Economy Mena inflation to remain ‘uncomfortably high’ Inflation in the Middle East and North Africa is to remain “uncomfortably high” for the foreseeable future, according to a leading banking expert. Headline inflation across the 16 Mena economies increased on average to 19.4 percent year-on-year between March and December last year, as reported by the World Bank in its most recent economic update. […] April 14, 2023
Analysis Economy The rise and fall of millionaires in Morocco and Egypt The number of millionaires living in Morocco has increased by 28 percent over the last 10 years, but fallen by 25 percent in Egypt. While Morocco was awarded a $5 billion credit line from the International Monetary Fund (IMF) this week to shield it from the impact of the pandemic, droughts and the Ukraine war, […] April 6, 2023
Tourism Airlines warn blocked funds could hamper Africa growth Global carriers have warned that concerns over blocked airline funds in Africa and elsewhere could lead to interruptions in air services if there is no progress in talks to unfreeze money owed. About $1.6 billion of funds are being withheld in various African countries because of currency shortages or other problems, the International Air Transport […] April 4, 2023
Opinion Sustainability Turning water and food shortages into global opportunity Research in the Middle East can play a transformative role in addressing water scarcity March 28, 2023
Banking & Finance Rising cost of living boosts Mena remittance flows by 73% The higher global cost of living in the Middle East and North Africa has resulted in a 73 percent increase in the remittance of money across the region, according to new research published this week. US global money transfer company Western Union found that 79 percent of those receiving funds in the Mena region between […] March 24, 2023
Banking & Finance Cairo VC firm launches $95m African startup fund Venture capital firm Flat6Labs has announced a $95 million seed fund to grow early-stage African tech startups. The African Seed Fund (ASF) will invest in more than 160 companies over the next five years. It will pay particular attention to sectors that accelerate digital inclusion through information technology, as well as healthtech, fintech, edtech, greentech, […] March 15, 2023
Banking & Finance Gulf edges closer to its first homegrown tech unicorn The Gulf region is two years away from realising its first tech unicorn, according to Mohammad Alblooshi, head of Dubai International Financial Centre’s Fintech Hive. Becoming a unicorn – a company with a valuation over $1 billion before being listed on the stock exchange – is the dream of many tech startups. In the fintech […] March 14, 2023
Economy UAE edging closer to trade deals with Kenya, Georgia and Ukraine The UAE is close to signing new free trade deals with Kenya, Georgia and Ukraine, while a third round of discussions on a GCC-wide agreement with the UK are set to get under way in Riyadh on Sunday. It follows the recent signing of a comprehensive economic partnership agreement (Cepa) with Turkey earlier this month. […] March 10, 2023
Manufacturing 5G set to boost smartphone market value in the region Shipments of 5G smartphones to the Middle East and Africa region grew 47 percent last year, according to the latest industry data from Counterpoint Research Market Monitor. The MEA region made up an 18 percent share of the overall shipments. While globally 5G smartphone prices are dropping as a result of the availability of more […] March 9, 2023
Logistics DP World opens Somaliland hub as it seeks trade boost in Africa DP World has set up an economic zone in Somaliland as part of its plan to build a major trade hub in the Horn of Africa. The Berbera Economic Zone was inaugurated on Friday by the Dubai-based port operator and the government of Somaliland, a self-declared republic in east Africa. The project is also supported […] March 6, 2023
Economy Cash-strapped nations face IMF bailout delays as talks drag on Countries in debt distress such as Zambia and Sri Lanka turning to the International Monetary Fund (IMF) for financial help are facing unprecedented delays to secure bailouts as China and Western economies clash over how to provide debt relief. IMF funding is often the sole financial lifeline available to countries in a debt crunch, and […] March 3, 2023
Opinion Esports should be in your investment portfolio The global mobile gaming market is expected to grow to $209.12bn in 2026 February 16, 2023
Economy Tunisia’s economy grows 2.4% amid continued financial concerns Tunisia’s economy grew 2.4 percent in 2022, according to its National Institute of Statistics, down from the 4.3 percent growth registered in 2021. Growth in the fourth quarter was 1.6 percent year-on-year. Manufacturing was up 6.6 percent on 2021 and services 2.6 percent, although the latter slowed in comparison to previous quarterly growth of 3, […] February 16, 2023
Analysis Energy Masdar could look East for investment opportunities Masdar may look to capitalise on investments in the East as it continues to increase its global footprint. Abu Dhabi’s renewable energy giant has committed more than $30 billion in projects in over 40 countries, powering in excess of 14gw of clean energy. It has also indicated plans to grow that by 10gw by the […] February 16, 2023
Logistics Partnerships will unlock Africa potential, says DP World CEO More partnerships are required to break down barriers to private sector investment in Africa, according to the CEO and chairman of Dubai trade enabler DP World. Speaking at the second Dakar African Infrastructure Financing Summit in Senegal, Sultan Ahmed Bin Sulayem urged more collaboration to address the challenges slowing the continent’s development. He said that […] February 10, 2023
Economy Tunisians struggle with prices and shortages as economy worsens Tunisian street cleaner Lassad Mejri says life has grown so tough for his family because of the country’s dire economy that they prepare just one meal a day, but as government finances falter, there may be worse to come. Like many Tunisians Mejri, 57, and his wife Elgeya had already been struggling to cope with […] February 3, 2023
New academy to help Mena startups tap into Africa As competition within the Middle East’s startup sector intensifies, a new academy is offering free advisory services, especially those looking to scale up in the African market. The DAI Magister Academy, founded last summer by boutique investment bank DAI Magister, has already helped several startups in Africa. It now hopes to develop across the Mena […] February 3, 2023
Banking & Finance Senegal gets $436m funding to boost trade with Arab nations The International Islamic Trade Finance Corporation has signed a $436 million financing plan with Senegal and a two-year programme to boost the country’s trade with other African and Arab nations, it said on Monday. The annual financing plan is part of a revised $1.5 billion five-year framework agreement signed in 2021 as part of the […] January 31, 2023
Economy Sudan expects 2023 budget deficit at $1.47bn The Sudanese cabinet on Monday approved the 2023 budget which expected a total deficit of 1.4 percent of gross domestic product (GDP), ahead of final approval in a joint meeting with the Sovereign Council. The minister of finance and economic planning, Jibril Ibrahim, said that total expected public revenues in the budget amounted to 7.363 […] January 31, 2023
Egyptian gaming startup acquires Tunisian rival Galactech Egyptian startup GBarena, an esports platform operating across the Middle East, has acquired Tunisian rival Galactech in a share swap valued at $15 million. The deal comes as GBarena prepares to close its Series A funding later this year, with participation from investors in the US, Singapore and the Middle East and North Africa (Mena) […] January 26, 2023
Analysis Economic success for Menap hinges on greater regional trade Many countries in the Middle East, North Africa, Afghanistan and Pakistan (Menap) region are enjoying growth, but new research has found that intra-regional exports account for only 2.9 percent of total gross domestic product. This compares to a global average of 7.9 percent, and 22 percent across the European Union (EU), Norway, Switzerland and the […] January 24, 2023
Analysis Middle East on a roll as fastest growing theme park market The Middle East and North Africa is set to be the fastest-growing region for investment in amusement parks, as developing economies create attractions to lure visitors. Consumer spending at theme parks and related destinations in the Mena region is projected to grow at an annual rate of 10.9 percent, from $282 million in 2019 to […] January 23, 2023
