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 […]
Micro, Small, and Medium Enterprises (MSMEs) in West Pokot and Turkana counties are poised to benefit from a significant funding opportunity. The Impact for Northern Kenya Fund, with a total value of $30 million, aims to provide crucial financial support to local businesses in collaboration with USAID Kuza. Already, over 1,500 MSMEs in the region […]
In a strategic move to invigorate its startup ecosystem, Japan has announced the launch of an Angel Investor Visa program set to commence in the upcoming fiscal year, starting April. The initiative aims to attract foreign investors willing to commit to Japan’s economic development. Key Features of the Program: Extended Residency: Offering up to five […]
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 […]
The Capital Markets Authority (CMA) has announced a significant development aimed at modernizing the Nairobi Securities Exchange (NSE) by allowing companies to conduct initial public offerings (IPOs) electronically. This initiative, outlined in legal notice No. 172, seeks to streamline processes, reduce costs, and enhance transparency in Kenya’s financial markets. Nairobi Securities Exchange Vice Chairman, Paul […]
In 2023, the UAE banking sector witnessed significant growth, with total assets surging to a record Dh4.1 trillion, marking an 11% increase year-on-year. Despite global challenges, the Central Bank of the UAE’s (CBUAE) strategic initiatives have propelled the sector towards further expansion and recovery in 2024. During the last quarter of 2023, total assets saw […]
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 […]
NCBA Group has sealed a substantial agreement with Proparco, securing a $50 million loan aimed at bolstering small and medium-sized enterprises (SMEs) and advancing green financing initiatives. The loan, equivalent to approximately Sh6.73 billion, was formalized during a signing ceremony held at Nairobi’s Serena Hotel on March 18, 2024. Under the terms of the agreement, […]
In a significant move, Borse Dubai Ltd. has announced intentions to divest a portion of its stake in Nasdaq Inc. through a secondary share offering, aiming to raise approximately $1.6 billion. The plan entails selling 26.96 million shares of Nasdaq’s common stock at $59 per share, which would reduce Borse Dubai’s stake to around 10.8%. […]
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 […]
In a significant diplomatic stride, the Republic of Cyprus has officially inaugurated its embassy in Nairobi, marking a pivotal moment...
The Syrian economy, devastated by over a decade of conflict, stands at a critical juncture. On Monday, the World Bank...
The world's youngest nation, South Sudan, is once again at a critical economic crossroads, facing a severe financial crisis that...
In a vibrant display of its growing economic prowess and innovation, Kenyan startups have collectively raised a remarkable Sh17 billion...
