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Category: Economy

Local Economy Infrastructure News

CHEC Awarded Infrastructure Contract for DIP Angola Project

Dubai Investments Park (DIP) Angola, an expansive integrated residential, commercial, and industrial project situated in Barra do Dande, has selected China Harbor Engineering Company (CHEC) to spearhead its infrastructure construction, as revealed in a contract announcement on Monday, reported by Jornal de Angola. The Emirati-owned DIP Angola disclosed that the contract with CHEC pertains to Phase 1A Infrastructure Development, a crucial component of the integrated center, which stands as a unique venture in Angola. Under

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Local Economy

Angolan Embassy in Nigeria opens Visa Application Center

A Visa Application Center has been opened, on Tuesday, 2, in the Nigerian city of Port Harcourt to eliminate trips to Abuja and Lagos, as part of activities commemorating the 4th of April, Day of Peace and National Reconciliation in Angola . The Center, a partnership between the Embassy of Angola in Nigeria and the company Akwa Helmes International Limited – AHIL, has capabilities for applying visas, boosting investment attraction, supporting the oil and gas

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Diamonds Economy International

Botswana Expresses Concern Over G7 Diamond Sanctions

Botswana officials have voiced apprehension over the Group of Seven’s (G7) planned restrictions on Russian diamonds, warning of potential negative impacts on the country’s diamond trade and economic progress. Lefoko Moagi, Botswana’s minister of mineral resources, green technology, and energy security, emphasized that the proposed requirement to channel all diamonds through Antwerp for verification poses logistical challenges and could hinder Botswana’s beneficiation efforts. The government is advocating for verification processes to occur in producer countries

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Diamonds Economy Local News

Lucapa recovers Fifth-Largest Diamond Discovery at Lulo Mine

Lucapa announced Thursday the recovery of its recent diamond discovery, marking the fifth-largest find at the Lulo mine in its 12 years of operation. The miner retrieved the diamond from processing run-of-mine stockpiled ore already on site. This discovery also marks the third diamond weighing over 100 carats found by Lucapa this year alone. In the preceding month, the miner unearthed two type IIa stones, weighing 162.42 and 116.14 carats, respectively, on consecutive days. The

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Local Economy News

UAE and Angolan Presidents discuss enhancing bilateral cooperation

President His Highness Sheikh Mohamed bin Zayed Al Nahyan received His Excellency João Manuel Gonçalves Lourenço, President of the Republic of Angola. During the meeting at Qasr Al Bateen in Abu Dhabi, His Highness welcomed the visit of the President of Angola, who congratulated His Highness on the occasion of the holy month of Ramadan and expressed his wish for it to be a month of goodness, mercy, and peace for people around the world.

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Local Economy News Oil Petroleum

ACREP IPO Marks Milestone for Angola’s Oil Sector Amidst Market Dynamics

ACREP (Exploração Petrolífero SA), positioning itself as Angola’s second-largest private oil company with onshore operations, achieved a significant milestone with its recent public offering for sale (OPV) of shares on the stock exchange, securing a revenue exceeding 5.409 million kwanzas. The demand for shares reached 24.04 percent of the total supply, showcasing investor interest in the company. The Angolan Debt and Securities Exchange (Bodiva) announced the results of the OPV, revealing that 72,121 of the

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Diamonds Economy Local News

Lulo Mine’s Rough-Diamond Resources Surge

Rough resources at Lucapa Diamond Company’s Lulo deposit in Angola increased 48% in 2023 as the miner identified new material that will add an extra eight years to the deposit’s production. The figure, which refers to the volume of diamonds with a reasonable prospect of being extracted economically, climbed to 228,000 carats as of December 31, from 153,870 carats a year earlier, the company said Monday. The miner had the asset independently estimated by South

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Diamonds Economy Local

ENDIAMA forges closer partnerships with Chinese companies in the Mining sector

Angola’s National Diamond Company is going to forge closer partnerships with Chinese companies to develop Angolan diamond projects. The information was given last Saturday in Beijing by the chairman of the board of directors of ENDIAMA-E.P, Ganga Júnior, on the sidelines of the Angola-China Economic Forum, held as part of the strengthening of cooperation between the two countries. ENDIAMA’s president explained that the trip to Beijing had had a “very positive” outcome, and that a

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Diamonds Economy Local News

Angola’s Diamond Sector Faces Challenges Amid Production Decline

International Marketing professor Stover Ezequias and economist Paulo Santos discussed the recent 21% drop in diamond production in Angola, emphasizing the need for a strategic plan to revive the sector. Ezequias highlighted the significance of the diamond sector, constituting 96% of Angola’s mining production, and warned about potential trade deficits due to reduced export revenues. Santos attributed the decline in production to low diamond prices and decreased demand during the COVID-19 pandemic, cautioning that recovery

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Local Economy News

Benguela Business Community Embraces Growth Opportunities

The governor of Benguela province called upon the local business community to fully embrace the potential offered by the Corridor and Refinery in Lobito. Speaking at the inauguration of the new headquarters of Aliança Empresarial, Governor Luís Nunes emphasized the importance of unity among entrepreneurs. Aliança Empresarial, currently comprising 17 members, expanded its ranks by four during the event. The mission of these new members aligns with supporting the socioeconomic development of the province through

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