🇪🇬🇦🇪 Egypt sells stake in tobacco firm Eastern Co to UAE company
Egypt has sold a stake in tobacco products maker Eastern Co in its first foreign sale of a major state asset since it agreed to a privatisation programme with the IMF last December.
The buyer was the UAE's Global Investment Holding Co., Eastern CEO Hani Aman confirmed.
Global Investment bought 30% of Eastern, or 669 million shares, for 16.40 billion Egyptian pounds ($531.60 million), or 24.51 pounds per share in a transaction executed on the stock exchange on Thursday.
Eastern's shares closed up 0.95% on Thursday at 27.95 pounds.
The buyer also agreed to pay an extra 4.38 pounds per share, putting the total purchase value at $650 million, the Ministry of Public Enterprise said in a statement forwarded by EFG Hermes, which acted as adviser on the transaction.
#Egypt #UAE
@africaintel
Egypt has sold a stake in tobacco products maker Eastern Co in its first foreign sale of a major state asset since it agreed to a privatisation programme with the IMF last December.
The buyer was the UAE's Global Investment Holding Co., Eastern CEO Hani Aman confirmed.
Global Investment bought 30% of Eastern, or 669 million shares, for 16.40 billion Egyptian pounds ($531.60 million), or 24.51 pounds per share in a transaction executed on the stock exchange on Thursday.
Eastern's shares closed up 0.95% on Thursday at 27.95 pounds.
The buyer also agreed to pay an extra 4.38 pounds per share, putting the total purchase value at $650 million, the Ministry of Public Enterprise said in a statement forwarded by EFG Hermes, which acted as adviser on the transaction.
#Egypt #UAE
@africaintel
🇸🇩🇦🇪 Sudanese general accuses UAE of supplying paramilitary RSF
A top Sudanese general has said the United Arab Emirates is sending supplies to the Rapid Support Forces (RSF), publicly accusing the UAE of involvement in war.
"We have information from intelligence, military intelligence, and the diplomatic circuit that the UAE sends planes to support the Janjaweed," General Yassir al-Atta said.
Atta said the UAE had funnelled unspecified supplies to the RSF through Uganda, the Central African Republic (CAR) and Chad.
In response to a request for comment, a UAE official said that from the outset of the war, the UAE had "consistently called for de-escalation, a ceasefire, and the initiation of diplomatic dialogue" in Sudan.
We recently covered this topic and pointed out the role of Chad in UAE-RSF scheme.
#Sudan #UAE
@africaintel
A top Sudanese general has said the United Arab Emirates is sending supplies to the Rapid Support Forces (RSF), publicly accusing the UAE of involvement in war.
"We have information from intelligence, military intelligence, and the diplomatic circuit that the UAE sends planes to support the Janjaweed," General Yassir al-Atta said.
Atta said the UAE had funnelled unspecified supplies to the RSF through Uganda, the Central African Republic (CAR) and Chad.
In response to a request for comment, a UAE official said that from the outset of the war, the UAE had "consistently called for de-escalation, a ceasefire, and the initiation of diplomatic dialogue" in Sudan.
We recently covered this topic and pointed out the role of Chad in UAE-RSF scheme.
#Sudan #UAE
@africaintel
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🇦🇪🇹🇩🇸🇩 UAE, Chad and civil conflict in Sudan — Part 1
Recently, the New York Times published an interesting material. In it the UAE was accused of fueling the war in Sudan and sponsoring the Rapid Support Force. Meanwhile, Chad was accused of acting as a…
Recently, the New York Times published an interesting material. In it the UAE was accused of fueling the war in Sudan and sponsoring the Rapid Support Force. Meanwhile, Chad was accused of acting as a…
🇳🇦🇦🇪 Anger in Namibia over Dubai COP28 trip by president's children
Some Namibians have been outraged after learning that President Hage Geingob's four children joined the government's delegation to the COP28 climate summit.
They were among six of the president's family members listed as part of Namibia's delegation in Dubai.
President Geingob's office on Monday confirmed his children travelled to the city, but denied claims that their trip was state-funded.
The office did not say how other family members were paid for. "The Namibian public and the media should be rest assured that not a single cent of public funds has been spent on the children of the first couple."
The presidency added that the claims were "malicious and politically motivated" and intended to distract from the "excellent work" by President Geingob and the Namibian delegation at COP28.
#Namibia #UAE
@africaintel
Some Namibians have been outraged after learning that President Hage Geingob's four children joined the government's delegation to the COP28 climate summit.
They were among six of the president's family members listed as part of Namibia's delegation in Dubai.
President Geingob's office on Monday confirmed his children travelled to the city, but denied claims that their trip was state-funded.
The office did not say how other family members were paid for. "The Namibian public and the media should be rest assured that not a single cent of public funds has been spent on the children of the first couple."
