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Out of the 998 projects financed by foreign direct investment (FDI) in Africa last year, Egypt, South Africa, and Morocco were responsible for the greatest share, according to a recent report by fDi Intelligence.
Egypt replaced South Africa as the top ranked destination by projects in the region, experiencing a 60% increase from 85 to 136 projects in 2019, the report said.
Along with a $12bn IMF-mandated reform programme, the government has embarked on massive infrastructure spending in sectors ranging from energy to construction.
South Africa follows Egypt at 123 projects, though it easily outdoes all other African countries in terms of the number of projects it financed outside its own territory last year.
fDi Intelligence, a product of the Financial Times, found that South Africa invested in 81 projects outside the rainbow nation in 2019 compared to just 29 in Morocco, the second most out of any African country.
Morocco had 102 projects financed by FDI last year, making it the third largest on the continent. Other countries with large numbers of externally financed projects include Kenya (87), Nigeria (73), and Ghana (42).
In fact, Nigeria and Ghana each attracted more FDI by capital investment than South Africa, but the investments were spread among fewer projects. Egypt topped the list both in terms of the number of projects and amount invested.Ghana entered the top 10 destinations by the number of FDI projects in the Middle East and Africa.
It saw a 56% increase on 2018 figures, equivalent to 15 additional projects.Ghana also saw capital investment growth of 479%, an increase to $4.8bn.
This was driven by projects such as a $2.8bn production facility being developed by Sweden-based Greenland Resources as part of a public-private partnership with the government of Ghana.
Other large projects in Africa last year included the establishment of a $2bn phosphate fertiliser plant in Togo by the Dangote Group.
The Egyptian government also established a $848m phosphoric acid plant in the New Valley Governorate as part of a joint venture with several Chinese companies and the Egypt-based Phosphate Misr.
source: africanbusinessmagazine
Foreign Direct Investment Licences will enable investors in many sectors to hold 100% ownership of businesses in Abu Dhabi
The Abu Dhabi Department of Economic Development (ADDED) announced on Wednesday the implementation of the Foreign Direct Investment Law in the emirate.
It will start issuing Foreign Direct Investment Licences which will enable investors to hold 100 percent ownership of their businesses in Abu Dhabi.
The licence covers 122 different economic activities related to the agricultural, industrial and services sectors, and targets businesses with total capital ranging between AED2-100 million or higher.
Mohammed Ali Al Shorafa, chairman of ADDED, said in comments published by state news agency WAM: "The issuance... is part of the Department’s efforts to further promote positive investment climate and thereby achieve sustainable economic development in Abu Dhabi."
He said ADDED is committed to enhancing the local investment environment and strengthening the Abu Dhabi economy’s competitiveness through policies that provide more investment opportunities in various non-oil sectors.
Al Shorafa added that the new licence further consolidates Abu Dhabi's position as a global hub for investment and ease in doing business, saying it will encourage investors, spur business development for foreign companies as well as attract businesses in technology and advanced industries.
"The implementation of the FDI law in Abu Dhabi..contributes to achieving various objectives such as expanding the base of foreign investments, increasing the size of capital flows, enhancing and diversifying local production and increasing the emirate’s exports of goods and services," he said.
Rashed Abdul Karim Al Balooshi, Undersecretary of ADDED, said the procedures in securing the licence are "fast and easy" and business activities include the manufacturing of food and beverages, clothing and leather production, legal consulting, accounting, auditing and tax advisory services, architectural and engineering activities, medical and dental clinics, veterinary activities and research and development activities in science and technology.
A total of 13 activities are currently not covered by the newly-issued licence, including postal and telecommunications services, audio and video media related services, petroleum exploration and production, ground and air transportation services, banking and finance activities, insurance activities, employment of labour and water, electricity and fisheries services.
In July, the UAE was ranked 19th globally in the 2020 Kearney Foreign Direct Investment (FDI) Confidence Index, up from 21st place when it was last represented in the index in 2017.
The country’s ranking reflects positive investor sentiment based on the government’s commitment to economic diversification, innovation, infrastructure and ease of doing business – among other factors.
source: arabianbusiness
The programme encompasses a unique collaboration between the EU, the Jordanian government and the private sector.
In collaboration with Jordan’s Ministry of Planning & International Cooperation and Ministry of Digital Economy & Entrepreneurship, the European Union has pulled the trigger on the ‘Innovate Jordan’ programme, which comes as the latest in a consistent EU support for the country’s innovation industry.
The EU is set to invest EUR20 million into promoting new initiatives that can “unlock entrepreneurship and innovation potential and enhance job creation and growth in Jordan.”
