Latest news with #economicpartnerships
Times of Oman
24-06-2025
- Business
- Times of Oman
Forum in Algiers highlights Algerian-Omani Economic Partnerships
Algiers: The Algerian-Omani Business Forum, titled 'Algerian-Omani Economic Partnerships: Pioneering Fields and Promising Prospects," was held on Tuesday in the Algerian capital, as part of Oman's participation as the guest of honour at the 56th Algiers International Fair. Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, emphasized that the organisation of this forum—attended by elite business leaders from both countries—reflects the mutual interest in strengthening relations, enhancing bilateral investment and exploring trade and investment opportunities to boost commercial exchange, imports and exports. In his speech, he stated that Oman seeks to diversify its imports, promote Omani exports and establish investment integration between the two nations. He noted that the forum aims to develop joint collaboration and expand the foundations of integration toward broader horizons, building a competitive economy that interacts with global markets, adapts to changes, and sustains national economic growth. He added that both governments are committed to providing all necessary facilities, incentives and enablers to empower the private sector in contributing to sustainable prosperity and development. The Minister expressed hope that Oman's participation as the guest of honor at the 56th Algiers International Fair would enhance investment and trade exchange between the two countries. He called on the private sectors in both nations to play their desired role, with both governments ready to provide all required support. On his turn, Tayeb Zitouni, Minister of Internal Trade and Market Regulation of the People's Democratic Republic of Algeria, expressed pride in the historical and fraternal ties between the two countries, which have reached a strategic level of convergence and understanding in recent years. In his remarks, he highlighted the state visit of the President of Algeria to Oman in October 2024, followed by the state visit of His Majesty the Sultan to Algeria in May 2025, as pivotal milestones in Algerian-Omani relations. These visits culminated in a joint statement that clearly affirmed the leaders' commitment to strengthening bilateral partnership and elevating it to broader horizons, serving the mutual interests of both nations and peoples. He noted that Algerian-Omani economic cooperation has taken promising steps, reflected in major projects such as the fertilizer production complex in 'Arzew" city, valued at approximately $2.4 billion, and the establishment of the Algerian-Omani Investment Fund. Additionally, projects under study in sectors such as automobiles, energy, pharmaceuticals, and agriculture were discussed. He stressed the potential to expand economic cooperation into promising and vital sectors like tourism, services, cultural industries, and traditional crafts—areas where both countries possess significant potential and real investment opportunities. He called for doubling efforts to develop export-import channels and leveraging both nations' natural and human resources. Meanwhile, Faisal Abdullah Al Rowas, Chairman of Oman Chamber of Commerce and Industry, stated that the forum explored joint partnership opportunities and reviewed available investment prospects in both countries. He added that partnerships between investors in both nations are expected in various sectors, particularly manufacturing and pharmaceuticals, noting that the Algerian market is promising and strategically positioned to provide investors access to neighboring markets. The forum featured three panel discussions addressing investment opportunities in logistics, manufacturing, and urban development. Additionally, promotional presentations on investment in Oman and Algeria were showcased on the sidelines. Bilateral meetings were held between business leaders from both countries to explore joint trade and investment cooperation, including opening marketing channels for their products and establishing joint investment ventures. The forum was attended by Saif Nasser Al Badai, Ambassador of Oman to Algeria, along with several officials from the public and private sectors and some business leaders from both nations.
