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 and 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
Tech UAE funds back investments in African startups Abu Dhabi’s Mubadala Investment Company and French national investment bank Bpifrance have co-invested in an Africa-focused venture capital fund. At the same time, Dubai Future District Fund, launched in 2020 by Dubai’s ruler Sheikh Mohammed Bin Rashid Al Maktoum, has also invested in the Partech Africa II VC fund. The capital investments of the two […] March 7, 2024
Economy EU throws Tunisia a financial lifeline with $163m grant The European Union has handed Tunisia a €150 million ($163 million) grant to support economic reforms and fiscal stability as the North African country attempts to fend off a financial crisis. Almost $4 billion in external debts are due for repayment this year, up 40 percent on 2023. Although Tunisia managed to pay an €850 […] March 5, 2024
Renewable Energy DP World and Masdar link up for project to decarbonise ports Two of the UAE’s biggest companies have formed a partnership that aims to decarbonise ports in the Middle East and Africa. Logistics group DP World has signed a three-year agreement with clean energy giant Masdar. Their initial focus will be on ports in Saudi Arabia, Senegal and Egypt. The companies will identify the best sites […] February 27, 2024
Trade UAE and Kenya complete Cepa negotiations The UAE and Kenya have completed negotiations on a comprehensive economic partnership agreement (Cepa) between the two countries. It is the 12th Cepa deal secured by the UAE and its third in Africa, after agreements were signed last year with Mauritius and the Republic of the Congo (Congo-Brazzaville). “The UAE-Kenya Cepa will not only boost […] February 23, 2024
Oil & Gas Some countries missing oil cut targets, says Opec Crude production by Opec fell by 350,000 barrels per day (bpd) in January, as members of the wider Opec+ group started implementing voluntary output cuts, the oil bloc said in its monthly report published this week. Some countries did not adhere to the pledged amounts, complicating Opec’s efforts to stabilise global oil prices. Kuwait and […] February 14, 2024
Opinion Aviation Africa, the next frontier for Gulf airlines The Middle East is the natural gateway between Africa and Asia February 12, 2024
Employment Morocco job market hit by rise in rural unemployment Morocco’s unemployment rate increased by 13 percent to nearly 1.6 million last year as the country’s rural areas haemorrhaged jobs. Between 2022 and 2023, the national economy lost 157,000 jobs, according to the latest figures from the Higher Commission of Planning. Although urban areas recorded an increase of 41,000 jobs, employment in rural parts of […] February 7, 2024
Trade UAE’s Invictus seeks takeover of Moroccan grain trader Invictus Investment Company is planning to acquire a majority stake in one of the largest grain traders in Morocco as it seeks to expand operations across Africa. The UAE commodities house, which is listed on the Abu Dhabi bourse, is aiming to buy a 60 percent stake in Graderco from Zalar Holding. The deal is […] February 6, 2024
Oil & Gas Nigeria and Morocco renew focus on gas pipeline project Talks to deliver Nigerian gas to Morocco and Europe have intensified, the Nigerian National Petroleum Company said in a press release published on its website. The discussions are focused on how to accelerate the financial investment decision for the pipeline project in line with the series of memoranda of understanding signed between the two countries […] January 31, 2024
Renewable Energy Solar deal shows power of East Africa for Dubai A Dubai energy company has joined a $150 million solar project in Mozambique, the latest indication of the UAE’s interest in investing in East Africa. Amea Power will work with Mozambique’s Hidropower to develop the 125 megawatt Matambo solar photovoltaic power plant. The joint Mozambique-Dubai project will provide electricity to more than 150,000 homes in […] January 29, 2024
Oil & Gas Uganda in talks with UAE firm on $4bn oil refinery Uganda is in talks with a Dubai investment company to develop its proposed $4 billion refinery, the country’s energy minister said. The government received expressions of interest from multiple potential investors, leading to the signing of a memorandum of understanding on December 22, 2023, Ruth Nankabirwa added. Negotiations to finalise commercial details between the Ugandan […] January 24, 2024
Banking and Finance Dubai Investments plans flagship project in Africa UAE investment group Dubai Investments has revealed details of its first flagship mixed-use development in Africa. The company is creating Dubai Investments Park Angola, a 2,000 hectare residential, commercial and industrial hub in the West African country. The project, based 50 kilometres from the capital Luanda in Bengo Province, includes an 18-hole golf course and […] January 10, 2024