The presidency added that the claims were "malicious and politically motivated" and intended to distract from the "excellent work" by President Geingob and the Namibian delegation at COP28.
#Namibia #UAE
@africaintel
🇸🇩🇦🇪 Sudan declares 15 UAE diplomats persona non grata
Sudan declared 15 UAE embassy staff persona non grata, ordering them to leave the country within 48 hours, the Sudanese state news agency said on Sunday.
The news agency said Sudan’s foreign ministry summoned the acting UAE Chargé d’affairs and informed her of the decision. No further details were given.
#Sudan #UAE
@africaintel
Sudan declared 15 UAE embassy staff persona non grata, ordering them to leave the country within 48 hours, the Sudanese state news agency said on Sunday.
The news agency said Sudan’s foreign ministry summoned the acting UAE Chargé d’affairs and informed her of the decision. No further details were given.
#Sudan #UAE
@africaintel
🇿🇲🇦🇪 Jubilee Metals forms Zambian copper recovery venture with UAE's IRH
Jubilee Metals Group said it has formed a strategic partnership with Abu Dhabi-based International Resources Holdings (IRH) to recover copper from a historic waste dump in Zambia.
Africa's number 2 copper producer Zambia last month picked IRH, a unit of Abu Dhabi's most valuable listed company International Holding Company (IHC), as the new strategic equity partner in the state-owned Mopani Copper Mine.
IRH is actively pursuing the acquisition of metal assets including copper, nickel, graphite, manganese, cobalt and lithium which are essential to the UAE's green energy drive.
Jubilee, which mainly focuses on recovering metals from mineral waste, said it had secured IRH's investment to process an estimated 350 million metric tons of copper waste rock, which could potentially yield "in excess of 20,000 tons per annum of copper at a cost of below $4,000 per tonne of copper".
#Zambia #UAE
@africaintel
Jubilee Metals Group said it has formed a strategic partnership with Abu Dhabi-based International Resources Holdings (IRH) to recover copper from a historic waste dump in Zambia.
Africa's number 2 copper producer Zambia last month picked IRH, a unit of Abu Dhabi's most valuable listed company International Holding Company (IHC), as the new strategic equity partner in the state-owned Mopani Copper Mine.
IRH is actively pursuing the acquisition of metal assets including copper, nickel, graphite, manganese, cobalt and lithium which are essential to the UAE's green energy drive.
Jubilee, which mainly focuses on recovering metals from mineral waste, said it had secured IRH's investment to process an estimated 350 million metric tons of copper waste rock, which could potentially yield "in excess of 20,000 tons per annum of copper at a cost of below $4,000 per tonne of copper".
#Zambia #UAE
@africaintel
🇦🇪🇨🇬 UAE concludes trade talks with Republic of Congo
The United Arab Emirates has completed negotiations for a bilateral trade agreement with the Republic of Congo, the second such deal announced with an African state in a week.
"The breadth of the UAE's trade network continues to broaden as we conclude negotiations toward a Comprehensive Economic Partnership Agreement with the Republic of Congo-Brazzaville - a thriving economy in West-Central Africa and valued trade and investment partner," Thani Al Zeyoudi, UAE trade minister said.
Last week, the UAE, a major global oil exporter and OPEC member, completed talks for a trade deal with Mauritius, its first with an African country.
#UAE #Congo
@africaintel
The United Arab Emirates has completed negotiations for a bilateral trade agreement with the Republic of Congo, the second such deal announced with an African state in a week.
"The breadth of the UAE's trade network continues to broaden as we conclude negotiations toward a Comprehensive Economic Partnership Agreement with the Republic of Congo-Brazzaville - a thriving economy in West-Central Africa and valued trade and investment partner," Thani Al Zeyoudi, UAE trade minister said.
Last week, the UAE, a major global oil exporter and OPEC member, completed talks for a trade deal with Mauritius, its first with an African country.
#UAE #Congo
@africaintel
🇪🇬🇦🇪 Egypt agrees with Abu Dhabi Ports to develop Red Sea tourism terminals
Egypt initialed an agreement with Abu Dhabi's AD Ports Group to develop, operate and maintain terminals for passengers and cruise lines at the Red Sea ports of Hurghada, Safaga and Sharm El Sheikh, its transport ministry said.
The contract will also commit AD Ports Group to develop yacht and cruise ship tourism in Egypt, the ministry statement said.
"This contract will contribute to operating cruise lines between Zayed Port and Safaga, Hurghada and Sharm El-Sheikh and, later, Arabian Gulf ports, Aqaba and Europe and Asia," the statement added.
#Egypt #UAE
@africaintel
Egypt initialed an agreement with Abu Dhabi's AD Ports Group to develop, operate and maintain terminals for passengers and cruise lines at the Red Sea ports of Hurghada, Safaga and Sharm El Sheikh, its transport ministry said.