Zawya
24-06-2025
- Business
- Zawya
African leaders urge United States (U.S.) to embrace investment-driven partnerships and review tariffs
African leaders have called on Monday for an urgent review of U.S. tariffs on African exports, urging a shift towards transformative partnerships and investment in Africa's economic potential. Addressing more than 2,000 government and business leaders, and other delegates at the U.S.-Africa business summit in the capital Luanda, Angolan President João Lourenço said: 'It is time to replace the logic of aid with the logic of investment and trade.' He urged U.S. companies to diversify beyond traditional oil and mineral extraction and invest in sectors such as automotive manufacturing, shipbuilding, tourism, cement production, and steel production. African Union Commission Chairperson Mahmoud Ali Youssouf, added, 'We're not seeking aid, but building co-created solutions.' He called for the removal of punitive tariffs and visa restrictions, noting that Africa's 1.3 billion people and abundant resources remain among the world's most significant untapped economic opportunities. 'This should not just be a summit, but a call to action. Together, let's walk the pathways to prosperity—with unity, purpose, and Agenda 2063 as our guide,' he told the summit. In his remarks, African Development Bank Group President Dr. Akinwumi Adesina said, 'We should review the high tariffs on African countries. What is needed is more trade between Africa and the U.S., not less.' African Continental Free Trade Area (AfCFTA) Secretary General Wamkele Mene reinforced Africa's integration agenda, highlighting the importance of open regional markets. 'The undertaking of the AfCFTA is an ambitious one—It has to be ambitious,' Mene said. He emphasized that the success of AfCFTA is essential to scale investment, reduce fragmentation, and accelerate industrial development across the continent. From rhetoric to action: Building real partnerships The central message was clear: the era of aid dependency is over, and the time for transformative investment partnerships has arrived. The leaders called for bold, strategic investments to unlock Africa's trillion-dollar potential. Responding to the call for deeper engagement, U.S. officials acknowledged Africa's growing economic importance and the need to reset perceptions. Senior State Department Bureau Official Troy Fitrell said, 'There are business leaders in the U.S. who need to understand the opportunities that lie in doing business with Africa. Our mission going forward will be to find them—and bring them in.' The U.S.-Africa Business Summit promotes economic cooperation and investment between the United States and Africa with a focus on fostering sustainable and inclusive economic growth. By bringing together leaders from government, business, and civil society, the summit provides a platform to discuss key issues and opportunities in the U.S.–Africa relations, ultimately driving growth and development on both sides. Adesina pointed to the Lobito corridor as a concrete example of strategic investment already underway. 'That is why the African Development Bank is a key strategic partner with the U.S., Angola, and Zambia on the development of the Lobito corridor,' he said. This critical corridor will link the vast areas of Zambia and the Democratic Republic of the Congo to the port of Angola, improving mineral supplies, unlocking agricultural potential, and creating jobs. The African Development Fund, the soft loan arm of the Bank Group, will be providing $500 million in support of the development of the Lobito Corridor. Additionally, the African Development Bank will provide $1 billion over five years for complementary investments around the corridor, including agricultural value chains, roads, and energy infrastructure. Act on the data, not perceptions The Bank President went further: 'As we build transport corridors, let us also build strategic partnership corridors. Strategic partnerships that prioritize capital investments in infrastructure, agriculture, minerals industrialization, and development of digital infrastructure, as well as capital markets.' He charged U.S. investors: 'Act on the data, not perceptions. Think Africa. Think opportunities. Think competition. From the U.S. International Development Finance Corporation to the Export-Import Bank of the United States, as well as institutional investors and capital allocations, invest in Africa. Let's make America and Africa great again.' Corporate Council on Africa President Florie Liser challenged summit delegates to embrace true partnership: 'Beyond deals, let's strive for lasting transformation.' As part of the opening ceremony of the Summit, the Corporate Council on Africa honored Dr. Adesina with its Distinguished Economic Leadership Award, recognizing his significant contributions to Africa's transformation. Council Deputy Chairman, Mr. Jean Raymond Boulle, conferred the award, describing how the African Development Bank has impacted millions of Africans under Adesina's leadership, while transforming the Bank to a world-class institution and a partner of choice. Akinwumi Adesina, who will complete his second and final five-year term as President of the African Development Bank Group on 31 August, has led for the past decade transformative projects across Africa under the Bank's five strategic