The Briefing

Weekly business & investment updates curated for you.

Erbil Rotana

Morocco sees $10 billion from auto industry exports by 2020— Morocco expects auto industry exports to reach an annual $10.2 billion by 2020 as a result of PSA Peugeot Citroen starting production at its new $630 million factory.

Uber outlines $250m investment in Mena — The San Francisco-based company operates in the UAE as a platform that connects customs with (RTA) Roads and Transport Authority-licensed limousine drivers from companies in the UAE. Internationally, it also works with taxis and private individuals using their own vehicles.

In 35 years, Nigeria could be the automotive capital of Africa — New data from PricewaterhouseCoopers (PwC) predicts that Nigeria can become a leading automotive hub in Africa by 2050 with an increase in local production and an expansion in new car markets.

IIB announces two investment exits — International Investment Bank announced its exit from real estate investments in the UAE and Germany for a combined value of $163.1 million.

Luxury healthcare complex in Oman — The unique initiative, which is aimed at attracting medical tourists from the region, is being promoted by Al Madina Investment with an investment of OMR72 million. The whole project will comprise a 225-bed tertiary care hospital, 120 keys three-star hotel apartments, 300 residential apartments, a fitness centre and a dedicated retail space within the premises.

Lazard to promote Tahrir Petrochemicals $3bn project offer — French asset management firm Lazard, which was assigned as the financial adviser for the Tahrir Petrochemicals project, will start promoting the $3 billion project in overseas markets in the first quarter of 2016.

Moody's: Egypt's economic and fiscal conditions are improving — Reforms have sparked improvements in Egypt's (B3 stable) public finances and economic conditions, but challenges remain, says Moody's Investors Service in a report published today. The rating agency notes that the challenges include the government's large financing needs, structural economic issues such as high unemployment and inflation, and elevated political risks.

Hindujas bets big on Africa; eyes $1 bn investment, $2 bn income — Hinduja group has identified Africa as its next big frontier for growth and has committed to pump in $1 billion across the sectors over the next five years.

Cytonn gives Kenya 4.9% growth estimate — Analysts at Cytonn Investments projected a growth of 4.9% compared to last year's 5.3%. The year began with an optimistic outlook of 6.9 per cent by the government. Cytonn said in its outlook the high interest rates have slowed investments in the private sector that largely relies on loans.

Italy to invest in Iran's steel industry — Prior to the Italian president’s visit to Iran, two large Italian companies have proposed a 4-billion-euro offer to participate in Iran’s steel and aluminum industry.

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