search.noResults

search.searching

saml.title
dataCollection.invalidEmail
note.createNoteMessage

search.noResults

search.searching

orderForm.title

orderForm.productCode
orderForm.description
orderForm.quantity
orderForm.itemPrice
orderForm.price
orderForm.totalPrice
orderForm.deliveryDetails.billingAddress
orderForm.deliveryDetails.deliveryAddress
orderForm.noItems
REGIONSMIDDLEEAST&AFRICA


THE DECLASSIFIED REPORT ON THE KHASHOGGI MURDER WILL PROVOKE A SITUATIONAL RESPONSE FROMINVESTORS


SaudiArabia: profitorESG?


China and Iran sign 25-year deal


Chinese foreign minister,Wang Yi, and his Iranian counterpart, Mohammad Javad Zarif, bumped elbows after signing the China– Iran comprehensive strategic agreement on March 27 in Tehran. “Relations between the two


countries have nowreached the level of strategic partnership and China seeks to comprehensively improve relations with Iran,” Mr Wang said, according to Reuters. Full details of the accord were


not disclosed, but the New York Times reported that a draft of the agreement indicated that China would invest $400m into Iran over the next 25 years in exchange for oil imports. The Chinese foreign minister has


been on a week-long tour of the region, visiting Turkey, Saudi Arabia and other countries in the Gulf. Iran has been under pressure


Saudi Aramco inked a deal with Google for cloud services


Google’s plans to make inroads into Saudi Arabia came to a halt in 2018 amid the backlash against the murder of journalist Jamal Khashoggi. Two years later, in December


2020, it clinched a deal with Saudi Aramco, the state oil company, to sell cloud services to the kingdom as the country’s cloud market is estimated to be worth $10bn in 2030. A declassified intelligence report


released by the Biden administration on February 26 has caused fresh controversy as it directly links the country’s heir apparent, Mohammed bin Salman, to the journalist’s killing at the Saudi consulate in Istanbul. While Google declined to


comment on whether the new evidence would prompt a review of its interests in the country, foreign investors have taken note. With a de facto leader found to


be complicit in a state-sponsored assassination and an oil dependent country harbouring grand dreams to diversify its economy, investing in Saudi Arabia has become laced with the thorny question: is your baseline your profit margins or your ESG profile? The Saudi government’s hugely


84


ambitious infrastructure projects such as Neom, its futuristic city state, and The Line, a carless city within Neom powered by renewable energy, are likely to attract hundreds of billions of dollars in investment – an opportunity unrivalled elsewhere in the Middle East. Before the release of the


declassified report, the country was sending mixed messages to foreign investors, pulled between a desire to open up the economy and its protectionist policies amid rising competition in the region. On one hand, the country is


opening up by offering tax incentives and is due to launch special economic zones (SEZs) this year. On the other, it has also called on businesses with government contracts to relocate their headquarters to Riyadh, known as Project HQ, and expected to go live in 2024. Due to the conservative religious


nature of Saudi society and the lack of expat infrastructure, this is something foreign businesses are loath to do, sources tell fDi, favouring the city states of the UAE or elsewhere in the Gulf.■ SETHO’FARRELL


fromthe US in recent years and whether it will rejoin the Iran nuclear deal remains uncertain after the Trump administration ended the deal in 2018.■ SETHO’FARRELL


SouthAfrica’s dropinFDI


The South Africa Reserve Bank reported decreases in foreign direct investment (FDI) inflows in its quarterly bulletin, fromR74.0bn ($5.1 billion) in 2019 to R51.1bn ($3.5bn) in 2020. The country closed the year on an


high, however, with FDI improving “as non-resident parent entities increased their equity investment and granted loans to domestic subsidiaries”, the bulletin notes. In December 2020, French


electric utility company Engie announced the construction of a power station in South Africa’s Coega Special Economic Zone. According to fDi Markets data, the project was worth $630.6m. The US beverage giant Pepsi also


announced amajor investment project in South Africa in 2020, worth $356.9m, for the expansion of the company’s manufacturing operations in the country.■ NAOMIGALLAGHER


www.fDiIntelligence.com April/May 2021


$10BN


THEESTIMATEDVALUEOF THE CLOUDMARKET INSAUDIARABIABY2030


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88  |  Page 89  |  Page 90  |  Page 91  |  Page 92  |  Page 93  |  Page 94  |  Page 95  |  Page 96