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LATEST INVESTMENTS


BUSINESSMACHINESAND EQUIPMENT SAMSUNGEXPANDSINEGYPT Samsung Electronics Egypt is to add a computer screen production line to its manufacturing facility in Beni Suef, Egypt. The expansion, worth an investment of $23m, is part of a wider $84m strategy to be imple- mented across Egypt by 2025. The screens developed at the facility will be marketed in Egypt and exported to Africa and Europe.


COMMUNICATIONS COTED’IVOIREGETTELECOMSHQ MTN Côte d’Ivoire, a telecommuni- cations provider and a subsidiary of South Africa-based MTN Group, will establish its new headquarters in Abidjan, Côte d’Ivoire, on a 15,000 square metres site. It will cost ABOUT €30.5m with construction due to start at the end of 2020.


CONSUMERPRODUCTS SOUTHAFRICAJOBSATAMAZON US online retail giant Amazon is to create 3000 new customer contact roles in South Africa by the end of 2020. The work-from-home roles will help the company support custom- ers in North America and Europe, and range fromcustomer service associates to technical experts.


FINANCIALSERVICES SQUAREPEGGROWSISRAELUNIT Australia-based Square Peg, a ven- ture capital firm with a focus on geographies including south-east Asia, is to expand its Tel Aviv, Israel


team. The company is looking for a principal, with further hires to be made later in 2020.


FOODANDBEVERAGES EGYPTRIPEFORVEGTRIALS Netherlands-based Rijk Zwaan, a vegetable breeding company, has opened a new field trial station in Egypt. The 10.5 hectares facility near El Sadat City will test different hybrid varieties from melon, water- melon, cucumber and bell peppers.


PLASTICS SERIOPLAST’SALGERIAFACILITY Serioplast, a subsidiary of Italy-based Old Mill Holding, is planning to open a new manufacturing facility in Algeria. It will produce plastic bottles, and is scheduled to open by the end of 2021. The project is one of four new plants being set up by Serioplast following a loan of €77m.


RENEWABLEENERGY RENEWVIAOPENSIN NIGERIA US-based Renewvia Energy, a devel- oper of renewable energy projects, has brought online a 67.32-kW solar power plant in Oloibiri, in the Bayelsa region of Nigeria.


SOFTWAREANDITSERVICES NYMCARDINABUDHABIMOVE Lebanon-based NymCard, which develops a cloud-based card issuing and processing platform, has relo- cated its headquarters from Beirut to Abu Dhabi, UAE. Based in the Abu Dhabi Global Market, it will serve the Middle East and north Africa.


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


MEATOPCOUNTRIES BY MANUFACTURINGFDI PROJECTS, H1 2020


10


0 2 4 6 8


Source: fDi Markets August/September 2020 www.fDiIntelligence.com


MEATOPCOUNTRIES BY MANUFACTURINGFDI CAPEX, H1 2020


2.5


1.5 2


0.5 1


0 Source: fDi Markets 69


MiddleEast &Africa


Viewfromthe T


heCovid-19pandemic hasdisruptedthe


globalisedeconomy, exposingthelimitations of thehighly interdependent


internationalproductionnetworks. Consequently,decision-makersin politicsandtheprivatesectorare re-evaluating their international activitiesandstrategies,whichis alreadyreflected inanestimated30% declinein globalFDIflowsin2020. Thisnegativetrendwill hit


economiesin the Middle Eastand Africa(MEA)regionhard, particularly thepoorest nationsthatdependon FDI toovercomepovertyandhunger. Policymakersandindustry professionalsmusturgentlyadapt to the‘newnormal’ in FDItosucceedin anenvironmentof fiercecompetition withevenfewer resources. Focusingon‘inclusiveFDI’could


beaneffectivestrategy forhost countries.However, in the post- Covid-19 era, thistermmustbe redefinedto includethe sectorsmost badly affectedbythepandemic,such astravelandtourism,foodand beverage, retailandsmalland medium-sizedenterprises ingeneral. Eachcountryhasto identify the


heaviest-hitareasof theireconomies –andthoseof strategicimportanceto their sustainabledevelopment–tobe able toconcentrate their effortson attractingsuitable foreign investors accordingly.Unfortunately, policy- makers revealedtheir inabilitytodo soandintroduceadequatemeasures for their aidduring thepandemic.The measuresintroducedwere, inmany cases, inadequate or the processof benefitingfromthemwere too bureaucratic or simplyimpossible. Economiesthatdependonexpats


for theirdemographicdevelopment andeconomicprosperity will face great challenges in particular,asthe replacementof skilledexpatsand foreign entrepreneurs leaving their countries willcostthemmuchmore in the future.Butsofar,nocountry is addressingthis strategic issue with thenecessaryurgency.■


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


MOROCCO SAUDI ARABIA UAE


SOUTH AFRICA


EGYPT


Capex ($bn)


SAUDI ARABIA SENEGAL OMAN


SOUTH AFRICA UAE


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