Analysis Energy UAE in position to plug South Africa’s energy crisis Energy is likely to drive a new era in trade relations between the UAE and South Africa as the latter’s power supply crisis will dominate debate at next year’s general election. Experts say UAE energy powerhouses Masdar and Abu Dhabi National Oil Company (Adnoc) could be attracted to South Africa in light of the crippling […] May 12, 2023
Employment 280,000 jobs lost due to Moroccan drought Morocco’s economy lost 280,000 jobs in the past 12 months, as the farming industry continues to battle against the worst drought the North African country has seen in decades. A report from the Higher Commission for Planning (HCP) said 229,000 jobs were lost in rural parts of the country, where agriculture employs over 30 percent […] May 10, 2023
UAE and Morocco form taskforce to double trade by 2030 The UAE and Morocco are aiming to double bilateral trade and investment volumes over the next seven years. The two countries are forming a taskforce to build on their AED3.6 billion ($991 million) non-oil foreign trade last year, which was up 16 percent from 2021 and more than two-thirds higher than 2020. The UAE is […] May 10, 2023
Development Zain Sudan faces revenue hit amid worsening civil unrest Zain Sudan, the country’s leading mobile operator, has suffered a hit to its revenue as a result of the spiralling conflict in Africa’s third-largest country, a spokesman told AGBI on Thursday. Internecine fighting between two factions of Sudan’s military began in mid-April. More than 500 people have been killed and nearly 440,000 people displaced, the […] May 7, 2023
Exclusive Development Sudan telco network still up despite escalating conflict Despite electricity outages and fuel shortages in heavily contested parts of Sudan, the telecom network of the country’s top mobile operator remains functional in most areas, a spokesman for the company’s parent firm told AGBI. Zain Sudan, which is wholly owned by Kuwait’s Zain group, had 16.4 million subscribers and a 48 percent market share […] May 5, 2023
Opinion Agriculture Lengthy war in Sudan could jeopardise Gulf food security Sudan’s now-protracted conflict could have ongoing and unforeseen consequences, not only for the war-ravaged African state, but for its trade connections, including the GCC As Sudan’s warring militaries – the Sudanese Armed Forces (SAF) and Rapid Support Forces (RSF) – battle for supremacy, catastrophic damage is being wrought on the nation’s already rundown infrastructure and utility […] May 4, 2023
Logistics AD Ports in talks with Congo over trade hub Abu Dhabi Ports Group is in talks to invest in a new trade hub in the Republic of Congo as the UAE seeks to ramp up non-oil partnerships with the Central African country. President Denis Sassou Nguesso of Congo held discussions last week with Mohamed Juma Al Shamisi, managing director and CEO of AD Ports, […] May 3, 2023
Tourism Dubai’s Sunset Hospitality Group rises in Morocco Sunset Hospitality Group has announced a partnership to enter Morocco as part of its ongoing global expansion plans. Sunset, which operates over 25 hospitality brands around the world, ranging from resorts and beach clubs to restaurants and nightlife venues, has teamed up with African Hospitality Group (AHG) to develop new lifestyle experiences in Morocco. Having recently […] April 18, 2023
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
