Transport Turkish contractor to build Uganda-Kenya rail link Turkish construction company Yapi Merkezi has signed a deal with the Ugandan government to build a rail line linking Uganda to Kenya, Ugandan officials announced Monday. Yapi Merkezi will build 272km of a planned 1,700km electric line in a contract worth $3 billion. Construction will start in November, Uganda’s Standard Gauge Railway project coordinator, Perez […] October 14, 2024
Mining IRH of Abu Dhabi to invest in South Africa Abu Dhabi’s most valuable company is investing in mining, green energy and transport via Africa’s largest asset manager. International Resources Holding (IRH), part of International Holding Company, has signed an agreement with the Public Investment Corporation (PIC) of South Africa. IRH and PIC have also agreed to create an artificial intelligence-enabled geoscience company to explore […] October 1, 2024
Agriculture UAE pledges $30m for Ghana’s biodiversity push The UAE and Ghana have signed a $30 million partnership for nature-based community development and climate initiatives. The agreement covers six areas of investment, including biodiversity corridors, which allow animals to travel from one patch of native forest to another, reforestation and agroecology – sustainable farming that works with nature. The partnership aims to deliver […] September 30, 2024
Banking & Finance South Africa’s Investec joins financial giants in DIFC South African bank Investec has joined the growing list of global financial institutions operating from the Dubai International Financial Centre (DIFC). Through its Dubai office, the lender will target high-net-worth clients, family offices and financial institutions across the Gulf region. The bank will provide advisory and arranging services in private banking, wealth and investment management, as well […] September 26, 2024
Finance Kenya nears $1.5bn loan from UAE to address budget gap Kenya is close to securing a $1.5 billion loan from the UAE to address its budget financing gap. The loan will have an interest rate of 8.2 percent, Reuters reported, citing people familiar with the talks. “The deal is as good as done,” an unnamed source said, adding that the move will diversify the government’s […] September 26, 2024
Analysis Agriculture Legal cannabis offers Morocco a route into Europe The King of Morocco, Mohammed Vl, has taken the unprecedented step of pardoning more than 4,800 illegal cannabis farmers in the north of his country. Mohammed El Guerrouj, the head of the National Agency for the Regulation of Cannabis-Related Activities (Anrac), said the decision was made to encourage farmers to grow cannabis legally and to […] September 20, 2024
Mining Diamond weighing 1lb cheers Mubadala-backed financier The discovery in Botswana of a rough diamond weighing more than a pound, the second largest ever found, is likely to prove timely for Apex Group, the global financial services provider, which counts the Abu Dhabi sovereign wealth fund Mubadala among its key backers. The huge gem’s discovery was announced on Thursday by Lucara Diamond Corp, […] August 23, 2024
Aviation Slice of South Africa’s Airlink bought by Qatar Airways Qatar Airways has acquired a 25 percent stake in the Southern African independent carrier Airlink, expanding its operations further into Africa. The privately-owned, Johannesburg-based Airlink already has a code-sharing partnership with the Doha airline and flies to 45 destinations in 15 African countries. Financial details of the deal were not revealed. NewsletterGet the Best of […] August 20, 2024
Analysis Sustainability Egypt launches Africa into carbon trading market The first three trades were made on Egypt’s new carbon trading platform on Tuesday, the first of its kind in Africa. Two local food companies, Daltex and ISIS Organic, became the first Egyptian buyers of the instruments, purchasing a combined 2,000 carbon credits. Each credit represents a tonne of carbon reduced or removed from the […] August 16, 2024
Renewable Energy Tunisia signs green hydrogen deals to step up production Tunisia has signed six agreements with international companies to develop green hydrogen production as it seeks to expand its clean fuel production capacity. The North African country aims to produce 8.3 million tonnes of green hydrogen and its derivatives by 2050 under its green hydrogen strategy, which was released in October 2023. Much of the […] July 31, 2024
