Analysis UK seeks North Africa trade boost after Cairo deal The British export credit agency has signed a deal with Egyptian engineering and construction company Hassan Allam Holding to increase cooperation on projects across the Middle East and North Africa. The agreement, signed at the British embassy in Cairo, aims to secure inward investment into the UK and promote cooperation on financing projects and encourage […] January 24, 2023
Analysis Economic success for Menap hinges on greater regional trade Many countries in the Middle East, North Africa, Afghanistan and Pakistan (Menap) region are enjoying growth, but new research has found that intra-regional exports account for only 2.9 percent of total gross domestic product. This compares to a global average of 7.9 percent, and 22 percent across the European Union (EU), Norway, Switzerland and the […] January 24, 2023
Analysis Tourism Four Seasons reveals new hotel as Morocco’s tourism sector recovers Four Seasons Hotels and Resorts has announced plans to transform a former military hospital in Rabat as Morocco’s tourism revenues continue to recover from the impact of the coronavirus pandemic. The luxury hospitality company is partnering with Atlantic Coast Hospitality, a subsidiary of Abu Dhabi-based real estate development firm Q Holding, to create Four Seasons […] January 18, 2023
Analysis Banking and Finance Agtech startups and Egypt are hot prospects for Mena funding Startups across the Middle East and North Africa region raised $125 million in funding in December last year, with Egyptian companies leading the pack, ahead of regional powerhouses the UAE and Saudi Arabia. A joint report by Wamda and Digital Digest showed that Egyptian startups secured $45.7 million across 11 deals in December, more than […] January 13, 2023
Analysis Tourism Gulf in sustainable tourism push as legislation looms When the first tourists arrive to experience the Red Sea Global sustainable tourism destination in Saudi Arabia later this year, they will touch down at an airport run entirely by renewable energy and designed to include shaded areas and natural ventilation that minimises reliance on air conditioning. They will continue their journey to a resort […] January 12, 2023
Analysis Agriculture Export deal with India tipped to boost Morocco’s fertiliser industry Morocco is set to sign a long-term agreement with India to export rock phosphate, a key ingredient in fertiliser. The North African country is already one of the largest producers of phosphates and fertilisers, but the India deal is expected to lead to other agreements with governments around the world, according to an industry analyst. […] January 11, 2023
Energy Algeria’s Sonatrach plans to invest over $30bn in hydrocarbons Algeria’s state-owned Sonatrach has revealed plans to invest over $30 billion in exploring and producing hydrocarbons, with a particular focus on natural gas to supply to the global market. “As part of Sonatrach’s five-year investment plan more than $30 billion will be allocated to exploration and production,” said CEO Toufik Hakkar, according to Algeria Press […] January 9, 2023
Analysis Banking and Finance Rising demand for green bonds, despite ‘bleaching’ Global issuance of green bonds has increased by an average of 70 percent each year between 2016 and 2021. The market for environmental, social and corporate (ESG) governance finance in the Middle East and North Africa (Mena) region remains small compared to elsewhere, but it is growing quickly. Saudi Arabia’s Public Investment Fund issued $3 […] January 6, 2023
Transport Morocco looking for private partners to fund $38bn rail plans Morocco’s ambitious plans to connect the country through a high-speed national rail link requires “innovative financing solutions based on public-private partnerships”, says Mohamed Abdeljalil, minister of transport and logistics. The Morocco Rail Plan, led by the National Railways Office (ONCF), is estimated to cost 400 billion dinars ($38.1 billion), according to the Moroccan News Agency. […] January 5, 2023
Analysis Tourism Diversification is key to Tunisian tourism recovery Tunisia must diversify its tourism offerings, according to experts, as the country continues to chart a course of recovery from the effects of the coronavirus pandemic. The number of foreign visitors to the North African nation in 2022 is forecast to reach over 6 million, as revealed by Lofti Mani, central director of promotion at […] January 2, 2023
Manufacturing Japan to invest $187m in Moroccan automotive industry Japanese group Sumitomo is to invest MAD1.965 billion ($187 million) in nine industrial projects across Morocco to boost the North African country’s automotive ecosystem. Regions set to benefit from the investment in the manufacturing of wiring and components include Rabat-Salé-Kenitra, Tangier-Tetouan-Al Hoceima and Casablanca-Settat. Some 16,000 jobs are expected to be created by 2028. Morocco […] December 22, 2022
