Economy Record deficit: Tunisia’s trade deals in numbers Tunisia posted a record 55 percent increase in its trade deficit in 2022, reaching TND 25.2 billion ($8.18 billion), according to figures released by the National Institute of Statistics. As the North African country battles an economic crisis, the deficit increase was attributed largely to the loss of trade with several key countries, including China, […] January 13, 2023
Energy Algeria’s Sonatrach plans to invest over $30bn in hydrocarbons Algeria’s state-owned Sonatrach has revealed plans to invest over $30 billion in exploring and producing hydrocarbons, with a particular focus on natural gas to supply to the global market. “As part of Sonatrach’s five-year investment plan more than $30 billion will be allocated to exploration and production,” said CEO Toufik Hakkar, according to Algeria Press […] January 9, 2023
EXCLUSIVE Development Emirati partners in demand despite easing of company laws The UAE’s move to introduce 100 percent company ownership has not dented demand among international companies for local Emirati partners. Before the publication of UAE Federal Decree-Law No. 26 of 2020, foreign companies could only own up to 49 percent of a UAE business, with the majority 51 percent held by a local Emirati partner. […] January 9, 2023
Economy Morocco expects economic growth at 3.4% in Q1 2023 Morocco’s economic growth is likely to hit 3.4 percent in the first quarter of 2023, Morroco World News reported, citing data from Higher Commission for Planning (HCP). After the sharp decline in growth in 2022, Morocco’s economy is expected to show moderate recovery, the commission said, attributing the growth to post-Covid economic recovery and easing […] January 9, 2023
Aviation Tunisian government to sell its 24% stake in Nouvelair Tunisia’s state-owned investment company, Al Karama Holding, plans to sell its shares in Nouvelair and Nouvelair Handling this month, according to national press agency Tunis Afrique Presse. The move comes as the Tunisian government attempts to raise 656 million dinar ($210.2 million) through privatisation and the sale of companies confiscated from establishment figures after the […] January 3, 2023
Analysis Tourism Diversification is key to Tunisian tourism recovery Tunisia must diversify its tourism offerings, according to experts, as the country continues to chart a course of recovery from the effects of the coronavirus pandemic. The number of foreign visitors to the North African nation in 2022 is forecast to reach over 6 million, as revealed by Lofti Mani, central director of promotion at […] January 2, 2023
Opinion Economy Jon Hancock: Economic recovery in Libya lies with its entrepreneurs While Libya's political and social challenges will continue in 2023, economic progress is possible if we acknowledge commercial opportunities driven by Libyan entrepreneurs December 29, 2022
Economy Tunisia union rejects 2023 budget and threatens to occupy streets Tunisia’s powerful UGTT union will hold mass protests and “occupy the streets” soon to show its rejection of next year’s austerity budget, the leader of the union said on Monday, in its strongest challenge to the government of President Kais Saied yet. The union, with more than a million members, has proven able to paralyse […] December 27, 2022
Analysis Banking & Finance Dubai key as 30% of UK’s VC investors target Mena in 2023 Nearly one in three UK-based investors plan to look towards the Middle East and North Africa for venture capital deals next year, according to new research. The region is the third most popular destination for planned investments during 2023 by UK decision makers who invest in venture capital, after their home market and North America. […] December 23, 2022
Economy Tunisia looks to boost trade with African neighbours Tunisia is looking to increase trade with its African neighbours, particularly sub-Saharan countries, amid an expected slowdown in business with Europe. Geopolitical tensions arising from the Russian invasion of Ukraine have fuelled international inflation levels, which could impact levels of trade between Tunisia and its European partners, according to Mélanie Laloum, lead economist, global policy, […] December 17, 2022
Analysis Tech Abu Dhabi backs women-led food security startups in Mena Dana Global, an Abu Dhabi-based venture builder and investment platform that supports women-led startups in agricultural technology (agtech) and water solutions, has announced a new partnership to tackle the food security situation in the Middle East and North Africa. Its agreement with Silal, a subsidiary of Abu Dhabi’s $110 billion state holding company ADQ, focused […] December 14, 2022
