Banking & Finance Egypt’s central bank governor resigns a year early Egypt’s central bank governor Tarek Amer has submitted his resignation, the office of President Abdel Fattah Al-Sisi said on Wednesday, just over a year before the completion of Amer’s final term. There was no announcement of a replacement for Amer, who has been appointed as a presidential adviser. The central bank governor is one of […] August 18, 2022
Energy Tunisia’s economy grew 2.8% in Q2 2022 Tunisia’s economy recorded a growth rate of 2.8 percent in Q2 of this year compared to the same period in 2021, the country’s statistics agency said on Monday. The National Institute of Statistics’ data also showed that Tunisia’s trade deficit widened to 13.7 billion dinars ($4.36 billion) in the first seven months of 2022 from 8.7 […] August 16, 2022
Exclusive Digital payments giant hopes for boost from UAE-Africa trade talks Dubai-based digital payments giant Network International is hopeful that “more doors will open” for it across Africa as the UAE starts free trade deal talks on the continent. The Middle East and Africa-focused company, which generated nearly 30 percent of its revenues from Africa last year with key markets including Kenya, Egypt and South Africa, […] August 15, 2022
Egypt’s foreign currency gap narrows to $400m in July Egypt’s foreign currency gap narrowed to $400 million last month from $3.9 billion in February, deputy governor of the Central Bank of Egypt Gamal Negm said on Saturday. Egypt has seen billions of dollars leave its markets since the Russian invasion of Ukraine in February as investors have fled emerging markets for safer havens. But […] August 14, 2022
Opinion Employment 8 ways to keep your staff amid the great resignation Now more than ever, organisations need to pursue the right path for talent retention August 10, 2022
Banking & Finance Abu Dhabi’s Chimera buys 55.9% stake in Egyptian financial firm Abu Dhabi investment firm Chimera Investment LLC said on Tuesday it has acquired a controlling stake in Egypt’s Beltone Financial Holding, part of a strategy to expand in the Middle East and North Africa region. Chimera bought 55.9 percent of Beltone at 1.485 Egyptian pounds a share, valuing the company at 661.8 million pounds ($34.6 […] August 10, 2022
Analysis Kenya general election ‘could delay’ trade deal with UAE The UAE and Kenya are launching talks to form a free trade agreement to boost bilateral economic ties. But political uncertainty in the east African country could hamper efforts to collaborate on shared priorities such as oil, gas, technology and ports, experts say. The two countries signed a joint statement on July 28 pledging to […] August 9, 2022
Banking & Finance Saudi’s PIF sets up company to invest in Egyptian sectors Saudi Arabia’s Public Investment Fund (PIF) has set up a company to invest in promising Egyptian sectors, extending a policy of pumping money into the Egyptian economy. The $620 billion sovereign wealth fund said on Friday sectors in Egypt it would target through its new Saudi Egyptian Investment Co (SEIC) included infrastructure, real estate, health […] August 6, 2022
Banking & Finance Egypt’s current account deficit widens, funds flow out in Q1 Egypt’s current account deficit widened in the January-March quarter amid a surge in portfolio outflows triggered by Russia’s invasion of Ukraine, the central bank said in balance of payments figures released on Thursday. The current account deficit increased to $5.79 billion (EGP110.8 billion) from $5.67 billion in January-March a year earlier as the trade deficit […] August 5, 2022
Economy Egyptian non-oil sector continues contraction at slower pace Egypt’s non-oil private sector activity shrank again in July, but at a slower pace than June’s two-year low, as demand remains weakened by inflation and shortages continue to put pressure on supply, a survey showed on Wednesday. The S&P Global Egypt Purchasing Managers’ Index (PMI) strengthened slightly to 46.4 from June’s 45.2, remaining below the […] August 3, 2022
Retail Egyptian e-commerce platform Homzmart raises $23m in funding Furniture and home goods e-commerce platform Homzmart has closed one of the past year’s biggest funding rounds for a Middle Eastern and North Africa startup, raising $23 million, its chief executive said. The company, launched in 2020, will use the new funding to expand services, especially logistics, and fill gaps that appear in supply chains, […] August 2, 2022