priorities, the 'High 5s'. They have positively impacted the lives of more than 565 million people on the continent. Speaking at a high-level event hosted by Africa50, a pioneering infrastructure investment platform dedicated to accelerating project development and delivery across Africa, Adesina emphasized the urgent need to scale local financing solutions—especially in local currencies—to mitigate forex volatility, reduce risk mismatches, and enhance the bankability and stability of infrastructure projects for global investors. The event, titled 'Unlocking Capital for Africa's Infrastructure through Innovative Finance,' featured a high-level panel discussion on asset recycling, moderated by CNN's Richard Quest, with insights from Alain Ebobissé, CEO of Africa50; Brook Taye, Director General of Ethiopia Investment Holdings; and Armando Manuel, Chairman of Fundo Soberano de Angola. Together, they explored how innovative models, such as asset recycling, can unlock capital and accelerate infrastructure development across Africa. Alain Ebobissé stated that the asset recycling model has been successfully implemented in many countries worldwide. 'In implementing this initiative in Africa, we are pursuing three objectives. First, monetizing assets—ensuring that, instead of owning only a bridge, you receive cash that you can reinvest in your assets. Second, improving the efficiency of the asset by bringing in first-class operators to help us manage those assets. Third, and most importantly, we aim to bring pension funds and other investors interested in cash flow-generating assets to finance these projects,' Ebobissé explained. Adesina said over the past decade, the African Development Bank Group has invested over $55 billion in infrastructure, including regional projects, making the Bank the largest financier of infrastructure in Africa. The African Development Bank established Africa50 as a private equity infrastructure platform, comprising a project development company and a project finance company, to support the development of infrastructure with market-rate returns. Africa's missing share of a $2.9 trillion opportunity The Bank President informed the audience that, in the past eight years since its establishment, Africa50 has invested in a portfolio of infrastructure projects worth over $8 billion. 'But more is needed, especially from private sector investors,' stated Adesina. 'Africa should be well positioned to attract some of the $2.9 trillion global green bonds. However, the continent represents less than 1% of global green bond issuance. Because most of Africa's infrastructure is yet to be built, this represents a huge opportunity for green bond issuances to build green infrastructure, reduce carbon emissions, and build climate resilience.' The African Development Bank launched the Alliance for Green Infrastructure in Africa (AGIA) to mobilize $500 million for project preparation and development, as well as $10 billion for green infrastructure investments. Africa50 is the General Partner for the AGIA-Project Development Fund, with several Limited Partners, including the G7 countries. To mitigate risks at scale across Africa, the African Development Bank is establishing the Africa Risk Mitigation Agency, which will consolidate all banks' guarantee instruments into a single entity. The entity will support guarantees for equity risk, climate risk, refinancing risk, and political risk. He emphasized that Africa50 is also pioneering asset recycling, enabling governments to recover their investment in infrastructure by transferring brownfield assets to the private sector. This can help to reduce debt burdens and provide liquidity for governments. 'The Senegambia bridge, which the African Development Bank financed with $104 million, was the first to be used for the asset recycling program. It worked successfully, as Gambia received $104 million it spent back through Africa50,' he added. 'Following this, several asset recycling initiatives are being proposed for many infrastructure projects financed for governments by the African Development Bank Group.' The renewed momentum for U.S.-Africa business partnerships received strong political backing, with the participation of seven Heads of State, several Prime Ministers, and leaders of key regional organizations. Attending dignitaries included Presidents Denis Sassou Nguesso (Republic of the Congo), Faustin-Archange Touadéra (Central African Republic), Félix Antoine Tshisekedi Tshilombo (Democratic Republic of the Congo), Taye Aske Selassie (Ethiopia), Duma Gideon Boko (Botswana), Netumbo Nandi-Ndaitwah (Namibia), and Brice Clotaire Oligui Nguema (Gabon); Prime Ministers Gervais Ndirakobuca (Burundi), Robert Beugré Mambé (Côte d'Ivoire), Russell Mmiso Dlamini (Eswatini), Manuel Osa Nsue Nsua (Equatorial Guinea), Christian Louis Ntsay (Madagascar), and Deputy Prime Minister Nthomeng Justina Majara (Lesotho); as well as Mahamoud Ali Youssouf, Chairperson of the African Union Commission, Ambassador Gilberto Da Piedade Verissimo, Chairperson of the Economic Community of Central African States, and Elias M. Magosi, Executive Secretary of the Southern African Development Community. Distributed by APO Group on behalf of African Development Bank Group (AfDB). About the African Development Bank Group: The African Development Bank Group is Africa's premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information:
