Briefings by Thinking Arabian | 11 March 2023

In a Nutshell

Briefings about Africa, GCC & MENA, Sudan, United Arab Emirates, Qatar, Egypt, Saudi Arabia, Jordan

In a Nutshell

S&P Global, Moody’s raise Saudi Arabia rating on reform agenda

Fitch Ratings, one of the big three rating agencies, assigns Saudi Arabia the same score as S&P Global while Moody’s has it one level higher

BP, ADNOC bid for interest in NewMed Energy

The two companies intend to establish a new joint venture that will focus on gas development in international areas of common interest

UAE economy to grow by 4.3% in 2024, Central Bank says

The UAE Central Bank expects the country's economy to grow by 4.3 percent in 2024 and has maintained its growth forecast of 3.9 percent for the current year.

Arab Jordan Investment Bank to acquire Standard Chartered’s business in Jordan

Standard Chartered’s corporate, commercial and institutional banking, and consumer, private and business banking businesses in Jordan will move to AJIB

Africa, MENA & GCC

Africa could be a key green hydrogen supplier to Europe amid energy crisis, Rystad says?

Africa could be a key supplier of green hydrogen to Europe, which is currently looking to diversify its energy mix following the reduction of Russian natural gas supplies, according to Rystad Energy. Egypt stands in the 'top position' in the production of the low-carbon fuel, with 21 projects in the pipeline, consultancy says. (24.03.2023, The National News)

UAE, Oman call for bids on $3 billion transnational railway project

The move aims to expand the role of the private sector in the state-owned project and promote regional integration, with the project connecting Oman’s Sohar Port with the UAE's National Rail Network. (23.03.2023, Al-Monitor)

Agreement between Iran and Saudi Arabia: End of the diplomatic ice age?

Saudi Arabia and Iran are considered enemies, but have now agreed to resume diplomatic relations. However, the rapprochement between the rival regional powers is unlikely to last long. (23.03.2023, SWP Berlin)

Sudan

Sudan’s military leader Burhan backs democratic transition

General Abdel Fattah al-Burhan reiterates that the army will be brought under a civilian-led government as talks on military reforms began on Sunday. (26.03.2023, AlJazeera)

Western Envoys Vow to Resume Support for Sudan Transition

Special envoys from the European Union, Britain, France, Germany, Norway, and the U.S. have vowed to support Sudan's transition to a civilian-led government. (09.02.2023, VOA)

United Arab Emirates

Adnoc to explore low-carbon ammonia opportunities with Germany’s North Rhine-Westphalia

They will focus on the production and transportation of low-carbon ammonia and its application as a fuel in energy generation (27.03.2023, The National News)

How the UAE can tap into its solar assets to change the future of energy

More than 90% of the Emirates' landmass has the capability to produce solar energy. The UAE has the best solar power potential in the world. More than 90 per cent of the country’s landmass has the capability to produce solar energy. (22.03.2023, The National News)?

Qatar

‘Qatar a growing automotive market in Middle East'

Suzuki Motors Corporation Japan officials commended the close partnership it has maintained with Teyseer Motors for a long period in Qatar which is an important and growing market in the Middle East. (23.03.2023, The Peninsula Qatar)

Qatar exceeds Germany as trade surplus soars with record-breaking exports

Qatar has climbed five spots to rank sixth among countries with the highest trade surplus in 2022, with a recorded surplus of $97.5 billion,?according to a new report.?(28.03.2023, Doha News)

Egypt

Non-oil sectors drive Egypt’s surging FDI inflows: CBE

Egypt’s non-oil business sectors were responsible for the lion’s share of net foreign direct investment (FDI) inflows during the first quarter (1Q) of the current FY2022/2023 (July-September 2022), the Central Bank of Egypt (CBE) said in a new report. (26.03.2023, Ahram)

World Bank approves $7 bln partnership framework with Egypt

The World Bank?has approved a new partnership framework with Egypt for the fiscal years 2023-2027, through which Egypt will obtain financing worth US$7 billion. (22.03.2023, Egypt Independent)

IFC and Egypt's CIB sign agreement to develop climate risk management framework

The International Finance Corporation (IFC), a financial arm of the World Bank Group (WBG), and Commercial International Bank (CIB), Egypt's largest private sector bank, signed an agreement on Tuesday to develop and implement a robust climate risk management framework, according to a statement by IFC on Wednesday. (22.03.2023, Ahram)

The IFC could participate in Egypt’s privatization program, regional vice-president for Africa Sérgio Pimenta says

The International Finance Corporation (IFC) wants in on the state privatization program:?The first of as many as 32 privatization sales will start after Ramadan, and while the majority of headlines have centered on potential appetite from GCC sovereign wealth funds, emerging markets investors — hungry for bright spots in a gloomy EM macro climate — are closely watching progress on the program (26.03.2023, Enterprise)

Saudi Arabia

Saudi Arabia allocates over $80bn for water projects

Saudi Arabia has allocated a budget of more than $80 billion to implement hundreds of water projects in the coming years, revealed a top minister. (26.03.2023, Arab News)

Jordan

Rendezvous with Petra

In the tourism sector, Jordan scores mainly on the themes of history, religion and nature. Other potentials have hardly been exploited so far. (28.03.2023, GTAI)

New options through renewable energies

Solar and wind power offer Jordan its first opportunity to reduce dependence on energy imports. This may even lead to an oversupply of electricity. (28.03.2023, GTAI)