Analysis Agriculture Food security report delivers stark warning to import-reliant Gulf GCC governments must step up their efforts to develop agri-food technology and recycle waste, a new food security report has warned. The Gulf is one of the world’s most import-dependent regions. The main food security challenge for the GCC is a natural or man-made crisis that could block one or more countries’ access to imports, […] August 2, 2022
Analysis The billion-dollar question: what does it take to make a unicorn? Can the UAE meet its target of being home to 20 unicorns by 2031? Only if entrepreneurs, venture capital and the government work together to build companies that can truly “translate across borders”, according to experts. Today the UAE has just three startups valued at $1 billion: Vista Global, Emerging Market Property Group and Kitopi. […] August 1, 2022
Analysis MENA startup funding poised to recover in second half of 2022 Last year was a standout for Middle East and North African startups in which many notable records were broken, including the largest funding round to date and the highest number of deals. The total amount of investment raised by regional startups was pushed to $2.8 billion across 639 deals. This constituted a quadrupling of investment, […] July 29, 2022
Economy UAE to discuss first African bilateral trade deal with Kenya The United Arab Emirates has signed an agreement with Kenya to begin talks on a comprehensive economic partnership, the first of its kind between the emirates and an African country. Dr Thani bin Ahmed Al Zeyoudi, minister of state for foreign trade, and Betty Maina, cabinet secretary, ministry of industrialisation, trade and enterprise development of […] July 29, 2022
Banking & Finance UAE’s top bank FAB cautious after flat second quarter profit First Abu Dhabi Bank (FAB) , the United Arab Emirates’ biggest lender, struck a cautious tone on the second half of the year on Thursday, as it reported broadly flat second quarter profit. Gulf banks have been supported by high crude prices, which historically boost economic activity in the oil-rich region. But they are increasingly […] July 29, 2022
Economy Egypt and IMF working out ‘remaining points’ on loan Egypt and the International Monetary Fund are discussing remaining points in negotiations over a new extended fund facility, finance minister Mohamed Maait told Al-Arabiya on Wednesday. Asked if there were differences between Egypt and the IMF, Maait said: “In talks with anyone you go from one point of view to another. The talks are ongoing, […] July 28, 2022
Analysis Food & Drink Poor Arab nations face hunger despite Ukraine grain deal Middle East and African countries dependent on Ukrainian grain face the prospect of crippling food insecurity, hunger and misery, despite a deal to restart exports blockaded amid the Russian war. Moscow’s promises may prove unreliable, while skyrocketing grain prices could spell dire outcomes for the region’s hungriest and most vulnerable nations, experts told AGBI. The […] July 28, 2022
Analysis Retail Net zero is old hat, says the mall owner that wants to go bigger Sustainability is high on the agenda of the region’s major retailers, and in early July, Majid Al Futtaim gave an insight into what it is doing to limit its environmental impact, with the release of its latest environmental, social and corporate governance (ESG) report. The retailer, which owns and operates 29 shopping malls across the […] July 27, 2022
Economy Egypt adds 1m more people to social support programme Egypt will add one million families to a social safety net programme that provides cash transfers, bringing the total number of beneficiaries to more than 20 million, the presidency said in a statement on Tuesday. The “Solidarity and Dignity” programme began in 2015 with World Bank funding. Payments to families start at 350 Egyptian pounds […] July 27, 2022
Analysis Retail UAE’s gold clean-up rules will shine in the long-term New UAE gold regulations could take the shine off the sector and lead to a supply and profits squeeze, according to experts. The due diligence rulings were announced last week to help stem the flow of supplies from conflict zones and enhance the UAE’s global reputation in the long-term. The Due Diligence Regulations for Responsible […] July 25, 2022
Economy Fears for Tunisian democracy as Saied holds referendum Tunisians began voting on Monday in a referendum on a new constitution that critics of President Kais Saied fear will dismantle the democracy that emerged from a 2011 revolution by handing him nearly total power. The vote is being held on the first anniversary of Saied’s ousting of an elected parliament, when he established emergency […] July 25, 2022