Globe and Mail
12-06-2025
- Business
- Globe and Mail
Carney's G7 invitation list continues to expand, despite concerns about India's presence
Prime Minister Mark Carney continues to expand the invitation list for the coming Group of Seven summit, as he seeks to build new economic partnerships, though some of his caucus members are raising concerns about India's presence at the table. The Globe and Mail has learned that Saudi Arabia Crown Prince Mohammed bin Salman will not attend next week's G7 gathering in Kananaskis, Alta. – a development that may ease some of the tension inside Mr. Carney's Liberal caucus, as some MPs were also upset about Mr. bin Salman's invitation. The MPs say India and Saudi Arabia are in violation of Mr. Carney's own G7 priority of 'countering foreign interference and transnational crime,' and therefore should not have been invited. A list of attendants of the June 15-17 summit, issued Wednesday by the Prime Minister's Office, includes the leaders of Brazil, South Africa, India, the United Arab Emirates, South Korea, Mexico, Ukraine and Australia; the presidents of the European Commission and World Bank; and the NATO secretary-general. More leaders may still be confirmed. The members of the G7, an informal grouping of some of the world's most advanced economies, are Canada, France, Germany, Italy, Japan, Britain and the United States. The country hosting each year's summit often invites non-member states to attend in recognition of other major economies and the need for global collaboration on major policy priorities. Mr. Carney announced Wednesday that, ahead of the summit, British Prime Minister Keir Starmer will come to Ottawa for bilateral talks. 'Prime Minister Starmer's visit will strengthen the long-standing economic and security partnership between the two nations – and deliver growth and prosperity for our peoples,' Mr. Carney's office said in a statement. The two men previously met in March, on Mr. Carney's first trip abroad as Prime Minister. Liberal MP Sukh Dhaliwal criticizes Modi's G7 invitation in meeting with Carney The G7 summit will mark U.S. President Donald Trump's first visit to Canada since his re-election and imposition of tariffs on this country. Ottawa and Washington continue to negotiate toward a new trade and security deal. Mr. Carney has said the priorities guiding the summit are 'anchored' in building stronger economies. He will be seeking co-ordinated action in three areas: 'protecting our communities and the world,' 'building energy security and accelerating digital transitions,' and securing economic partnerships. Under that first heading, he specifically described tackling foreign interference and transnational crime – a priority that Liberal MPs said Wednesday is out of step with inviting Indian Prime Minister Narendra Modi and Mr. bin Salman. In 2023, Hardeep Singh Nijjar, a Sikh-Canadian advocate for the carving out of an independent state of Khalistan in India, was killed in B.C. Mr. Carney's predecessor, Justin Trudeau, publicly accused India of orchestrating the slaying, though New Delhi has denied the allegation. Four Indian nationals have been charged in the case. The foreign-interference inquiry also cited instances of Indian-state meddling in Canadian democratic processes. Opinion: Carney should know it's way too soon to invite Modi to Canada In 2018, Ottawa imposed sanctions on 17 Saudis for the slaying of dissident journalist Jamal Khashoggi at the Saudi consulate in Turkey. U.S. media later reported that the CIA believes Mr. bin Salman, the Saudi Crown Prince, ordered Mr. Khashoggi's killing – contradicting Riyadh's assertion that he was not involved. Gurbux Saini, a B.C. Liberal MP, said the G7 invitations of Mr. Modi and Mr. bin Salman undermine Canada's reputation. 'It is a damaging thing because we have been known in the world as caring and compassionate people who love human rights, and this is something the Prime Minister is aware of and it has been brought to his attention,' Mr. Saini said on his way into the party's weekly caucus meeting Wednesday. Mr. Carney did not answer questions from reporters Wednesday about the invite to Mr. bin Salman. But last week, Mr. Carney said it made sense for India to be at the table, as it is one of the largest economies in the world and central to global supply chains. He wouldn't comment on the allegations levelled by his predecessor against India, saying 'the rule of law is proceeding as it should,' and that he wasn't going to comment. But he said the invitation to Mr. Modi was extended in the context of continuing dialogue between law enforcement in both countries. Some MPs said Wednesday that, while they understand the imperative of engaging economically and diplomatically with India and Saudi Arabia, there has to be a wider discussion of the issues. 'These are important economic relationships to have,' said Karina Gould, who ran against Mr. Carney for Liberal leadership earlier this year. 'But that being said, as Canada, we also have certain values that are important to us, and when it comes to human rights, when it comes to standing up and protecting Canadian citizens on our soil, but also ensuring that freedom exists around the world, that that's a message that we should be passing along to both Prime Minister Modi as well as the Crown Prince.'
