Microsoft partners Standard Bank for its digital transformation and continental growth

AFRICA – Standard Bank and Microsoft have announced a strategic partnership to accelerate the digital transformation of Africa’s largest financial institution and further drive the continent’s growth. According to a statement by Microsoft, creating a digital platform, application modernisation and cloud migration of the continent’s largest financial institution will enable innovation, resilience and cost-efficiencies allowing Standard Bank to respond to customer needs. The Bank’s growing investment in the Microsoft Cloud will enable the innovation, efficiencies, and resilience required to respond to market dynamics and customer needs. “Investing in the cloud…

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Sky Investments set to manage City Edge Developments’ project

EGYPT – City Edge Developments, a real estate developer and development manager, has signed a strategic memorandum of understanding with Sky Investments, a private investment company. The MoU allows the City Edge to take part in the marketing, leasing, and property management of Sky Investment in CED’s project in Sheikh Zayed. Moreover, the two companies will participate in financing, construction, marketing, selling, or leasing of CED’s future projects and any new activities and operations, whether at the residential, commercial, administrative, hotels, or recreational levels. “The signing comes as part of…

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Arkan Palm partners Crowne Plaza West Cairo for its latest project

EGYPT – Arkan Palm, a subsidiary of Palm Hills Developments, has announced the signing of a service partnership with the upcoming Crowne Plaza West Cairo (an IHG Hotel) for its latest residential community project in Sheikh Zayed City, Canal Walk Island. Located in a strategic location on 205 acres, Canal Walk Island consists of a series of luxury hotel apartments overlooking a 2-km-long river and is the first of its kind in Egypt. “We at Arkan Palm, are pleased to partner with IHG Hotels & Resorts and Crowne Plaza, one…

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CDG Invest acquires sole ownership of public broadcasting channel Medi1 TV

MOROCCO – Caisse de Depot et de Gestion (CDG) Invest has acquired sole ownership of public broadcasting channel Medi1 TV, for MAD105 million (US$11.9 million) buyout, reports Moroccan World News. The company plans on holding on to ownership of Medi1 TV until government entity SNRT can meet official legal regulations. At this time, CDG will transfer ownership of the channel to SNRT. The buyout is a part of a larger restructuring of the Moroccan public broadcast system. The plans were formally announced on May 25th by Minister of Culture Othmane…

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Co-founder of CBBE launches new crypto venture capital fund for African crypto startups

NIGERIA – The co-founder of Crypto for Black Economic Empowerment (CBBE), a coalition of 100 Black inventors and founders, Erikan Obotetukudo, has announced the launch of Audacity Fund, a new crypto venture capital fund. The Audacity Fund is a non-profit organization that to intends to invest in African crypto startups, with a special focus on decentralized finance (DeFi), a name for blockchain-based initiatives that eliminate financial middlemen such as banks, allowing people to lend, borrow, and trade directly with one another. “As exciting and interesting as blockchain and crypto is…

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Radisson Hotel Group partners with Salaam Properties to debut in Djibouti

DJIBOUTI – Radisson Hotel Group has announced the signing of Radisson Hotel Djibouti, marking the Group’s entry into the country and brings its East African portfolio to 18 hotels and over 2,700 rooms in operation and under development, strengthening its strategic position in the region. This new signing further underscores the Group’ presence as the hotel company active in the most countries on the African continent with close to 100 hotels in operation and under development. The new-build 144-room hotel, scheduled to open in 2024, will comprise not only of…

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Bayer to expand further into Southern Africa region as it celebrates 100 years

SOUTH AFRICA –  German multinational pharmaceutical and life sciences company group Bayer is set for further expansion in Southern African as it celebrates 100 years of operations in the country, capped by a vibrant performance even in the Covid-19 lockdown period. The group enthused recently that it ended a turbulent 2020 by celebrating 100 years in South Africa, a century in which its operations across agriculture, pharmaceutical and consumer health have grown substantially. “This South African operation leads the market sales across all three business units on the continent and…

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IKEA Foundation and Rockefeller set up a historic US$1b initiative to catalyze investments in distributed renewable energy

WORLD – The IKEA Foundation and The Rockefeller Foundation have announced they will join forces to set up a US$1 billion global platform to fight climate change and energy poverty. The platform, which is set to be launched this year 2021 aims to reduce 1 billion tons of greenhouse gas emissions and to empower 1 billion people with distributed renewable energy (DRE), a renewable energy generated from sources such as mini-grid and off-grid solutions, located near the point of use, rather than centralized sources like power plants. The new global…

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PE firm Adenia acquires leading electrical and solar equipment distributor Herholdt’s

SOUTH AFRICA – Adenia Partners, a private equity firm investing in Africa, has acquired a majority stake in Herholdt’s, a leading distributor of low-voltage electrical products and solar products in South Africa. Financial terms of the transaction were not disclosed. Established in 1964, Herholdt’s operates in Bloemfontein, Kimberley and George, and has recently opened branches in Johannesburg and Cape Town.  Herholdt’s supplies a broad product portfolio of 10,000+ items to professionals such as installers, contractors and resellers as well as end-users. Herholdt’s originally focused on the sale of electrical equipment…

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Dr. Bongo Adi appointed as new chairman of Newstide Publications Limited

NIGERIA – Newstide Publications Limited has announced the appointment of Dr. Bongo Adi as its new chairman, joining a rich list of other renowned experts appointed by the multimedia company. Dr. Bongo, who is a development economist, data scientist, and project finance expert, brings with him vast experience covering over two decades in the fields of research, consulting, policy design, capital raising, business development, and data analytics. Newstide offers reliable sources of news and analyses on Africa’s social, economic, business, and political trends and developments. Its publication, Prime Business, is…

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