Month: June 2025

South Africa Navigates U.S. Attack on Iran

By: Nosmot Gbadamosi,Foreign Policy’s Africa Brief South Africa has issued a notably guarded response to the U.S. bombing of Iranian nuclear sites, urging “dialogue” and a “peaceful resolution” to the conflict. Pretoria’s muted statement—in contrast with its outright condemnation of Israel’s strikes on Iran earlier this month—underscores the diplomatic challenges that it faces as it navigates an increasingly unpredictable administration in Washington. This balancing act may only become more complicated if an Israel-Iran cease-fire fails to hold. In recent years, Pretoria has deepened its ties with Tehran. South Africa has allowed Iranian warships to dock in…

CIBAFI Releases GIBS 2025 Report, Showcasing Emerging AI and Data Trends in the Islamic Finance Sector

The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella of Islamic financial institutions,has successfully held a webinar titled “AI and Data Survey (GIBS) 2025 Report,an official statement issued in Manama,Bahrain,Wednesday, has  disclosed. This edition of the GIBS Report explores the expanding role of artificial intelligence (AI) and data analytics in transforming Islamic banking operations, service delivery, and risk management. It captures insights from 105 executives across 29 countries, providing valuable regional perspectives and industry benchmarks. The webinar opened with remarks from Dr. Abdelilah Belatik, Secretary General of…

KenGen Cancels and Reopens Tender for $247.5 Olkaria VII Geothermal Plant Consultancy Work

First Published on Jun 23, 2025 by M Kubwa,Construction Review Kenya’s state-owned electricity generator KenGen has been ordered to cancel a tender worth millions of shillings for the Olkaria VII Geothermal Plant Consultancy Work. This tender was awarded to an Italian company for consultancy services of the upcoming $247.5 million Olkaria VII Geothermal Plant. Reason for the Cancellation of Olkaria VII Geothermal Plant Consultancy Work Tender The Public Procurement and Regulatory Authority tribunal ruled out the the power producer company had unfairly awarded the tender to ELC Electroconsult SPA. ELC Electroconsult SPA…

Tackling Africa’s Illicit Financial Flows to Manage Resource-backed Loans Inbox

African Development Bank Embarks on Strengthening  Capacity The African Development Bank Group (www.AfDB.org) has successfully concluded a high-level workshop and policy dialogue aimed at enhancing the Central Africa Republic’s capacity to combat illicit financial flows (IFFs) and improve the governance of resource-backed loans,says an official statement issued in Abidjan,Monday. Held in Bangui from 10-13 June 2025 under the theme “Harnessing Africa’s Wealth: Curbing Illicit Financial Flows for Resilient Growth and Development,” the four-day event brought together 80 officials from key government ministries, including Finance, Economy, Planning, Environment, Mines and Geology –…

Ensuring Effective Sharia Governance and Compliance

CIBAFI Conducts Online Technical Workshop for Islamic Financial Institutions The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella organization for Islamic financial institutions, is conducting its Online Technical Workshop on “Governance and Compliance for Islamic Financial Institutions (IFIs)” says  an official statement issued in Manama, Bahrain, Monday. Delivered in English, the two-day virtual workshop, brings together professionals from across the Islamic financial services industry. Effective governance frameworks,the statement,notes, are essential to ensuring sound practices, ethical conduct, and Shariah compliance in Islamic financial institutions. In recognition of this,…

From Discovery to Delivery: Building a Legal Framework for Namibia’s Midstream Infrastructure (by Rachel Mushabati)

Author: Senior Associate Attorney & Country Head – CLG Namibia (www.CLGGlobal.com) Namibia’s recent offshore oil discoveries mark a pivotal moment in the country’s energy sector. With major players such as Shell, TotalEnergies, QatarEnergy, and Galp uncovering significant reserves, Namibia is poised to become a key oil producer. However, while exploration and production activities have gained momentum, the midstream sector; involving transportation, storage, and refining of petroleum, remains underdeveloped. A strong legal framework for midstream infrastructure is essential to ensure that Namibia maximizes economic benefits, attracts investment, and builds a sustainable…

Launch of Qatar Islamic Finance Report 2025: Expanding Horizons

London Stock Exchange Group (LSEG) Data & Analytics is pleased to announce the launch of its latest report titled “Qatar Islamic Finance Report 2025: Expanding Horizons”. The report represents a strategic partnership between the London Stock Exchange Group (LSEG) and the Qatar Financial Centre (QFC), delivering valuable insights on Qatar’s Islamic finance sector with the aim of fostering growth and innovation within the industry. Offering a comprehensive overview of the current Islamic finance landscape in Qatar, the report highlights key developments and regulatory initiatives over the past five years, while also…

Hilton to Triple its Presence in Africa to More Than 160 Hotels

 Coinciding with Future Hospitality Summit Africa 2025, Hilton (NYSE: HLT) has announced plans to almost triple its presence in Africa to more than 160 hotels trading in the coming years,says an official statement issued in Cape Town,Teusday. Across its portfolio of market-leading brands, Hilton expects to open more than 100 hotels on the continent, supporting Africa’s burgeoning hospitality sector and creating approximately 18,000 jobs for local people.   Carlos Khneisser, chief development officer, Middle East & Africa, Hilton, said, “We are thrilled to announce several new hotel agreements which significantly expand…

UNAOC Invites Youth-led Organizations to Apply for the 11th edition of the Youth Solidarity Fund

Become part of a network of young change-makers who are promoting peaceful and inclusive societies within their communities. The United Nations Alliance of Civilizations (UNAOC) invites youth-led organizations from eligible countries to apply for the 11th edition of the Youth Solidarity Fund (YSF). YSF supports projects that promote peace and social inclusion by enhancing mutual understanding, respect, and collaboration across borders, cultures, faiths, and beliefs. YSF provides seed funding of up to USD 25,000 to implement impactful youth-led projects that advance intercultural and interfaith dialogue, and are aligned with the mandate and mission…

Africa Finance Corporation (AFC), United Nations Industrial Development Organization (UNIDO) and partners enter new alliance leveraging Islamic and Arab finance for economic transformation

VIENNA, Austria, June 17, 2025/ — Today, Africa Finance Corporation (AFC) (www.AfricaFC.org), UNIDO, the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the Union of Arab Banks (UAB), formalized new strategic partnerships under the Islamic and Arab Finance for Economic Transformation in Africa, the Arab Region and Beyond (IFETAA) Programme. Access to finance remains one of the most significant barriers to SME growth and economic transformation, particularly in Africa, the Middle East and South Asia. Only one in five African firms has access to credit, and those that…