The Briefing

Weekly business & investment updates curated for you.

Erbil Rotana

Africa — Africa Internet Group (AIG), parent company to e-commerce brands like Jumia and Jovago, has become Africa’s first venture capital-backed business to be valued at $1 billion after an $83 million investment from insurance company AXA for an 8% stake.

Egypt — Egypt's central bank has received $900 million from the China Development Bank under a $1 billion financing agreement signed last month. The $900 million will raise Egypt's dollar reserves to around $17.4 billion. Egyptian central bank has injected over $14 billion into local banks over the past three months to facilitate import activity and curb inflation on essential goods.

Egypt — Siemens has proposed investment worth €10 billion in Egypt to set up 10 GW of renewable energy capacity. Siemens is already implementing other renewable energy projects in the country. The ministry has signed an agreement with Siemens wherein the company will set up 2 GW of wind energy capacity at an estimated total cost of €2 billion.

Georgia — According to preliminary estimates, the volume of natural gas resources discovered in Georgia makes up 5 trillion cubic meters. The field is located in Eastern Georgia. The reserves suffice to provide 10-year exports.

India — Dubai-based global marine operator DP World plans to invest more than $1 billion in India over the next few years mainly in infrastructure development at its port operations in the country.

Indonesia — Indonesian President Joko Widodo unveiled plans for a "big bang" loosening of restrictions on foreign investment in nearly 50 sectors, to encourage competition in an economy dominated by powerful vested interests.

Iran — Iran's rich deposits of zinc, copper, gold and other minerals are tempting international investors after the lifting of Western sanctions, but development of the sector will take time and problems will have to be overcome.

Japan — The signing of a bilateral investment treaty between Japan and Iran, and Tehran's debt guarantee of up to $10 billion investments by Japanese companies, could be a tailwind for companies considering investments, including midstream petroleum businesses in the Islamic Republic.

Mexico — Ford plans to add 500,000 units of annual Mexican capacity starting in 2018, more than double what it built in 2015. The plan mirrors General Motors Co.’s $5 billion investment to double Mexican capacity by 2018.

Morocco — Morocco launched a 18 billion Moroccan dirham ($1.85 billion) investment plan in Western Sahara driven by the country's state-run phosphate company OCP. The plan includes investments of 8.3 billion dirhams in a new fertilizer plant, 4.2 billion dirhams in a new port near the city of Laayoune and 3.1 billion dirhams in other phosphate industrial facilities, MAP said.

Mozambique — India has invested more than $8 billion in Mozambique in recent years, a figure that represents about 25 percent of the Asian country’s investment in Africa.

Nigeria — Nigeria is aiming to hand over the $4.5 billion Ajaokuta steel complex to private operators this year as part of a plan to kick start its industrial and mining industries.

Oman — The Omani Ministry of Commerce presented $413 million new industrial investment opportunities in polyoxymethylene, acetic acid, isocyanates, cold-rolled products and ceramic tiles.

Philippines — Foreign direct investment in the Philippines showed a net inflow of $464 million in November, a 16.4% increase from a year earlier.

Rwanda — Despite a mild ranking decline for ease of doing business, Rwanda is still making notable strides and attracting more and more foreign direct investors because of how easy one can start a business in the country.

Thailand — Thailand's Total Access Communication plans to invest 70 billion baht ($1.98 billion) over the next three years to expand and better market its 4G network, its chief executive said, in a bid to protect market share.


Tunisia
— Tunisia’s startup scene has in large part expanded since the 2011 revolution, thanks to faster, freer Internet access and advances in technology.Tunisia’s close proximity to Europe also has enabled entrepreneurs to develop mutual platforms that provide job opportunities for Tunisians seeking salaries higher than local rates.

Turkey — Foreign direct investments into Turkey reached $16.5 billion in 2015 at a growth rate of 32 percent over the preceding year, according to data released by the Central Bank of Turkey. With the monthly average of FDI exceeding $1 billion during the course of the last year, the country has attained the highest ever annual FDI figure since the global financial crisis.

UAE & India — India is considered to be the UAE's primary trade partner, accounting for about 9.8 per cent of its total non-oil trade. India is also the largest importer of goods from the UAE, buying about 14.9 per cent of that country's exports and about 8.7 per cent of its re-exports, becoming the UAE's second-largest market in the latter category.UAE-India trade may hit $100b in 2020.

The Briefing

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