First Independent Mena Newspaper
Morocco and the United Kingdom are building thriving partnerships, including in trade, green finance and education, said the British Minister of State for Foreign Affairs for South and Central Asia, North Africa, the UN and the Commonwealth, Lord Tariq Ahmad. “Our kingdoms are working together to deliver a shared vision of economies that are […]
More cooperation was needed among developing nations to overcome dwindling foreign currency reserves, a growing energy crisis and supply chain disruptions, according to business leaders and officials from eight developing nations meeting in Bangladesh. Representatives from Egypt, Nigeria, Turkey, Iran, Malaysia, Pakistan and Bangladesh under the banner of D-8, or developing eight countries, were discussing […]
Kanga Potash, a world class, low-cost potash project developer, is seeking to raise about $500m for the first phase of its potash development project north of Pointe Noire in the Republic of Congo. According to the company’s executive chairman Stéphane Rigny, about 60% of the amount will be debt and 40% equity, including some mezzanine […]
Saudi Arabian retailer BinDawood Holding has acquired 80.5% stake in Paris-based marketing agency Ykone through its wholly owned subsidiary Future Technology Retail (FTR), Zawya reports. BinDawood Holding in a statement said the transaction is part of the company’s strategy to boost its e-commerce presence. “The Middle East’s influencer marketing industry is growing exponentially. This investment […]
UM6P Ventures, the venture-capital arm of Mohammed VI Polytechnic University, has become a shareholder of U.S. Akorn Technology, a Silicon Valley start-up and innovator in edible food coatings. In a press release issued Monday, UM6P Ventures said it invested in Akorn Technology to reduce global food waste and extends shelf life. “UM6P Ventures’ investments are […]
Central Bank of Somalia (CBS) has recently granted its first two foreign banking licenses — to Turkey’s Ziraat Katılım bank and Egypt’s Banque Misr — in decades as the country seeks to rebuild its financial sector and attract international investment. Both state-owned financial institutions were approved by Somalia’s central bank at the start of July. […]
The number of bank cards increased in Morocco by 4.1 pc in 2021, compared to the previous year, reaching 17.9 million, says Morocco’s Central Bank in its latest report, noting that 88 pc of these cards were used for cash withdrawal. Over 5.4 million payment accounts were opened last year against 2.6 million transaction accounts […]
With the euro having recently declined to less than one US dollar, this development has a direct impact on the CFA franc, which has a fixed exchange rate parity value with the single European currency. The euro’s continued to slide toward the US dollar since 5 July has resulted in a 20-year low, according to […]
The rising price of basic foods is worsening South Africa’s food security crisis which could increase social instability and spark a repeat of the devastating July 2021 unrest that spiraled out of control. Meanwhile, in Uganda, people in the eastern city of Jinja have taken to the streets protesting the rapidly rising cost of living. […]
The Central Bank is preparing a law governing the use of cryptocurrencies in Morocco, which is expected to be submitted to Parliament by year’s end, a senior official said. The central bank is benchmarking and examining similar laws elsewhere, Hiba Zahoui director of Bank supervision said at a press conference. She declined to give details […]