Zambia is to start receiving cheaper oil from Saudi Arabia to ease domestic fuel prices for the next five years. The Saudi Arabian government through the Saudi Fund for National Development has granted the country a $20 million revolving fund to supply cheaper oil to Zambia. According to Zambia’s Ambassador to Saudi Arabia, Ibrahim Mumba, the offer is now in its last stages and with the...

A consortium of investors led by private equity firm Abraaj Group is planning to bid for a minority stake (35%) in Barcalys’ African unit, Bloomberg reported on May 13, 2016, citing sources close to the case. Abraaj Group has already hired financial advisers to this end and is currently in discussions to team up with other investors, including a Middle Eastern sovereign fund, revealed the same...

Despite its economy slowing down, South Africa remains Africa’s most attractive nation for investors, according to the 2016 Ernst & Young Africa Attractiveness Index. The report evaluates progress made in governance, diversification, infrastructures, business enablement, human development as well as resilience to current macroeconomic challenges. Morocco is ranked second on the index,...

South African media and internet giant, Naspers has opened an office in San Fransico, US, which renowned for hosting tech giants Google and Facebook. The new office is a Ventures office. “We see an opportunity to invest in US technology/internet companies with the potential to succeed in the US and internationally,” said Meloy Horn, head of Ventures division, Naspers. According to US tech...

In a statement published on May 11, 2016, the Central Bank of China announced it has signed with its Moroccan counterpart a currency swap agreement valued at $1.54 billion. The agreement which was signed on the first day of Moroccan kin Mohammed VI in China should extend over three years and facilitate bilateral trade between the two countries. Mohammed VI should during this visit - his...

Chinese aeronautics firm Haite Group, Morocco-China International and BMCE Bank of Africa signed on May 12, 2016, a memorandum of understanding (MoU) to establish in Morocco, an China-Morocco industrial park, a China-Morocco $1bn investment fund, focused on financial services, aeronautics, industrial parks and infrastructure. The agreement also plans for the creation of management fund and...

Production from countries under the auspices of the Organization of Petroleum Exporting Countries (OPEC) reached 32.44 million bpd in April. According to the oil cartel in its Monthly report, this represents an increase of 188,000 bpd compared to March output. The increase is as a result of a 150,000 bpd rise in Iran and Iraq’s production following the failure by oil producers to arrive at a...

MSA Africa has supplied over $3 million worth of General Monitors (GM) fixed flame and gas detection products to the Egina offshore oilfield in Nigeria. The products were delivered to an engineering, procurement, commissioning and installation (EPCI) contractor in charge of works in the OML area. The project which will be concluded by Q2 of 2017, requires a significant amount of gas and...

U.S Agency for International Development (USAID) just announced it would grant Ethiopia $128 million to fight the drought it has been facing over the past 50 years. This grant should serve to buy food, water, treat malnutrition, and pay mobile health teams, said Thomas Stall, assistant at the humanitarian affairs, conflicts and institution’s democracy office. With this aid, US’...

South Africa’s mining output has dropped by 18% in Q1 2016 compared to Q1 2015, statistics from Stats SA (South African Statistics office) reveals. Poorest performances come from platinum-metals group and coal which were down 4.55 and 4 percentage points, respectively. Outputs for iron-ore and gold respectively decreased by 1.6 and 1.2 percentage points. “A weak and...