Health UAE president expands fund to fight tropical diseases Reaching the Last Mile – a global philanthropic health initiative by UAE president Sheikh Mohamed bin Zayed al Nahyan – has increased the size of its flagship fund five-fold to $500 million, with $340.2 million raised to date, following donations made during Cop28. The 10-year RLM Fund was set up in 2017, in partnership […] December 4, 2023
Opinion Sustainability Africa should be a prime focus for Cop28 policymakers The continent's climate needs mean it should be seen as a special case November 27, 2023
Oil & Gas Tensions over quotas and cuts delay Opec+ meeting Opec+ has postponed its ministerial meeting from this weekend to November 30 amid tension over members’ production levels and plans for further output cuts, industry experts said. Oil prices extended losses by more than 1 percent on Thursday. Brent traded at $80.93 a barrel at 9.38 GST after a steep 4 percent decline on Wednesday. […] November 23, 2023
Oil & Gas Opec+ agonises over quotas but more cuts loom Opec+ members are likely to extend their voluntary output cuts through to next year at their meeting in Vienna on November 26, even if this means the oil group risks losing market share to keep prices high, analysts and economic experts said. Brent prices held above $82 a barrel on Monday, after four weeks of […] November 20, 2023
Energy Egypt expected to resume LNG exports by January Egypt is expected to resume exports of liquefied natural gas (LNG) in December or January as domestic demand declines during winter and as it receives more gas from Israel, an executive at Italy’s Eni said on Tuesday. “Consumption in Egypt is reducing and we would expect by December, possibly January, (LNG) exports could resume,” Cristian […] November 15, 2023
Finance Egypt and India explore local currency trade settlement Egypt discussed with India’s ambassador to Egypt the possibility of entering Indian financial markets, Egypt’s finance ministry said in a statement on Tuesday. “The two sides discussed ways to encourage the use of national currencies to settle payments,” in a meeting between Egyptian finance minister Mohamed Al Maait and ambassador Ajit Gupte, the statement said. […] November 15, 2023
Finance Nigeria in talks with Saudi bank for project funding Nigerian President Bola Tinubu met top officials of the Jeddah-based Islamic Development Bank (IsDB) to negotiate a “multi-billion-dollar infrastructure finance facility” to help build ports and power plants, his spokesperson said on Tuesday. Tinubu held talks with IsDB vice president Mansur Muhtar late on Monday in Mecca, Saudi Arabia, spokesperson Ajuri Ngelale said in a […] November 15, 2023
Analysis Trade Zimbabwe sharpens focus on trade with UAE The UAE could soon rival South Africa as Zimbabwe’s largest trading partner as the southern African country competes to attract more foreign investment. Zimbabwe is working to develop a number of sectors with the UAE, including agriculture, mining and energy, to build on the $2 billion bilateral trade registered last year, Lovemore Mazemo, Ambassador of […] November 13, 2023
Development Saudi Arabia to invest $500m in African development Saudi Arabia is to sign agreements worth more than SAR2 billion ($533 million) with African nations to invest in development projects and help boost “Africa’s voice” in international affairs. “Today we’ll witness the signing of agreements between the Saudi Fund for Development and a number of African countries for projects exceeding 2 billion riyals,” the […] November 9, 2023
Finance Insurers take a chance on Mena’s merger market The Middle East and North Africa is a hotspot for mergers and acquisitions in a tricky global market – which also makes it fertile territory for insurance companies that offer protection if deals go wrong. “A couple of years ago, trying to get a UAE deal insured would have been fairly difficult. Now a UAE […] October 26, 2023
Logistics DP World to invest $1bn to upgrade Tanzanian port Dubai’s DP World has signed a 30-year concession agreement with the Tanzania Ports Authority (TPA) to operate and modernise Dar es Salaam Port. The deal aims to improve transport and logistics services throughout Tanzania and the wider East Africa region, according to the state-run Wam news agency. DP World will invest more than $250 million […] October 23, 2023