Tech Abu Dhabi’s Dana turns focus on Moroccan agtech solutions Dana Global, a desert tech venture builder and investment platform based in Abu Dhabi, is partnering with Agadir Horticultural Complex to help transform agriculture in Morocco. The Agadir region forms the heart of Morocco’s agricultural industry and provides 9 percent of national GDP while processing 90 percent of the country’s fresh produce market. The region […] December 21, 2022
Food & Drink $5.5m initiative for food security in Mediterranean countries A new $5.5 million package of technical assistance to improve food security in Tunisia, Egypt, Jordan, Lebanon, Morocco and the West Bank and Gaza has been agreed by the European Bank for Reconstruction and Development and the Food and Agriculture Organisation of the United Nations. The joint initiative, which will be launched in January, is […] December 21, 2022
Analysis Sustainability Green deals jump as Middle East returns to pre-Covid levels Mergers and acquisitions activity in the Middle East has returned to pre-pandemic levels, with green deals on the increase. A Boston Consulting Group analysis shows the Middle East recording 283 deals valued at $23.8 billion in the first three quarters of 2022, an increase of 16 percent compared to the same period last year. The […] December 19, 2022
Energy Morocco mulls hydrogen energy deal with Asia’s richest man Morocco is ramping up plans to become a major producer and exporter of green hydrogen, and the investment deals reportedly on the table include with Indian billionaire Gautam Adani. Named as Asia’s richest person, Adani is the chairman and founder of Adani Group, a multinational conglomerate with interests spanning the port development, industrial, logistics, and […] December 8, 2022
Analysis Africa’s gas dilemma as Europe offers ‘get rich quick’ opportunity Africa is facing a dilemma: provide gas for Europe now with short-term economic gain or focus funding on the development of renewable energy sources, with long-term energy security, economic growth and stability. Driven by the opportunity to take advantage of soaring prices, gas-exporting African countries are adjusting their energy development plans to meet demand, particularly […] December 2, 2022
Energy Morocco targets 30% drop in energy costs via renewables boost Morocco’s government has announced plans to reduce energy costs for factories by 20-30 percent through a combined strategy of investing in renewable energy and the decarbonisation of industries. “The government is working on delivering clean electricity to all manufacturers at a lower cost compared to what they are paying now,” Morocco’s minister of industry and […] November 29, 2022
Development UK launches £4bn finance support to boost trade with Morocco Moroccan importers can access up to £4 billion ($4.85 billion) in trade finance to help buy goods and services from the United Kingdom, British officials announced this week. To be eligible for support from UK Export Finance (UKEF) at least 20 percent of the overall contract value for a project must be sourced from British […] November 25, 2022
Analysis Business of Sport Qatar scores, with vital assists from Iran, Turkey and the UAE Alongside the massive investment and the 12 years of preparation, Qatar has called in more than a few favours to aid the smooth running of the World Cup. While its allies have proved keen to help, Doha has had to tiptoe carefully around the geopolitical faultlines that run through the Gulf. Turkey has sent more […] November 21, 2022
Analysis Agriculture Morocco aims to become the world’s premier fertiliser producer Russia’s invasion of Ukraine has upset the global agricultural industry in more ways than one – but for Morocco, one of the world’s largest fertiliser producers, it has presented an opportunity. Not only were Russia and Ukraine some of the world’s most important wheat and grain exporters, but they also played a central role in […] November 15, 2022
Analysis Cop28 ‘Loss and damage’ to take centre stage at Cop27 The United Nation’s Cop27 summit has opened in Egypt with secretary-general Antonio Guterres stating that climate change is happening with “catastrophic speed” and the planet is sending a “distress signal”. More than 120 world leaders are due to arrive at the Cop27 summit being staged in the Red Sea resort of Sharm el-Sheikh. This will […] November 7, 2022
Energy ‘Encouraging’ signs for UK firm’s $206m Moroccan gas deal British firm Sound Energy has announced that it is extending negotiations with Morocco’s largest bank over a $206 million deal for the Grand Tendrara and Anoual exploration permits. The London-headquartered company, which has a wholly owned subsidiary in Morocco, has until December 15 this year to agree terms of a financing agreement with Attijariwafa Bank. […] November 3, 2022
