Browsing: Middle East

The slight dip by gold prices is related to strengthening of the U.S. dollar but it is not expected to stay down as new cases of coronavirus emerge. Photo/Dialabannk
  • Over half of Sudan’s gold is smuggled out of the country with the proceeds going to finance internal conflict.
  • Last year, Sudan's Central Bank banned the export of gold by government agencies and foreigners, individuals, and companies.
  • The directive, however, excluded concession companies operating in mining.

Lack of a well-coordinated management in the port of Djibouti is turning out to be a benefit for Russia, which is expanding its influence over Sudan's gold reserves while solidifying its superpower standing in the Middle East.

These revelations are in a new report published by the Pangea-Risk, a specialist intelligence company. The report is offering analysis and forecasts on political, security, and economic risk in Africa and the Middle East.

The report comes weeks after the Wagner Group threatened to topple Russian President Vladimir Putin. With a power struggle in Moscow, Wagner's clients are in a tailspin, unsure of the future of their…

City streets in Pretoria/Funds for Africa's infrastructure

A total of six banks from the Middle East and Asia have raised a combined $625 million in syndicated loan to finance Africa’s infrastructure under the African Finance Corporation (AFC). 

Through the AFC, Gulf Bank, National Bank of Ras Al-Khaimah, China CITIC Bank Corporation, Qatar National Bank, Doha Bank and Industrial Bank of Korea Limited joined the syndicate as first-time lenders throwing their weight behind the leading infrastructure solutions financier in Africa. …

Travel agents from the Middle East at Fort Jesus Mombasa
  • The Middle-East market is showing great potential as the period from January to March 2023 witnessed a 20 percent jump in arrivals. 
  • Building on this positive trajectory, Kenya aims to expand the Middle-East market by 30 percent by June 2024. 
  • Authorities are leveraging partnership with Kenya Airways, travel agents, and private sector players.

Tourist numbers from the Middle East are registering an impressive pattern in Kenya, pointing to a key emerging source of holidaymakers, a trajectory that could drive arrival numbers, shoring up the country’s forex earnings.

To drive international arrival numbers, the Kenya Tourism Board (KTB) is strategically positioning itself. The latest developments indicate KTB is harnessing recently-launched Mombasa and Dubai direct flights to woo tourists. With wide offerings for Mombasa-bound holidaymakers, Kenya could tap Middle-East market and boost inbound tourism.

Rising tourist numbers from the Middle East

The Middle East market is showing an immense potential on boosting …

Pyypl uses advanced Artificial Intelligence (AI) and Machine Learning (ML) for regulatory compliance, Anti Money Laundering (AML), and Counter-Terrorism Financing (CTF).

The platform also conducts real-time Politically Exposed Persons (PEP) and sanctions (both country and individual) screening against the latest and historical UNSC, USDT, FATF, OFAC, and EUCFSF records, as well as all local databases.

Fintech startups in Africa have continued to gain a lot of attention from investors who have been pouring billions of dollars to support the industry. …

Nigeria’s oil production has fallen by 30 per cent in the last four years to 1.423 million barrels per day, mb/d in 2020 from 2.041 million barrels per day, mb/d in 2017.

This is according to a recent investigative study by the Organization of Petroleum Exporting Countries OPEC, which includes pipeline vandalism and oil theft in the Niger-Delta.

The figure excludes 2020 condensate production, according to the data obtained by Vanguard Energy from OPEC’s monthly market reports between 2017 and 2020.

ALSO READ: KQ to launch direct flights to Victoria Falls, Zimbabwe

The nation’s output declined by 19.3 per cent to 1.648 mb/d in 2018 from 2.041 mb/d in 2017 Year-on-year, YoY.

The production level, however, rose by 6.6 per cent to 1.765 mb/d in 2019 from 2018 figure before declining again by 19 per cent to 1.423 mb/d in 2020.


The gradual drop in output is a …

Small business enterprises in Egypt wishing to transact business with Amazon Payment Services, a payment processing service in the Middle East and North Africa (MENA) region, have all reasons to do so after the Service provider announced that it will waive all fees for the new businesses.

This latest move is in line with Amazon Payment Services’ mission of providing business with simple, affordable and trusted online payment experiences.

ALSO READ: Zimbabwe prepares itself ahead of a tourism recovery

It is a support initiative undertaken by the Amazon payment services in line with an initiative launched by the Central Bank of Egypt (CBE) of encouraging the transition to digital payments in Egypt.

This has seen Amazon Payment Services waiving all account setup and maintenance fees for Micro, Small & Medium Enterprises (MSMEs) for its digital payment service throughout the month of Ramadan until the end of June 2021.

To implement

Middle East, Comesa leading markets for Ugandan export

The Middle East and Comesa have become the leading export markets for Ugandan goods, according to the Bank of Uganda(BoU) report for the year ended December 2019.

The two markets and others in East Africa, Europe and America saw a 10.1 increase in Uganda’s exports for the period under review.

During the period, the Comesa, Middle East and (Common Market for East and Southern Africa) each fetched earnings of $1.2 billion.

According to some experts, the increasing exports to the Middle East is mainly due to the growing gold exports, specifically to the United Arab Emirates.

Also Read: Uganda growth could lower and oil investment delays are part of it, IMF says

The report also added that the Middle East also received a good share of Uganda’s fruits, coffee and vegetable exports in the same period under review.

The report further indicates that Uganda’s exports receipts from Comesa mainly came …

Kenya's population has grown by 9.9 million people over the last ten years to reach 47.6 million. President Kenyatta says the current census results will guide successful planning and implementation of government development initiatives, including the Big Four Agenda.

The Saudi Fund for Development (SFD) has agreed to invest in Kenya’s Big Four projects, a boost to President Uhuru Kenyatta’s ambitious plan.

Investment by the fund will go a long way in helping realization of the Big 4 which incorporates revamping manufacturing sector, providing affordable housing, universal health care and food security for Kenyans.

READ ALSO:World Bank affirms support for Kenya’s Big 4 

The SFD has undertaken to rally similar organisations in the Middle East to invest in Kenya’s economy.

The announcement was made in a meeting between Treasury Cabinet Secretary Ukur Yattani and the Vice President and Managing Director of SFD, Dr Khalid Bin Sulaiman Alkhudairy.

Mr Alkhudairy said the Saudi Fund was keen in investing in Kenya’s affordable housing projects besides power, roads and education where it has already invested.

READ ALSO:Dubai owned bank expands network in Kenya

Alkhudairy said he appreciates that Kenya has …

Israel tourists-Tanzania-The Exchange

The serene rural Tanzanian landscape has wowed more than 1000 tourists from Israel who have just concluded their week-long tour of the country, leaving them planning for more future visits to explore the beauty of the country further.

The visitors from the Middle East have also expressed their admiration of the friendly attitude shown by the Tanzanians who they said were easy to make acquaintance with, noting that Israel stands a good chance of investing in cultural tourism.

The tour guide and leader of the group, Hagit Geffen stated they were surprised by the Tanzanians way of life as most of them seem to live in rural areas far away from towns and cities, and still the government manages to reach out to all these places, providing electricity, water and other essential services.

One of the tourists in the group observed that while back home in Israel people live in …