Analysis Banking and Finance Foreign investors turn to World Bank for Mena disputes Foreign investors are increasingly filing cases at the World Bank’s arbitration unit to resolve disputes with countries in the Middle East and North Africa (Mena) region. The World Bank launched the International Centre for Settlement of Investment Disputes (ICSID) in 1966 to enforce investor rights that are guaranteed within bilateral investment treaties between countries. In […] September 27, 2023
Oil & Gas Egypt opens bidding for new oil and gas exploration The Oil Ministry of Egypt on Monday launched an international bidding round for exploration in 23 blocks by oil and gas companies. Of the blocks on offer, 10 are in the Western Desert, seven in the Gulf of Suez, four in the Red Sea, and two in the Eastern Desert. The tenders are part of […] September 26, 2023
Analysis Sustainability Majority of Mena countries lack net zero target, IEA warns Just six out of 17 countries in the Middle East and North Africa (Mena) have set a target for reaching net zero carbon emissions, hampering global efforts to tackle climate change, according to the International Energy Agency (IEA). The IEA has published a detailed update to its net zero roadmap of 2021. In the report, […] September 26, 2023
Finance Moroccan pharma company gets $37m European funding The European Bank for Reconstruction and Development (EBRD) is to provide MAD380 million ($37.1 million) in funding to support Morocco’s pharmaceutical private sector. The loan will be given to Dislog Group, a distributor of consumer goods covering more than 70,000 retailers across the country, which is owned by Moroccan conglomerate H&S Holding. Founded in 2005, […] September 26, 2023
Industry Algeria’s rail tender aims to boost iron ore mining sector Algeria has issued a construction tender for a rail project that the government hopes will unleash the potential of an iron ore mine in a remote province. Anesrif, a transport business set up by the government to expand and modernise the railway system, is seeking companies to build a 575km section to the Gâra Djebilet […] September 26, 2023
Water Alpha Dhabi takes over water specialist Metito Investment company Alpha Dhabi announced on Monday the acquisition of a majority stake in Metito Holdings, a company involved in the water and wastewater industry worldwide. Pending regulatory approvals, the deal marks Abu Dhabi-based Alpha Dhabi’s entry into the water and wastewater sector, with its CEO saying the need for sustainable water solutions “has never […] September 25, 2023
Tech Mena companies can tap $1bn HSBC climate tech fund HSBC has set aside $1 billion to help finance early-stage climate tech companies around the world, and “transformative investment opportunities” exist in the Middle East and Turkey, according to its regional chief. “The Middle East has a key role to play in the transition to a net zero global economy,” said Patricia Gomes, regional head […] September 21, 2023
Retail First Riyadh Fashion Week aims for global impact The inaugural Riyadh Fashion Week will take place in the Saudi capital next month with a line-up of 30 of the kingdom’s brands taking over the runway. Celebrities, VIPs, buyers and key industry figures from the global fashion community are expected in Riyadh to celebrate Saudi’s rapidly emerging fashion scene. The inaugural event will also […] September 21, 2023
Industry Egypt signs contract to establish $1bn tyre factory Egypt has secured 1 billion euros ($1.07 billion) worth of investment to establish a tyre factory in the Suez Canal Economic Zone, the cabinet said in a statement. A contract was signed with Rolling Plus for Chemical Industries, a joint venture between Egyptian, Saudi Arabia and Cypriot companies, to establish a factory producing seven million […] September 21, 2023
Real Estate Aldar pairs up with Nikki Beach for RAK residences Aldar Properties is partnering with resort group Nikki Beach Global to develop three branded residential buildings in Ras Al Khaimah as part of a larger beachfront community on Al Marjan Island. Sales for the Abu Dhabi developer’s inaugural residential development in Ras Al Khaimah – named Nikki Beach Residences – are expected to launch later […] September 20, 2023
Entrepreneurs Funding options on the rise for Palestine startups Palestine is home to a wealth of entrepreneurial talent but its startups have struggled to gain access to funding. A number of initiatives are aiming to change all that by doubling the amount of startup funding available and offering mentoring opportunities. Support is also being offered to Palestinians living in the Middle East and North […] September 20, 2023
