Housing development financier Shelter Afrique records US$1.04m in net profit for 2021

AFRICA – Pan African housing development financier Shelter Afrique has posted an operating profit of US$1.04 million up from operating loss of US$0.58 million the Company recorded in 2020, backed by impairment recoveries and effective cost control measures.  The Company contained its operating expenses at US$8.04 million in 2021 down from US$8.44 million in 2020, representing a 10% decline. It…

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Student housing startup DigsConnect secures Pre-Series A seed extension

SOUTH AFRICA – DigsConnect.com, a student housing startup, has announced the completion of its Pre-Series A seed extension round to promote worldwide expansion, with a focus on assisting African students with housing in the United Kingdom and the United States. The undisclosed multi-million Rand investment was from Launch Africa, Goodwater Capital, Five35 Ventures, and Delta Ventures. DigsConnect.com, which was launched…

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Real estate company Mi Vida Homes appoints Samuel Kariuki as chief executive officer

KENYA – Mi Vida Homes, a residential developer, has appointed Samuel Kariuki as the chief executive officer. The former Centum Real Estate managing director appointment took effect on June 1, following the announcement of his departure from Centum on March 18. “I am excited at this opportunity of taking Mi Vida Homes to its next phase of growth where we…

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Cameroon receives US$41m from AfDB to improve access to industrial and port area

CAMEROON – The Board of Directors of the African Development Bank (AfDB) has approved a €39.62 million (US$41.73m) loan to Cameroon to improve road access to the industrial and port areas of Kribi, in the south of the country. Designed for implementation of the second phase of the Kribi Industrial and Port Area Access Roads Development Project, the funds will…

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Real estate fintech startup Boyot raises pre-Seed round to increase its client base

EGYPT – Boyot, a startup that provides an end-to-end operating system for payments and financial services focusing solely on the real estate industry, has raised a six-figure pre-Seed round led by a Kuwait-based real estate firm, as it prepares to open an office in Kuwait later in the year. The startup plans to use the fresh money to increase its…

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Real estate brand Sotheby’s International Realty launches in Egypt

EGYPT – Sotheby’s International Realty, a luxury real estate brand, has launched in Egypt, its second office in Northern Africa and its 206th office in the EMEIA region. Egypt Sotheby’s International Realty is co-founded and operated by Marwan Gebril who brings 15 years of real estate experience to the company. The company is headquartered in the city of Cairo and…

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Construction tech startup Jumba secures US$1m funding to expand its reach

KENYA – Jumba, a b2b construction technology platform, has secured US$1 million in pre-seed funding to fine-tune its technology and expand its reach to capture markets in major cities across Kenya. Jumba launched in April this year, is out to bridge this gap through an online platform that allows operators of hardware stores (construction materials retailers), which are found on…

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Nigeria increases its shareholding in Shelter Afrique with US$7m additional capital subscription

NIGERIA – Shelter Afrique, a Pan-Africa housing development financier, has received US$7.15 million in additional capital subscription from the Federal Government of Nigeria taking its shareholding to 15.8%, one-percentage point behind top shareholder Kenya, which currently stands at 16.85%.  The other top three shareholders of Shelter Afrique whose shareholdings now change include African Development Bank (AfDB), which now stands at…

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Safaricom Investment Co-operative launch US$6.4m real estate project

KENYA – Safaricom Investment Co-operative is set to begin the construction of a KSh750 million (US$6.43m) real estate project in Ruaka, Kiambu County to meet the growing need for affordable housing in the county. Dubbed The Miran Residence, the three-acre urban development nestled in the Western end of the Nairobi Bypass is an integration of modern and sustainable infrastructure and…

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Veolia and HAC complete construction of a wastewater treatment plant in Dakahl

EGYPT – Hassan Allam Construction (HAC), a subsidiary of Hassan Allam Holding, in partnership with French company Veolia has completed work on the Senbellawein wastewater treatment plant in the Dakahlia governorate of Egypt. The contract was won in 2018  for the engineering, procurement, and construction (EPC) of a plant capable of handling 33,000 m3 of effluent per day. The plant…

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