Economy Tunisia repays 74% of debt to ease default fears Tunisia has repaid 74 percent of its cumulative external debt due this year, defying predictions that the country is heading towards a default. As of September 10, the amount of debt repaid was TND6.6 billion ($2 billion), compared with TND8.9 billion forecast for the year in the 2023 budget, as reported by Agence Tunis Afrique […] September 18, 2023
Opinion Energy Mena stands at a crossroads for energy security Overreliance on fossil fuels has prevented the region from reaching its potential September 18, 2023
Finance Dubai SMEs turn to banks as VC funding declines Small businesses in Dubai are turning to traditional banks for financing as the global slowdown in venture capital funding continues. Emirates NBD, Dubai’s largest bank by assets, reported that it funded 34 percent more small and medium-sized enterprises (SMEs) over the opening seven months of 2023 compared to the same period last year. Lucy Chow, […] September 18, 2023
Economy Egypt urged to devalue pound to progress IMF talks Financial analysts have called on Egypt to devalue the country’s pound to ensure progress in negotiations with the International Monetary Fund and stabilise the economy. In a call on Wednesday, Capital Economics’ Middle East and North Africa economist, James Swanston, said that a further devaluation is “simply needed”, suggesting that the Central Bank of Egypt […] September 15, 2023
Industry Egypt approves $1bn steel production complex Egypt is to establish an integrated industrial complex to produce flat steel with investments worth $1 billion as the country aims to build up its heavy industries sector. With a production capacity of 1.8 million metric tonnes per year, the complex will target global exports and serve the local market, Egypt Today news daily reported, […] September 14, 2023
Finance Egypt’s forex reserves rise for 12 consecutive months Egypt’s foreign reserves rose to $34.92 billion in August 2023, recording an increase for 12 consecutive months. The reserves recorded a 5.4 percent increase year on year last month, Egypt Today newspaper reported, citing statistics from the central bank. The reserves stood at $34.87 billion in July, comprising the US dollar, Euro, Australian dollar, Japanese […] September 13, 2023
Energy Libya reopens oil ports after hurricane and flooding fears Libya’s four main oil export terminals reopened on Tuesday after being forced to close last week as a result of a hurricane and floods in eastern parts of the country, according to news agencies. The ports of Brega, Es Sider, Ras Lamuf and Zueitina had been closed since September 9 as a precautionary measure. Libya’s […] September 12, 2023
Giga-projects Egypt’s Talaat Moustafa to help build Saudi ‘smart city’ Egyptian real estate developer Talaat Moustafa Group said on Sunday it had signed an agreement with the Saudi National Housing Company to build a residential and commercial suburb northeast of Riyadh. The value of the deal is estimated at SAR40 billion ($10.7 billion). The community, described as a “smart city”, will include 27,750 residential units […] September 11, 2023
Economy Tunisia teeters on the edge over mounting debt Saddled with mounting levels of debt and dwindling foreign reserves, Tunisia is intensifying concerns over its deteriorating public finances. Bailout talks with the International Monetary Fund have stalled since last October when a preliminary agreement for a 48-month loan worth close to $2 billion was reached. Tunisian president Kais Saied’s government refused to accept the […] September 8, 2023
Finance UAE exports to Egypt given $100m financing boost The UAE’s exports to Egypt are set to increase after the two Arab countries signed a revolving loan facility of $100 million. Abu Dhabi Exports Office (Adex), the export-financing arm of the Abu Dhabi Fund for Development, has signed a financing agreement with the National Bank of Egypt to reinforce bilateral trade and economic relations. […] September 7, 2023
Economy Morocco’s economic outlook improving, say experts Morocco’s economic outlook is set to brighten and it could take on more foreign debt as long as it accelerates reforms and reins in existing subsidies, according to industry experts. Moroccan GDP contracted sharply in the Covid pandemic, while the subsequent war in Ukraine and a severe drought – its worst in 40 years – […] September 6, 2023
