The Briefing

Weekly business & investment updates curated for you.

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$13.5 trillion investment needed to meet climate-protection pledges — The International Energy Agency announced the global energy industry needs to invest $13.5 trillion through 2030 in order to meet climate-protection pledges by world leaders. The expenditure, which includes deployment of nuclear, wind and solar power as well as carbon capture and storage, needs to average $840 billion every year from 2015, the IEA said in a report.

BP Signs $18.5 Billion Contracts with China, and Invests $229 million in Egypt — BP announced that the company signed a number of deals with China National Petroleum Corporation during Chinese President Xi Jinping’s visit to the U.K. “This strategic partnership not only strengthens the relationship between the U.K. and China’s largest energy companies, it further cements the relationship between China and the U.K. as global business partners,” BP CEO Bob Dudley said. The company have also been awarded three new offshore exploration blocks in Egypt. The company and its partners commit to investment of $229 million.

The GCC investments reached $1 billion in Morocco — Moroccan Ministry of Finance announed the GCC investments in Morocco increased by 82 percent in 2014. The total GCC investments reached $1 billion, accounted for 28 percent of the total FDI in the country. The Ministry also announced the volume of trade stood at $2.9 billion in 2014.

South Africa's growth continued to slow down — The South African economy is expected to grow by 1.5% in 2015, originally projected 2%. A National Treasury Official cited that the interplay of the slowed growth in China and higher interest rates in the US have created a difficult environment for developing countries such as South Africa.

Dubai South secures €1 billion funding at Expo Milan — The Italian export credit company Sace has announced a €1 billion credit facility to assist the development of Dubai South. The funding can be used for deals with Italian contractors or other goods and service providers from Italy for the development of Dubai South, which is the world’s first purpose-built Aerotropolis being overseen by Dubai Aviation City Corporation.

Grupo Mexico sees $1 billion in oil investment — Mexican mining and railroad company Grupo Mexico expects to invest $1 billion in new oil projects over five years from a mix of contracts and joint ventures with national oil firm Pemex. Ricardo Arce, head of Grupo Mexico's oil drilling unit, said in an interview he sees crude output from the ventures reaching as much as 100,000 barrels per day over the next decade.

NFPC targeting $1.5 billion from the possible sale — National Food Products Company (NFPC), one of the largest food and dairy manufacturers and distributors in the United Arab Emirates, is targeting $1.5 billion from the possible sale of a majority stake. NFPC exports products to 48 countries around the world.

India's top oil explorer targets $10-$12 billion investments — The foreign investment arm of India's top oil explorer ONGC is targeting $10-$12 billion of oil and gas asset purchases over the next three years. The company, which produces about 175,000-180,000 bpd from its overseas assets, wants to double output by 2018 and increase it six-fold by 2030. The firm has stakes in 33 oil and gas projects from Venezuela to South Sudan.

Dialog to invest $175 million in Sri Lanka's ICT Infrastructure — Dialog Axiata will invest $175 million to upgrade its local and international broadband networks, fibre optic and digital satellite services. Dialog Axiata is the second largest telecom company in Asia. The company operates in eight countries spanning Malaysia, Indonesia, Bangladesh, Cambodia, Sri Lanka, Singapore and India.

Thailand exports continued to shrink — Thailand's economy grew by 2.9% year-on-year in the first half of 2015. The exports declined by 5% in the same period. It is estimated the country’s economic growth to stand at at least 2.8%.

The Briefing

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