Opinion Economy Bridging investment between the Gulf and Africa Building investor confidence in Africa as a viable business destination is paramount October 20, 2023
Economy Tunisia yet to propose new terms for $1.9bn IMF loan Tunisia has not yet proposed new terms for a long-pending $1.9 billion International Monetary Fund (IMF) loan, according to the fund’s Middle East and Central Asia director Jihad Azour. Speaking at IMF-World Bank annual meetings in Morocco this week, Azour called for the elimination of “wasteful and socially unfair subsidies” before the fund’s board could […] October 13, 2023
Exclusive Sustainability Saudi carbon credit firm to invest in Middle East and Africa Saudi Arabia’s Regional Voluntary Carbon Market Co plans to invest in carbon abatement projects in the Middle East, Africa and Southeast Asia, the CEO of the government-backed startup has told AGBI. Saudi’s Public Investment Fund (PIF) and Saudi Tadawul Group, owner of the kingdom’s stock market, last October launched RVCMC. PIF holds an 80 percent […] October 12, 2023
Finance UAE company to take over 60% of Telkom Kenya UAE-based Infrastructure Corporation of Africa LLC (ICA) will take over 60 percent of shares in Telkom Kenya from London-based private equity firm Helios after a competitive process, Kenya’s finance ministry said on Wednesday. On Tuesday, the Kenyan cabinet rescinded a deal between a previous administration and Helios for the nationalisation of Telkom, citing “governance challenges” […] October 5, 2023
Energy Afrexim taps traders for $3bn loan to Nigerian oil company African Export–Import Bank (Afrexim Bank) is tapping oil traders to finance a $3 billion loan to Nigeria’s state oil company that is central to the country’s efforts to support the naira, three sources told Reuters. The currency hit an all-time low of 1,000 to the dollar on the black market on Tuesday. Afrexim approached traders […] September 28, 2023
Economy Tunisia repays 74% of debt to ease default fears Tunisia has repaid 74 percent of its cumulative external debt due this year, defying predictions that the country is heading towards a default. As of September 10, the amount of debt repaid was TND6.6 billion ($2 billion), compared with TND8.9 billion forecast for the year in the 2023 budget, as reported by Agence Tunis Afrique […] September 18, 2023
Banking & Finance Standard Chartered still attractive to possible buyers Standard Chartered will remain in the sights of cash-rich potential buyers thanks to the bank’s relatively cheap valuation and hard-to-replicate footprint, analysts told AGBI. It is listed and headquartered in London, yet 87 percent of its half-year income was derived from Asia, the Middle East and Africa. Over the past decade, Standard Chartered has sold […] September 18, 2023
Logistics Logistics companies targeted in latest global cyber fraud Logistics companies in the Middle East and Africa are being targeted by a worldwide scam that impersonates businesses’ websites in order to defraud consumers. According to Group-IB, a global cybersecurity company based in Singapore, the fraud – known as Classiscam – has targeted 251 brands in 79 countries. This includes 15 countries across Middle East […] September 11, 2023
Economy Morocco’s economic outlook improving, say experts Morocco’s economic outlook is set to brighten and it could take on more foreign debt as long as it accelerates reforms and reins in existing subsidies, according to industry experts. Moroccan GDP contracted sharply in the Covid pandemic, while the subsequent war in Ukraine and a severe drought – its worst in 40 years – […] September 6, 2023
Video length: 03:55 Renewable Energy Cop28 to invest billions in African clean energy A UAE finance initiative led by Cop28 will put $4 billion direct investment and has pledged billions more into clean energy projects in Africa, the climate change summit’s president-designate Sultan Al Jaber said this week. Al Jaber told the inaugural African Climate Summit in Nairobi on Monday that the initiative – involving high-profile UAE-based investors […] September 5, 2023
Sustainability UAE companies pledge $450m to buy African carbon credits The UAE Carbon Alliance, a coalition of UAE companies aiming to develop a carbon market in the emirates, has pledged to buy $450 million of African carbon credits by 2030. The alliance signed a non-binding agreement with the Africa Carbon Markets Initiative (ACMI), which was launched last year at Cop27 in Egypt to harness potential […] September 5, 2023
