INTERCARGO expresses concern over RightShip’s decision to reduce the age limit for bulk carriers’ vetting inspectionsINTERCARGO members have voiced deep concerns regarding RightShip’s recent decision to reduce the age limit of bulk carriers eligible for vetting inspections, as discussed during the Association’s Executive Committee meeting…

In the rest of MENA, growth is expected to decelerate. By this measure, economic uncertainty in MENA is currently twice the average of other emerging markets and developing economies worldwide. The ongoing conflict in the Middle East has already inflicted a heavy human and economic toll. "Peace and stability are the foundation of sustainable development," said Ousmane Dione, World Bank Vice President for the Middle East and North Africa. "Transforming the role of the state would lead to substantial gains in productivity," said Roberta Gatti, World Bank Chief Economist for the Middle East and North Africa.

Clyde & Co Egypt advises on multimillion-dollar Bedaya securitisationPublished by: Robert Li on 16/10/2024Egyptian company Capital for Securitization has concluded a USD 29 million mortgage securitisation transa...Egyptian company Capital for Securitization has concluded a USD 29 million mortgage securitisation transaction. Egyptian securitisation company Capital for Securitization (CFS) has concluded the issuance of EGP 1.4 billion (USD 29 million) of securitisation bonds, as consideration for domestic non-bank mortgage provider Bedaya Mortgage Finance’s mortgage portfolio. The custodian role was filled by Abu Dhabi Commercial Bank and the subscription receiver was Commercial International Bank. The latest bond is itself divided into four, with tranche A’s EGP 63.7 million (USD 1.3 million) having a 13-month duration and tranche B’s EGP 353.9 million (USD 7.3 million) holding a 36-month term, while the EGP 509.6 million (USD 10.5 million) of tranche C has a 60-month term and the 81-month duration tranche D is valued at EGP 488.3 million (USD 10 million). Partner Mostafa Elsakka led the Barakat, Maher & Partners team, assisted by associates Walid Enany, Omar Mahmoud and Mahmoud Toraya.

Research from Finnish vendor Nokia predicts that one in four mobile subscriptions in the Middle East and Africa will be connected via 5G within the next five years. In a statement, Nokia forecasted that by 2029, 5G subscriptions will reach 519 million, accounting for 23% of mobile connections. The surge in adoption will be led by the Gulf Cooperation Council (GCC) sub-region, where 90% of all mobile subscriptions are projected to be 5G by 2029. The adoption of fixed wireless access (FWA) technology, backed by 5G, is expected to grow from 11% to 38% by 2029. Nokia MEA Senior Vice President of Mobile Networks, Mikko Lavanti, commented: “The adoption of 5G is increasingly important for countries across MEA to meet the rising demand for data services.

Residents in the Nelson Mandela Bay Metropolitan Municipality (NMBM) have until November 24 to update their prepaid electricity meter. According to Sikawuthi, the metro directorate is using various strategies to reach the thousands of residents who have not yet updated their prepaid electricity meter. “We continue to urge all residents and business owners with prepaid electricity meters to update their meters before the current devices expire in November 2024,” said Sikawuti. Refusal of access to update prepaid electricity meter remains a challenge for Metro staffShe urged the residents to cooperate with the Metro teams, as they have highlighted refusal of access by residents as one of the challenges they face. After the deadline, they might be able to buy electricity, but tokens won’t be accepted by the outdated meter,” she said.

While GDP is subdued in 2024, accelerating reforms would spur inclusive growthWASHINGTON, October 16, 2024 - Growth continues to be subdued in the Middle East and North Africa (MENA) because of uncertainties heightened by the conflict in the region, says the World Bank in its latest semi-annual MENA Economic Update, entitled Growth in the Middle East and North Africa. In the rest of MENA, growth is expected to decelerate. The ongoing conflict in the Middle East has already inflicted a heavy human and economic toll. "Peace and stability are the foundation of sustainable development," said Ousmane Dione, World Bank Vice President for the Middle East and North Africa. "Transforming the role of the state would lead to substantial gains in productivity," said Roberta Gatti, World Bank Chief Economist for the Middle East and North Africa.

Angola Leads ITSO African Group for the First Time | In In News | By By Mustapha IderawumiFor the first time, Angola is leading Region D (Africa) of the International Telecommunications Satellite Organisation (ITSO). During each regular meeting, the Assembly of Parties of ITSO elects a President and a Vice President from among the representatives. The Vice President assumes the President’s role in their absence, with the same authority. The goal is to ensure that international satellite networks can connect the over 67% of African citizens who currently lack internet access. Angola’s leadership role within ITSO reflects the country’s commitment to advancing satellite communications and fostering international collaboration for the benefit of the African continent.

