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LATEST INVESTMENTS


AUTOMOTIVEOEM SOUTHAFRICANPLANT Germany-based Mercedes-Benz, is investing a further R3bn ($206.40m) at its East London plant, South Africa. Based in the East London Industrial Development Zone, the project will create 600 jobs with the introduction of the new generation C-Class, which will be exported to over 110 countries globally.


BUSINESSSERVICES NEWFINTECHSCHOOL Lebanon-based StartechEUS, a fintech studio, will operate and manage a new Holberton School location in Bahrain. This is one of nine new locations that will be regrouped under the new entity Holberton School Middle East along with Holberton School Lebanon. The new campus will start online first and will gradually open a physical space as soon as Covid-19 allows it.


FINANCIALSERVICES FOREXINJORDAN Estonia-based Admirals, an online foreign exchange market trading provider, has established a new subsidiary and opened an office in Amman, Jordan. It operates as Admiral Markets AS Jordan Ltd and is located at the Time Centre Building on Eritrea Street.


FOOD&BEVERAGES NEWPORTINTANGIER UK-based J Sykes & Sons, a seafood supplier, is planning to open a factory in the port of Tangier,


Morocco, by 2023. The facility, which forms part of a broader $55m Morocco-bound investment, will focus on the recovery of shrimp shells for use in the medical and pharmaceutical sectors. The project, to be situated next to an existing site, is being developed through a partnership with Klaas Puul, a subsidiary of J Sykes & Sons.


METALS LEAVINGTANZANIA Australia-based Intra Energy Corporation, a diversified mining and energy group, is relocating operations from Tanzania to Mozambique gradually because of unfavourable conditions in Tanzania. The company is to direct its operations towards the development of the Lurio gold project in Cabo Delgado province, Mozambique.


PHARMACEUTICALS SAUDIANIMALVACCINEPLANT Biogenesis Bago, a subsidiary of Argentina-based Grupo Insud that provides pharmaceutical products and biological specialities for the farmindustry, is establishing an animal vaccine manufacturing plant in Riyadh, Saudi Arabia. The $60m project, which represents a 50:50 joint venture with Saudi Arabia- based MAS Veterinary Services, will be completed by early 2025 and is set to create 400 jobs. The facility will export to the Middle East, producing 200m doses annually of foot and mouth disease vaccines.


This investment news and data has been provided by fDi Markets, a crossborder investment tracking service that is part of The Financial Times Ltd’s fDi Intelligence division (www.fdiintelligence.com)


STATS


MEAFDI IN ICT& ELECTRONICS IN 2020 BY PROJECTNUMBER


10 20 30 40 50 60 70 80


0 Source: fDi Markets August/September 2021 www.fDiIntelligence.com


MEAFDI IN ICT& ELECTRONICS IN 2020 BY CAPEX


0 1 2 3 4 5


Source: fDi Markets 79


MiddleEast &Africa


Viewfromthe T


heruler ofDubai tweetedonJuly 28:


“Dubai’simpactonthe global start-upscene showsthevisionandspirit


oftheregion’syouthinshaping tomorrow’sbusinesses.” TheUAEusesarangeofmeasures


to attractglobal talent, offeringyoung techfoundersasuitablebasefor their start-ups.Runninga$54.5m innovation programme,theAbuDhabi InvestmentAuthority recentlybacked seveninternationaltechcompanies withmorethan$23.6mtoestablish their activitiesintheUAEcapital. Sharjah,thethird-largestEmirate,


isalsoofferingawiderangeof‘sand pits’andtechnologyparkswhileDubai- basedFutureFoundationisactively seekingtoattractemergingtech specialistsabroad.Theseeffortsare bearingfruit.In2020,theUAEhadthe leadingregionalstart-upecosystemby numberofventurecapital(VC) transactions(26%of496)andvolume ofinvestedfunds(56%of$1.031bn), accordingtothestart-updataplatform Magnitt. However, theimportanceof


start-upecosystemsforeconomic development isnotlimitedto the rich Gulf States.Newtech-savvyand innovativegenerations inmany Africancountries aredisrupting industriesandcreatinghomegrown solutions fordomestic problems, followingthe footsteps of legendary mobilepaymentscompanyM-Pesa. However,thefact that80%ofthe


fundscamefromoutside Africashows thatonceagainthereis vivid global interest inwhatprobablyisthemost preciouscommodity Africannations have: its talent.EveryAfricannationis well advisedto defineandimplement acomprehensivedevelopment strategyfor its start-upecosystemto keeptheiryoungfoundersto start theirbusiness“athome”.Theglobal competitionfor talents is in fullswing andtherearecertainly more aggressive“players” in this fiercehunt for Africantalentthentheabove- mentionedGulfcountries.■


Mazdak Rafaty is managing partner of Ludwar International Consultancy and SME advisor to the joint Emirati-German Chamber of Commerce. E-mail: m.rafaty@lic-consulting.com


Project number UAE


SOUTHAFRICA ISRAEL


SAUDIARABIA KENYA


Capex ($bn) NIGERIA ISRAEL


UAE SAUDIARABIA SOUTHAFRICA


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