bp and ADNOC form Egypt joint ventureADNOC and bp are forming a joint venture (JV) in Egypt which is expected to complete in the second half of 2024. The JV (51% bp, 49% ADNOC) will combine the pair’s technical capabilities and proven track records as it aims to grow a highly competitive gas portfolio. bp will contribute its interests in three development concessions, as well as exploration agreements, in Egypt to the new JV. Musabbeh Al Kaabi, ADNOC Executive Director for low carbon solutions and international growth, said the tie up represents a significant step forward as the Abu Dhabi company builds its international natural gas portfolio. He said, “This progressive joint venture partnership will enhance Egyptian energy security and the economic potential of the region’s most populous Arab country.

MENA Digest: Kema, Logidoo raise early-stage capital, Sowt buys Rising Giants NetworkCredit: VCCircleStartup dealmaking in the Middle East and North Africa region this week was led by a couple of early-stage funding deals and an acquisition. While the UAE-based fintech platform Kema secured pre-seed funding, Moroccan logistics solutions provider Logidoo raised seed funding. Jordan-based Arabic audio content production platform Sowt acquired the UAE-based podcast platform Rising Giants Network. AdvertisementDubai Future District Fund (DFDF), the region’s first evergreen venture capital fund-of-funds and direct investment vehicle, also participated in the round. AdvertisementSowt-Rising GiantsAmman-based Arabic audio content production platform Sowt has acquired podcast producer Rising Giants Network (RGN) for an undisclosed sum to widen its reach and product portfolio.

Now that liner networks have been reworked to use the round-of-Africa routing, using our usual model for calculating demand in TEU*Miles, Sea-Intelligence estimates that moving the same amount of cargo globally would increase the demand by 16 percent. This equates to an increase of 16 percent," says the latest update. "The trade between Far East and North America is the least impacted overall but this is because the impact is volume-weighted, and of course the distances from Far East to U.S. West Coast are not impacted and neither is the distance from Far East to U.S. East Coast via Panama." The 16 percent increase in global TEU*Miles, in turn, means that the need for capacity also increases by 16 percent, the update added. The second is by speeding up vessels to allow the same amount of vessel capacity to deliver more TEU*Miles per year.

The AfDB said political instability and China’s economic slowdown were compounding the shocks of COVID-19 and Russia’s war in Ukraine. The final figure for 2023 was below the 3.4% growth the AfDB had forecast in November. It also cut its regional growth estimates for central and north Africa, amid a recession in oil producer Equatorial Guinea and the aftermath of devastating flooding in Libya.

Emilio de la Cruz Managing Director of South West Europe at Maersk. Emilio de la Cruz Managing Director of South West Europe at Maersk. The new Morocco Bridge solution is a multimodal service that connects Morocco with Spain and the rest of Europe. Emilio de la Cruz Managing Director of South West Europe at Maersk. Emilio de la Cruz Managing Director of South West Europe at Maersk.

Politicians from the Wiper Democratic Movement, an affiliate party of the opposition coalition Azimio la Umoja are continuing to press Raila Odinga to back his erstwhile ally. Leading the path is Makueni governor Mutula Kilonzo Junior. The Wiper party argue that Kalonzo Musyoka shelved his presidential ambitions to support Raila, having been his deputy in 2013 and 2017. “The time for Raila to declare Kalonzo [as the presidential candidate] is now. There is no argument about it,” Kilonzo Junior said at a gathering on Saturday where Raila was in attendance.

Progress towards credible elections in Libya is impossible without an agreement between the key political players, the UN’s top envoy to the north African country said on Thursday. Adding to the complexities is the reality of two rival administrations, with the internationally recognized Government of National Unity (GNU) based in Tripoli and the Government of National Stability (GNS) in the east. The President of the Presidential Council (PC), Mohamed al-Menfi, “does not want to be seen as a party, but is prepared to act as facilitator to support my initiative”, Special Representative Bathily told ambassadors. He highlighted that the Security Council and the international community have a “critical role” to play in pressuring Libyan leaders to engage constructively. On the security front, hundreds of Chadian mercenaries and foreign fighters reportedly returned from Libya to Chad, however, security in southern Libya remains alarming due to the crises in Sudan and the vast Sahel region.

