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
Economy Tunisia yet to propose new terms for $1.9bn IMF loan Tunisia has not yet proposed new terms for a long-pending $1.9 billion International Monetary Fund (IMF) loan, according to the fund’s Middle East and Central Asia director Jihad Azour. Speaking at IMF-World Bank annual meetings in Morocco this week, Azour called for the elimination of “wasteful and socially unfair subsidies” before the fund’s board could […] October 13, 2023
Exclusive Sustainability Saudi carbon credit firm to invest in Middle East and Africa Saudi Arabia’s Regional Voluntary Carbon Market Co plans to invest in carbon abatement projects in the Middle East, Africa and Southeast Asia, the CEO of the government-backed startup has told AGBI. Saudi’s Public Investment Fund (PIF) and Saudi Tadawul Group, owner of the kingdom’s stock market, last October launched RVCMC. PIF holds an 80 percent […] October 12, 2023
Finance UAE company to take over 60% of Telkom Kenya UAE-based Infrastructure Corporation of Africa LLC (ICA) will take over 60 percent of shares in Telkom Kenya from London-based private equity firm Helios after a competitive process, Kenya’s finance ministry said on Wednesday. On Tuesday, the Kenyan cabinet rescinded a deal between a previous administration and Helios for the nationalisation of Telkom, citing “governance challenges” […] October 5, 2023
Energy Afrexim taps traders for $3bn loan to Nigerian oil company African Export–Import Bank (Afrexim Bank) is tapping oil traders to finance a $3 billion loan to Nigeria’s state oil company that is central to the country’s efforts to support the naira, three sources told Reuters. The currency hit an all-time low of 1,000 to the dollar on the black market on Tuesday. Afrexim approached traders […] September 28, 2023
Economy Tunisia repays 74% of debt to ease default fears Tunisia has repaid 74 percent of its cumulative external debt due this year, defying predictions that the country is heading towards a default. As of September 10, the amount of debt repaid was TND6.6 billion ($2 billion), compared with TND8.9 billion forecast for the year in the 2023 budget, as reported by Agence Tunis Afrique […] September 18, 2023
Banking & Finance Standard Chartered still attractive to possible buyers Standard Chartered will remain in the sights of cash-rich potential buyers thanks to the bank’s relatively cheap valuation and hard-to-replicate footprint, analysts told AGBI. It is listed and headquartered in London, yet 87 percent of its half-year income was derived from Asia, the Middle East and Africa. Over the past decade, Standard Chartered has sold […] September 18, 2023
Logistics Logistics companies targeted in latest global cyber fraud Logistics companies in the Middle East and Africa are being targeted by a worldwide scam that impersonates businesses’ websites in order to defraud consumers. According to Group-IB, a global cybersecurity company based in Singapore, the fraud – known as Classiscam – has targeted 251 brands in 79 countries. This includes 15 countries across Middle East […] September 11, 2023
Economy Morocco’s economic outlook improving, say experts Morocco’s economic outlook is set to brighten and it could take on more foreign debt as long as it accelerates reforms and reins in existing subsidies, according to industry experts. Moroccan GDP contracted sharply in the Covid pandemic, while the subsequent war in Ukraine and a severe drought – its worst in 40 years – […] September 6, 2023
Video length: 03:55 Renewable Energy Cop28 to invest billions in African clean energy A UAE finance initiative led by Cop28 will put $4 billion direct investment and has pledged billions more into clean energy projects in Africa, the climate change summit’s president-designate Sultan Al Jaber said this week. Al Jaber told the inaugural African Climate Summit in Nairobi on Monday that the initiative – involving high-profile UAE-based investors […] September 5, 2023
Sustainability UAE companies pledge $450m to buy African carbon credits The UAE Carbon Alliance, a coalition of UAE companies aiming to develop a carbon market in the emirates, has pledged to buy $450 million of African carbon credits by 2030. The alliance signed a non-binding agreement with the Africa Carbon Markets Initiative (ACMI), which was launched last year at Cop27 in Egypt to harness potential […] September 5, 2023
Food & Drink HeroGo steps up fight against ‘ugly’ food waste HeroGo, an online delivery service for “ugly” or surplus produce, is planning to cut food waste beyond the UAE via partnerships with supermarkets and hotels, its founder reveals. “To have the biggest impact we need to be in multiple markets, so we’re in talks to expand in the near term,” HeroGo’s Daniel Solomon tells AGBI. […] August 28, 2023
Transport Nigeria seeks to ‘immediately’ resolve issues with Emirates Nigeria’s president, Bola Tinubu, has ordered an immediate resolution to disagreements with Emirates airline and visa issuance by the UAE, the president’s spokesman said on Thursday. The UAE stopped issuing visas to Nigerians last year after Dubai’s Emirates suspended flights due to an inability to repatriate funds from Africa’s biggest economy. Tinubu’s office said in […] August 25, 2023
Trade Dubai’s exports to Southern Africa growing fast Southern Africa is fast emerging as a vital export destination for Dubai-based companies, new figures show. Dubai Chamber of Commerce revealed on Wednesday that the emirate recorded an 81 percent year-on-year growth in exports to the region, to reach AED477.2 million ($130 million). This was up from AED264 million ($71.8 million) in the year-earlier period, […] August 24, 2023
Energy Africa hopes for climate funding ahead of Cop28 Deals worth hundreds of millions of dollars are expected to be struck at next month’s Africa climate summit, including increasingly popular nature-based investments, the event’s main organiser said on Tuesday. African officials hope the meeting will strengthen the continent’s voice and send a unified message ahead of the Cop28 UN climate summit later this year […] August 23, 2023
Analysis Trade Aid turns to trade as UAE plans Ethiopia investments The UAE is planning to increase its investments in Ethiopia as the economic relationship between the two countries evolves from aid to trade. More than a dozen memoranda of understanding were signed between public and private entities in Addis Ababa during an official visit to Ethiopia by UAE President Sheikh Mohamed bin Zayed al Nahyan […] August 21, 2023
Logistics DP World reveals expansion plans at critical ports Port operator DP World has announced plans to expand capacity across critical global markets as it responds to growing demand. The Dubai-based company expects to add 3 million 20-foot equivalent units (TEUs) of new container handling capacity by the end of the year. DP World – which manages 9 percent of the world’s handling capacity, […] August 16, 2023
Analysis Food & Drink North Africa to the rescue as Europe’s olive oil dries up A caesar salad may be the ideal light meal on a summer’s day, but you might have noticed it is weighing heavier on your wallet. That is because the price of olive oil is at an all-time high. Prices have jumped by nearly 80 percent in just one year, according to data from YCharts. European […] July 28, 2023
Banking & Finance Saudi Arabia to give Tunisia $500m as soft loan and grant Saudi Arabia has agreed to provide Tunisia with a $500 million package of financial assistance as the country faces a mounting financial crisis. The Gulf state will give the North African country $400 million as a soft loan and $100 million as a grant, the Saudi Press Agency reported on Thursday. The agreement was signed […] July 21, 2023
