Logistics AD Ports JV buys 95% stake in Tanzania’s port operator A joint venture consisting of the UAE’s AD Ports Group, India’s Adani Ports and China’s East Harbour Terminals has acquired 95 percent of Tanzania International Container Terminal Services in Tanzania. Abu Dhabi-based East Africa Gateway purchased the stake for nearly $40 million from Hutchison Port Holdings, Hutchison Port Investments and Harbours Investment, the Abu Dhabi-listed […] June 3, 2024
Aviation South African Airways denies talks with Qatar Airways South African Airways has denied it is talking to Qatar Airways about an equity injection, as observers suggest RwandAir is the Qatari carrier’s most likely target. Qatar Airways’ CEO Badr Mohammed Al Meer set rumours racing earlier this month when he revealed that the state-owned airline was “at the final stage of an equity investment” […] May 29, 2024
Oil & Gas Adnoc buys 10% in LNG project in Mozambique Abu Dhabi National Oil Company (Adnoc) has acquired a 10 percent stake from Portugal’s Galp Energia in the Rovuma basin concession in Mozambique as part of its global growth strategy. The acquisition will allow the UAE energy major a share of the liquefied natural gas (LNG) production from the concession, which has a combined production capacity […] May 22, 2024
Transport Emirates to resume Nigeria service from October Emirates will restart services to Nigeria from October 1, after suspending flights on the route for almost two years. The Dubai airline will operate a daily service to Lagos, Nigeria’s largest city. “We are excited to resume our services to Nigeria,” said Adnan Kazim, deputy president and chief commercial officer, Emirates. “We thank the Nigerian government for their partnership and support in re-establishing this […] May 17, 2024
Aviation Qatar and Rwanda to open airport in ‘heart of Africa’ by 2028 Qatar Airways and RwandAir will open a major international airport in Rwanda’s capital Kigali by 2028, the airlines said this week. The Qatari flag carrier has also announced plans to take a stake in a southern African airline to cement its expansion plans on the continent. RwandAir and Qatar Airways, which have a code-sharing agreement, […] May 15, 2024
Opinion Mining The Gulf has solid reasons to intervene in BHP’s bid for Anglo Anglo's board has rejected two offers. A 'white knight' could step in – and become a force in mining May 13, 2024
Opinion Trade Food can transform the Gulf’s trade relations with Africa The Gulf's food safety expertise could become a vital part of its trade with African countries May 7, 2024
Oil & Gas Dubai company in $13bn oil-for-cash deal with South Sudan Dubai-based Hamad Bin Khalifa Department of Projects (HBK DOP) has signed a €12 billion ($12.9 billion) oil-for-cash deal with South Sudan, according to a media report. The loan agreement was finalised between HBK DOP and South Sudan’s former finance minister Bak Barnaba Chol between December and February, Bloomberg reported, citing an unpublished report by a United […] April 29, 2024
Mining UAE and Kenya sign mining and technology deal The UAE and Kenya have signed an agreement to boost investment in the mining and technology sectors, as the Gulf state focuses on Africa to enhance its precious metals and minerals reserves. As part of the agreement, the UAE Ministry of Investment and the Republic of Kenya Ministry of Finance and National Treasury will work […] April 25, 2024
People & Lifestyle Cairo has most billionaires in Africa, but wealthy are leaving Cairo is home to more billionaires than any other African city, but Egypt is facing an exodus of its wealthiest citizens. The international wealth advisory firm Henley & Partners said Cairo is home to four billionaires, and 30 centi-millionaires – those worth $100 million or more. Most reside in affluent parts of Greater Cairo, including […] April 25, 2024
Infrastructure AD Ports commits $250m to Angola port upgrade Abu Dhabi Ports Group is investing more than $250 million in a project to upgrade the port terminal at Luanda in Angola. The company said it hd secured a 20-year concession agreement, extendable by another 10 years, with the Luanda Port Authority for operating and modernising the terminal. In agreements with the Angolan logistics companies […] April 24, 2024
