The Briefing

Weekly business & investment updates curated for you.

Erbil Rotana

Bahrain — Bahrain’s growth reached 4.5% in Q1 2016, the highest level since 2014, led by a 12% year-on-year growth in the oil sector. Construction in Bahrain rose by 5.4% year-on-year, reflecting a strong infrastructure investment. 

China — Chinese companies and banks agreed preliminary deals with African counterparts on $17 billion worth of cooperation in sectors including infrastructure, energy, pharmaceuticals and information technology.

Egypt — The prospect of a $12 billion IMF loan has boosted the mood in Egyptian business circles but it will not translate into foreign investment or inflows until Cairo implements tough reforms and resolves its currency crisis.

Kazakhstan — The Development Bank of Kazakhstan and Almex Holding Group have signed an agreement on cooperation in co-financing projects and attracting foreign investments into the economy of Kazakhstan.

KSA — Saudi Arabia’s market regulator is accelerating efforts to further ease restrictions on foreign investors by the end of 2016, as it prepares to list what is likely to be its star attraction: oil giant Aramco.

Mexico — Mexico will see investment in solar power totaling $5 billion over the next five years.

Morocco — IMF has granted Morocco a two-year $3.5 billion credit line for structural reforms to prompt more rapid and inclusive economic growth.

Mozambique — Exxon Mobil Corp. is in advanced negotiations with Eni SpA over acquiring a minority stake in natural-gas discoveries off Mozambique.

Myanmar — Myanmar aims to attract more foreign investment over the next five years. The country received about $28 billion in foreign direct investment over previous President Thein Sein's five years in office, driving rapid economic growth estimated at an annualized 8% this year.

Turkey — Dubai-based private equity firm Abraaj Group has announced the closure of its first dedicated Turkey fund which has made its first two investments. The Abraaj Turkey Fund has raised a total of $486 million with a further $40 million to go towards co-investments, compared with an original target of $500 million.

The Briefing

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