Oil & Gas $100 a barrel oil raises global inflation fears Oil has risen to its highest level since November, reigniting fears over inflationary pressures on the global economy as it approaches $100 a barrel. Brent crude hit $95 barrel this week, before reducing gains, as the extension of Opec+ supply cuts tightened the markets. In a sign of a massive uptick in the energy markets, […] September 20, 2023
Tech Digital assets startup Fuze raises $14m in seed round UAE digital assets provider Fuze has raised $14 million in a funding round, in what it claims is the “largest” seed investment in a digital assets startup in the Middle East and North Africa. The investment was led by Abu Dhabi-based Further Ventures, with participation by US-based Liberty City Ventures. The startup enables banks, fintechs […] September 20, 2023
Transport Erdoğan lauds $17bn link between Turkey and Iraq Turkish president Recep Tayyip Erdoğan has lauded plans for a $17 billion infrastructure and transportation project linking southern Iraq to Turkey as an opportunity to “build a new world”. The Development Road project will link Grand Faw Port, a commodities port in Iraq, by rail and road to the border with Turkey. It will transform […] September 20, 2023
Tourism Dubai and Qatar expand luxury hotel portfolios Thousands of luxury hotel rooms are set to open in Dubai and Qatar over the next few years as the hospitality sector bounces back from the pandemic. In Dubai, about 9,200 hotel rooms will be completed by the end of 2023, according to real estate consultancy Knight Frank. More than two-thirds of the supply will […] September 20, 2023
Sustainability IMF lends Morocco $1.3bn to fight climate change The International Monetary Fund is to lend Morocco $1.3 billion to help the country guard against climate-related risks. The staff-level agreement was confirmed by Kristalina Georgieva, managing director of the IMF, who said the funding would be used to build resilience against future climate disasters. “Climate change is already dramatically affecting us,” Georgieva said in […] September 20, 2023
Aviation Flydubai passenger traffic up 30% despite jet order delays UAE carrier flydubai has reported a 30 percent year-on-year rise in passenger numbers this summer. A senior executive said the airline would have seen an even larger increase if the new aircraft it ordered had been delivered as scheduled. The low-cost airline carried more than four million passengers between June and mid-September 2023, and operated […] September 20, 2023
Real Estate Russians snap up plots of land to build ‘Little Moscow’ in Dubai Russian investors in Dubai are working to become real estate developers or acquire clusters of homes to build “Little Moscow” communities in the emirate. Buyers from Russia have become big investors in Dubai property since sanctions imposed on Moscow locked them out of European and North American markets. The UAE has also become a key […] September 20, 2023
Health Al Jaber: climate change health risks need more investment Cop28 participating nations must increase financing to identify and mitigate climate change’s risks to human health, the summit’s president designate Sultan Al Jaber has said. “The connection between health and climate change is evident, yet it has not been a specific focus of the Cop process – until now,” Al Jaber told the UN General […] September 19, 2023
Banking and Finance Saudi crowdfunding takes off as loans double in 2022 The number of new businesses taking on debt through crowdfunding platforms has soared in Saudi Arabia. The value of loans raised has more than doubled to SAR771 million Saudi riyals ($206 million) in 2022, the Saudi central bank (Sama) said in a new report. Crowdfunding is a process in which multiple investors lend money to […] September 19, 2023
Markets Saudi Tadawul to launch four Size Indices The Saudi stock exchange (Tadawul) is launching four new indices based on company size and public listing performance. The four Size Indices are the Tadawul Large Cap Index, Tadawul Medium Cap Index, Tadawul Small Cap Index and the Tadawul IPO Index. The maximum weight for any single stock will be 15 percent, following Tadawul All […] September 19, 2023
Analysis Finance Morocco’s GDP forecast downgraded after quake Analysts have downgraded growth forecasts for Morocco in the wake of the deadly earthquake on September 8. More than 3,000 people were killed and many more are still missing. Homes and infrastructure in the Al Haouz province, southwest of the High Atlas mountains, were severely damaged. The disaster has prompted analysts at BMI, formerly Fitch […] September 19, 2023
