Artificial Intelligence Dubai’s Hodler in global AI data centre partnership Dubai’s Hodler Investments has partnered with US technology company Vertical Data to launch “sustainable” artificial intelligence data centres in the UAE, the Gulf, Africa and Canada. The companies said they are targeting rising demand for high-performance computing. Growing interest in AI applications has strained existing data centre capacity and fuelled intense demand for energy to […] December 24, 2024
Oil & Gas Nigeria targets Abu Dhabi for oil-backed loan Nigeria’s state-owned oil company, the Nigerian National Petroleum Company (NNPC), is looking to Abu Dhabi National Oil Company (Adnoc) as a potential source of financing as the African state strives to increase its crude oil production capacity. NNPC seeks to raise $2 billion through a syndicated crude oil-backed loan in an operation called Project Leopard. […] December 20, 2024
Logistics DP World starts work on $1.2bn port in Senegal Dubai-based DP World has commenced work on the $1.2 billion Port of Ndayane, with the aim of transforming Senegal into a major centre for global trade. The Willem Van Rubroeck vessel is set to dredge a five km-long shipping channel to build a high-capacity port. The project’s first phase also includes an 840m quay to […] December 19, 2024
Tech Turkey space race gains pace with Somalia launch facility Turkey is building a rocket-launching facility in Somalia, boosting its ambition to join the global space race. The project is expected to generate jobs and revenue, Bloomberg reported, citing Somalia president Hassan Sheikh Mohamud. “I personally believe that the importance of Somalia hosting a launchpad for Turkish satellites is even more significant than the billions […] December 19, 2024
Markets Masdar-backed Infinity Power considers Abu Dhabi IPO Infinity Power, a joint venture between Egypt’s Infinity and the UAE’s Masdar, is considering listing on the Abu Dhabi stock exchange within the next three years, according to its chairman. “If we’re going to list today, our preference would be Abu Dhabi,” Mansour said. “Maybe that changes in a year or two. It depends on […] December 18, 2024
Oil & Gas Kenya extends oil deals with Saudi Arabia and UAE Kenya has extended oil import agreements with one Saudi and two UAE oil companies to ease pressure on its currency, according to media reports. The deals were initially signed with Saudi Aramco, Abu Dhabi National Oil Company and Emirates National Oil Company in March 2023, offering a 180-day credit period, Business Daily newspaper reported. Reuters […] December 18, 2024
Trade Dubai companies seek out deals in Uganda Representatives from 29 Dubai-based private sector companies have been in Uganda on a trade mission to seek investment deals across a range of sectors. Dubai International Chamber arranged more than 300 business meetings in Kampala between companies from both cities during the first leg of its visit to Uganda and Tanzania. Companies from sectors ranging […] December 16, 2024
Oil & Gas QatarEnergy acquires stake in offshore Namibia block State-backed QatarEnergy has agreed to acquire a 27.5 percent interest in Block 2813B offshore Namibia from Harmattan Energy Limited (HEL), an indirect subsidiary of US company Chevron Corporation. HEL is the operator of the block and will retain a 52.5 percent interest. Trago Energy Limited and the National Petroleum Corporation of Namibia are the other partners, […] December 16, 2024
Aviation Used private jets soar as Gulf aircraft deliveries stall The Gulf’s second-hand private jet market has enjoyed a surge in popularity due to an influx of wealthy residents and delays in the delivery of new aircraft. “It is hard for [buyers] to get access to assets,” Vincent Rolland, director of JetNet IQ, a US-based market analysis and business aviation consultancy company, told AGBI. Clients […] December 13, 2024
Construction Zahid bids for South African equipment firm Zahid Group, a Jeddah-based conglomerate involved in everything from mining to hospitality, is leading a proposed $1 billion-plus takeover of Barloworld, a listed South African construction equipment company. Gulf Falcon Holding, a Zahid Group subsidiary, and Entsha, a South African construction company that is linked to Barloworld’s CEO, Dominic Sewela, have made an offer of […] December 13, 2024
