Golden Town Development, a prominent player in Egypt’s real estate sector, announced a significant stride in its expansion plans by forming a strategic alliance with Saudi businessman Ahmed bin Abed Al-Juhani. This collaboration aims to channel substantial investments, totaling EGP 10 billion ($208.4 million), into Egypt’s dynamic real estate market. Chairman Raafat Maher emphasized the […]

In a strategic move set to fortify France’s pharmaceutical sector, industry titans Pfizer and AstraZeneca have unveiled plans to collectively invest close to $1 billion in the country. The announcement, made ahead of the annual ‘Choose France’ business summit, signals a significant commitment to fostering growth and innovation within France’s borders. Pfizer’s pledge entails a […]

In a move signaling a strategic shift, BNP Paribas SA has officially closed its corporate and investment banking operations in South Africa. This development marks yet another instance of European banks retreating from the African market. A spokesperson for BNP Paribas confirmed the closure, stating, “We can confirm that we have closed BNP Paribas CIB […]

In a strategic move aimed at enhancing its economic potential, Madagascar has announced plans to establish its inaugural gold refinery plant, with crucial support from the United Arab Emirates (UAE). President Andry Rajoelina shared this development during his address at the 13th edition of the AIM Congress in Abu Dhabi, emphasizing his nation’s commitment to […]

Nigerian startup Chowdeck, a rising star in the on-demand delivery sector, has successfully closed a $2.5 million seed funding round. The investment, sourced from a diverse group of backers including YCombinator, Goodwater Capital, and FounderX Ventures, signals a significant boost for the company’s ambitious growth plans. Since its launch in October 2021, Chowdeck has rapidly […]

Saudi Arabia’s commitment to fostering African development has reached a significant milestone with the Saudi Fund for Development (SFD) announcing an investment exceeding $11 billion across the continent. This substantial injection of capital aims to bolster various sectors crucial for sustainable growth, including infrastructure, industrialization, and economic diversification. The financing, supporting 433 development projects and […]

Grindstone, in collaboration with Usaid Southern Africa Mobilizing Investment, has unveiled an innovative two-year program designed to fuel the growth of startups in South Africa. Named “Grindstone Boost,” this initiative aims to support 40 startups annually, carefully selected from Grindstone’s alumni and other key players in the entrepreneurial ecosystem. Kicking off in July 2024, the […]

Ethiopian eco-startup Kubik has successfully closed its seed funding round, raising an impressive $5.2 million. Leading the investment effort are African Renaissance Partners, alongside prominent backers such as Endgame Capital, Ethiopian Pharo Ventures, and King Philanthropies. Founded in 2021 by Kidus Asfaw and Penda Marre, Kubik operates from its recently established factory at the Adama […]

Glencore, a leading mining and trading entity, has set its sights on Nigeria’s promising mining landscape. CEO Gary Nagle’s visit to Nigeria’s Minister of Solid Minerals signals the company’s intent to explore investment opportunities, particularly in nickel, cobalt, and zinc. Nigeria, eager to attract foreign investment, is actively courting global players like Glencore. Minister Dele […]

TLcom Capital, a prominent Africa-focused venture capital firm, recently closed its TIDE Africa Fund II, securing $154 million in funding. The fund, oversubscribed and supported by a diverse group of investors including the European Investment Bank (EIB), Allianz, DEG Impact’s AfricaGrow, Visa Foundation, and Bertelsmann, underscores growing confidence in Africa’s tech potential. Expanding its mandate […]