With the ultimate aim of enabling local companies and startups to become competitive on an international stage and drive forward Jordan’s digital economy, the programme’s first effects will be felt through the support of three new grant initiatives in collaboration with private sector entities.
The first, in collaboration with Endeavour, will target 45 local businesses for growth and scaling, with a view to equipping them with the tools to attract foreign investment and emerge on international markets.
The second, will see SAM Engineering take the lead on the establishment of Jordan’s first digitisation and innovation centre with the aim of promoting digital solutions in the world of manufacturing.
The third and final initiative is in collaboration with Orange and will establish a host of facilities across Jordan, including 23 digital centres, six coding academies, six FabLabs, six growth accelerators and three incubators.
For the Ministry of Digital Economy and Entrepreneurship, the programme is a perfect fit for the drive towards fully-digitised government services and digitally-enabled income opportunities.
“We are committed to empowering the citizens and residents of Jordan in their digital journey across sectors and industries,” Minister Muthana Gharaibeh said.
“Our alignment with ‘Innovate Jordan’ will ensure motivating and inspiring people to produce change by maximizing the impact of financial and non-financial incentive programmes in place.”
source: thestartupscene
Amanat will act as their principal strategic partner for the MENA region to help drive growth and business development opportunities
Amanat Holdings has invested AED 18.4 million in BEGiN, a US-based leading education technology company, as part of their Series C financing round.
As part of the investment, Amanat becomes BEGiN’s principal strategic partner in the MENA region, leveraging Amanat’s deep industry expertise and unparalleled network to help drive growth in the region.
The acquisition is Amanat’s first ever venture capital investment and is in line with Amanat’s strategic goals to invest in rapidly-growing education and healthcare technology players with strong regional growth aspirations, demonstrating commitment to playing a key role in the ongoing digitization of the education and healthcare sectors in the region.
BEGiN is focused on early childhood education through its platform aimed at children between two and eight years of age.
The company will be partnering with some of its investors for both content and distribution. Amanat will act as their principal strategic partner for the MENA region to help drive growth and business development opportunities.
Amanat joins other strategic and financial investors including LEGO Ventures, Sesame Workshop, Gymboree Play & Music, 3One4 Capital, Trustbridge Partners and Interlock Partners. “
Earlier this month, BEGiN launched the industry’s first comprehensive early learning program, HOMER Learn & Grow, expanding the brand’s reading program to additional subjects including math, creativity, socio-emotional learning and critical thinking skills delivered across digital, physical and in-person learning experiences.
source: sme10x
IsDB President Dr. Bandar Hajjar and M. Sunil Kaushal, CEO for Africa and Middle East, Standard Chartered Bank (SCB), signed a Memorandum of Agreement to participate in IsDB’s Restore Track Program aimed to supporting IsDB’s member countries’ private sector through stimulus packages to the economic sectors most impacted by the CoVID19 pandemic.
This agreement leverages on IsDB’s $2Bn “COVID Guarantee Facility” to establish an operational cooperation framework for IsDB and SCB to facilitate financing arrangements to IsDB’s Member Countries.
The COVID pandemic has disrupted international financial channels and put pressure on hard currency inflows to Emerging Markets. This pressure led to considerable limitations of the private sector’s access to financial liquidity.
Combined with the loss of income due to reduced demand, the health crisis poses unprecedented challenges to the private sector and especially SMEs.
Through its cooperation with Standard Chartered Bank, IsDB aims to help alleviate some of these pressures by providing blended lines of finance to local banks at competitive prices.
“I am glad to see our, already strong, relationship with Standard Chartered Bank further strengthened with this unique and innovative partnership” stated H.E IsDB’s President, Dr. Bandar Al Hajjar.
He also expressed his firm conviction that SCB’s funding expertise added to IsDBG de-risking guarantees will make a lasting impact for IsDB’s Members Countries.
Sunil Kaushal expressed his thanks to IsDB for the developing partnership between the two institutions noting that IsDB is the first Bank to sign such agreement with SCB. He also expressed his strong commitment to support IsDB member countries to fight COVID-19.
Both agree that this “out of the box” partnerships between MDBs and the private sector are now necessary to overcome the challenges of our times.
The Islamic Development Bank (IsDB) is a multilateral development bank (MDB) counting 57 member countries across four continents - touching the lives of 1 in 5 of the world’s population.
IsDB works to improve the lives of those it serves by promoting social and economic development, delivering impact at scale. IsDB is one of the world’s most active MDBs, and global leaders in Islamic Finance, with a AAA rating.