The contract will also commit AD Ports Group to develop yacht and cruise ship tourism in Egypt, the ministry statement said.
"This contract will contribute to operating cruise lines between Zayed Port and Safaga, Hurghada and Sharm El-Sheikh and, later, Arabian Gulf ports, Aqaba and Europe and Asia," the statement added.
#Egypt #UAE
@africaintel
🇺🇬🇦🇪 Uganda in talks with UAE investment firm over planned oil refinery
Uganda is negotiating with an investment company led by a member of Dubai's royal family to develop a planned $4 billion refinery for some of its crude oil, its energy minister said.
Uganda in July last year terminated negotiations with a consortium that included a unit of U.S. firm Baker Hughes, opens new tab over its failure to mobilise financing in time.
"Expressions of interest were received from several potential investors and they were evaluated following which a memorandum of understanding was signed on the 22 of December 2023," Minister of Energy and Mineral Development said.
Negotiations on the key commercial details between the government and United Arab Emirates-based Alpha MBM Investments started on Jan. 16 and are expected to be completed within three months, she added.
#Uganda #UAE
@africaintel
Uganda is negotiating with an investment company led by a member of Dubai's royal family to develop a planned $4 billion refinery for some of its crude oil, its energy minister said.
Uganda in July last year terminated negotiations with a consortium that included a unit of U.S. firm Baker Hughes, opens new tab over its failure to mobilise financing in time.
"Expressions of interest were received from several potential investors and they were evaluated following which a memorandum of understanding was signed on the 22 of December 2023," Minister of Energy and Mineral Development said.
Negotiations on the key commercial details between the government and United Arab Emirates-based Alpha MBM Investments started on Jan. 16 and are expected to be completed within three months, she added.
#Uganda #UAE
@africaintel
🇦🇪🇰🇪 UAE, Kenya seal comprehensive economic partnership deal
The United Arab Emirates and Kenya concluded negotiations on a trade deal that would boost trade and investment ties between the two countries as the Gulf country expands its role across Africa.
The Emirati news agency WAM reported that UAE Minister of Foreign Trade Thani bin Ahmed Al-Zeyoudi and Kenyan Cabinet Secretary for Investments, Trade and Industry Rebecca Miano signed a joint statement at the conclusion of the talks on the Comprehensive Economic Partnership Agreement in Dubai on Thursday.
The agreement will secure vital supply chains for both sides and facilitate investments in several fields including logistics, health care, travel and tourism, infrastructure and Information and communication technology, according to WAM.
#UAE #Kenya
@africaintel
The United Arab Emirates and Kenya concluded negotiations on a trade deal that would boost trade and investment ties between the two countries as the Gulf country expands its role across Africa.
The Emirati news agency WAM reported that UAE Minister of Foreign Trade Thani bin Ahmed Al-Zeyoudi and Kenyan Cabinet Secretary for Investments, Trade and Industry Rebecca Miano signed a joint statement at the conclusion of the talks on the Comprehensive Economic Partnership Agreement in Dubai on Thursday.
The agreement will secure vital supply chains for both sides and facilitate investments in several fields including logistics, health care, travel and tourism, infrastructure and Information and communication technology, according to WAM.
#UAE #Kenya
@africaintel
🇪🇬🇦🇪 Egypt announces $35 billion UAE investment on Mediterranean coast
Egypt said on Friday it had signed a deal with the United Arab Emirates to develop a prime stretch of its Mediterranean coast that would bring $35 billion of investments to the indebted country over the next two months.
The deal with ADQ, the smallest of Abu Dhabi's three main sovereign investment funds, is for the development of the Ras El Hekma peninsula and could eventually attract as much as $150 billion in investments, Egyptian Prime Minister Mostafa Madbouly told.
#Eygpt #UAE
@africaintel
Egypt said on Friday it had signed a deal with the United Arab Emirates to develop a prime stretch of its Mediterranean coast that would bring $35 billion of investments to the indebted country over the next two months.
The deal with ADQ, the smallest of Abu Dhabi's three main sovereign investment funds, is for the development of the Ras El Hekma peninsula and could eventually attract as much as $150 billion in investments, Egyptian Prime Minister Mostafa Madbouly told.
#Eygpt #UAE
@africaintel
Africa Intel
🇸🇴 Three soldiers die in hotel attack in Somali capital Three soldiers were killed and 27 people wounded in an attack on a hotel in Somalia's capital, police said on Friday. Security services were earlier seen surrounding the Syl Hotel, usually frequented…
🇦🇪🇸🇴 United Arab Emirates condemns terrorist attack that targeted a hotel in Mogadishu
The UAE has strongly condemned a terrorist attack that targeted a hotel in Somalia’s capital, Mogadishu, which resulted in a number of deaths.