Offshore staffSAN DONATO MILANESE, Italy — Eni has revealed strong results from its Cronos-2 appraisal well on Block 6, 160 km offshore southwest Cyprus. The well was drilled to appraise a lateral extension of the Cronos discovery from August 2022, and to assess reservoir characteristics via a production test. An extended production test that followed suggested well production capacity of more than 150 MMcf/d would be feasible. This was the fourth well on Block 6 following the gas discoveries of Calypso in 2018 and Zeus in 2022. “The successful appraisal of the Cronos gas discovery confirms the presence of significant resources and production potential in Block 6,” said Julien Pouget, senior vice president Middle East & North Africa, Exploration & Production with TotalEnergies.

This new multi-year agreement will consolidate TDA’s TV and radio channels at the 7/8° West orbital position, the country’s leading video neighbourhood. The additional capacity at 7/8° West will enable the company to enhance its content offering to audiences across the country, and further afield across the Middle East and North Africa. The 7/8° West orbital position is the leading satellite neighbourhood for audiences in Algeria, reaching 97% of satellite TV households, and the leading orbital position across the Middle East and North Africa. Offering broadcasters, the largest exclusive reach in the region, audiences prefer the 7/8° West video neighbourhood thanks to its unparalleled line-up of around 900 TV channels broadcasting from the 7/8° West orbital location. The Company is headquartered in Paris and Eutelsat Group employs more than 1,700 people from more than 50 countries.

At this time of crisis, Egypt stood out for its stability in onion supplies, with production rising and exports flowing. According to official statistics authority Capmas, Egyptian onion exports rose by 95.9 per cent in the first half of 2023. In October, however, even Egypt had introduced a three-month ban on onion exports, which has since been extended until 30 March. It is the first time exports have been stopped to cover the market.”According to Mostafa, exporters will have to wait until the government announces that exports can resume, as it did earlier this year for potatoes. In Central Asia, abundant onion stocks have reportedly resulted in low prices, as companies seek to shift volumes ahead of the new harvest.

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Nigeria has been the best-funded country in Africa, from a tech startup perspective, for the last two years, but it suffered a sharp fall from grace in 2023. The number of funded ventures, and the total funding raised, declined for the first time since 2016, though not as dramatically as many had feared. As for the other “big four” markets, all saw fewer startups secure capital, but it was a mixed bag when it came to total funding. Stronger than expected performances in Kenya and South Africa, then, actually meant the share of investment secured by the four leading markets increased. The share of funded startups, however, did decline, to 71.9 per cent from 75.8 per cent.

This agreement will see SoftwareOne offering Google Cloud products worldwide, with a strong emphasis on services across Europe, encompassing AI and Data Analytics, Infrastructure Modernization, App Modernization, and Google Workspace. Organizations dedicated to accelerating their digital transformation journey choose Google Cloud for its secure, open, and flexible infrastructure. As a Premier Partner for Sell and Service engagement models, SoftwareOne’s certified Google Cloud team is committed to assisting clients in leveraging the full potential of Google Cloud. By providing commercial and technical expertise, SoftwareOne helps clients select the most suitable solutions tailored to their specific business requirements. Collaborating closely, SoftwareOne and Google Cloud will deploy a dedicated team of Google Cloud experts to facilitate IT solution implementations for customers in France, Germany, and Spain.

SEOUL, Feb 15 (Reuters) – The influential sister of North Korean leader Kim Jong Un said there is no impediment to closer ties with Japan and there may come a day Japanese Prime Minister Fumio Kishida visits Pyongyang, state news agency KCNA said on Thursday. Kishida, whose nation has no formal diplomatic ties with Pyongyang, has said he was exploring possibilities to meet North Korea’s leader to resolve the matter of Japanese civilians abducted in the 1970s and 1980s.

Morocco has moved up one spot to claim the 12th position globally in the FIFA rankings, as announced in the latest rankings released by the international football governing body on Thursday. With 1663.39 points, the Atlas Lions maintain their top spot in Africa ahead of Senegal, which occupies the 17th position with 1620.74 points. The Moroccan national team also retains the top position in the Arab world, ahead of Egypt, ranked 36th with 1500.38 points. On a global scale, Argentina remains at the top of the FIFA rankings, followed by France and England. Beaten finalists Nigeria (28th, up 14) make significant strides but are no match for the Angola side they ousted in the last eight (93rd, up 24), who are the biggest climbers in the latest instalment of the global ranking.