Business
Hong Kong 2026-27 Budget: Driving High-quality, Inclusive Growth with Innovation and Finance
Published
2 months agoon
HONG KONG SAR – Media OutReach Newswire – 25 February 2026 – Paul Chan, Financial Secretary of the Hong Kong SAR Government, delivered his 2026-27 Budget today (February 25), with a range of initiatives to support and diversify Hong Kong’s economic growth, boost innovation and technology (I&T), speed up development of the Northern Metropolis and proactively align with China’s National 15th Five-Year Plan.
The theme of the 2026-27 Budget, the fourth Budget of the current-term Government, is “Driving High-quality, Inclusive Growth with Innovation and Finance”.
Hong Kong SAR’s Financial Secretary, Paul Chan, delivers the 2026-27 Budget today (February 25)
“Over the past year, as a result of the booming economy and capital market, our tax revenue has increased. Coupled with the reinforced fiscal consolidation programme gradually bearing fruit, our public finances have improved sooner than expected,” Mr Chan said.
The Financial Secretary revealed that Hong Kong’s Consolidated Account was expected to register a surplus of $2.9 billion in the current fiscal year, instead of a deficit of about $67 billion as originally estimated. The Operating Account for 2025-26, which was originally estimated to record a deficit of about $3 billion, will register a surplus of $51.3 billion, he said.
It was also confirmed that Hong Kong’s economy expanded by 3.5% in 2025, with growth forecast to be between 2.5% and 3.5% for 2026.
Mr Chan noted that this year marks the beginning of the National 15th Five-Year Plan, and he stressed the need for Hong Kong to actively align with the Plan.
“Our country’s sustained high-standard two-way opening-up, coupled with scientific and technological innovation, have presented us with new opportunities,” he said. “We must embrace the 15th Five-Year Plan with an innovative mindset, fostering new quality productive forces in accordance with local conditions.”
Mr Chan set out a series of measures to drive I&T development, including establishing the Committee on AI+ and Industry Development Strategy; taking forward the Sandy Ridge data facility cluster project; promoting AI training; and accelerating digital intelligence transformation of the Government.
“We are pressing ahead with the industrialisation of AI and deepening its integration across various industries, while encouraging wider AI application, thereby achieving the target of adoption and utilisation by all,” he said.
The International Clinical Trial Academy will, he said, also be established to help enable the Chinese Mainland’s biomedicine technology to go global, attract foreign investment, and help develop Hong Kong into an international health and medical innovation hub.
To facilitate the development of new industrialisation, the Budget has earmarked resources for establishing in Hong Kong the first national manufacturing innovation centre outside the Mainland, and the New Industrialisation Elite Enterprises Nurturing Scheme will be launched.
The Government will promote the full integration of technological innovation and industrial innovation through key infrastructure, including the Hong Kong Park of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone, and the San Tin Technopole in the Northern Metropolis.
To support financial services, Hong Kong will proactively align with national development strategies, advance the internationalisation of the Renminbi, and continuously reform the securities market.
The Government will legislate this year to enhance tax regimes for family offices and funds, as well as establish licensing regimes for digital asset dealing and custodian service providers.
“Despite the complex and ever-changing external environment, Hong Kong’s financial market has performed strongly and our financial system remains robust,” Mr Chan said. “We will continue to consolidate our existing strengths, tap into emerging fields, strengthen market systems and risk control and deepen financial co-operation in the GBA (Guangdong-Hong Kong-Macao Greater Bay Area).”
Noting that Hong Kong saw a year-on-year 12 per cent increase in visitor arrivals last year, which had created business and job opportunities for related sectors, the Budget will allocate $1.66 billion (US$212 million) to the Hong Kong Tourism Board (HKTB).
“The HKTB will scale up its flagship events and promotion, introducing new elements and extending event duration, and organise more signature festive events to highlight Hong Kong’s East-meets-West uniqueness,” Mr Chan said.
The Budget also earmarks an additional funding of $1 billion (US$128 million) for the Built Heritage Conservation Fund to enrich city culture. Elsewhere, the Government will launch the Northern Metropolis Urban-rural Integration Fund as a pilot scheme to support rural tourism projects.
To further promote sports development in Hong Kong, the Financial Secretary will inject $1.2 billion (US$154 million) to the sports portion of the Arts and Sports Development Fund.
Mr Chan said that the global environment has remained volatile over the past year, and Hong Kong has continued to undergo economic transformation.
“Technological innovation, in particular the development of AI, has brought us a mix of opportunities and challenges. Yet, Hong Kong has always thrived amid changes and progressed through innovation. We must make full use of our strengths and leverage the resolute support of our country to speed up and scale up our economic development sustainably for creating better development opportunities for the people and enhancing their quality of life,” Mr Chan said.
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Business
Nigeria and Senegal Must Follow Ghana and Mozambique Against Exclusionary Practices
Published
6 days agoon
April 10, 2026
African private sector leaders call for withdrawal from Frontier Energy events that marginalize local talent, championing inclusion, fair contracting and the Alliance model of partnership
Frontier’s approach, framed as a global platform for Africa, is in practice a system that extracts value from the continent while denying Africans the opportunities to lead, participate and benefit. Marginalizing the very people who build, operate and sustain energy projects is not partnership – it is structural exclusion masquerading as opportunity.
