Trade and investment between Arabian Gulf countries and Africa could historically be summed up in one line: oil going one way, a few agricultural products going the other.
This is now changing as an increased diversity of capital is on the move in both directions.
UN figures show that total merchandise trade between Africa and UAE alone increased from US$5.6 billion in 2005 to $17.5bn in 2014, the latest year available. The evolution of financial interaction begins with a migration by Gulf economies away from mostly doing business with North Africa. Now, the relationship extends from Cape Town to Cairo.
The fact that the South African president Jacob Zuma was on Tuesday facing a secret vote of no confidence may affect relations with South Africa in the short term - should he lose - but that would be unlikely significantly impact overall trade with the continent
"There is a definite increase in interest in Africa as a whole by Gulf economies," says Ebrahim Deen, a researcher at the Johannesburg based Afro-Middle East Center. "Foreign direct investment [FDI] to Europe and elsewhere has slowed somewhat and Gulf countries are looking elsewhere to place offshore capital."
Africa-focused investment is also taking advantage of another Middle East trend. Over the past few decades many Gulf industries were set up not only to service locals, but also to expand economies away from purely resource exports. Now, as these industries mature they need fresh pastures to grow.
In particular infrastructure-related companies have found fertile ground across the 54 countries that make up the African continent.
A few of the most visible Gulf investors include the Saudi Telecom Company, which holds a 75 per cent stake in Cell C, a mobile operator in South Africa. The Investment Corporation of Dubai has placed $300 million in Dangote Cement of Nigeria, one of Africa's fastest expanding companies; Etihad has bought a 40 per cent stake in Air Seychelles; and Rani Investment, based in Dubai, is a key investor in Mozambique’s tourism industry where it operates luxury hotels.
Tourism is especially alluring to practiced Gulf operators and an emerging African hospitality scene.
_______________
Read more:
Gulf investments in Africa beginning to spread far and wide
Air Seychelles to add flights to Europe and South Africa in 2017
Ranks of African millionaires swell
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“The growing relations between GCC and Africa contribute to the development of their economies by forging economic cooperation based on mutual benefit and common goals," says Ravi Kumar Chandran, the director of IDE Consulting, a hospitality consulting group. "For years, both regions have served as a convenient communication hub and corridor between countries of GCC and Africa, and have established a strong partnership in many fields, such as transportation, hospitality, real estate, air transport and mining."
For some countries trade is simply about proximity. The UAE is now the leading destination for Ethiopia's meat exports, taking 60 per cent. Saudi Arabia has a share of 38 per cent and the rest is exported to other Middle East countries, according to the Ethiopian Meat Producers-Exporters Association.
So important has this market become that the Ethiopian Meat and Dairy Industry Development Institute said in June it was making special provisions to meet the jump in demand expected over Ramadan.
"We are increasing our normal operation of 1,500 tonnes of monthly meat export to Dubai and Saudi Arabian market to over 2,600 tonnes and are set to obtain over $12m in this fasting month," Khalifa Hussein. the Institutes' director said in the Ethiopian Herald at the time. "Ramadan's revenue has surpassed the non-fasting months amount by over $3m."
Unfortunately, African countries are not always the most predictable places to do business. A consortium of UAE investors including Etisalat and Mubadala have just withdrawn support from Etisalat Nigeria as it collapsed under a weight of debt caused in part by a surprise currency devaluation.
Another Gulf company struggling to come out ahead is the Saudi Arabian energy firm Acwa. It is currently caught up in a wider dispute that pits the South African electricity provider Eskom against a couple of dozen renewable energy providers. Eskom wants to renegotiate the initial price settled for electricity from these companies and has not signed final purchase agreements with them.
_______________
Read more:
Acwa interested in Saudi Arabia’s privatisation of state-owned utilities
Morocco breaks ground on $220m Noor Ouarzazate IV solar plant
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As a result, Acwa, along with 36 other mostly foreign investors building wind, solar and other renewable projects, face the possibility of operating at a loss. Acwa's concentrated thermal system that stores sunlight heat energy in a tower of salt has a budget of around 8bn rand (Dh2.19bn) and was slated to come online next year. It is now unclear if the project will go ahead. A spokesman for Acwa declined to comment.
