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Shell has about 10 percent of South Africa’s fuel retail market.

Adnoc on shortlist to buy Shell South Africa fuel stations

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 […]

Africa's digital payments economy is expected to be worth $1.5 trillion by 2030

Morocco’s PayTic raises $4m for Africa expansion

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 […]

Alparslan Bayraktar, Turkey's energy minister, sees the preliminary exploration and survey agreement signed with Somalia as the start of a wider move into the Africa energy sector

Turkey expands African energy foothold with Somali agreement

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 […]

Crowds flock to Bakaro Market, one of the largest markets in the Somali capital, Mogadishu, which is visited by many customers every day to buy various types of goods and food items (April 16, 2024)

Arab Monetary Fund gives Somalia $307m of debt relief

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 […]

The Port of Luanda handles 76 percent of Angola’s container and general cargo, serving as a logistics centre for landlocked neighbours

AD Ports moves ahead with Angolan port upgrade

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 […]

One solar panel in North Africa generates two to three times the amount of power that one does in Europe

Plans to bring African energy to Europe face big challenges

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 […]

ZRG Rovuma basin

Adnoc’s XRG seals a 10% stake in African gas projects

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 […]

Dune Part Two, a Warner Bros film, has grossed more than $700m worldwide. Warner Bros Discovery is targeting the Mena streaming market

Warner Bros Discovery buys 30% stake in OSN Streaming

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's oil exports range between 3.2m and 3.5m barrels per day, with 70 percent shipped to Asia

Iraq targets oil exports to Africa in expansion plan

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 Mabruk oil

Production resumes at Libya’s Mabruk oilfield after a decade

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 […]

The Cepa will create further growth and business opportunities in the UAE and Central African Republic, said minister of state for foreign trade Ahmed Al Zeyoudi

UAE and Central African Republic target $1bn trade

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 […]

Barloworld is the official distributor for Caterpillar construction equipment in South Africa

Barloworld rejects Zahid’s $1.25bn takeover bid

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 […]

Ambrosia will invest about $500 million in Allied Gold, including $375 million for the stake in its mines in Mali

UAE’s Ambrosia pays $500m to Allied Gold for Mali mine

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 […]

Tunisia budget, Tunisia budget deficit, Tunisia economy, Tunisia debt, Tunisia deficit

Higher tax income cuts Tunisia’s 2024 budget deficit

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 […]

trans-Sahara gas pipeline Minister of State for Petroleum Resources of the Federal Republic of Nigeria, Ekperikpe Ekpo

Trans-Sahara gas pipeline project back on the table

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 […]

Dubai UAE,United Arab Emirates,Deira,Al Rigga,Al Rigga Road,English,Arabic,language,bilingual,small businesses,district,street scene,Hardee's,fast food

Americana Restaurants profit rises as Gaza boycott eases 

Americana Restaurants, the largest food service business in the Middle East and North Africa, said profit rose in the fourth quarter as a consumer boycott that is related to the Gaza conflict eased. Net income in the three months to December 31 rose 26 percent to $41 million, compared with $32 million in the same […]

Arab Contractors Company-Equatorial Guinea Ltd has nearly €1.5 billion of projects in the pipeline

Egyptian contractor to build houses in Equatorial Guinea

Egypt-based Arab Contractors Company will build 100,000 housing units in Equatorial Guinea as part of a cooperation agreement signed between the two governments. The mega project will be under the direct supervision of Egypt’s housing ministry. Financial details of the project were not disclosed. The ministry is currently supervising the Tanzanian dam project, which is […]

Tunisia merge FDI agencies, SIA Tunisia, Tunisia Supreme Investment Authority

Tunisia drafts plan to merge FDI agencies into one

Tunisia’s government has reviewed plans to increase foreign direct investment by merging various agencies into a new Supreme Investment Authority. The SIA would merge six investment-focused government agencies and the Tunisian Investment Authority, plus various offices at home and abroad, into one, according to the local Alshuruq newspaper. A draft law has been reviewed by […]