In a significant development, the Central Bank of the UAE (CBUAE) has reported a remarkable increase in its foreign assets, marking a historic milestone in the nation’s financial landscape. According to recently released statistics, the total foreign assets of the CBUAE surpassed AED 700 billion by the end of February 2024, reflecting an impressive rise […]
Cairo, Egypt – Egypt is embarking on a significant renewable energy initiative with a commitment of over $60 billion towards green hydrogen and ammonia projects. The New and Renewable Energy Authority (NREA) revealed plans to produce nearly 56 million tonnes of green hydrogen and ammonia annually by 2040, aiming to capture 5-8 percent of the […]
South Africa took a significant stride towards reinforcing its financial sector on April 1, 2024, with the introduction of a comprehensive Deposit Insurance Scheme. Administered by the Corporation for Deposit Insurance (Codi), a subsidiary of the South African Reserve Bank (Sarb), this initiative aims to safeguard the deposits of eligible individuals in the event of […]
After a hiatus since 2019, negotiations to overhaul the World Trade Organization’s (WTO) dispute settlement system are back on track. The focal point of these discussions is the restoration and reform of the dormant appeals bench, which has left more than 30 unresolved trade disputes in limbo. Ambassador Usha Dwarka-Canabady from Mauritius has assumed the […]
In a significant move towards strengthening economic relations, Kenya and Zimbabwe have recently signed a series of strategic agreements aimed at fostering trade, investment, and sectoral development. The Joint Permanent Commission on Cooperation (JPCC) meeting held in Harare, Zimbabwe, served as the platform for these crucial agreements, signaling a new chapter in the partnership between […]
Nairobi witnessed a pivotal moment as President William Ruto addressed the AMCHAM Business Summit, joined by key figures including United States Secretary of Commerce Gina Raimondo and Kenya’s Investment and Trade Cabinet Secretary Rebecca Miano. President Ruto emphasized Kenya’s commitment to facilitating trade and investment, showcasing the establishment of Special Economic Zones as a testament […]
Tensions in the Middle East are threatening recent progress in combating global inflation, cautions the World Bank. The ongoing military campaign in Gaza by Israel has driven up oil prices and created a ripple effect across the region, impacting key commodities like oil and gold. In its latest assessment of global commodity markets, the World […]
In a significant move bolstering economic ties between China and Egypt, the China State Construction Engineering Corporation (CSCEC Group) has announced the grand opening of its state-of-the-art steel structures factory in Egypt. With an impressive investment of CNY 87.40 million ($12.06 million), the factory is poised to revolutionize the steel manufacturing landscape in the region. […]
Recent projections from the International Monetary Fund (IMF) indicate a notable shift in the economic landscape of sub-Saharan Africa, with Kenya positioned to overtake Angola and secure the fourth-largest economy status in the region. This forecast, extending until 2029, marks a significant milestone for Kenya, placing it behind economic powerhouses South Africa, Nigeria, and Ethiopia. […]
Riyadh, the vibrant capital of Saudi Arabia, is gearing up to host a pivotal event: the World Economic Forum (WEF) Special Meeting on Global Collaboration, Growth, and Energy for Development. Scheduled for April 28 and 29, this gathering is set to bring together more than 1000 global leaders, ranging from heads of state and government […]
Kenya, a vibrant East African economic hub, finds itself at a critical juncture, grappling with persistent challenges of corruption, illicit...
The United States labor market delivered a robust performance in June, with job growth surpassing economists' forecasts and the unemployment...
Africa is on the cusp of a profound digital transformation, with its data centre sector emerging as a critical backbone...
The vibrant city of Nairobi is currently hosting a pivotal event poised to redefine Africa's investment landscape: the inaugural NextFrontierAfrica...
