Food delivery platform Elmenus raises US$10m pre-Series C funding for its expansion plans

EGYPT – Elmenus, the Cairo-based food discovery, ordering, and delivery platform, has announced that it raised US$10 million in pre-Series C funding round lead by Egyptian payments firm Fawry. New York-based hedge fund Luxor Capital, and Egyptian property developer Marakez, also participated in the deal. Luxor has previously backed companies like Zomato, Glovo, and Gopuff. Elmenus is their first investment in the Middle East. Elmenus aims to use the funds to expand to more cities in Egypt and personalize the ordering and delivery experience for its customers. A 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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Digital logistics company iMile officially launches its operations in Egypt

EGYPT – iMile, a technology-driven delivery service, has officially launched into Egypt with operations in Cairo and Suez. Dubai-based, iMile specialises in delivering goods from eCommerce sellers in China to customers in the MENA region. iMile’s recent expansion into Egypt is part of its commitment to continue supporting efficient cross-border eCommerce across the region. This comes a year after the company raised US$10 million pre-series A round led by a Chinese VC firm. The company was to use the finance for regional expansion to Egypt, Kuwait, and Morocco. The funding…

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GEMS Egypt Group announces establishment of its first purpose-built school in Cairo

EGYPT – GEMS Egypt Group, a subsidiary of the largest private K-12 education provider in the world GEMS Education, has announced its expansion in Egypt by establishing the first GEMS purpose-built school in Egypt, GEMS International School in Cairo, as a premium American and International School located in the heart of New Cairo, Egypt. The school is also in the process of applying for candidacy to be an International Baccalaureate (IB) World School providing quality education to students from kindergarten to secondary school. “I am proud of our success in…

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Qatari Diar Company inaugurates US$1bn St. Regis Hotels & Resorts Cairo

EGYPT – The Qatari Diar Company, a real estate investment company, has launched the St. Regis Hotels & Resorts, part of Marriott International, in Egypt. The St. Regis Cairo was inaugurated in the presence of the Qatari Minister of Finance, Ali Sherif Al-Emadi, the US Secretary of Treasury, Steven Mnuchin, and the Egyptian Minister of Finance, Mohamed Maait. “By investing through Qatari Diar in this distinguished project, Qatar practically affirms its commitment to contribute to supporting the tourism sector for its vital role in economic development and creating job opportunities.…

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Egypt to invest US$219m in construction of Cairo’s 4th metro line

EGYPT – The Government of Egypt has announced plans to invest US$218.89 million in FY2020/2021 in the construction of the first phase of Cairo’s fourth metro line. Once complete, the metro line will be expected to serve 1.35 million passengers with the number being increased to 2.5 million after the accomplishment of the second phase. Cairo’s fourth metro line will pass beneath the Grand Egyptian Museum (GEM) as it connects 6th of October City in western Cairo to central and eastern Cairo. The line will consist of two phases: One…

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Africa Re disburses US$3.3m to assist stakeholders in COVID-19 Pandemic fight

AFRICA – The African Reinsurance Corporation (Africa Re), the premier reinsurance group in Africa, has announced the disbursement of the sum of US$3.3 million to assist stakeholders in the ongoing fight against the Covid-19 pandemic in the continent. This assistance will be managed by the Africa Re Foundation, an independent institution, set up to handle the corporate social responsibility projects of the Africa Re Group. This support will be channelled to various government and private institutions at the forefront of the fight against the pandemic for awareness campaigns, preventive measures,…

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Fintech startup MoneyFellows raises US$4m Series A investment to expand its user base

EGYPT – MoneyFellows, a fintech startup for contributory savings and loans schemes has raised US$4 million in a Series A investment led by Paris-headquartered global VC Partech and Egypt’s Sawari Ventures. The funding round is aimed at growing MoneyFellows beyond its base of about 150,000 users with the launch of new products in the coming months, the company said. Ahmed Wadi, the startup’s CEO and founder, says they plan to spread their reach across Egypt (they are currently concentrated in Cairo) as well as expand to other countries in Africa.…

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AAIC invests in mental health platform Shezlong to expand its services

EGYPT – Shezlong, Cairo-based mental health platform has raised an undiclosed fresh funds from Asia Africa Investment Consulting (AAIC), a Singapore-based investor focused on investing in healthcare startups in Africa.  The round was also joined by Mohamed El Khamissy (investor in different health and wellness startups across the Middle East, Europe, and the United States) and Cairo-based angel fund HIMangel.  Shezlong had previously raised US$350,000 in a bridge round in 2018. It had also won a US$100,000-grant from Expo 2020’s Innovation Impact Grant Program.  Founded in 2014 by Ahmed Abu Elhaz and Mohammad ElShami, Shezlong enables users to find…

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IFC Announces New Regional Director for Middle East and North Africa

MENA —IFC, a member of the World Bank Group, has appointed Beatrice Maser as its new Director for the Middle East and North Africa region, based in Cairo. In her new role, Maser will drive the organization’s long-term strategy to create markets and offer new solutions for the private sector, IFC noted in a statement. She will also be expected to crowd in more private investment to help MENA countries grow, provide jobs, and increase shared prosperity. “The MENA region is a priority for IFC, and Beatrice’s leadership will help…

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