Arkan Palm secures US$95m to finance the “205” real estate project

EGYPT – Arkan Palm for Real Estate Investment has secured a long-term financing contract worth EGP 1.5 billion (US$95.36m) with a banking alliance has concluded to finance part of the investment cost of the company’s first phase of the “205” real estate project in Sheikh Zayed City. The alliance includes five banks: the Export Development Bank of Egypt (EBE), as the main arranger, general coordinator, and guarantee; the Housing and Development Bank (HDB); the United Bank; Suez Canal Bank, and MID Bank. The contributions of each bank in the financing…

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Italian-based Mobilspazio to partner with Takoradi Technical University

GHANA – Mobilspazio, an Italian-based Manufacturing company, has expressed its readiness to partner the Takoradi Technical University (TTU) to market and franchise products in their Carpentry and Wood Department to create employment opportunities for the youth as they graduate. The move, forms part of measures by the international wood processing and general home appliances company, to equip the youth with the relevant skills to design finished products of international standards in a competitive globalized economy. Country Director for Mobilspazio Production and Manufacturing company, Mr. Patrick Ekye- Kwesie, in an interview…

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Fintech company Kashat raises US$1.75m to further support and develop its platform

EGYPT – Kashat, the Egypt-based fintech and microloan solutions provider, has successfully raised US$1.75 million in its latest funding. The Bridge round was led by the Pan-African fund Launch Africa, whose mandate is to back companies that tackle the most meaningful challenges on the continent and saw the participation of several key regional investors including previous investor, Cairo Angels. The Egypt-based fintech plans to utilise its newly acquired funds to further support and develop its platform, as well as expand its operations. “With the growth in customer purchasing power, increased…

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Bolloré acquires warehouse space at Nairobi Gate Industrial Park

KENYA – Bolloré Transport & Logistics has acquired 5,000m2 warehousing space at the Nairobi Gate Industrial Park in Nairobi to accommodate its expanding Supply Chain activities. The highly flexible ultra-modern warehouse allows Bolloré Transport & Logistics to accommodate the expanding requirements of its Contract Logistics clientele from the FMCG and Beverage industries. Located on Nairobi’s Eastern Bypass, the warehouse is highly accessible and convenient with connectivity to key arterial roads, Jomo Kenyatta international airport and the inland container depot. Modifications were also introduced for the warehouse to suit the requirements…

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Financial company Saxo Bank appoints Damian Hitchen as CEO for MENA

MENA – Saxo Bank, an online trading services provider, has announced the appointment of Damian Hitchen, the former regional manager at HSBC, as the company’s new CEO of the MENA region. According to the announcement, the newly appointed CEO of the MENA region will report directly to the company’s Chief Sales Officer Stig Christensen. Hitchen will be based in Saxo Bank’s regional office in Dubai. He will facilitate Saxo Bank’s growth in the region. Hitchen has over two decades of experience in the global financial sector. He is joining Saxo…

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E-commerce startup OurPass closes US$1m pre-seed round to scale across the country

NIGERIA – OurPass, an e-commerce startup, has closed a US$1 million pre-seed round led by Tekedia Capital and angel investors from Fortune 500 companies to scale across the country. OurPass is an Abuja-based solutions provider offering the fastest one-click checkout technology for digital commerce in Africa and describes itself as the “Fast for Africa”. OurPass provides innovative solutions that facilitate faster and seamless transactions in the African digital marketplace. OurPass also recently announced the official unveiling and virtual launch of the OurPass App that, according to it, is designed to…

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Rebeca Grynspan officially takes over as head of UNCTAD

WORLD – Rebeca Grynspan has taken up her new role as secretary-General of United Nations Conference on Trade and Development (UNCTAD) for a four-year term. The former vice president of Costa Rica is the first woman and Central American to serve as UNCTAD’s secretary-general. Ms Grynspan, a former vice president of Costa Rica, and the first woman to serve as UNCTAD’s secretary-general was nominated for the post by UN Secretary-General António Guterres and approved by the General Assembly “I am honoured to begin work at UNCTAD at a critical time…

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James Finlay divests from flower business with sale of Kericho farm

KENYA – Black Tulip Group has bought Kericho-based flower farm from James Finlay Kenya for an undisclosed amount as the latter focuses on its tea and coffee business. The sale will see workers at the Lemotit farm in Londiani, Kipkelion East, which produces roses and cut flowers for the United Kingdom and European markets, declared redundant. “The sale of Lemotit farm marks the end of Finlay’s restructuring to concentrate fully on the beverage market,” said Stephen Scott, Finlay Flowers General Manager. Black Tulip is expected to take over the business…

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October Dry Port Company secures US$29m loan from EBRD for first inland dry port in Egypt

EGYPT – The European Bank for Reconstruction and Development (EBRD), is set to provide a €25 million (US$29.44m) loan to October Dry Port Company for the construction of the first inland dry port in Egypt, in 6th of October City, west of Cairo. October Dry Port Company is a special-purpose vehicle established by a consortium of El Sewedy Electric, Schenker Egypt and SLP Logistics. The development and construction of the 6th of October Dry Port is the first public-private partnership (PPP) project in the sector and the first under the…

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Vodacom goes solar with US$563,234 investment

SOUTH AFRICA – Vodacom has invested over R8 million (US$563,234) in three new solar-powered sites as part of the telco’s energy and carbon management strategy. The company says the new sites – in Polokwane, Vereeniging and Bloemfontein − form part of the 1,088 solar-powered sites across all of Vodacom’s markets. The company also installed rooftop solar at its Century City offices in Cape Town in 2012, and Vodacom Lesotho’s head office has been powered by solar energy since 2017.   This, the telco says, is part of Vodacom’s long-term strategy to…

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