VenturesNow

Sudan in final talks with UAE on $6 billion Red Sea port construction

Published

2 years ago

October 17, 2022

Sudan is in advanced talks with the United Arab Emirates on a project to build a port along the country’s Red Sea coast, the country’s Finance Minister, Gibril Ibrahim, announced on Monday.

The $6 billion port, a joint project between DAL Group and Abu Dhabi Ports owned by Abu Dhabi’s holding company ADQ, would be able to handle all kinds of commodities and compete with the country’s main national port, Port Sudan, the Minister said.

The deal which was initially agreed in June 2021, will see the UAE constructing the Red Sea port in Sudan as part of a $6 billion investment package, according to the DAL Group Chairman, Osama Daoud Abdellatif, which is a partner in the deal.

Abdellatif who spoke with journalists after the talks, said the package includes a free trade zone, a large agricultural project and an imminent $300 million deposit to Sudan‘s Central Bank, which would be the first such deposit since a military coup last October.

Located about 200 km north of Port Sudan, the Red Sea Port when completed, would also include a free trade and industrial zone modeled after Dubai’s Jebel Ali, as well as a small international airport, Abdellatif said.

“The project is in advanced stages, with studies and designs complete,” he added.

Click to comment

VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

1 day ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”