By 2050, one in four people will be African. EPA
By 2050, one in four people will be African. EPA
By 2050, one in four people will be African. EPA
By 2050, one in four people will be African. EPA


Investors ready for a big bounce can find it in Africa


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  • Arabic

September 27, 2022

The Nobel Peace Laureate Desmond Tutu once said: "There comes a time when we need to stop just pulling people out of the river. We need to go upstream to find out why they are falling in."

Africa is now heeding that advice. It is a continent heading upstream, a union of countries seeking to identify and resolve the root causes of its challenges, building solutions and products to address these problems, with jet-fuelled markets and economies as a result.

In short, Africa is in acceleration mode.

Don't believe it? Here are some facts and trends that illustrate why Africa is stepping up as a major player in global business and economic affairs.

The continent currently represents a $2.5 trillion market opportunity and has an upward growth trajectory. That's quite a contrast to much of the world, which is seeing headwinds and facing worries about a global economic recession. A number of factors drive this contrast.

Let’s start with the people. By 2050, one in four people in the world will be African, a continental identity that represents a youthful, talented, creative and innovative cohort, with the wherewithal to support a booming consumer market. And these young people are not wasting any time. Over the past five years, entrepreneurship has grown tenfold in Africa, with over 600 active tech hubs, 3,500 new tech-related ventures and $1 billion in venture capital for pan-African start-up and entrepreneurial initiatives.

Africa is also investing significantly in healthcare and wellness, signalling the continent’s resilience, even in the face of the vaccine inequality it experienced during the Covid-19 pandemic. According to the UN Economic Commission for Africa (ECA), the African healthcare and wellness sector is projected to be worth $259bn by 2030 and has the potential to create close to 16 million jobs. This means 14 per cent of all business opportunities in the global healthcare sector could turn out to be in Africa, second only to North America’s 21 per cent.

The African healthcare and wellness sector is projected to be worth $259bn by 2030. Bloomberg
The African healthcare and wellness sector is projected to be worth $259bn by 2030. Bloomberg
Africa is stepping up as a major player in global business and economic affairs

It is not an exaggeration to say that the most vital sector in African business is the creative and cultural one. It is a pivotal piece of the continent's economic engine and power. It is predominantly informal, even though it is responsible for creating a significant amount of jobs. This indicates severe underfunding of the sector, which has direct consequences for the continent as a whole. Its creative potential is not being maximised.

Africa needs investment both locally and from foreign capital to establish a robust and organised ecosystem to nurture and unleash the continent’s creative talent. Turning Africa’s creative and cultural industry (CCI) into a powerful PR platform for the continent is an opportunity that must be given an equal amount of attention in tandem with other sectors. Africa contributes just 3 per cent to the $2.25tn global CCI revenue, which stands at a total of $67.5bn and includes, among others, the arts, fashion, music and film.

Africa’s vast energy resources, plus its agriculture sector, food systems, and physical and digital infrastructure are also areas ripe for disruption. Africa has the potential to feed the rest of the world and the global bread basket. More than 60 per cent of the world's uncultivated arable land is found on the continent. Africa can and should be taking care of the world’s needs.

Africa’s rise must also take into account the larger interests of the sustainable development agenda enshrined in the 17 Sustainable Development Goals adopted by the UN General Assembly in 2015. They require an enlightened, bold and creative leadership to build a more progressive, sustainable and inclusive world that is capable of tackling the global threats posed by the climate crisis, rising socio-economic inequality and regional conflicts.

Africa is offering massive investment opportunities and innovative solutions that are needed to reap the full benefits of this major transformation. This means trade, investment and a rules-based world order, not aid or charity. The continent is not blind to its many problems and challenges, but most of them can and should be solved through greater engagement with and investment in the people of Africa. There is now a determined push on the continent to make new friends and advance and nurture current relationships to explore and develop mutually beneficial partnerships that are aligned with the current realities of geopolitics and geo-economics.

This clarion call was highlighted at the Global Africa Business Initiative, held between September 18 and 19 on the sidelines of the UN's 77th General Assembly in New York. More than 100 high-level leaders from various sectors are set to gather to promote this new narrative of Africa during the event, one that challenges the stereotypical tropes of the continent. With a theme of “Unstoppable Africa”, the event will highlight the optimism and self-belief of an empowered, innovative and tech-savvy citizenry that is driving the narrative of a roused and empowered continent. Their message is simple: When Africa wins, the world wins.

