Real estate company El Baron Developments launches US$41m Vigor project

EGYPT – El Baron Developments, an Egyptian Real Estate, has launched a new project, Vigor, in the Downtown area at the New Administrative Capital, eastern Cairo, with a total investment of approximately EGP 650 million (US$41.52 million). According to Chairperson and Managing Director Hazem Zarif, the Vigor project is a commercial and medical administrative building situated on 4,700 sqm. It comprises 11 floors; each is 1,138 sqm. The project will offer units with various sizes. A contract was signed with the KAD Commercial Property Management responsible for managing the project…

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Malawi to construct its first solar-plus storage project

MALAWI – The government of Malawi, in collaboration with Sungrow, JCM Power, InfraCo Africa, RINA and Innovate UK, will construct its first solar-plus storage project, a first in Sub-Saharan Africa. Located in the Dedza district of Malawi near the town of Golomoti, the 20MWac solar PV and 5MW/10MWh energy storage project is set to become a leading project in sub-Saharan Africa in demonstrating the value of solar PV coupled with energy storage. The project will fully adopt Sungrow’s one-stop solar-plus-storage MV solution comprised of PV inverter, MV station, all-in-one Power Conversion System,…

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World Bank approves US$100m grant to support MSMEs, foster inclusive growth in Mozambique

MOZAMBIQUE – The World Bank has approved a US$100 million grant from the International Development Association (IDA), in support of the Government of Mozambique’s Economic Linkages for Diversification Project, which supports Micro, Small, and Medium Enterprises (MSMEs), develop their capacities to provide goods and services to larger businesses, as well as serve the growing cities in the centre and north of Mozambique, thus fostering linkages and economic diversification. “Mozambique’s growth has been driven by Foreign Direct Investments (FDI) into capital-intensive industries, which has not translated into adequate levels of job…

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Investment firm Convergence Partners gets green light to acquire Ctrack

SOUTH AFRICA – The Competition Commission of South Africa has granted investment firm Convergence Partners regulatory approval to acquire Ctrack, vehicle tracking, fleet management, and insurance telematics solutions company. Convergence Partners, a tech investor in Africa, initially announced in February 2021 that it had entered into an agreement with Inseego to acquire 100% of Ctrack’s operations in Africa and the Middle East. The Ctrack investment was conducted though the Convergence Partners Digital Infrastructure Fund (CPDIF) and required customary conditions, including approval by the Competition Commission (CompCom), which has now been granted. Announcing…

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Hospitality investment platform Kasada Capital Management acquires the largest hospitality complex in Namibia

NAMIBIA – Sub-Saharan hospitality investment platform Kasada Capital Management, has announced the acquisition of the 414-key Safari Hotels and Conference Centre in Windhoek, Namibia. The transaction will be made through Kasada Hospitality Fund LP and remains subject to approval by the Namibian Competition Commission. The hotel complex is strategically located within ten minutes of Windhoek’s city centre and adjacent to Eros Airport. It consists of the 215-key Safari Court Hotel, the 199-key Safari Hotel and Namibia’s foremost Meetings, Incentives, Conferencing, Exhibitions (MICE) venue, the Safari Court Conference Centre that includes a…

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IPP Acwa Power secures US$500m funding for its Redstone solar power plant in Northern Cape

SOUTH AFRICA – Saudi Arabian independent power producer (IPP) Acwa Power, has raised US&500 million from the African Development Bank (AfDB), Absa Bank, Development Bank of Southern Africa (DBSA), CDC Group, Nedbank, Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), Deutsche Investitions- und Entwicklungsgesellschaft (DEG), Investec Bank and Sanlam Life Insurance to finance the construction of Redstone concentrated solar power plant (CSP). Following the announcement of the fundraiser, construction work on the 100 MW capacity facility is set to begin. The announcement is an important milestone for this concession granted to Acwa Power…

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Radisson Blu celebrates a decade as the largest upper upscale brand in Europe, confirms 16 new signings in EMEA

WORLD – Radisson Hotel Group is celebrating Radisson Blu’s reconfirmed position as the largest upper upscale brand in Europe for the past decade and continues its successful portfolio growth in Europe, Middle East and Africa with over 2,000 rooms and 16 signings added to the Group’s portfolio in quarter 1. In a year of historic challenges, Radisson Hotel Group has remained actively committed to its five-year development plan to be recognized as one of the top hotel brands in the world and the brand of choice for owners, guests, and…

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South Africa’s edtech iXperience raises US$2.5m in Series A funding

SOUTH AFRICA –  Education-technology start-up iXperience, also known as Ix, has secured US$2.5 million in series-A funding from South African investment firms Kalon Venture Partners and Caleo Private Equity. iXperience partners with high schools, universities and the private sector to provide “progressive education programmes and services that equip students with industry-focused skills”. The company plans to use the funding to grow its team, continue to invest in its proprietary technology platform, launch programmes in new markets, and build its global partnerships division that is focused on working with companies, governments…

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Real estate firm Octo5 Holdings invests US$0.37m in Ocean Bay Estate

NIGERIA – Octo5 Holdings Limited, a real estate firm, has invested over N150 million (US$0.37m) in infrastructure development in its flagship Ocean Bay Estate in Lagos. The Chief Executive Officer of the company, Jide Odusolu, said the investment was a launch pad for the development of similar housing communities across the country to help bridge the housing deficit in Nigeria. This came as he assured residents of Ocean Bay Estate that all their complaints were being handled to perfect their living conditions. He that creating wholesome urban communities was one…

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Elsewedy Electric enters Asian market after acquiring US$60m shares in two companies

EGYPT – Elsewedy Electric, an Egyptian multinational electrical company, has entered the Asian market through its acquisition of shares in two companies involved in the transformer sector in Indonesia and Pakistan, valued at US$60 million. The company said in a statement that it acquired 95% of PT CG Power Indonesia, which specialises in manufacturing electrical transformers in Indonesia. The company has a production capacity of 10,000 MW, and provides maintenance services for the duration of the transformers’ lifetime, in addition to the construction of transformer substations. Elsewedy added that it…

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