Brouq Development launches its US$95m project in New Administrative Capital

EGYPT – Brouq Developments, an Egyptian-Gulf Investment Company, has launched its Spark Capital Insight project in the New Administrative Capital (NAC), with investments worth EGP1.5 billion (US$95.48m). Marketing Director Helal Mohsen said that the project was built on an area of ​​8,000 sqm in the MU23 area of the NAC. It is located at the intersection of the Al Amal Axis and the Bin Zayed Axis and overlooks the Green River. The project was built as a commercial-medical-administrative tower providing several services, including the largest food court on the Green…

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Transcorp Plc announces new member to its board and changes in its management team

NIGERIA – The Board of Transnational Corporation of Nigeria Plc (Transcorp), a conglomerate company, has announced the appointments of Mr Victor Famuyibo and Mallam Ahmadu Hamman Sambo to its Board of Directors. The Group also formally announced the appointments of two new members of its executive management team, Engr. Vincent Ozoude, as MD/CEO of Trans-Afam Power Ltd and Mr. Peter Ikenga, as MD/CEO of Transcorp Energy Ltd. “Transcorp has made a succession of important recent business acquisitions, consolidating our position in the power, oil and gas sectors, demonstrating our commitment…

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Russia’s S7 Airlines and Aeroflot to start flying to Morocco in their destination expansion plans

MOROCCO – Russian carriers S7 Airlines and Aeroflot are set to start flying to Casablanca, Morocco, as part of plans to expand their travel destinations. Flights to Casablanca’s Mohammed V International (CMN) will begin on April 30 before switching to a Sunday service from May 9. The route, which will be S7’s first to Morocco, will be operated using Boeing 737-800s. The airline will become the second carrier to serve DME-CMN this summer alongside fellow oneworld alliance member Royal Air Maroc. Morocco’s flag-carrier currently provides 2X-weekly flights, set to increase…

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Orange Egypt to provide TRIPLE PLAY services networks in Mountain View residential projects

EGYPT – Orange Egypt, telecommunications service provider, and Mountain View, a real estate developer in Egypt, have signed a cooperation agreement to provide TRIPLE PLAY services (telephone, television and high-speed internet) over fiber to the home networks in Mountain View residential projects; namely October Park and Chill Out Park projects. Mountain View has chosen Orange Egypt as one of the leading companies in establishing and operating integrated communication networks within compounds whereas Orange’s strategy works on combining its strength in mobile services along with its expanded expertise in digital and…

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Logistic companies Transmar & Transmetrics sign deal for logistics collaboration

EGYPT – Transmar, an international container shipping lines company, and Transmetrics, a predictive optimization company, have signed a deal for a state-of-the-art logistics collaboration. The partnership will ensure that the former can successfully streamline operations at Transmar, a leading carrier of containerised cargo between Egypt and key regional partners. Transmetrics’ demand forecasting and predictive optimisation platform is powered by artificial intelligence (AI) and machine learning algorithms. Transmar owns and operates a large fleet of both dry and refrigerated containers, serves thousands of customers, and moves hundreds of commodities throughout the…

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Total confirms suspension of work on Mozambique LNG project

MOZAMBIQUE – French energy giant Total has confirmed it is suspending work on a massive US$20 billion gas project in northern Mozambique following the latest jihadist assault on a nearby town in March 2021. “Considering the evolution of the security situation, Total confirms the withdrawal of all Mozambique LNG project personnel from the Afungi site,” the company said in a statement. Total added that it was declaring a “force majeure” situation beyond its control, a legal concept meaning it can suspend fulfilling contractual obligations. A March 24, 2021, jihadist raid…

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Fintech startup Kashat secures funding from Cairo Angels for expansion plans

EGYPT – Kashat, a Cairo-based fintech startup which just launched out in 2020, has secured an undisclosed amount of funding from Cairo Angels, a global network of angel investors targeting startup opportunities in Egypt, the Middle East and Africa, to aid in its expansion plans. Founded by Sumair Farooqui and Karim Nour, Kashat is the first Nano lending mobile application in Egypt, offering short term loans from EGP 200 (US$12.73) to EGP 1500 (US$95.45) with a repayment plan up to 61 days. The product is designed to serve unbanked Egyptians,…

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E-health start-up TIBU raises seed funding round from Blue Haven Initiative to expand its product offering

KENYA – E-health start-up TIBU, a digital platform that decentralises primary outpatient care to bring it directly to patients in Kenya, has raised a seed funding round to help it scale its operations. Mooted in 2016, built in 2019, and launched to the public in early 2020, TIBU is an on-demand platform that connects people to healthcare workers in real-time, who deploy to a location and time of the patient’s choosing.  The start-up has served over 10,000 patients since its launch, rolled out a comprehensive home-based vaccination service alongside Amref Health Africa, launched…

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Ethiopian Airlines becomes the first African airline to trial IATA travel pass

ETHIOPIA – Africa’s most profitable airline, Ethiopian Airlines Group, has become the first African airline to conduct trial of IATA Travel Pass, a digital travel mobile app to enhance efficiency in testing or vaccine verifications. As air travel restarts, travellers need accurate COVID-19-related information like testing and vaccine requirements which vary among countries and the IATA Travel Pass initiative helps verify the authenticity of test information presented by travellers which is essential for ensuring the safety of passengers while complying with entry requirements of countries. The trial will be conducted…

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Heva Fund partners AFD to support creative businesses in Kenya with up to US$92,000

KENYA – HEVA Fund, an East African fund that invests in the transformative social and economic potential of the creative economy sector in the East African region, in collaboration with Agence Française de Développement (AFD), has opened round 2 of its Growth Fund facility for creative businesses in Kenya. Starting from 19th April 2021, businesses will now be able to apply for the facility through the Growth Fund page, a fund which is open to mature creative businesses in Kenya who need financing of between US$46,000 to US$92,000. The fund will…

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