Nestlé, the global food and beverage giant, has announced a significant investment of R2.5 billion ($131 million) over the next five years in its collaboration with Black-owned businesses across eastern and southern Africa. This commitment aims to bolster sustainable procurement practices, facilitate supplier partner development, and promote agro-processing initiatives within its value chain. The decision […]

Dubai Investments Park (DIP) Angola has announced a significant step forward in its development journey through a strategic collaboration with China Harbour Engineering Company Ltd (CHEC) for Phase 1A Infrastructure Development. This partnership marks a pivotal moment in the creation of a modern, 2,000-hectare mixed-use residential, commercial, and industrial hub in Angola, Africa. CHEC, a […]

Africa Finance Corporation (AFC) has announced the successful closure of a significant syndicated loan facility worth $1.16 billion. Initially set at $1 billion, the offering saw an impressive oversubscription rate of 49%, reflecting strong investor interest in AFC’s mission to address Africa’s infrastructure deficit. The increased facility size underscores AFC’s commitment to accelerating sustainable solutions […]

Egypt’s telecommunications powerhouse, Telecom Egypt, along with the Information Technology Industry Development Agency (ITIDA), have forged a significant partnership with India’s esteemed network firm, TEJAS, signaling a pivotal moment in cross-border cooperation in telecommunications and technology. The memorandum of understanding (MoU), unveiled by the Ministry of Communications and Information Technology, underscores TEJAS’ commitment to manufacturing […]

Telkom South Africa has announced its decision to sell its masts and towers business, currently operating under Swiftnet, for an enterprise value of ZAR 6.75 billion. This strategic move aligns with Telkom’s goal of optimizing its financial position and focusing on core operations by shedding non-core assets. The acquisition will be led by Towerco Bidco […]

EFG Hermes’ investment banking division has successfully concluded its advisory role in the groundbreaking $428.7 million initial public offering (IPO) of Parkin, a prominent Dubai-based provider of paid parking services. This milestone event signals a significant achievement in the region’s financial landscape. Parkin opted to offer 749.7 million existing shares, constituting 24.99% of its total […]

P1 Ventures, a prominent player in Africa’s tech sector, has secured a significant investment of $35 million, highlighting growing confidence in the region’s startup ecosystem. Despite global economic uncertainties, this funding round underscores the potential and attractiveness of Africa’s emerging markets. The partnership between P1 Ventures and the International Finance Corporation (IFC), a member of […]

Pan-African mobility fintech startup Moove has successfully concluded a $100 million Series B funding round, with notable participation from ride-hailing giant Uber, marking its initial foray into the African investment landscape. This collaboration further cements the existing partnership between Uber and Moove, with Uber being Moove’s primary car financing and vehicle supply partner across Africa […]

Kenya-based insurtech firm, mTek, has secured a substantial $1.25 million investment from Verod-Kepple Africa Ventures (VKAV) and Founders Factory Africa (FFA), signaling a significant boost for the region’s digital insurance landscape. The investment comes at a crucial juncture for mTek, positioning the company to accelerate its expansion efforts within both the Kenyan and broader East […]

The Egyptian Natural Gas Holding Co. (EGAS) has made a strategic move by establishing “Modern Gas” Saudi Arabia, a subsidiary in the Kingdom with EGAS holding an 80% ownership stake. This expansion into Saudi Arabia is part of EGAS’s broader offshore strategy, particularly focusing on Gulf Cooperation Council (GCC) countries. Egypt faces economic challenges, including […]