Still, such blips are unlikely to dampen trade and investment activities, says Mr Deen. "One-off investment events like this won't change the big picture much. Countries will still adhere to a big-picture overview and keep their relationships going in spite of disputes." He adds that South Africa continues to gear up arms exports to the Middle East including Saudi Arabia.
Rather, potential investors would be more wary of a general political breakdown than of isolated mishaps.
"South Africa's attractiveness to investors will be measured by its ease of doing business and economic and political stability," says Thabi Leoka, an economic strategist at Argon Asset Management in Cape Town. "There may be unfortunate incidents that could deter investments, but I believe political and economic instability are the biggest determinants."
Ms Leoka notes that Mr Zuma paid a state visit to Saudi Arabia last year, and has said the region as a whole is of strategic economic importance to South Africa.
South Africans are also mindful of how in just a few decades GCC countries have leaped from being relative backwaters to among the most advanced in the world. As a result countries such as the UAE, where 10,000 South Africans are said to work, form a kind model they hope will be emulated back home.
"Given its impressive development story, the Middle East will continue to be important strategic partner for South Africa," Ms Leoka says.
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Abu Dhabi race card
5pm: Maiden (PA) | Dh80,000 | 1,600m
5.30pm: Maiden (PA) | Dh80,000 | 1,400m
6pm: Liwa Oasis (PA) Group 2 | Dh300,000 | 1,400m
6.30pm: Arabian Triple Crown Round-2 (PA) Group 3 | Dh300,000 | 2,200m
7pm: Wathba Stallions Cup (PA) Handicap | Dh70,000 | 1,600m
7.30pm: Maiden (TB) | Dh80,000 | 2,200m
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
ASIAN%20RUGBY%20CHAMPIONSHIP%202024
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UAE currency: the story behind the money in your pockets
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
COMPANY%20PROFILE
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The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
%E2%80%98FSO%20Safer%E2%80%99%20-%20a%20ticking%20bomb
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
The specs: 2018 Volkswagen Teramont
Price, base / as tested Dh137,000 / Dh189,950
Engine 3.6-litre V6
Gearbox Eight-speed automatic
Power 280hp @ 6,200rpm
Torque 360Nm @ 2,750rpm
Fuel economy, combined 11.7L / 100km
Spare
Profile
Company name: Spare
Started: March 2018
Co-founders: Dalal Alrayes and Saurabh Shah
Based: UAE
Sector: FinTech
Investment: Own savings. Going for first round of fund-raising in March 2019
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
Breaking News: The Remaking of Journalism and Why It Matters Now
Alan Rushbridger, Canongate
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
AndhaDhun
Director: Sriram Raghavan
Producer: Matchbox Pictures, Viacom18
Cast: Ayushmann Khurrana, Tabu, Radhika Apte, Anil Dhawan
Rating: 3.5/5
The biog
Alwyn Stephen says much of his success is a result of taking an educated chance on business decisions.
His advice to anyone starting out in business is to have no fear as life is about taking on challenges.
“If you have the ambition and dream of something, follow that dream, be positive, determined and set goals.
"Nothing and no-one can stop you from succeeding with the right work application, and a little bit of luck along the way.”
Mr Stephen sells his luxury fragrances at selected perfumeries around the UAE, including the House of Niche Boutique in Al Seef.
He relaxes by spending time with his family at home, and enjoying his wife’s India cooking.