Energy Italy’s Eni commits $8bn to Egypt’s energy sector Italian oil and gas company Eni plans to invest almost $7.7 billion in Egypt over the next four years, according to Egyptian presidential spokesman Ahmad Fahmi. The announcement was made after Egypt’s President Abdel Fattah El Sisi met with Eni CEO Claudio Descalzi on Sunday. The meeting was also attended by Egypt’s minister of petroleum […] September 5, 2023
Infrastructure Contract awarded to modernise Egyptian railway A consortium of Egypt’s Orascom Construction and Paris-based Thales Group has signed a new $323.50 million contract with Egyptian National Railways to modernise the double-track railway. The track, located on the east bank of the river Nile, 115 km from the country’s capital, will link Cairo with Giza and Beni Suef. The project will be […] September 4, 2023
Industry UAE company buys 30% stake in Egyptian tobacco maker The UAE’s Global Investments Holding has acquired a 30 percent stake in Eastern Company, Egypt’s largest tobacco producer, for $625 million. The sale is part of the Egyptian government’s programme of privatising state-owned assets. Chemical Industries Holding Company, which held 50.95 percent of Eastern’s shares, last month announced that it had received offers from foreign […] September 4, 2023
Real Estate Aldar-owned Sodic to launch Nobu brand in Egypt The Egyptian real estate subsidiary of Abu Dhabi’s Aldar Properties is set to launch two hotel projects that will include branded Nobu residences and restaurants. Sodic and the US-based luxury lifestyle brand have agreed to develop the projects in West Cairo and North Coast. “The expansion of Sodic’s luxury property development portfolio underscores the demand […] September 3, 2023
Analysis Renewable Energy Egypt’s green hydrogen goals get BP boost Egypt’s ambitions to develop a green hydrogen industry have been given a major boost with the announcement that BP is to invest $3.5 billion in the country over the next three years. Egyptian president Abdel Fattah El Sisi and BP CEO Bernard Looney announced the plans on Monday. A portion of the funding will go towards […] September 1, 2023
Finance Egyptian cabinet approves $500m Samurai bonds Egypt will issue a new round of Samurai bonds worth $500 million in Japanese yen, as the government seeks to diversify funding sources, a local news daily reported. The finance ministry will launch the five-year bonds on an undisclosed date, Egypt Today newspaper reported, citing a cabinet statement. This will be the second time Egypt […] August 31, 2023
Renewable Energy Acwa Power secures $123m for Egyptian solar project Acwa Power, the Saudi-based energy developer, has secured $123 million of loans to reach financial close on a $182 million solar project in Egypt. The financing for the Kom Ombo solar plant, which will add 200MW of energy capacity, comes from a range of banks and funds. According to a filing to the Saudi Stock […] August 30, 2023
Markets Egypt targets $5bn from state IPOs by mid-2024 Egypt is aiming to raise $5 billion by listing power plants and state-owned companies from October 2023 until the end of June 2024, a local daily reported. The government plans to offer stakes in the Siemens Beni Suef power plant, Gabal El-Zeit wind power plant and Zafarana wind farm, in addition to Safi and Watanya, […] August 30, 2023
Oil & Gas Egypt to invest $1.9bn to drill 45 exploratory gas wells Egypt is planning to drill 45 natural gas exploratory wells in the Mediterranean and the Nile Delta with $1.9 billion in investments until mid-2025, according to minister of petroleum and mineral resources Tarek El Molla. The drilling of 10 wells was completed between July 2022 and June 2023, which resulted in the massive discovery of […] August 30, 2023
Tourism Builder picked for luxury resort as Egypt tourism rebounds A construction contract has been awarded to build the first phase of the $1.7 billion Soul Luxury Beach Resort on Egypt’s north coast. Eagle Hills Properties, based in Abu Dhabi, has signed a $62 million contract with Egyptian company Orascom Construction. It described the deal as a “significant milestone” in the development of the resort, […] August 29, 2023
Banking and Finance Network invests $32m to fuel Egypt’s cashless ambition Dubai’s Network International is investing EGP1 billion ($32 million) to accelerate Egypt’s transition from cash to digital payments. Network said it plans to enhance its payment technology and capabilities in Egypt. This includes investing significant amounts in procuring, deploying and maintaining about 100,000 point-of-sale machines. It will also invest in implementing and operating its payments […] August 28, 2023