Zawya
10-06-2025
- Business
- Zawya
H.E. Bin Touq and Greek Minister of Tourism announce Greece as host of Investopia Global
Abu Dhabi - Following the success of the inaugural edition of Investopia Global – Mediterranean, held in Cyprus with strong participation from leaders, ministers, businesspersons, investors, and economic experts from the UAE, Lebanon, Cyprus, Greece and Europe, H.E. Abdulla bin Touq Al Marri, UAE Minister of Economy and Chairman of Investopia, and H.E. Olga Kefalogianni, Greek Minister of Tourism, announced the launch of the event's second edition, to be held in Greece next year. The upcoming edition aims to strengthen partnerships across key sectors of the new economy, including tourism, innovation, entrepreneurship, renewable energy, digital infrastructure, and food security. The second edition of Investopia Global - Mediterranean will be organized in collaboration with several ministries and government bodies in the UAE and Greece, alongside Investopia partners. The announcement comes as Investopia continues to expand its global footprint and strengthen its presence on both regional and international stages, particularly following the successful organization of three consecutive editions of Investopia Europe in Milan from 2023 to 2025, before moving to Berlin in June 2026. H.E. Bin Touq affirmed that the UAE and Greece share historical and strategic relations across all fields, particularly in the economic and investment sectors. These relations are significantly supported and nurtured by the wise leadership of both friendly countries. H.E. explained that the UAE is keen to continue enhancing cooperation with its partners in the Greek government in advanced and sustainable economic sectors. The Minister of Economy said: 'The countries of the Mediterranean region enjoy significant momentum from competitive economic components and promising investment opportunities linked to vital areas, particularly the new economy, tourism, hospitality, entrepreneurship, technology, AI, logistics, healthcare, and renewable energy. We look forward, through the second edition of Investopia Global - Mediterranean, which will be held in Greece next year, to enhancing connectivity between business communities and these future sectors, and creating new investment partnerships at both the governmental and private levels, in line with the latest global trends.' H.E. Olga Kefalogianni stated that Greece and the UAE share vibrant and expanding economic relations, underpinned by a sustainable and diversified partnership built through joint efforts. She emphasized that hosting the second edition of Investopia Mediterranean in Greece reflects the strength of economic and investment ties between the two friendly nations. The event, she noted, will further enhance collaboration between the business communities of both countries and support bilateral cooperation across sectors of mutual interest. Investopia has successfully organized four flagship conferences in the UAE since its inception, along with 16 global editions in various cities around the world. The events brought together over 10,000 participants, including leaders, experts, businessmen, investors, specialists, and entrepreneurs from across the globe, to shape a sustainable economic future, enhance the UAE's position as a leading global investment destination, and create meaningful economic partnerships and promising investment opportunities in sustainable economic sectors such as FinTech, space, aviation technologies, AI, green energy, circular economy, and fashion. For further information, please contact: Orient Planet Group (OPG) Email: media@ Website:
Arab News
09-06-2025
- Business
- Arab News
Al-Habtoor Group chairman to lead high-level delegation to Syria, exploring investment opportunities
RIYADH: The head of Dubai conglomerate Al-Habtoor Group is set to visit Syria with a delegation of senior executives to discuss potential investments and partnerships with the new government. According to a statement, the visit reflects the group's ongoing strategy to explore new avenues of cooperation with the Syrian government and to assess potential investment opportunities across multiple sectors. It added that the trip stems from 'a firm belief' in Syria's ability to recover its strength and regional standing and the importance of public-private partnerships in the country's rebuilding phase. The move comes as Syria's transitional government, led by President Ahmed Al-Sharaa, pushes economic reforms to attract foreign investment, including privatizations, relaxed trade policies, and major infrastructure deals. Speaking ahead of the trip, the group's Chairman Khalaf Ahmad Al-Habtoor said: 'Syria is a country rich in culture, history, and capable people. We believe in its future potential and are eager to play a role in its revival through meaningful projects that generate employment.' He added: 'We look to Syria with great confidence. Its people possess the energy and resilience needed to shape a strong and prosperous future. As an Arab group with deep regional roots, we consider it both a moral and economic responsibility to stand as a partner in rebuilding stable and thriving societies.' Al-Habtoor Group, a UAE-based multinational with a strong presence in the hospitality, real estate, and automotive industries, has a history of large-scale investments in the Middle East. The move follows the organization's recent withdrawal from Lebanon, where it cited instability as a barrier to business.