The specs
Engine: 3.0-litre 6-cyl turbo

Power: 374hp at 5,500-6,500rpm

Torque: 500Nm from 1,900-5,000rpm

Transmission: 8-speed auto

Fuel consumption: 8.5L/100km

Price: from Dh285,000

On sale: from January 2022 

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part one: how cars came to the UAE

 

HIJRA

Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy

Director: Shahad Ameen

Rating: 3/5

TICKETS

Tickets start at Dh100 for adults, while children can enter free on the opening day. For more information, visit www.mubadalawtc.com.

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

Griselda
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If you go

The flights

Fly direct to London from the UAE with Etihad, Emirates, British Airways or Virgin Atlantic from about Dh2,500 return including taxes. 

The hotel

Rooms at the convenient and art-conscious Andaz London Liverpool Street cost from £167 (Dh800) per night including taxes.

The tour

The Shoreditch Street Art Tour costs from £15 (Dh73) per person for approximately three hours. 

ITU Abu Dhabi World Triathlon

For more information go to www.abudhabi.triathlon.org.

Baftas 2020 winners

BEST FILM

  • 1917 - Pippa Harris, Callum McDougall, Sam Mendes, Jayne-Ann Tenggren
  • THE IRISHMAN - Robert De Niro, Jane Rosenthal, Martin Scorsese, Emma Tillinger Koskoff
  • JOKER - Bradley Cooper, Todd Phillips, Emma Tillinger Koskoff
  • ONCE UPON A TIME… IN HOLLYWOOD - David Heyman, Shannon McIntosh, Quentin Tarantino
  • PARASITE - Bong Joon-ho, Kwak Sin-ae

DIRECTOR

  • 1917 - Sam Mendes
  • THE IRISHMAN - Martin Scorsese
  • JOKER - Todd Phillips
  • ONCE UPON A TIME… IN HOLLYWOOD - Quentin Tarantino
  • PARASITE - Bong Joon-ho

OUTSTANDING BRITISH FILM

  • 1917 - Sam Mendes, Pippa Harris, Callum McDougall, Jayne-Ann Tenggren, Krysty Wilson-Cairns
  • BAIT - Mark Jenkin, Kate Byers, Linn Waite
  • FOR SAMA - Waad al-Kateab, Edward Watts
  • ROCKETMAN - Dexter Fletcher, Adam Bohling, David Furnish, David Reid, Matthew Vaughn, Lee Hall
  • SORRY WE MISSED YOU  - Ken Loach, Rebecca O’Brien, Paul Laverty
  • THE TWO POPES - Fernando Meirelles, Jonathan Eirich, Dan Lin, Tracey Seaward, Anthony McCarten

FILM NOT IN THE ENGLISH LANGUAGE

  • THE FAREWELL - Lulu Wang, Daniele Melia
  • FOR SAMA - Waad al-Kateab, Edward Watts
  • PAIN AND GLORY - Pedro Almodóvar, Agustín Almodóvar
  • PARASITE - Bong Joon-ho
  • PORTRAIT OF A LADY ON FIRE - Céline Sciamma, Bénédicte Couvreur

LEADING ACTRESS

  • JESSIE BUCKLEY - Wild Rose
  • SCARLETT JOHANSSON - Marriage Story
  • SAOIRSE RONAN - Little Women
  • CHARLIZE THERON - Bombshell
  • RENÉE ZELLWEGER - Judy

LEADING ACTOR

  • LEONARDO DICAPRIO - Once Upon a Time… In Hollywood
  • ADAM DRIVER - Marriage Story
  • TARON EGERTON - Rocketman
  • JOAQUIN PHOENIX - Joker
  • JONATHAN PRYCE - The Two Popes

SUPPORTING ACTOR

  • TOM HANKS - A Beautiful Day in the Neighborhood
  • ANTHONY HOPKINS - The Two Popes
  • AL PACINO - The Irishman
  • JOE PESCI - The Irishman
  • BRAD PITT - Once Upon a Time… in Hollywood