Sustainability Morocco partners with central African nations on EV plan Morocco, the Democratic Republic of Congo (DRC) and Zambia have joined together to develop the infrastructure needed for electric vehicles (EVs), as they strive to lower their dependence on fossil fuels. The three nations will club their resources and experiences to support the development of EV batteries and battery precursors. Developing carbon-free transportation is essential […] December 12, 2024
Banking and Finance $50m Abu Dhabi tech fund receives PIF investment Abu Dhabi venture capital firm Iliad Partners is closing a $50 million fund that will target early-stage business-to-business tech startups in the Middle East and North Africa (Mena) region. The Tech Ventures Fund I will primarily focus on fintechs, logistics and property-related technology in Saudi Arabia and the UAE at the Pre-Series A and Series […] December 11, 2024
Development Abu Dhabi fund backs social housing project in Africa The Abu Dhabi Fund for Development (ADFD) will provide financing of AED183.5 million ($50 million) for a social housing programme in Abidjan, Côte d’Ivoire. The first phase of the scheme includes 25,000 housing units and expands ADFD’s geographic reach across the African continent. The investment in critical infrastructure projects will promote sustainable economic and social […] December 10, 2024
Economy Tunisia seeks $2.2bn from central bank to repay debts Tunisia’s central bank will provide $2.2 billion to the government to help repay debts next year, according to news reports. The funding follows the parliamentary approval of a budget law amendment that allows the government to borrow directly from the central bank. This marks the second instance within a year of the government tapping the central […] December 3, 2024
Tourism Jumeirah enters Africa to expand hotel portfolio Jumeirah, a member of Dubai Holding, has partnered with South Africa’s Thanda Group to expand the luxury brand into Africa, as it aims to diversify its portfolio of destinations. The companies have launched a private island and safari reserve. The Jumeirah Thanda Island, a villa retreat, is located on a remote island in a protected […] December 3, 2024
Mining Oman takes 41% stake in Angolan diamond miner Oman’s Maaden International Investment has acquired a 41 percent share in Angolan diamond miner Catoca from Russia’s Alrosa. Diamantino Azevedo, Angola’s minister of mineral resources, oil and gas, announced the decision, saying the deal is in order to comply with sanctions imposed by the US, the European Union and allies, following Russia’s invasion of Ukraine […] December 2, 2024
Opinion Infrastructure Africa’s port assets are irresistible for the UAE The privatisation of maritime infrastructure is often controversial in Africa November 25, 2024
Opinion Sustainability Baku’s Cop29 makes the best of a bad hand The 'finance Cop' has delivered the biggest ever financial commitment of any UN climate summit November 25, 2024
Oil & Gas QatarEnergy ups stakes in Namibia offshore blocks QatarEnergy has signed an agreement with France’s TotalEnergies to acquire additional stakes in two exploration blocks in the Orange Basin, off Namibia. The state-backed gas giant will acquire an additional 5.25 percent interest in block 2913B and another 4.7 percent interest in block 2912. QatarEnergy’s interests in both licenses will increase to 35.25 percent in […] November 25, 2024
Video length: 03:19 VIDEO Tech A lesson in growth for educational technology Funding value is down by 90 percent in the educational technology sector from global highs, forcing many companies out of business. In the first quarter of 2024 there were about 100 venture capital transactions in educational technology, or “edtech”, with a total value of about $580 million. Online course provider Coursera has more than 20 […] November 20, 2024
Trade DP World CEO shrugs off threat of US tariffs A prominent Dubai business leader has downplayed the threat of tariffs from the incoming US administration of Donald Trump. Sultan bin Sulayem, chairman and CEO of DP World, one of the world’s largest port operators and a flagship enterprise of the emirate of Dubai, said on Monday that he was unfazed by Trump’s proposed blanket […] November 18, 2024
Trade Nigeria nears trade deal with Saudi Arabia Nigeria is looking to finalise a $5 billion bilateral trade facility with Saudi Arabia, it said, following a meeting between its president, Bola Tinubu, and Crown Prince Mohammed bin Salman in Riyadh. The pair met on the sidelines of the joint Arab-Islamic Summit, which was convened to discuss the ongoing Israel-Hamas conflict. Following the meeting, […] November 13, 2024