Logistics DP World hits out at Djibouti after latest court victory DP World has described the government of Djibouti as “bad for business” and said companies should “think twice” about investing in the country, following the latest ruling in their long-running legal dispute. A US court ruled in favour of the Dubai-based global ports operator this week in its battle over the Doraleh container terminal in […] July 31, 2024
Analysis Oil & Gas Turkey expands its energy search into troubled waters Turkey is stepping up its efforts to become a major player in hydrocarbons, preparing to conduct surveys off the coast of Somalia and working on an agreement with Libya to identify deposits in the Mediterranean. Alparslan Bayraktar, the energy minister in Ankara, announced last Friday that the seismic research vessel Oruç Reis would be dispatched […] July 31, 2024
Opinion Business of Sport Hosting the Olympics is set to be a marathon for Gulf bidders If Qatar and Saudia Arabia bid for 2036 they face a race against time to train medal-winning talent July 29, 2024
Analysis Tourism Corporate travel rising as Dubai plays perfect host Dubai has won 175 deals so far this year that will boost the emirate’s corporate and business travel sector over the next four years. The events, representing an increase of almost a quarter year on year, include international conferences, congresses and meetings. They’re expected to bring more than 92,000 delegates to the city, according to […] July 29, 2024
Aviation UAE issues visas for Nigerians after two-year hiatus The UAE government has started issuing visas for Nigerians after a halt of nearly two years. The governments of the UAE and Nigeria reached an agreement to resume travel between the two countries, Nigeria’s information minister said in a post on social messaging platform X. The UAE stopped issuing visas to Nigerians in 2022 after […] July 16, 2024
Energy World is off track to meet Cop28 renewables goal The world is far from reaching its 2030 renewables target, the International Renewable Energy Agency (Irena) said on Thursday. Countries committed at the Cop28 summit in Dubai last year to treble renewables capacity in order to limit global warming to 1.5C. To stay on course global capacity growth needs to accelerate to a minimum rate […] July 12, 2024
Video length: 03:25 VIDEO Development Dubai Humanitarian and the Mena aid challenge The Mena region requires nearly $14 billion in humanitarian aid, according to the UN. Dubai Humanitarian, formerly known as International Humanitarian City, plays a vital role in bringing together aid organisations and mobilising both funds and relief to countries affected by conflicts and climate emergencies. Dubai Humanitarian sends 1,300 dispatches of aid worth up to […] July 10, 2024
Oil & Gas Iran, Iraq and Libya among worst offenders on gas flaring Environmentally ruinous flaring of gas at upstream oil and gas facilities has risen to its highest level for five years, despite pledges to end the practice, the World Bank has said. Iran, Iraq and Libya were among the biggest contributors in 2023, according to a World Bank report published on June 20. Along with six […] June 25, 2024
Opinion Agriculture Arab states must raise intra-trade to buffer against food shocks Gulf producers are neglecting their own farming potential June 24, 2024
Transport UAE to build a new airport in Uganda The Sharjah Chamber of Commerce and Industry will build a new international airport in Uganda. The Kidepo International Airport in Karamoj will be located near Uganda’s border with Kenya, president Yoweri Museveni said in a post on messaging app X. The cost of the airport was not given. NewsletterGet the Best of AGBI delivered straight […] June 24, 2024
Aviation Qatar Airways to buy 49% of Rwanda’s flag carrier Qatar Airways is expected to buy a 49 percent stake in Rwanda’s flag carrier RwandAir as early as July as part of the Gulf airline’s strategy to expand in Africa, according to a media report. Qatar Airways’ purchase will boost Rwanda’s aviation sector and allow RwandAir to expand its operations and fleet, Financial Times reported, quoting […] June 17, 2024
Trade Saudi Arabia to set up logistics centre in Djibouti A delegation of 100 Saudi investors visited Djibouti this week to sign a contract for a logistics centre in the country’s free zone, the latest development in Saudi Arabia’s efforts to extend trade ties with Africa. Saudi Logistics City will cover 120,000 sq m in the first phase on a 92-year lease, and will include […] June 6, 2024