SUPPORTING ACTRESS

  • LAURA DERN - Marriage Story
  • SCARLETT JOHANSSON - Jojo Rabbit
  • FLORENCE PUGH - Little Women
  • MARGOT ROBBIE - Bombshell
  • MARGOT ROBBIE - Once Upon a Time… in Hollywood

ADAPTED SCREENPLAY

  • THE IRISHMAN - Steven Zaillian
  • JOJO RABBIT - Taika Waititi
  • JOKER - Todd Phillips, Scott Silver
  • LITTLE WOMEN - Greta Gerwig
  • THE TWO POPES - Anthony McCarten

ORIGINAL SCREENPLAY

  • BOOKSMART - Susanna Fogel, Emily Halpern, Sarah Haskins, Katie Silberman
  • KNIVES OUT - Rian Johnson
  • MARRIAGE STORY - Noah Baumbach
  • ONCE UPON A TIME… IN HOLLYWOOD - Quentin Tarantino
  • PARASITE - Han Jin Won, Bong Joon ho

DOCUMENTARY

  • AMERICAN FACTORY - Steven Bognar, Julia Reichert
  • APOLLO 11 - Todd Douglas Miller
  • DIEGO MARADONA - Asif Kapadia
  • FOR SAMA - Waad al-Kateab, Edward Watts
  • THE GREAT HACK - Karim Amer, Jehane Noujaime

OUTSTANDING DEBUT BY A BRITISH WRITER, DIRECTOR OR PRODUCER

  • BAIT - Mark Jenkin (Writer/Director), Kate Byers, Linn Waite (Producers)
  • FOR SAMA - Waad al-Kateab (Director/Producer), Edward Watts (Director)
  • MAIDEN - Alex Holmes (Director)
  • ONLY YOU - Harry Wootliff (Writer/Director)
  • RETABLO - Álvaro Delgado-Aparicio (Writer/Director)

ANIMATED FILM

  • FROZEN 2 - Chris Buck, Jennifer Lee, Peter Del Vecho
  • KLAUS - Sergio Pablos, Jinko Gotoh
  • A SHAUN THE SHEEP MOVIE: FARMAGEDDON - Will Becher, Richard Phelan, Paul Kewley
  • TOY STORY 4 - Josh Cooley, Mark Nielsen

CASTING

  • JOKER - Shayna Markowitz
  • MARRIAGE STORY - Douglas Aibel, Francine Maisler
  • ONCE UPON A TIME… IN HOLLYWOOD - Victoria Thomas
  • THE PERSONAL HISTORY OF DAVID COPPERFIELD - Sarah Crowe
  • THE TWO POPES - Nina Gold

EE RISING STAR AWARD (voted for by the public)

  • AWKWAFINA
  • JACK LOWDEN
  • KAITLYN DEVER
  • KELVIN HARRISON JR.
  • MICHEAL WARD

CINEMATOGRAPHY

  • 1917 - Roger Deakins
  • THE IRISHMAN - Rodrigo Prieto
  • JOKER - Lawrence Sher
  • LE MANS ’66 - Phedon Papamichael
  • THE LIGHTHOUSE - Jarin Blaschke

EDITING

  • THE IRISHMAN - Thelma Schoonmaker
  • JOJO RABBIT - Tom Eagles
  • JOKER - Jeff Groth
  • LE MANS ’66 - Andrew Buckland, Michael McCusker
  • ONCE UPON A TIME… IN HOLLYWOOD - Fred Raskin

COSTUME DESIGN

  • THE IRISHMAN - Christopher Peterson, Sandy Powell
  • JOJO RABBIT - Mayes C. Rubeo
  • JUDY - Jany Temime
  • LITTLE WOMEN - Jacqueline Durran
  • ONCE UPON A TIME… IN HOLLYWOOD - Arianne Phillips

PRODUCTION DESIGN

  • 1917 - Dennis Gassner, Lee Sandales
  • THE IRISHMAN - Bob Shaw, Regina Graves
  • JOJO RABBIT - Ra Vincent, Nora Sopková
  • JOKER - Mark Friedberg, Kris Moran
  • ONCE UPON A TIME… IN HOLLYWOOD - Barbara Ling, Nancy Haigh