The Ministry of Foreign Affairs affirmed that the UAE expresses its strong condemnation of these criminal acts and its permanent rejection of all forms of violence and terrorism aimed at undermining security and stability in contravention of international law.
The Ministry expressed its sincere condolences and sympathy to the government and people of the Federal Republic of Somalia, and to the families of the victims of this heinous crime, as well as its wishes for a speedy recovery for all the injured.
#UAE #Somalia
@africaintel
The UAE has strongly condemned a terrorist attack that targeted a hotel in Somalia’s capital, Mogadishu, which resulted in a number of deaths.
The Ministry of Foreign Affairs affirmed that the UAE expresses its strong condemnation of these criminal acts and its permanent rejection of all forms of violence and terrorism aimed at undermining security and stability in contravention of international law.
The Ministry expressed its sincere condolences and sympathy to the government and people of the Federal Republic of Somalia, and to the families of the victims of this heinous crime, as well as its wishes for a speedy recovery for all the injured.
#UAE #Somalia
@africaintel
🇦🇪🇿🇲 UAE's IRH plans bid for stake in Zambia's Lubambe copper mine
International Resources Holding (IRH), a unit of Abu Dhabi's International Holding Company said it intends to bid for a stake in Lubambe Copper Mine in Zambia.
IRH, which recently bought a 51% stake in Zambia's Mopani Copper Mines, told the deal had unlocked more opportunities to benefit from Africa's second largest copper producer.
A unit of Abu Dhabi's most valuable company, IRH is interested in buying an 80% stake in Lubambe held by EMR Capital, even after Chinese firm JCHX Mining agreed to buy the stake.
"IRH's commitment (at Mopani), has opened doors for additional investment opportunities in Zambia, including an intention to bid for a stake in the Lubambe Copper Mine," the company said.
The company's interest in Lubambe, potentially one of Zambia's largest copper mines, could create a bidding war with Shanghai-listed JCHX, a mine servicing and contracting firm.
#UAE #Zambia
@africaintel
International Resources Holding (IRH), a unit of Abu Dhabi's International Holding Company said it intends to bid for a stake in Lubambe Copper Mine in Zambia.
IRH, which recently bought a 51% stake in Zambia's Mopani Copper Mines, told the deal had unlocked more opportunities to benefit from Africa's second largest copper producer.
A unit of Abu Dhabi's most valuable company, IRH is interested in buying an 80% stake in Lubambe held by EMR Capital, even after Chinese firm JCHX Mining agreed to buy the stake.
"IRH's commitment (at Mopani), has opened doors for additional investment opportunities in Zambia, including an intention to bid for a stake in the Lubambe Copper Mine," the company said.
The company's interest in Lubambe, potentially one of Zambia's largest copper mines, could create a bidding war with Shanghai-listed JCHX, a mine servicing and contracting firm.
#UAE #Zambia
@africaintel
🇦🇪🇿🇲 UAE giant eyes majority stake in Vedanta's Zambian mines in expansion drive
The mining investment arm of Abu Dhabi's most valuable company has offered to buy a majority stake in Vedanta Resources' Zambian copper assets in its drive to build an African copper mining empire.
The unit of International Holding Company recently made an offer of more than $1 billion to buy a 51% stake in Konkola Copper Mines (KCM) from Indian billionaire Anil Agarwal-owned Vedanta.
The unit - International Resources Holding (IRH) - is racing to broaden its burgeoning copper mining business in Zambia after buying a 51% stake in Mopani Copper Mines in a deal worth $1.1 billion. IRH said last month it planned to bid for a stake owned by EMR Capital in Lubambe Copper Mine, which is also for sale.
The deals spree is part of a push by oil-rich United Arab Emirates (UAE) and Saudi Arabia to secure critical metal supplies from Africa.
#UAE #Zambia
@africaintel
The mining investment arm of Abu Dhabi's most valuable company has offered to buy a majority stake in Vedanta Resources' Zambian copper assets in its drive to build an African copper mining empire.
The unit of International Holding Company recently made an offer of more than $1 billion to buy a 51% stake in Konkola Copper Mines (KCM) from Indian billionaire Anil Agarwal-owned Vedanta.
The unit - International Resources Holding (IRH) - is racing to broaden its burgeoning copper mining business in Zambia after buying a 51% stake in Mopani Copper Mines in a deal worth $1.1 billion. IRH said last month it planned to bid for a stake owned by EMR Capital in Lubambe Copper Mine, which is also for sale.
The deals spree is part of a push by oil-rich United Arab Emirates (UAE) and Saudi Arabia to secure critical metal supplies from Africa.
#UAE #Zambia
@africaintel