Tech MTN lands subsea cable to boost Africa’s connectivity with Mideast MTN South Africa and MTN GlobalConnect, in partnership with a consortium, have landed a 45,000 km subsea cable in South Africa, part of plans to build a subsea network to connect African countries to Europe and the Middle East. Africa’s big economies have a fast growing population of internet users, with growth fuelled by rapidly […] December 14, 2022
Opinion Tourism Morocco’s World Cup journey must be capitalised upon National football team's success can inspire wider opportunities December 13, 2022
Analysis New Dubai plan to support overseas expansion a ‘win-win’ A new initiative to support the expansion of Dubai-based businesses into international markets has been described by experts as a “win-win situation”. Dubai Chambers has launched In Focus, which aims to drive its members’ interest in selected regions as potential destinations for their global expansion plans. At the same time, it has launched new representative […] December 12, 2022
Markets Seven African stock exchanges launch integration project Seven African stock exchanges launched an integration project in Ivory Coast on Wednesday to facilitate cross-border trading of securities on the continent. The initiative, called the African Exchanges Linkage project, includes the stock exchanges of Nigeria, Mauritius, Morocco, South Africa, Kenya, Egypt, and West Africa. Ghana’s and Botswana’s will join in a later phase. The […] December 8, 2022
Analysis Banking & Finance Global fintechs target Dubai but Mena expansion still elusive Dubai is seeing elevated levels of interest from fintech companies based in Singapore, southeast Asia and Asia-Pacific as the emirate builds its status as a regional hub. Dubai International Financial Centre said that during the first nine months of 2022, the number of fintech and innovation firms joining DIFC exceeded the total for the whole […] December 8, 2022
Analysis Aviation Flight searches to Qatar soar from South Korea and Australia Searches for travel to Qatar from nations competing in the World Cup surged in November as fans raced to reserve last-minute flights and accommodation in the tournament’s host country. Enquiries for Qatar on travel aggregator website Wego from internet users in South Korea were up 168 percent in November versus the same period of 2021, […] December 7, 2022
Energy Exxon to exit Equatorial Guinea amid wider Africa crude phaseout Exxon Mobil Corp will wind down oil production in Equatorial Guinea and leave the West African country after its license expires in 2026, two sources close to the matter told Reuters. The departure reflects a wider move by major oil producers to reduce crude production in West Africa and shift investments to lower-carbon natural gas […] December 4, 2022
Energy Dubai firm plans $1.1bn clean energy investment in Egypt Dubai-based Amea Power announced on Wednesday that it has achieved a financial close to deliver 1 gigawatts (gw) of wind and solar energy projects in Egypt. The 500mw wind and 500mw solar projects, represent $1.1 billion of investment into the Egyptian economy and takes the company’s clean energy portfolio to 2gw in the country. Amea […] December 1, 2022
Analysis Business of Sport Qatar scores, with vital assists from Iran, Turkey and the UAE Alongside the massive investment and the 12 years of preparation, Qatar has called in more than a few favours to aid the smooth running of the World Cup. While its allies have proved keen to help, Doha has had to tiptoe carefully around the geopolitical faultlines that run through the Gulf. Turkey has sent more […] November 21, 2022
Cop28 Cop27 deal delivers landmark on ‘loss and damage’, but little else Countries adopted a hard-fought final agreement at the Cop27 climate summit early on Sunday that sets up a fund to help poor countries being battered by climate disasters – but does not boost efforts to tackle the emissions causing them. After tense negotiations that ran through the night, the Egyptian Cop27 presidency released the final […] November 20, 2022
Banking & Finance Mena VC firm VentureSouq to set up climate-focused fund Middle East and North Africa-based Venture capital firm VentureSouq is to launch a new climate-focused fund to support companies developing solutions for the green economy. Achieving net zero carbon emissions by 2050 globally will require as much as $173 trillion in investments in the energy transition, according to BloombergNEF’s (BNEF) New Energy Outlook 2021 (NEO), […] November 18, 2022
