Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has announced a strategic pivot to reduce its international investments and redirect capital to fuel growth within the Kingdom’s domestic economy. PIF Governor Yasir Al-Rumayyan disclosed the shift during the Future Investment Initiative (FII) in Riyadh, underscoring the fund’s intent to cut overseas holdings from […]
Tech giant Google has pledged an additional US$5.8 million in Google.org funding to support artificial intelligence (AI) and cybersecurity training initiatives across Nigeria, Kenya, and South Africa. This commitment highlights Google’s focus on fostering digital skill development across Africa, building on its prior $20 million investment dedicated to the continent’s growing tech ecosystem. Expanding Africa’s […]
Kenya has experienced a sharp decline in foreign direct investment (FDI), dropping to $335 million in 2024 from a previous high of $710.2 million in 2023. This decline, amounting to a 47.2% drop, highlights the challenges facing one of Africa’s largest economies amid currency depreciation, rising inflation, and regulatory hurdles. According to the East African […]
In a strategic move to address Africa’s persistent trade financing shortfall, British International Investment (BII), the UK’s development finance institution, announced a new $150 million trade finance facility in collaboration with Absa Group, one of Africa’s largest financial institutions. This facility aims to bridge the continent’s trade finance gap, estimated at $100-120 billion, by injecting […]
The Ethiopian government, led by Prime Minister Abiy Ahmed, has introduced new regulations tightening controls on foreign investors looking to repatriate earnings. The latest directives from the National Bank of Ethiopia (NBE) aim to regulate the outflow of foreign currency and stabilize the country’s foreign exchange reserves, which have been severely impacted by economic pressures, […]
Hexing Group, a leading global supplier of smart green energy solutions, has announced a substantial investment of $10 million (approximately Sh1.3 billion) aimed at expanding its operations in Kenya. This new investment marks an important milestone for the company as it seeks to strengthen its presence in the East African region and capitalize on the […]
Indian food delivery giant Swiggy has once again revised its IPO valuation, bringing it down to $11.3 billion—25% lower than its initial target of $15 billion—as global and domestic market turbulence continues to weigh on investor sentiment. Sources close to the deal told Reuters on Sunday that the $1.4 billion IPO will be India’s second-largest […]
ACWA Power, a global leader in water desalination and a pioneer in green energy, has reaffirmed its commitment to driving Africa’s renewable energy growth with its latest milestone in South Africa. The company announced that its Redstone Concentrating Solar Power (CSP) plant, located in the Northern Cape province, has successfully reached an operational capacity of […]
Kenyan President William Ruto is calling on private investors to significantly scale up geothermal energy exploration, emphasizing the vast, largely untapped potential of this renewable resource in the country. Currently, only 10 percent of Kenya’s geothermal reserves have been explored, presenting a substantial opportunity for expansion, both for the nation’s economy and for sustainable energy […]
General Catalyst, the global investment and transformation firm, has closed its largest-ever fund, amassing over €7.5 billion. This landmark fund aims to support ambitious entrepreneurs while tackling urgent global challenges, setting a new standard in venture capital by transcending traditional models. With an expanded capital base, General Catalyst will allocate funds to high-potential ventures across […]
The financial stability of Kenya, a key economic hub in East Africa, has come under scrutiny as the nation's foreign...
In a significant revision to its economic outlook, J.P. Morgan now expects the U.S. Federal Reserve to cut interest rates...
In a landmark development for its economy, Nigeria's crude oil production has officially crossed the 1.8 million barrels per day...
In a major development for Nairobi's urban landscape, the European Investment Bank (EIB), through its specialized development arm, EIB Global,...