Headquartered in Jeddah, Saudi Arabia, IsDB is a truly global institution with major hubs in Morocco, Malaysia, Kazakhstan and Senegal; and gateway offices in Egypt, Turkey, Indonesia, Bangladesh and Nigeria.
Standard Chartered Bank (SCB) is a leading international banking group, with a presence in 60 of the world’s most dynamic markets and serving clients in a further 85.
SCB’s purpose is to drive commerce and prosperity through it unique diversity, and heritage; and values are expressed in it brand promise, “Here for good”.
Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges.
ICA Teams up with the Insurance Institute of East Africa to Offer Financial Crime Prevention Education in East Africa
Partnership comes at a time of increased need for effective financial crime prevention training and education globally
30 September 2020 – The International Compliance Association (ICA), the leading professional body for the global regulatory and financial crime compliance community, has signed a partnership with the Insurance Institute of East Africa to provide ICA education in financial crime prevention and governance, risk and compliance in the East African region.
The need for effective financial crime prevention training has never been more pronounced, as local media reported last week on the FinCEN Files. While the emerging narrative is especially complex and continues to evolve, around 53 Kenyan companies and individuals appeared in a leak of banking records as suspicious financial activity amounting to $60 billion[1].
East African jurisdictions Kenya, Tanzania, and Uganda remain particularly vulnerable to money laundering, fraud and terrorist financing, and are amongst the lowest scoring countries in the 2019 Transparency International Corruption Perceptions Index.
ICA’s suite of accredited qualifications are designed for every level of expertise and aim to equip regulatory and financial crime compliance professionals with the knowledge and skills they need to mitigate the threat of financial crime, better analyse situations and consider appropriate risk controls.
As part the new partnership between ICA and the Insurance Institute of East Africa, professionals in the insurance, banking and finance, telecommunications and other sectors in the region will now have access to ICA qualifications in a range of key subjects including compliance, anti money laundering, managing sanctions risk and customer due diligence, joining ICA’s global community of over 150,000 compliance professionals.
[1] ‘FinCEN files: 53 Kenyan banks, individuals made illicit transactions worth Ksh.6 trillion’ Citizen TV, Kenya, Last Accessed: 25/09/2020 Link
ICA President Bill Howarth commented: ‘We are pleased to partner with the Insurance Institute of East Africa, combining ICA’s international expertise with their local knowledge, to effectively raise compliance standards in the region and help organisations mitigate and detect risk more effectively at their firm. Our internationally recognised professional qualifications include real-life examples and case studies with a real emphasis on application of knowledge, helping to upskill employees and safeguard businesses and communities from financial crime risk.’
Elijah Mogere, Director, Insurance Institute of East Africa, added: ‘We are delighted to partner with ICA as this gives us the opportunity to deliver high quality and internationally recognised financial crime prevention qualifications in the region to develop capacity for banks, insurance companies, and telecommunication providers, among other sectors, to mitigate the threat of financial crime, better analyse situations and consider appropriate risk controls.’
ICA qualifications are awarded in association with The University of Manchester, Alliance Manchester Business School.
To view the full suite of qualifications, visit: https://www.int-comp.org/course-finder/
The Central Bank of Bahrain (CBB) has given UK blockchain startup Fasset, a first-of-its-kind authorisation to test its digital solutions inside the Kingdom’s regulatory sandbox.
Founded in 2019, the financial technology (fintech) startup is a blockchain-powered marketplace for the ethical financing of sustainable infrastructure. It looks to bridge the sustainable infrastructure funding gap which the World Economic Forum estimates will reach $15 trillion by 2040.
The company offers a tokenisation service for sustainable infrastructure assets and provides an exchange platform where these tokens can be traded.
“As disruptive technologies transform industries around the world, investment in innovation is a key enabler and driver of economic growth. Bahrain’s forward-thinking regulatory approach provides an attractive environment for fintech companies to reap the benefits of our agile economy, availability of the most skilled and diverse workforces and the best value operating costs in the region. We are delighted to welcome Fasset to Bahrain and we look forward to welcoming many more fintech companies,” said Dalal Buhejji, director of business development, financial services at Bahrain Economic Development Board (EDB).
The company has raised $4.7 million in pre-seed investment from strategic backers in the UAE, Saudi Arabia, Bahrain, Kuwait, and Singapore.
“We thank the Central Bank of Bahrain and Bahrain Economic Development Board for their continued support,” said Aziz Zainuddin, chief product officer at Fasset. “The CBB has fostered a unique and supportive setting for startups in the region to flourish and to build impactful companies of the future.
