Uber Technologies Inc. is currently engaged in discussions to invest in Moove, an African auto-financing startup. Sources familiar with the matter suggest that Uber’s potential investment could range between $75 million and $100 million, as part of a larger funding round. The proposed investment would significantly enhance Moove’s valuation, potentially reaching around $750 million, a […]

In a strategic move to invigorate Egypt’s burgeoning start-up ecosystem, Sawari Ventures, a prominent venture capital firm headquartered in Cairo, has announced the launch of a $150 million fund dedicated to fostering innovation and growth within the country. Led by CEO and Co-founder Hani Al Sanbati, Sawari Ventures aims to allocate its resources across key […]

Kingdom Holding Company (KHC), a prominent Saudi conglomerate, has finalized the sale of its esteemed residential complex, Kingdom City, for SAR 900 million ($240 million). The transaction, completed with a real estate fund associated with Alawwal Investment, underscores KHC’s strategic realignment in the Saudi real estate sector. Nestled in Riyadh’s Al Rabie neighborhood, Kingdom City […]

Moody’s, the renowned credit rating agency, has unveiled its latest assessments for nine banking sectors across Africa, showcasing a mixed bag of prospects with four sectors marked with a negative outlook, three with a stable outlook, and two with a positive outlook. The evaluations provided by Moody’s take into account various local factors including operating […]

The trading floor witnessed a somber atmosphere today as Access Holdings’ share price plummeted by 6.26% following the untimely demise of Herbert Wigwe, leaving shareholders mourning the loss of the esteemed leader. After a bearish week that saw Access Holdings experiencing a 2.25% decline, the stock’s share price took another hit, shedding N1.55 to close […]

Mauritius, foreign direct investment (FDI) inflows surged by 27% to 23.1 billion rupees ($503 million) in the nine months leading up to September compared to the previous year. This notable rise was primarily propelled by increased property sales, reflecting the nation’s appeal to international investors. Real estate transactions dominated the investment landscape, constituting a substantial […]

The Nigerian naira experienced a marginal gain against the dollar at the official market, even as forex turnover plummeted by 56.17% to $203 million. In contrast, the exchange rate deteriorated in the black market during the same period, highlighting the contrasting trends between official and unofficial forex markets despite efforts from the Central Bank of […]

Mastercard has successfully concluded the acquisition of a minority stake in the fintech arm of MTN Group, the continent’s foremost mobile operator. This strategic move, valued at $200 million (R3.8 billion), not only bolsters the valuation of MTN Group Fintech to an impressive $5.2 billion (R99 billion) but also heralds a transformative era for digital […]

In a move aimed at tightening liquidity and enticing foreign investment, Nigeria’s central bank announced a hike in interest rates on short-term debt obligations. The decision, made public on Wednesday, underscores efforts to stabilize the country’s economy amidst inflationary pressures and foreign exchange challenges. The Central Bank of Nigeria, headquartered in Abuja, initiated the measure […]

The Ghana Stock Exchange (GSE) is poised for another year of positive growth in 2024, with projections by advisory firm Databank indicating a potential return ranging between 15 percent and 25 percent. The optimistic forecast is based on an improved macroeconomic environment, expected to contribute to robust performances across various sectors of the exchange. In […]