Renewable Energy African renewables are ripe for investment, says Irena Africa accounted for less than 1 percent of the new renewable energy sources added globally last year, and a conference in Abu Dhabi this week called on wealthy investors to help the continent achieve its targets. Amani Abu Zeid, commissioner for infrastructure and energy of the African Union Commission, told the International Renewable Energy Agency […] April 18, 2024
EXCLUSIVE Manufacturing Stellantis boss hails ‘massive untapped potential’ in Gulf Samir Cherfan tells AGBI about his plans to lift car sales across the GCC April 4, 2024
Employment Saudi Arabia will pay costs of normalising migrants’ status Saudi Arabia said this week it will take on the costs of normalising the status of displaced individuals from neighbouring countries in what could amount to amnesty for thousands of illegal migrants and refugees. “The state assumes the costs on behalf of individuals permitted to stay and rectify their status among the displaced from neighbouring […] April 3, 2024
Sustainability Acwa Power to build $800m desalination plant in Senegal Acwa Power, Saudi Arabia’s operator of power generation and desalinated water production plants, will construct a SAR3 billion ($800 million) desalination plant in Dakar, Senegal. The company signed an agreement with Senegal’s ministry of water and sanitation and state-backed National Water Company, to build a 400,000 cubic metres per day desalination plant in Dakar. The […] March 29, 2024
Trade Angola project demonstrates GCC’s growing Africa interest Dubai Investments has appointed a Chinese construction company as the main contractor on its flagship project in Angola as GCC investments in Africa rise. China Harbour Engineering Company will undertake the first phase of Dubai Investments Park Angola, covering 2,000 hectares of residential, commercial and industrial property in the West African country. The award of […] March 28, 2024
Industry Abu Dhabi’s IRH completes Zambian copper mine deal Abu Dhabi’s International Resources Holdings (IRH) has completed its acquisition of Mopani Copper Mines in Zambia and is reported to be interested in acquiring more of the country’s minerals industry. IRH is part of International Holding Company, Abu Dhabi’s most valuable company. Previous reports said IRH would invest $1.1 billion through the deal in return […] March 22, 2024
Analysis Markets Gulf weightings increase on MSCI Emerging Markets The MSCI Emerging Markets Index has increased the weightings of Gulf countries since their inclusion on the benchmark, as regulators loosened rules and companies ease foreign ownership restrictions to make it easier to invest. According to MSCI, more than $1.3 trillion in assets under management (AuM) was benchmarked against its emerging markets indexes as of […] March 21, 2024
Analysis Finance Green finance focus of UAE-Rwanda trade ambitions With trade between the UAE and Rwanda topping $1 billion last year, Kigali International Financial Centre and Abu Dhabi Global Market (ADGM) are to work together on developing green and Islamic finance options. The two markets have signed an agreement to establish a framework for collaboration, with sustainable finance highlighted as a “major focus” for […] March 21, 2024
Opinion Agriculture The memory of water: Saudi Arabia’s troubled history Growing crops and preserving water is a balancing act for Saudi Arabia March 20, 2024
Banking & Finance Morocco signs $109m loan deal with African bank Morocco has received a loan worth €100 million ($109 million) from the African Development Bank to fund new investment and sustainable infrastructure projects across the country. The loan agreement was signed with Fonds d’Equipement Communal, a bank dedicated to financing investment projects and development programmes in Morocco. Funds will be used to improve public services, […] March 19, 2024
Tech UAE’s G42 to build green data centre in Kenya Abu Dhabi artificial intelligence company G42 has said it will develop a one-gigawatt (GW) data centre in Kenya powered by geothermal energy. The new facility, developed in partnership with Kenya’s EcoCloud, will boost cloud computing and AI services, the Abu Dhabi Media Office reported, citing a company statement. The EcoCloud-G42 mega data centre will have […] March 18, 2024