SOUND

  • 1917 - Scott Millan, Oliver Tarney, Rachael Tate, Mark Taylor, Stuart Wilson
  • JOKER - Tod Maitland, Alan Robert Murray, Tom Ozanich, Dean Zupancic
  • LE MANS ’66 - David Giammarco, Paul Massey, Steven A. Morrow, Donald Sylvester
  • ROCKETMAN - Matthew Collinge, John Hayes, Mike Prestwood Smith, Danny Sheehan
  • STAR WARS: THE RISE OF SKYWALKER - David Acord, Andy Nelson, Christopher Scarabosio, Stuart Wilson, Matthew Wood

ORIGINAL SCORE

  • 1917 - Thomas Newman
  • JOJO RABBIT - Michael Giacchino
  • JOKER - Hildur Guđnadóttir
  • LITTLE WOMEN - Alexandre Desplat
  • STAR WARS: THE RISE OF SKYWALKER - John Williams

SPECIAL VISUAL EFFECTS

  • 1917 - Greg Butler, Guillaume Rocheron, Dominic Tuohy
  • AVENGERS: ENDGAME - Dan Deleeuw, Dan Sudick
  • THE IRISHMAN - Leandro Estebecorena, Stephane Grabli, Pablo Helman
  • THE LION KING - Andrew R. Jones, Robert Legato, Elliot Newman, Adam Valdez
  • STAR WARS: THE RISE OF SKYWALKER - Roger Guyett, Paul Kavanagh, Neal Scanlan, Dominic Tuohy

MAKE UP & HAIR

  • 1917 - Naomi Donne
  • BOMBSHELL - Vivian Baker, Kazu Hiro, Anne Morgan
  • JOKER - Kay Georgiou, Nicki Ledermann
  • JUDY - Jeremy Woodhead
  • ROCKETMAN - Lizzie Yianni Georgiou

BRITISH SHORT FILM

  • AZAAR - Myriam Raja, Nathanael Baring
  • GOLDFISH - Hector Dockrill, Harri Kamalanathan, Benedict Turnbull, Laura Dockrill
  • KAMALI - Sasha Rainbow, Rosalind Croad
  • LEARNING TO SKATEBOARD IN A WARZONE (IF YOU’RE A GIRL) - Carol Dysinger, Elena Andreicheva
  • THE TRAP - Lena Headey, Anthony Fitzgerald

BRITISH SHORT ANIMATION

  • GRANDAD WAS A ROMANTIC - Maryam Mohajer
  • IN HER BOOTS - Kathrin Steinbacher
  • THE MAGIC BOAT  - Naaman Azh
F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

Top financial tips for graduates

Araminta Robertson, of the Financially Mint blog, shares her financial advice for university leavers:

1. Build digital or technical skills: After graduation, people can find it extremely hard to find jobs. From programming to digital marketing, your early twenties are for building skills. Future employers will want people with tech skills.

2. Side hustle: At 16, I lived in a village and started teaching online, as well as doing work as a virtual assistant and marketer. There are six skills you can use online: translation; teaching; programming; digital marketing; design and writing. If you master two, you’ll always be able to make money.

3. Networking: Knowing how to make connections is extremely useful. Use LinkedIn to find people who have the job you want, connect and ask to meet for coffee. Ask how they did it and if they know anyone who can help you. I secured quite a few clients this way.

4. Pay yourself first: The minute you receive any income, put about 15 per cent aside into a savings account you won’t touch, to go towards your emergency fund or to start investing. I do 20 per cent. It helped me start saving immediately.

UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
MATCH INFO

Uefa Champions League final:

Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports

MATCH INFO

What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany

Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)

UAE squad

Ali Kashief, Salem Rashid, Khalifa Al Hammadi, Khalfan Mubarak, Ali Mabkhout, Omar Abdelrahman, Mohammed Al Attas (Al Jazira), Mohmmed Al Shamsi, Hamdan Al Kamali, Mohammad Barghash, Khalil Al Hammadi (Al Wahda), Khalid Eisa, Mohammed Shakir, Ahmed Barman, Bandar Al Ahbabi (Al Ain), Adel Al Hosani, Al Hassan Saleh, Majid Suroor (Sharjah), Waleed Abbas, Ismail Al Hammadi, Ahmed Khalil (Shabab Al Ahli Dubai) Habib Fardan, Tariq Ahmed, Mohammed Al Akbari (Al Nasr), Ali Saleh, Ali Salmeen (Al Wasl), Hassan Al Mahrami (Baniyas)

The specs

Engine: 4.0-litre V8 twin-turbocharged and three electric motors

Power: Combined output 920hp

Torque: 730Nm at 4,000-7,000rpm

Transmission: 8-speed dual-clutch automatic

Fuel consumption: 11.2L/100km

On sale: Now, deliveries expected later in 2025

Price: expected to start at Dh1,432,000

UAE currency: the story behind the money in your pockets

Heather, the Totality
Matthew Weiner,
Canongate 

Heavily-sugared soft drinks slip through the tax net

Some popular drinks with high levels of sugar and caffeine have slipped through the fizz drink tax loophole, as they are not carbonated or classed as an energy drink.

Arizona Iced Tea with lemon is one of those beverages, with one 240 millilitre serving offering up 23 grams of sugar - about six teaspoons.

A 680ml can of Arizona Iced Tea costs just Dh6.

Most sports drinks sold in supermarkets were found to contain, on average, five teaspoons of sugar in a 500ml bottle.

MATCH INFO

Champions League last 16, first leg

Tottenham v RB Leipzig, Wednesday, midnight (UAE)

Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
The years Ramadan fell in May

1987

1954

1921

1888

The biog

Name: Sarah Al Senaani

Age: 35

Martial status: Married with three children - aged 8, 6 and 2

Education: Masters of arts in cultural communication and tourism

Favourite movie: Captain Corelli’s Mandolin

Favourite hobbies: Art and horseback ridding

Occupation: Communication specialist at a government agency and the owner of Atelier

Favourite cuisine: Definitely Emirati - harees is my favourite dish

Oscars in the UAE

The 90th Academy Awards will be aired in the UAE from 3.30am on Monday, March 5 on OSN, with the ceremony starting at 5am

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

The five pillars of Islam
'Top Gun: Maverick'

Rating: 4/5

 

Directed by: Joseph Kosinski

 

Starring: Tom Cruise, Val Kilmer, Jennifer Connelly, Jon Hamm, Miles Teller, Glen Powell, Ed Harris

 
ACC 2019: The winners in full

Best Actress Maha Alemi, Sofia

Best Actor Mohamed Dhrif, Weldi  

Best Screenplay Meryem Benm’Barek, Sofia  

Best Documentary Of Fathers and Sons by Talal Derki

Best Film Yomeddine by Abu Bakr Shawky

Best Director Nadine Labaki, Capernaum
 

Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Essentials

The flights
Etihad and Emirates fly direct from the UAE to Delhi from about Dh950 return including taxes.
The hotels
Double rooms at Tijara Fort-Palace cost from 6,670 rupees (Dh377), including breakfast.
Doubles at Fort Bishangarh cost from 29,030 rupees (Dh1,641), including breakfast. Doubles at Narendra Bhawan cost from 15,360 rupees (Dh869). Doubles at Chanoud Garh cost from 19,840 rupees (Dh1,122), full board. Doubles at Fort Begu cost from 10,000 rupees (Dh565), including breakfast.
The tours 
Amar Grover travelled with Wild Frontiers. A tailor-made, nine-day itinerary via New Delhi, with one night in Tijara and two nights in each of the remaining properties, including car/driver, costs from £1,445 (Dh6,968) per person.

Manchester United v Liverpool

Premier League, kick off 7.30pm (UAE)

UAE currency: the story behind the money in your pockets
EPL's youngest
  • Ethan Nwaneri (Arsenal)
    15 years, 181 days old
  • Max Dowman (Arsenal)
    15 years, 235 days old
  • Jeremy Monga (Leicester)
    15 years, 271 days old
  • Harvey Elliott (Fulham)
    16 years, 30 days old
  • Matthew Briggs (Fulham)
    16 years, 68 days old
Updated: September 27, 2022, 6:45 AM`