Civil construction activity remains robust, driven by renewable energy projects, particularly a notable shift from solar to wind energy. The FNB/BER Civil Confidence Index fell slightly from an eight-year high of 47 in Q1 2024 to 44 in Q2 2024. This decline indicates that over 55% of respondents are dissatisfied with current business conditions, reflecting a slight dip in business sentiment and a slowdown in activity. Despite this, the growth indicator remains well above its
Egypt is advancing its renewable energy goals by launching the construction of a massive $10 billion wind farm in March 2026. This project, set to be one of the world’s largest, aims to generate 10 gigawatts of power by 2032. The wind farm, a collaborative venture between Egyptian firm Infinity and Abu Dhabi’s Masdar, faced initial delays due to land acquisition challenges in the Upper Egyptian region of West Sohag. However, as reported by Bloomberg,
Senegal has officially become an oil exporter with the commencement of the Sangomar project, operated by Woodside. The $5.2 billion development is now producing 100,000 barrels per day of medium-sulfur oil, marking a significant milestone for the country. The Greek tanker Maran Poseidon, chartered by Shell International Trading, arrived at the export terminal to transport the first batch of Senegalese crude. With a capacity of 1.06 million barrels, this tanker is set to deliver the
President Bassirou Diomaye Faye witnessed the production of Senegal’s first barrels of oil on the Sangomar platform, marking a historic milestone for the country in the global and African oil industries. Addressing the press, President Faye commended the dedication and efforts of those who believed in the potential of Senegal’s sedimentary basin and worked towards its development. He expressed immense pride in the young Senegalese professionals showcasing their expertise on the platform. “I reiterate my
Angolan and Zambian businesspeople gathered to exchange experiences at the 1st edition of the International Business Forum, which opened yesterday in Luena at the amphitheater of the Instituto Superior Politécnico do Moxico. During the meeting, participants discussed topics such as “The Lobito Corridor,” “Opportunities for the Development of Moxico,” “The Role of the State in Boosting Tourism in the Angolan Region of the Okavango Zambezi,” “Business Opportunities in the Province of Moxico,” and “The Vision
From January to May of this year, the country generated revenues of $288 million from the sale of 2.5 million carats of diamonds produced by the Catoca, Luele, and Lunhinga projects. The data was disclosed by the president of the Board of Directors of the National Diamond Company (Endiama EP), Manuel Nganga Júnior, during a “brainstorming” session for the Mineral Resources, Oil, and Gas Sector held on Tuesday in the nation’s capital. Manuel Nganga Júnior
In the first quarter of the current year, Angola’s exported goods generated a substantial revenue of $8.8 billion. A significant portion of this revenue, $8.2 billion, came from the sale of crude oil and gas, while $431 million was earned from the commercialization of ores. Economist Daniel Sapateiro presented these figures in Luanda during the 2nd International Trade Forum. The event brought together sector experts and government officials to discuss “The Current Context of Foreign
The management of the Benguela Railway (CFB) by the consortium Lobito Atlântico Railways (LAR), Trafigura, and Mota-Engil is expected to significantly enhance Angola’s Gross Domestic Product (GDP), contributing between $1.6 billion to $3.4 billion annually over the next 30 years. This projection was shared by LAR administrator Ottoniel Manuel during a discussion on the Girassol television channel under the theme, “The Impact of the Lobito Corridor on the Angolan Economy and the SADC Region.” Manuel
The Secretary of State for Finance and Treasury, Ottoniel dos Santos, reaffirmed Angola’s economic outlook, predicting a 2.84% growth in Gross Domestic Product (GDP) for the current year. He emphasized the robust performance expected from the non-oil sector, projected at 5.32%, during an address in Luanda at the inaugural Annual Conference “Investor’s Day” organized by BFA Gestão de Activos. Dos Santos underscored that the growth in GDP, driven by sectors such as agriculture, fishing, manufacturing,
ReconAfrica is gearing up for the spudding of the Naingopo well in the Kavango onshore basin on July 7, 2024. All necessary camp setup, rig deployment, and equipment moves have been completed, with third-party service contractors mobilizing to the site ahead of schedule. At Prospect P, ongoing debushing and road access activities are progressing smoothly, with significant civil works, including well pad construction, set to commence next month. CEO Brian Reinsborough highlighted the operational intensity