Kenyan direct air capture (DAC) company Octavia Carbon has closed a US$5 million seed round to further develop and deploy its groundbreaking technology, which leverages geothermal resources – especially waste heat – to permanently remove CO2 from the atmosphere. DAC technologies extract CO2 directly from the atmosphere at any location, unlike carbon capture, which is generally carried out at the point of emissions, such as a steel plant. The CO2 can be permanently stored in deep geological formations or used for a variety of applications. Octavia Carbon’s US$5 million seed round was co-led by leading African venture capital firms Lateral Frontiers and E4E Africa, with participation from Catalyst Fund, Launch Africa Ventures, Fondation Botnar, and Renew Capital. The startup has also secured US$1.1m of non-dilutive carbon finance as part of this round, signaling strong market demand for the company’s carbon credits.

This follows AWS’s launch of its second Middle East cloud region in the UAE in 2022, with a planned US$5 billion (AED 20 billion) investment in the local economy through to 2036. The alliance will focus on delivering core cloud services like storage, computing, networking, cybersecurity, as well as artificial intelligence (AI) and machine learning (ML). The two companies will also leverage AWS’s unique Amazon Bedrock generative AI solutions to empower e&’s Middle East customers, large and small, with advanced AI to drive productivity and improve customer experiences. Our partnership with e& underscores AWS’s deep commitment to both the UAE and the wider Middle East, particularly in fast-tracking UAE Vision 2031. Tanuja Randery, Vice President, Europe, Middle East, and Africa, AWS

Saudi Arabia’s benchmark index gained 0.3%, with aluminium products manufacturer Al Taiseer Group rising 0.4% and ACWA Power Company closing 1.6% higher. Among other gainers, Arabian Internet and Communications Services advanced 1.2% after the firm signed a 309.7 million riyals ($82.50 million) contract with Saudi Telecom Company (STC). On the other hand, oil behemoth Saudi Aramco eased 0.2%. Dubai’s main share index gained 0.4%, with blue-chip developer Emaar Properties climbing 1.5%. In Abu Dhabi, the index inched 0.2% higher, supported by a 3.7% rise in Fertiglobe.

Main stage: Nov 19, 10.15am – The election fall out: What next for US policy? Workshop: Nov 19, 12.30pm – The impact of Foreign Language Anxiety (FLA) on student success. Main stage: Nov 19, 11.30am – Protests, police and politics – how do we manage conflict on campus? Workshop: Nov 19, 1.30pm – Crisis clinic: How to future-proof your marketing for crisis management. Visit The PIE Live North America site to book tickets, travel info and the ful agenda.

The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to bentonite market will help companies and investors design strategic landscapes. Horizon Databook has segmented the Middle East & Africa bentonite market based on sodium bentonite, calcium bentonite, other products covering the revenue growth of each sub-segment from 2018 to 2030. On account of increasing consumer base for personal care products in Saudi, bentonite market is anticipated to witness substantial growth in the near future. These strategies are expected to increase market penetration of bentonite market in aforementioned applications over the next eight years.

Middle East & Africa Parenteral Nutrition Market Report HighlightsSingle dose amino acid solutions held a dominant share in 2023. The leading players in the Middle East & Africa Parenteral Nutrition market include:B. Braun MelsungenBaxterFresenius KabiQatar Pharma FactoryHospira (now part of Pfizer Inc.)EvonikWhy should you buy this report? MEA Parenteral Nutrition Market Analysis ToolsChapter 4. MEA Parenteral Nutrition Market: Indication Movement Analysis, USD Million, 2023 & 20306.3. MEA Parenteral Nutrition Market: Sales Channel Movement Analysis, USD Million, 2023 & 20307.3.

Recently, multiple companies have signed MoUs for green hydrogen projects connecting to the South H2 Corridor in Tunisia and Algeria. Details regarding some of these projects will be presented at Renewable Energy Forum Africa (REFA 24) in Tunis on November 6 and 7. Prominent developers, including Germany’s ABO Energy, Aker Horizons, TotalEnergies, and TuNur, are advancing hydrogen projects in North Africa, with several in Tunisia. The Renewable Energy Forum Africa (REFA), scheduled for November 6-7, 2024, in Tunis, will bring African and international stakeholders together to discuss the strategic potential of renewable hydrogen across Africa. Organized by AFSIA, MESIA, CSPV, and SolarPower Europe, this forum will spotlight Africa’s role in the global renewable energy landscape.

Energy demand per person in the Global South is only 32 GJ a year, which is a fifth of the amount used in the Global North. 41% of people in the Global South live in countries where electricity demand per person is below the global energy minimum of one MWh a year. But the Global South contains 70% of the world’s renewable energy potential, and half of clean technology minerals. The renewable resources of the Global South are nearly 400 times larger than their current fossil fuel production. Fossil fuel demand for electricity will peak by 2030 in the Global South.