The CBB granting us this authorisation is proof of the progress the Ethereum developer community has made to earn the trust of regulators worldwide. Moreover, it is testament to the pioneering and pro-innovation spirit of Bahrain, where ideas for tackling the world’s most pressing issues based on even the most cutting edge technologies are given the opportunity to take flight.”
source: wamda
The Algerian Confederation of Citizen Employers (CAPC) has launched a support program for innovative projects, based on applied knowledge and creativity, called “Innovate Algeria”.
“Innovate Algeria is a catalyst program for the knowledge-based economy. It aims at the development of entrepreneurial projects that are based on applied knowledge, creative development and autonomy in the design and engineering of new products and services “, the president of the Startups commission at the CAPC, Mr. Bezzitouni Chams-Eddine said. “Through this program, investors under CAPC, but also all interested investors, will embark on venture capital to encourage startups, which are companies generally not eligible for bank loans.”
president of the Startups commission at the CAPC, Mr. Bezzitouni Chams-Eddine
Here Is What You Need To Know
The new initiative of the employers’ confederation will offer promoters of innovative projects support ranging from training to opportunities for fundraising and internationalization, including strategic advice and business development.
The president of the CAPC, Mohamed Sami Agli, noted that the “Innovate Algeria” program included, as a first action, the support of the winners of HackAlgeria.
Thus, winners of HackAlgeria will be able, thanks to this initiative, to promote their projects during important meetings dedicated to innovation such as the Emerging-Valley, in December 2020 and VivaTech during the year 2021, but also at MIT.
These winners will also join, at the beginning of October, the “Innovate Algeria” program, which will support them, until the end of Aprill, 2021 in the realization of their projects, after the end of the fundraising operations, which would start in May. 2021.
source: afrikanheroes
Speakers and experts at an international conference revealed that an estimated 1 million jobs are expected to be created in the Kingdom over the next five years, due to the acceleration of digital transformation in several industries and sectors during the COVID-19 pandemic.
Nasser bin Suleiman Al-Nasser, chief executive of the STC Group and head of the Digital Transformation Working Group of the Saudi B20 business group, participated in an interactive session titled “Digital Transformation: The Future After the COVID-19 Pandemic,” which was held recently and included the participation of representatives from the B20 business group in 20 countries.
Al-Nasser explained that future jobs will depend entirely on technology and innovation, noting the gender disparity in the field of technology. It is therefore significant to empower women entrepreneurs and work together with governments to create targeted employment programs, designed to involve and qualify women in the technical sector while encouraging their promotion to leadership positions.
“We need to ensure that young women receive training and guidance when they enter the job market or start their own businesses, and the Kingdom has adopted many initiatives and investments to qualify young men and women through education,” he said. “In 2019, the Kingdom allocated SR1 billion ($266 million) to support universities in preparing students for the job market.”
The Saudi B20 and OECD (Organization for Economic Cooperation and Development) organized a virtual meeting, where a number of key government actors and G20 members presented recommendations and exchanged experiences on future investments, digital transformation, sustainability and 5G-based digital solutions.
The Saudi business group is committed to providing recommendations that promote the implementation of robust policies through transparent dialogue and constructive cooperation with all relevant parties, supported by a group of international organizations that act as knowledge and communication experts. It is the official platform of the business community at the G20 summit, and plays a representative role for the private sector before the group.
Maadad Al-Ajmi, head of the working group of the B20 Saudi Arabia Integrity and Compliance and vice president and general counsel for legal affairs at STC, participated in a session dedicated to compliance and integrity. Nasser Al-Jareed, head of the Workers’ Communication Group of the B20 and director of the Workers’ Committees Support Program at STC, was also a participant.
The Kingdom has taken qualitative steps toward ensuring a speedy development toward digital transformation through the adoption of state-of-the-art telecommunications and ICT technology, thereby facilitating the transformation toward a knowledge economy and e-commerce. These efforts ultimately aim to achieve higher satisfaction rates and quality of living for both citizens and residents, facilitating their everyday lives.
source: albawab
One of Kuwait’s largest manufacturers, Kuwait Steel (United Steel Industrial Company), has said that its digital transformation with global technology company SAP is enabling new levels of manufacturing efficiency and productivity.
Johan Henning, CIO, Kuwait Steel and SAP made the statement during the recent Digital Transformation (DX) event, which brought together Kuwait’s business and technology leaders.
“Kuwait Steel shows how business redesign, digital transformation is supporting the company to achieve its vision in becoming a leader in the steel industry by investing in technology and driving change,” said Andy Froemmel, Managing Director, SAP Kuwait.
Kuwait’s Vision 2035 presents major opportunities for government agencies to use e-services to improve people’s daily lives, and help people in Kuwait to save time and money.”
source: zawya
