Radisson Hotel Group eyes 30 openings across MEA and Europe in 2021

AFRICA – Radisson Hotel Group has outlined plans to add 30 hotels and over 5,000 rooms to its portfolio across Europe, the Middle East and Africa in 2021. The openings will include seven properties under the group’s growing Radisson Collection brand in France, Italy, Spain, Turkey, and Saudi Arabia, with new locations including Seville and Lyon. Last month the Grand Hotel Savoia Cortina d’Ampezzo in northern Italy became the latest member of the Radisson Collection, following an extensive renovation project. Radisson Hotel Group opened over 20 properties in the Europe, Middle…

Read More

John Deere names new head of marketing & sales for Africa and Middle East

AFRICA – John Deere Africa Middle East (AME) has announced the appointment of Jaco Beyers to the role of managing director for its marketing & sales branch head office in South Africa, effective from October 2020. The changes are part of the company’s ‘’Smart Industrial’ organisational changes. “It is not the strongest who survive, nor the smartest, but those most responsive to change. For more than 180 years, John Deere has benefited from strong, decisive leaders who are dedicated to the company’s core values and I intend on ensuring our…

Read More

Orange rolls out affordable 4G smartphones for Middle East and Africa

AFRICA – French multinational telecommunications company Orange has launched globally the latest device in its Sanza range, an exclusive series of smartphone and 4G Android devices as part of the line-up of activities for the GSMA Thrive Africa 2020. The Sanza touch launch is supported by Google and builds on the American tech company’s efforts since it rolled out Android (Go edition) two years ago to accelerate the pace of digital adoption across Africa. The new device will retail around $30, an affordable price point intended to make it the most accessible on the market, Orange said. The…

Read More

Deutsche Bank eyes entry into Ethiopia

ETHIOPIA – The continuation of economic reform in Ethiopia after elections which were postponed to 2021 could open the door for Deutsche Bank, Kees Hoving, one of the bank’s new co-CEOS for Middle East and Africa told The Africa Report. “Enhanced political stability subsequent to the election may lead many international institutions including Deutsche Bank to play a more active role in the country,” said Hoving. “The country is currently facing many challenges but has significant growth potential once the privatization strategy has fully kicked off,” he added. Hoving and Loïc…

Read More

Africa, Middle East mining investment deals rise despite global economic slowdown

AFRICA/MIDDLE EAST – Overall deal activity in the Middle East and African metals and mining industry increased by 16.7% in the second quarter despite a slowdown in global economic, a new report by GlobalData’s deals has revealed. According to the report by GlobalData, twenty-eight deals for the region worth $1.44-billion were made during the Q2 2020, against the last four-quarter average of 24 deals. Of all the deal types, mergers and acquisitions (M&A) saw most activity, with 26 transactions while private equity accounted for the other two deals. In terms…

Read More

Evolution II Fund launches Red Rocket after a buyout of Building Energy

AFRICA – Evolution II Fund, a part of Inspired Evolution, in partnership with the company’s management, has closed a buyout of Building Energy’s Africa and Middle East business to launch the newly branded Red Rocket. The new joint venture will see the re-capitalisation and positioning of Red Rocket to become one of Africa’s leading emerging renewable energy independent power producers (IPPs). Evolution II holds a majority shareholding in the reconfigured IPP platform and is advised by Inspired Evolution, an Africa-focused investment advisory firm that specializes in clean energy infrastructure and…

Read More

IMF lowers prediction of Middle East economy growth to 2.8% in 2020

MIDDLE EAST – The International Monetary Fund’s (IMF’s) latest World Economic Outlook, has lowered its prediction of the growth of the economy in the Middle East and Central Asia to 2.8% growth in 2020. The new prediction is 0.1% lower than the previous economic outlook prediction of 2.9% in October 2019. However, the IMF estimates the region will experience 3.2% growth in its economies in 2021. According to the report—titled “Tentative Stabilization, Sluggish Recovery?”—the lower projected growth for the region “mostly reflects” a change in Saudi Arabia’s expected growth after…

Read More

Orange opens new Middle East and Africa headquarters in Morocco, confirms desire to strengthen presence in Africa

MOROCCO – Orange, one of the largest mobile network operators in the world, has officially inaugurated the Orange Middle East and Africa operational head office in Morocco. The inauguration was done in the presence of Stéphane Richard, Chairman and CEO of Orange; Alioune Ndiaye, CEO Orange MEA; the members of Orange’s Executive Committee and local officials. The new headquarters is housed in one of Casablanca’s ultra-modern office blocks: the  Casablanca Finance City Tower. The Orange MEA head office features cutting edge technologies with video-conference and telepresence rooms enabling the teams…

Read More

Ethiopia to import oil from South Sudan to substitute Middle East supplies

ETHIOPIA – Ethiopia will soon start importing cheaper refined oil from South Sudan to substitute the more expensive product from the Middle East. Koang Tutlam, Ethiopia’s State minister for Mines and Petroleum, announced on Wednesday that this will save Addis Ababa 15 per cent to 20 per cent on the US$3.4 billion it spends importing close to four million tonnes of refined products. “We import almost all of our oil and other refined products from the Middle East, but owing to the proximity of about 200km between the oilfields of…

Read More

Lebanese firm IPT secures US$110 million to develop telecommunications infrastructure in Africa & Middle East

AFRICA – Lebanese Power and telecommunications firm, IPT has secured a total of US$110 million to finance the development of mobile network infrastructure in Africa and Middle East. A press release from IPT revealed that the financing for its projects in Africa and Middle East was made possible by loans from various European Financial institutions. The release revealed that DEG- Deutsche Investitions- und Entwicklungsgesellschaft mbH, a German development finance is going to finance part of the projects with a US$25 million long term loan. IPT also secured US$20 million and…

Read More