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2)
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The Specs
Price, base Dh379,000
Engine 2.9-litre, twin-turbo V6
Gearbox eight-speed automatic
Power 503bhp
Torque 443Nm
On sale now
Fire and Fury
By Michael Wolff,
Henry Holt
UAE%20v%20West%20Indies
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Draw
Quarter-finals
Real Madrid (ESP) or Manchester City (ENG) v Juventus (ITA) or Lyon (FRA)
RB Leipzig (GER) v Atletico Madrid (ESP)
Barcelona (ESP) or Napoli (ITA) v Bayern Munich (GER) or Chelsea (ENG)
Atalanta (ITA) v Paris Saint-Germain (FRA)
Ties to be played August 12-15 in Lisbon
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Oppenheimer
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EChristopher%20Nolan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3ECillian%20Murphy%2C%20Emily%20Blunt%2C%20Robert%20Downey%20Jr%2C%20Florence%20Pugh%2C%20Matt%20Damon%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E5%2F5%3Cbr%3E%3C%2Fp%3E%0A
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Fasset%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2019%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Mohammad%20Raafi%20Hossain%2C%20Daniel%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20%242.45%20million%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2086%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-series%20B%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Investcorp%2C%20Liberty%20City%20Ventures%2C%20Fatima%20Gobi%20Ventures%2C%20Primal%20Capital%2C%20Wealthwell%20Ventures%2C%20FHS%20Capital%2C%20VN2%20Capital%2C%20local%20family%20offices%3C%2Fp%3E%0A
Notable cricketers and political careers
- India: Kirti Azad, Navjot Sidhu and Gautam Gambhir (rumoured)
- Pakistan: Imran Khan and Shahid Afridi (rumoured)
- Sri Lanka: Arjuna Ranatunga, Sanath Jayasuriya, Tillakaratne Dilshan (rumoured)
- Bangladesh (Mashrafe Mortaza)
Titan Sports Academy:
Programmes: Judo, wrestling, kick-boxing, muay thai, taekwondo and various summer camps
Location: Inside Abu Dhabi City Golf Club, Al Mushrif, Abu Dhabi, UAE
Telephone: 971 50 220 0326
Company%20Profile
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COMPANY%20PROFILE
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The%C2%A0specs%20
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BUNDESLIGA FIXTURES
Friday (all kick-offs UAE time)
Hertha Berlin v Union Berlin (10.30pm)
Saturday
Freiburg v Werder Bremen (5.30pm)
Paderborn v Hoffenheim (5.30pm)
Wolfsburg v Borussia Dortmund (5.30pm)
Borussia Monchengladbach v Bayer Leverkusen (5.30pm)
Bayern Munich v Eintracht Frankfurt (5.30pm)
Sunday
Schalke v Augsburg (3.30pm)
Mainz v RB Leipzig (5.30pm)
Cologne v Fortuna Dusseldorf (8pm)
Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
SPECS
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SHOW COURTS ORDER OF PLAY
Centre Court (4pm UAE/12pm GMT)
Victoria Azarenka (BLR) v Heather Watson (GBR)
Rafael Nadal (ESP x4) v Karen Khachanov (RUS x30)
Andy Murray (GBR x1) v Fabio Fognini (ITA x28)
Court 1 (4pm UAE)
Steve Johnson (USA x26) v Marin Cilic (CRO x7)
Johanna Konta (GBR x6) v Maria Sakkari (GRE)
Naomi Osaka (JPN) v Venus Williams (USA x10)
Court 2 (2.30pm UAE)
Aljaz Bedene (GBR) v Gilles Muller (LUX x16)
Peng Shuai (CHN) v Simona Halep (ROM x2)
Jelena Ostapenko (LAT x13) v Camila Giorgi (ITA)
Jo-Wilfried Tsonga (FRA x12) v Sam Querrey (USA x24)
Court 3 (2.30pm UAE)
Kei Nishikori (JPN x9) v Roberto Bautista Agut (ESP x18)
Carina Witthoeft (GER) v Elina Svitolina (UKR x4)
Court 12 (2.30pm UAE)
Dominika Cibulkova (SVK x8) v Ana Konjuh (CRO x27)
Kevin Anderson (RSA) v Ruben Bemelmans (BEL)
Court 18 (2.30pm UAE)
Caroline Garcia (FRA x21) v Madison Brengle (USA)
Benoit Paire (FRA) v Jerzy Janowicz (POL)
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