African businesses – particularly in Nigeria and Senegal, which drive regional growth – must reassess their participation in platforms that perpetuate these policies. African capital, sponsorship and attendance cannot continue to legitimize forums where local stakeholders are systematically sidelined. Market access must be earned and mutually respected.
Mozambique and Ghana have already set a precedent. In March 2026, Mozambique’s oil and gas industry withdrew from the Africa Energies Summit in London, citing repeated failures by the organizers to improve diversity, transparency and inclusion of Black professionals in leadership, contracting and deal-making roles. In early April 2026, the Ghana Energy Chamber followed suit, formally pulling out of the same summit over discriminatory hiring practices that sidelined African professionals, executives and service providers. These coordinated actions send a clear message: Africa will no longer support platforms that deny its talent the right to lead, contribute and benefit.
Africa will no longer sit quietly while its talent is excluded from opportunities on its own continent
The gold standard for companies to thrive in Africa is robust collaboration with international partners while building local capacity – exemplified by Senegal-based energy services company Alliance Energy. Alliance has advanced African expertise in the sector, notably supporting the launch of the National Institute for Petroleum and Gas in Senegal to train young professionals for leadership roles, while backing diverse energy initiatives across power, solar, gas and wind that strengthen Senegal’s position as a regional energy hub.
This success demonstrates that African companies flourish when local talent, leadership, contracting and workforce development are central to execution, alongside strategic partnerships with the US, UK and Europe. Any entity attempting to operate in Africa without a commitment to hiring or contracting local professionals threatens not only the ecosystem that nurtured companies like Alliance Energy but also the continent’s broader ambition to grow regional capability, ownership and sustainable energy development.
“The message is simple,” says Dr. Ndjuga Dieng, Managing Director of Alliance Energy. “Africa will no longer sit quietly while its talent is excluded from opportunities on its own continent. Nigeria, Senegal and all African nations must follow the lead of Ghana and Mozambique by standing against platforms that discriminate. Protect your people, your companies and your energy future. Inclusion is not optional – it is the foundation of growth.”
African energy markets have historically thrived on collaboration, both within the continent and with international partners. Events such as the Offshore Technology Conference (OTC) and the Invest in African Energy (IAE) Forum exemplify this model, integrating African executives, policymakers and service providers into core programming, deal-making and knowledge transfer.
African stakeholders must prioritize platforms that respect local content, equitable hiring and fair contracting. Strategic withdrawal from exclusionary events is not isolationism – it is a stand for principle, economic logic, and the future of Africa’s energy sector. The continent defines its own trajectory and will engage only with partners that recognize African talent as integral, not optional, to the industry’s future.
The position advanced by Alliance Energy aligns with broader advocacy across the continent, including that of the African Energy Chamber, which has consistently called for stronger local content policies, fair contracting practices and greater inclusion of African professionals across the energy value chain. This alignment underscores a growing consensus among African private sector leaders that sustainable industry growth depends on meaningful participation by local companies and talent, not their exclusion.
Distributed by APO Group on behalf of African Energy Chamber.
Business
Sheraton Nouakchott marks the entry of Marriott International in Mauritania
Published
6 days agoon
April 10, 2026
As Mauritania’s cultural and economic heart, Nouakchott offers visitors a glimpse into the serene beauty and rich heritage that define this remarkable Northwest African nation
We are proud to have brought Marriott International to Mauritania with the opening of Sheraton Nouakchott, the first internationally operated and branded hotel in the country
Nouakchott, the capital of Mauritania, is a coastal city where tradition and modernity meet. Nestled between the vast Sahara and the Atlantic Ocean, it serves as a gateway to the country’s breathtaking natural landscapes, from golden dunes and tranquil oases to rugged coastlines and untouched desert plains. As Mauritania’s cultural and economic heart, Nouakchott offers visitors a glimpse into the serene beauty and rich heritage that define this remarkable Northwest African nation.
Ideally located near iconic landmarks such as the Marché Capitale and the National Museum of Mauritania, as well as Nouakchott’s beaches and fishing port — and just a short distance from the desert — Sheraton Nouakchott offers an ideal base from which to discover the destination.
“We are proud to have brought Marriott International to Mauritania with the opening of Sheraton Nouakchott, the first internationally operated and branded hotel in the country. Since welcoming our first guests, the hotel has quickly established itself as a destination for both travellers and the local community. This milestone underscores our commitment to delivering exceptional hospitality experiences in emerging markets, while celebrating the culture and character of each destination,” said Sandra Schulze‑Potgieter, Vice President, Premium, Select & Midscale Brands, Europe, Middle East & Africa, Marriott International.
Local design inspiration
Traditional crafts, from wood carving to metalwork, are woven throughout the hotel’s materials and furnishings, creating spaces that feel both rooted and refined. Every detail tells a story of local artistry, heritage and place, offering guests an immersive experience inspired by Mauritania’s cultural and natural beauty.
