Video length: 05:38 VIDEO Banking and Finance Standard Chartered chief aims for ‘100 years’ in Egypt As Standard Chartered plans its expansion into Egypt, the company’s regional CEO warns that the region “is not immune” to global economic turmoil. “If there is going to be a steep recession in the US and Europe, then the impact will be felt here,” said Sunil Kaushal, CEO of Standard Chartered Africa and Middle East, […] October 31, 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
Banking and Finance Morocco signs $280m deals with African Development Bank Morocco has signed three agreements with the African Development Bank (AfDB) worth more than MAD2.9 billion ($280 million). The deals will improve access to healthcare, support increased social security coverage and provide emergency help in the wake of September’s devastating earthquake in Al Haouz, according to an announcement by the government. The first agreement, worth […] October 25, 2023
Sustainability Just 12% of Mena businesses have net zero target Businesses in the Middle East and North Africa (Mena) “lag behind” their global peers in terms of net zero targets, according to a report by the World Economic Forum and US consultancy Bain & Company. WEF evaluated the disclosure and sustainability measures of around 200 publicly listed and private companies across Mena’s nine biggest economies. […] October 20, 2023
Energy Suez Canal Economic Zone signs $15bn energy deals Egypt’s Suez Canal Economic Zone signed a $6.75 billion deal with China Energy Engineering Corporation on Tuesday, for a green ammonia and green hydrogen project to be built in its Sokhna industrial zone. On the same day, another Chinese company, Hong Kong’s United Energy Group, signed a memorandum of understanding for a potassium chloride production […] October 17, 2023
Economy Mena growth to fall as GCC weakness exposed Analysts have predicted a slump in growth for the Middle East and North Africa (Mena) for 2023, prompted by oil production cuts in the GCC and the impact of the Morocco earthquake in September. Both the World Bank and BMI, formerly Fitch Solutions, said Mena growth is likely to fall to 1.9 percent this year, […] October 17, 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
Analysis Tech How generative AI is gaining momentum in Mena Generative AI has dominated headlines for almost a year since the launch of US artificial intelligence-powered chatbot Chat GPT in November 2022. The coverage of ChatGPT has been mixed – the technology had many in awe at first, but a data breach affecting a reported 100,000 accounts soon sparked security concerns. The story is still […] October 12, 2023
Finance More IMF nations support funding boost Support increased on Wednesday for the US-backed call to boost the International Monetary Fund’s (IMF) quota lending resources without shareholding changes, according to statements from various countries issued at the IMF’s annual meeting in Morocco. France, Britain, Ghana, Switzerland, Finland and Belgium said in statements to the IMF’s steering committee that they supported an equi-proportional […] October 12, 2023
Manufacturing Chinese cash to supercharge Morocco’s EV battery sector Morocco’s plan to become a centre for electric vehicle manufacturing has received a boost from two Chinese companies, as the kingdom benefits from the cooling relations between Beijing and Washington. CNGR Advanced Material, a Chinese manufacturer of battery components, announced last month that it would join forces with Al Mada, a conglomerate owned by the […] October 10, 2023
Opinion Sustainability In Riyadh, the Middle East rehearses for Cop28 The oil producers' message is clear: we'll change in our own time October 9, 2023
Economy World Bank drops growth forecast for Tunisia further Tunisia’s economic growth forecast has been downgraded further by the World Bank amid concerns over the drought-hit agricultural sector, as well as uncertainties over debt financing and the weak momentum of structural reforms. In its report, Balancing act: Jobs and wages in the Middle East and North Africa when crises hit, the World Bank noted […] October 6, 2023
Analysis Business of Sport Morocco must now tackle cost of World Cup win Winning the right to co-host the World Cup in 2030 will have Morocco walking an economic tightrope, experts say. Morocco will become only the second African nation to host the event, albeit alongside five other countries spread across three continents. In celebration of the 100th anniversary of the World Cup, the 2030 edition will be […] October 6, 2023
Finance Egyptian banks suspend overseas use of debit cards At least two Egyptian banks have suspended the use of Egyptian pound debit cards outside the country to stop a drain on foreign currency as the country’s currency shortage worsens. Arab African International Bank sent a notice to customers on Wednesday and Arab International Bank sent one on Thursday announcing the suspension, according to several […] October 6, 2023
Sustainability Cop28 launches hub to help Mena SMEs cut carbon The Cop28 presidency has set up a dedicated programme to help small and medium-sized enterprises in the Middle East and North Africa (Mena) to cut their carbon emissions. The team behind the climate conference, which is being held this year in Dubai, has joined forces with the global not-for-profit SME Climate Hub and the We […] October 4, 2023
Logistics Mena ports among world’s most efficient, says UN Three ports in the Middle East and North Africa (Mena) region are among the most efficient in the world, according to a widely-watched analysis published by the United Nations last month. It found that in 2022 Salalah in Oman, Khalifa in the UAE, and Tanger Med in Morocco were in the top five positions globally. […] October 4, 2023
Banking and Finance Saudi turns to discounting as costs rise in Qatar and Egypt Increased competition has led Saudi Arabian businesses to embrace discounting, despite an increase in the price of raw materials and higher wages amid the rising cost of living. The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI) indicated that “competitive pressures” had limited sales for some businesses, resulting in a decrease in prices […] October 4, 2023
Opinion Renewable Energy The Gulf is on track to lead global climate tech We need to focus on mitigating the risks and adapting October 3, 2023
Analysis Economy Egypt’s investment rules need to be clearer, analysts warn Egypt has long struggled to attract foreign investors, in large part because of concerns about its investment rules. The need to allay potential investors’ fears is becoming ever urgent, as the country’s foreign currency shortage intensifies. Net foreign assets hit a record deficit of EGP837.3 billion ($27.09 billion) in June. Last month, rating agency Capital […] October 3, 2023
EXCLUSIVE REPORT Energy Download our exclusive insight report on energy The Middle East remains a global hydrocarbons powerhouse, but it is also ramping up renewables and decarbonising oil and gas. In this special report, AGBI spotlights a bold new era for the region’s energy sector. With Adipec, the world’s largest energy industry event in the UAE, taking place this week, readers will learn what is […] October 1, 2023
Economy Morocco’s economy forecast to grow 3% Morocco’s economy is forecast to grow by 3.1 percent this year, boosted by an improved harvest and increased tourist numbers, according to the European Bank for Reconstruction and Development. However, the estimate does not take into account the earthquake that struck at the start of this month in the High Atlas Mountains near Marrakech, which […] September 29, 2023
People & Lifestyle Climate anxiety rises among Mena youth More than two-thirds of 18-to-24-year-olds in the Middle East and North Africa (Mena) say they are “very concerned” about the potential impacts of climate change. More than half are ready to boycott brands that damage the environment, a survey shows. Previously unreleased findings from the 15th annual Asda’a BCW Arab Youth Survey, published earlier this […] September 28, 2023
