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
Opinion Sustainability Mena investment community is moving to fund climate action With a concerted effort, Mena investors can stimulate conversation and fund technological solutions to help bring about real climate outcomes November 15, 2022
Sustainability Sticking points slow crunch talks to agree final deal at Cop27 Government ministers and negotiators from nearly 200 countries began working towards a Cop27 final deal on Tuesday, with the summit host Egypt issuing assurances that the slow-moving talks remain on track. On the conference floor in Sharm El Sheikh, however, some delegates have begun to speculate that the UN talks could run over time into […] November 15, 2022
Banking & Finance Fintech Pyypl mulls more fundraising amid investor demand Pyypl, the Middle East and Africa (Mena) focused financial services platform, is mulling plans for a new fundraising drive after closing its Series B raise of $20 million. The company said it is considering opening a second tranche for further investment due to interest from investors. Since inception in 2017, Pyypl has raised almost $40 […] November 15, 2022
Exclusive Development Cherie Blair ‘optimistic’ for Middle East entrepreneurial equality Nearly 20 years ago, Cherie Blair CBE, leading King’s Counsel and committed campaigner for women’s rights, predicted that the UAE would lead the Middle East’s drive on gender equality. Her first visit to the GCC region – during her husband Tony’s 10-year stint as British Prime Minister – was promptly followed by the appointment of […] November 14, 2022
Banking & Finance Sudan borrowing limited amounts from central bank Sudan’s finance minister said on Wednesday said the government was borrowing limited amounts from the central bank, but was still able to control inflation. Sudan’s economy has been in crisis for years. That crisis has deepened and the economic activity has stagnated since a military takeover in October 2021 derailed a political transition that was […] November 10, 2022
Opinion Economy Tunisia’s president must strike balance between unions and IMF Distrust in the Tunisian government and its commitment to reform has hampered negotiations with the IMF over the size of the requested loan November 8, 2022
Exclusive Retail Saudi and Egypt offer ideal stage for UAE’s The Entertainer The Entertainer, a Dubai-based tech company that offers thousands of lifestyle product discounts, is focusing on Saudi Arabia and Egypt for expansion as demand rises amid the current cost of living crunch. New CEO Ahmed Gaber, who was previously general manager of Visa’s operations in North Africa where he was responsible for developing the digital […] November 7, 2022
Development Egypt’s ‘Golden License’ bonanza aims to plug ailing private sector Egyptian President Abdel Fateh Al-Sisi has announced that Egypt will accept all applications from investors for “Golden Licenses” for the next three months, in a bid to spur private investment in the Arab world’s most populated country. The Golden Licenses allow foreign investors to buy or rent land, operate and manage projects, and allocate the […] November 4, 2022
Economy Tunisia to start tough economic reforms soon for IMF package Tunisia will soon enact difficult economic reforms that have been delayed for years, the central bank governor said on Saturday, adding that financial authorities were trying to keep the dinar currency stable. Tunisia this month reached a preliminary agreement with the International Monetary Fund (IMF) for a $1.9 billion rescue package that could be finalised […] October 30, 2022
Opinion Banking & Finance Soft diplomacy rose to new levels at Saudi Arabia’s sixth FII forum The Future Investment Initiative was a networking forum for entrepreneurs and leaders shaping the global economy October 28, 2022
Analysis Sustainability Revealed: Gulf climate targets – and the progress so far The economies of the Middle East differ greatly in size and diversity – partly because of the distribution of oil and gas resources. Their impact on the climate varies accordingly. Governments’ willingness and ability to tackle climate change also differs. Many oil-rich Gulf states are engaged in high-profile renewable energy projects, for example, yet their […] October 26, 2022
Analysis Tech IHC sets out plan to create Mena’s largest tech company International Holding Company (IHC), the Abu Dhabi-based conglomerate, plans to create the largest tech holding company in the Middle East and North Africa (Mena) region. IHC said it wants to scale up its IT businesses as part of the long-term strategy to grow its capacity in the tech industry across different sectors. The company added […] October 24, 2022
Analysis Sustainability Egypt’s Cop27 will see developing nations call for ‘climate justice’ Drought and famine haunt the Middle East. The Dead Sea has fallen to its lowest level in centuries. Starved of food and fresh water, desperate migrants criss-cross the Mediterranean, fomenting social unrest and violence. Within a few decades, a healthy global trade network has collapsed. Every major settlement has been abandoned or razed to the […] October 21, 2022
Banking & Finance ‘It’s destined for disaster’, expert warns, as startups dilute equity Investors who demand increasingly bigger stakes in startups amid plunging valuations could be signing their own “death warrants”. Startup valuations in the Middle East and North Africa (MENA) region are already seeing a downward correction this year, in line with global trends as VC funding has tightened since interest rates were increased by central banks […] October 21, 2022
GITEX 2022 Tech Gitex plans first venture outside Gulf: a 2023 show in Morocco The tech show organiser is running an exhibition in Marrakech next year to 'explore new ventures in the world’s rising tech continent' October 12, 2022
Banking & Finance Tunisia raises key interest rate again to combat inflation Tunisia’s central bank on Wednesday raised its key interest rate by 25 basis points (bps) to 7.25 percent to combat inflation, the bank said, the second hike in five months. The central bank also decided to raise the interest rate on savings by 25 bps to 6.25 percent. Inflation in the North African country rose […] October 6, 2022
Banking & Finance Tunisia’s dinar hits record low, may erode forex reserves Tunisia’s dinar currency has fallen to a record low versus the dollar, central bank data showed on Thursday, a decline that threatens to erode Tunisia’s foreign currency reserves and will increase inflationary pressures. Tunisia’s annual inflation rate rose to 8.6 percent in August, the highest level in nearly three decades. The dinar traded at 3.309 […] September 30, 2022
Analysis Energy Algeria’s gas in demand as Europe looks beyond Russia Recent legal changes to woo international oil companies and new projects by state-owned Sonatrach should help Algeria maintain record natural gas production and raise exports to the European Union, industry experts predict. EU countries have scrambled to find alternative gas suppliers following Russia’s invasion of Ukraine in February. In 2020 Russia provided 43 percent of […] September 29, 2022