Inspired by the legendary landmarks along the Trans‑Saharan trade route, the hotel’s design blends regional heritage with contemporary elegance. The circular ceiling of Feast restaurant draws inspiration from the Richat Structure, also known as the Eye of Africa. Earthy tones and organic materials reference the dramatic landscapes of the Adrar Mountains, while patterns inspired by Chinguetti and Oualata are reinterpreted throughout guest rooms, public spaces and Bene restaurant.
Meeting spaces echo the stone architecture of Tichitt, one of West Africa’s oldest towns and a historic caravan hub.
Guest rooms and suites with local charm
Sheraton Nouakchott features 200 spacious guest rooms and suites, including two Presidential Suites, combining contemporary comfort with subtle local touches. All rooms are equipped with the latest technology and Sheraton signature amenities, including the iconic Sheraton Sleep Experience.
The Sheraton Club offers Marriott Bonvoy Elite members and Club guests an elevated, all‑day experience, with curated food and beverage offerings, premium amenities, enhanced connectivity and a private environment designed for both productivity and relaxation.
Local flavours meet international influence
The hotel features two restaurants, a Lobby Bar and a Pool Bar. Feast, the all‑day dining restaurant, serves locally inspired and international dishes made with seasonal ingredients. Bene offers an immersive Italian dining experience in a warm, inviting setting. The Lobby Bar provides a relaxed meeting point from morning coffee to evening gatherings, while the Pool Bar offers refreshing drinks and light bites by the outdoor pool.
Facilities offering a resort feel in the heart of the city
Despite its central urban location, Sheraton Nouakchott delivers a resort‑like atmosphere, centred around an expansive outdoor pool. Guests can maintain their fitness routines in the fully equipped fitness centre — featuring separate floors for women and men, hammam and sauna — or enjoy the outdoor tennis court. The Sheraton Spa features three treatment rooms, offering a peaceful retreat after a day of exploration or meetings.
Meetings & events curated to perfection
Sheraton Nouakchott offers more than 2,600 square metres of flexible Meetings & Events space, including a Grand Ballroom, a Ballroom and four additional meeting rooms. A signature Sheraton Community Table sits at the heart of the hotel, providing a welcoming space for informal meetings, remote work and collaboration. A dedicated events team ensures seamless delivery from concept to execution.
Gatherings by Sheraton
In line with Sheraton’s global community‑centred approach, Sheraton Nouakchott hosts Gatherings by Sheraton, curated weekly experiences designed around enrichment, renewal and local stories. Guests and locals can take part in Mauritanian mixology sessions using local mint tea and fruits, or storytelling evenings inspired by Saharan traditions.
Distributed by APO Group on behalf of Marriott International, Inc..
Business
African Energy Chamber (AEC) Supports Perenco Partnership to Advance Industry 4.0 Skills in Central Africa
Published
6 days agoon
April 10, 2026
The African Energy Chamber welcomes Perenco Cameroon and Perenco Gabon’s partnership with UCAC-ICAM to launch an Industry 4.0 lab, advancing local skills development and strengthening Africa’s industrial future
As the voice of Africa’s energy sector, the African Energy Chamber (AEC) welcomes the initiative as a scalable model for local content development. By equipping students with Industry 4.0 capabilities, the laboratory directly supports the Chamber’s mandate to ensure greater in-country value creation and workforce participation across Africa’s energy value chain. The initiative also addresses critical skills shortages, enabling operators to increasingly rely on locally trained talent.
Developing local skills is fundamental to building a competitive and sustainable energy sector in Africa
The partnership underscores Perenco’s long-term commitment to sustainable development and capacity building in Cameroon and Gabon. Designed as a mini-factory, the UCAC-ICAM laboratory enables students to engage with real-world industrial tools and processes. This hands-on approach will support the development of engineers and technicians capable of contributing to key projects, including operations in the Rio del Rey Basin and infrastructure developments such as the Cap Lopez LNG terminal in Gabon.
Students across multiple disciplines will benefit from hands-on exposure to the lab’s advanced technologies. General Engineering students will train using robotic systems and virtual reality simulations, while Computer Science Engineering students will focus on industrial IoT and smart technologies. Process Engineering students will gain experience in automated production systems, and Petroleum program students will develop expertise in energy systems and instrumentation control. Graduates from UCAC-ICAM are being actively recruited by leading companies operating in Douala, reflecting growing demand for locally trained, industry-ready talent.
“Developing local skills is fundamental to building a competitive and sustainable energy sector in Africa,” says NJ Ayuk, Executive Chairman of the AEC. “This partnership demonstrates how industry and academia can work together to create a highly skilled workforce that will drive Africa’s industrialization and energy future. It is exactly the type of initiative needed to ensure Africans play a leading role in developing the continent’s resources.”
The UCAC-ICAM laboratory represents a strategic investment in Africa’s industrial and energy future. By strengthening local capacity, advancing technology adoption and supporting independent operators, the initiative aligns with the AEC’s broader vision of a self-sufficient and globally competitive African energy sector.
Distributed by APO Group on behalf of African Energy Chamber.

