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Phoenix Group, an Abu Dhabi-listed blockchain and cryptocurrency company, has expanded its bitcoin mining operations in Ethiopia, securing an additional 52 megawatts (MW) of power supply. The latest move brings the company’s total capacity in the African country to 132MW and raises its global capacity to more than 500MW across five countries, it said in […]
The Gulf and wider Middle East and North Africa region make a woefully small contribution to global artificial intelligence research and academics, but strategic investments could help mitigate some of the risk of dependency on others, industry experts say. The Mena region contributed just 5 percent of all AI-related academic publications and less than 10 […]
International oil prices may have fallen to their lowest in four years but that is unlikely to disrupt the exploration and production investment plans of Gulf national oil producers, energy analysts have said. But Middle East and North Africa producers outside the GCC may not be so lucky. Crude oil fell below $60 a barrel […]
The UAE is building economic corridors linking Africa to the world
Climbing cocoa prices and new regulations may dent growth in the UAE's premium confectionery market
Abu Dhabi National Oil Company (Adnoc) has been shortlisted to acquire Shell’s fuel stations and other downstream assets in South Africa for as much as $1 billion. Shell’s portfolio in South Africa includes about 600 fuel stations and local trading operations, Bloomberg reported, without identifying its sources. Shell has appointed Rothschild to run the sale […]
PayTic, a Moroccan startup, has raised $4 million in a funding round and aims to expand into Africa, it said in a press statement on social media. PayTic, which has a presence in Europe and North America, works with banks and card issuers to simplify back-end processes such as chargebacks whereby a customer disputes a […]
Turkey is expanding its presence in the Somali energy sector after striking a deal to conduct preliminary surveys for oil and gas deposits across the African country as it seeks to reduce its reliance on energy imports, notably from Russia. Turkish energy minister Alparslan Bayraktar and his Somali counterpart Dahir Shire Mohamed this week signed […]
The Abu Dhabi-based Arab Monetary Fund (AMF) has signed a $307 million debt relief agreement with Somalia to support the African country’s economic reform programme. The agreement covers the restructuring of the debt owed by Somalia to the AMF, the 22-nation-backed fund said in a statement, without giving any further details. Somalia’s finance minister Bihi […]
Some of the UAE’s leading international investors are already present in the South African market
State-controlled Abu Dhabi ports operator AD Ports Group is to upgrade Angola’s largest port as it expands its reach in Africa, the company said in a statement. The company has appointed UAE-based Mar Construction Civil & Obras Publicas to design and build the port’s infrastructure, the statement said. Additionally, the company has engaged Lebanon-based Dar Al […]
At least five multi-billion dollar projects to bring up to 24 gigawatts of solar and wind power energy from sunny North Africa to chilly Europe, assisted by Gulf investment money, are currently being planned. But these ambitious schemes to reduce Europe’s reliance on fossil fuels generally, and energy supplies from Russia specifically, all face major […]
XRG, the low-carbon energy and chemicals investment arm of Abu Dhabi National Oil Company (Adnoc), has completed its acquisition of a 10 percent stake from Portugal’s Galp Energia in the Rovuma basin concession in Mozambique. The Rovuma basin, one of the largest gas discoveries in the past 15 years, offers XRG access to liquefied natural […]
Warner Bros Discovery (WBD) has bought a stake in a subsidiary of Dubai-based satellite TV company Orbit Showtime Network Group, in an attempt to tap into the rapidly expanding Middle Eastern streaming market. The US-based media and entertainment conglomerate will acquire a 30 percent stake in OSN Streaming for KD17.5 million ($57 million), Kuwait Projects […]
Iraq is considering exporting crude oil to Africa amid a market expansion plan, oil minister Hayan Abdul Ghani has said. “The government is evaluating the feasibility of entering African markets,” he told state-run Iraqi News Agency. Iraq signed 44 contracts under the latest oil licensing rounds across 14 provinces. The state-owned Basra Oil Company, which […]
Libya has resumed production at the Mabruk oilfield after a decade-long shutdown, the Tripoli-based Government of National Unity said on Wednesday. Production under Mabruk Oil Operations officially restarted on Sunday at an initial rate of 5,000 barrels per day, according to a government statement, with plans for an increase to 7,000 bpd by the end […]
Trade between the UAE and the Central African Republic is estimated to surpass AED3.7 billion ($1 billion) following the signing of a comprehensive economic partnership agreement (Cepa) last week. Cepa will create further growth and business opportunities in both countries, boosting bilateral trade over the next five to seven years, UAE minister of state for […]
Shareholders at South African construction equipment company Barloworld have voted against a takeover offer by Saudi company Zahid Group. The Jeddah-based conglomerate offered to buy shares of the South African listed company at 120 rand ($6.50) apiece, valuing it at around $1.25 billion. The deal failed to secure the majority required, Barloworld said in a […]
UAE fund Ambrosia Investment Holding has bought a 50 percent stake in a mine in the African state of Mali from Toronto-listed Allied Gold. Ambrosia Investment Holding, a newly formed investment fund chaired by Ahmed Amer Al Amry, agreed to invest about $500 million in Allied Gold, including $375 million for the stake in its […]
The Cepa will boost agricultural exports and drive infrastructure spending
Higher than anticipated tax income helped Tunisia bring down its budget deficit last year. The ministry said last weekend that the deficit declined despite a 5 percent rise in actual spending and was funded through borrowing, Ultra Tunisia reported. Last year’s budget deficit stood at 10 billion Tunisia dinars ($3 billion), down from 11 billion […]
A multi-billion dollar trans-Sahara gas pipeline project dating back more than half a century has been revived after a meeting between the oil ministers of Algeria, Nigeria and Niger. The ministers held talks in the Algerian capital, Algiers, on Tuesday to discuss the resurrection of the Trans-Sahara Gas Pipeline. This involves the construction of a […]
