barloworld have voted against a takeover offer by Saudi company Zahid Group. The Jeddah-based conglomerate offered to buy shares of the South African listed company at 120 rand ($6.50) apiece, valuing it at around $1.25 billion. The deal failed to secure the majority required, Barloworld said in a […]

Ambrosia will invest about $500 million in Allied Gold, including $375 million for the stake in its mines in Mali

UAE’s Ambrosia pays $500m to Allied Gold for Mali mine

UAE fund Ambrosia Investment Holding has bought a 50 percent stake in a mine in the African state of Mali from Toronto-listed Allied Gold. Ambrosia Investment Holding, a newly formed investment fund chaired by Ahmed Amer Al Amry, agreed to invest about $500 million in Allied Gold, including $375 million for the stake in its […]

Tunisia budget, Tunisia budget deficit, Tunisia economy, Tunisia debt, Tunisia deficit

Higher tax income cuts Tunisia’s 2024 budget deficit

Higher than anticipated tax income helped Tunisia bring down its budget deficit last year. The ministry said last weekend that the deficit declined despite a 5 percent rise in actual spending and was funded through borrowing, Ultra Tunisia reported. Last year’s budget deficit stood at 10 billion Tunisia dinars ($3 billion), down from 11 billion […]

trans-Sahara gas pipeline Minister of State for Petroleum Resources of the Federal Republic of Nigeria, Ekperikpe Ekpo

Trans-Sahara gas pipeline project back on the table

A multi-billion dollar trans-Sahara gas pipeline project dating back more than half a century has been revived after a meeting between the oil ministers of Algeria, Nigeria and Niger. The ministers held talks in the Algerian capital, Algiers, on Tuesday to discuss the resurrection of the Trans-Sahara Gas Pipeline. This involves the construction of a […]

Dubai UAE,United Arab Emirates,Deira,Al Rigga,Al Rigga Road,English,Arabic,language,bilingual,small businesses,district,street scene,Hardee's,fast food

Americana Restaurants profit rises as Gaza boycott eases 

Americana Restaurants, the largest food service business in the Middle East and North Africa, said profit rose in the fourth quarter as a consumer boycott that is related to the Gaza conflict eased. Net income in the three months to December 31 rose 26 percent to $41 million, compared with $32 million in the same […]

Arab Contractors Company-Equatorial Guinea Ltd has nearly €1.5 billion of projects in the pipeline

Egyptian contractor to build houses in Equatorial Guinea

Egypt-based Arab Contractors Company will build 100,000 housing units in Equatorial Guinea as part of a cooperation agreement signed between the two governments. The mega project will be under the direct supervision of Egypt’s housing ministry. Financial details of the project were not disclosed. The ministry is currently supervising the Tanzanian dam project, which is […]

Tunisia merge FDI agencies, SIA Tunisia, Tunisia Supreme Investment Authority

Tunisia drafts plan to merge FDI agencies into one

Tunisia’s government has reviewed plans to increase foreign direct investment by merging various agencies into a new Supreme Investment Authority. The SIA would merge six investment-focused government agencies and the Tunisian Investment Authority, plus various offices at home and abroad, into one, according to the local Alshuruq newspaper. A draft law has been reviewed by […]

With the acquisition of the Oman business, Americana operates 450 Pizza Hut restaurants across the Mena region

Americana acquires Pizza Hut business in Oman

Americana Restaurants, the largest food service business in the Mena region, has acquired the Pizza Hut brand in Oman from the Khimji Ramdas Group.  The restaurant operator said the acquisition includes 46 Pizza Hut restaurants which had an annual revenue of approximately $11 million in 2024.  The additional outlets increase its Pizza Hut restaurants across […]

Spain has hired Herrenknecht Iberica, a subsidiary of the German company that worked on the Silvertown tunnel project in London, scheduled to open in April

German company to assess proposed Spain-Morocco tunnel

A German-owned company has been awarded a contract to conduct a feasibility study on building an undersea railway tunnel between Morocco and Spain, the latest indication that the long-stalled plan could become reality. If built, the tunnel would be one of the longest of its kind worldwide and would make transporting goods and people between […]

A wind farm project east of Addis Ababa; Ethiopia’s renewable energy resources make it an attractive location for bitcoin mining operations

Abu Dhabi’s Phoenix Group signs Ethiopian power deal

Abu Dhabi-based technology conglomerate Phoenix Group has acquired an 80 megawatt (MW) power purchase agreement (PPA) in Ethiopia. It follows just weeks after the company launched a 50MW cryptocurrency mining facility in North Dakota in the US.  A PPA is usually a long-term electricity supply agreement. The deal, secured in partnership with UAE cybersecurity company […]

Beirut, Lebanon, where public debt exceeded GDP at the end of 2023

Lebanon and Sudan swell Arab countries’ public debt

Public debt in Arab countries swelled by nearly $142 billion at the end of 2023, mainly because of a sharp rise in obligations by Lebanon and war-battered Sudan. Total debt increased despite a fall in Egypt’s public, mostly domestic, dues as a result of a large depreciation in the pound against the US dollar. The […]

Algeria's minister of energy and mines, Mohamed Arkab. The country discovered significant deposits of lithium in 2024

Lithium find exposes Algeria’s neglected mining sector

The discovery of lithium in Algeria is a major economic opportunity – but underinvestment in the country’s mining industry means it could take a decade or more to bear fruit, experts say. In May 2024, Algeria discovered significant deposits of lithium and other essential climate technology minerals in the southern regions of Tamanrasset and In […]

Kenya's President William Ruto says the Kenya-UAE Cepa will 'more than triple' some food exports and provide investment opportunities

Kenya-UAE Cepa may increase food exports and investment

The UAE and Kenya have signed a comprehensive economic partnership agreement (Cepa) that is predicted to lead to a threefold increase in food exports from the East African nation.  The trade deal, which was agreed in February last year, is expected to accelerate trade and investment in agriculture, infrastructure, healthcare, travel and tourism, financial services and […]

Jumeirah will open Marsa Al Arab in Dubai this year, along with Jumeirah The Red Sea in Saudi Arabia

Jumeirah appoints acting CEO to lead expansion plans

Jumeirah Hotels Group, the owner of Dubai’s Burj Al Arab hotel, has appointed Thomas Meier as CEO to lead the luxury hotel chain in its global expansion push.  Swiss national Meier has been acting CEO for the past 10 months following the departure of Katerina Giannouka in late February last year.  Meier, who has been chief […]

UAE Kenya exports FlyDubai first flight to Mombasa

Jet fuel makes UAE Kenya’s second largest exporter

The UAE has moved ahead of the US, Pakistan, Netherlands, Tanzania and the UK to become Kenya’s second largest export market, according to latest government figures.  The Emirates are second, behind Uganda, after exports from the Gulf state more than doubled, the Kenya National Bureau of Statistics (KNBS) said in its latest report.  However, the […]