Radisson Group partners Madaef to launch seven Moroccan hotels

MOROCCO – Radisson Hotel Group has partnered with Madaëf to announce the signing of seven Moroccan hotels which will be located in renowned tourist areas, Al Hoceima, Saïdia and Taghazout. The new portfolio consisting of resorts and residences will add over 1600 rooms bringing the Group’s Moroccan portfolio to 10 hotels, fast-tracking its strategy to reach 15 hotels in operation and under development in the country by 2025. “We are delighted to announce this portfolio of seven new hotels, as it not only accelerates our growing presence in Morocco, but…

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Morocco’s insurance company Wafa Assurance launches in Egypt

EGYPT – Wafa Assurance, a leading insurance company in Morocco, has announced its expansion into Egypt and the appointment of Abeer Helmy Saleh as the chief executive of Wafa Life Insurance Egypt. Wafa Life Insurance Egypt currently has a valuation of US$9.5 million, but that number is expected to quickly grow. Through new business operations, the company plans to extend its reach internationally. The African insurance industry is experiencing rapid growth, and current estimates put the value at approximately US$68 billion. The North African market represents the second most valuable…

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E-commerce startup LNKO raises US$335,000 investment to accelerate its growth

MOROCCO – LNKO, an ecommerce business focusing on stylish eyewear, has received a 3 million Dirham (US$335,000) investment from CDG Invest, the investment branch of the CDG group. This seed capital will help LNKO to advance from the seed phase to the acceleration phase, allowing the startup to accelerate its growth in the MENA region, beginning with the United Arab Emirates, a market that is ten times larger than the Moroccan market. This phase will also contribute to the creation of clean technology tools, as well as an ambitious recruitment…

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Institute for Research in Solar Energy and New Energies launches charging stations for electric cars

MOROCCO – Institute for Research in Solar Energy and New Energies’ (Iresen) Green Energy Park platform, has inaugurated a production line of charging stations for electric cars intended for the local and African market. The unit will be located in Benguerir, a town in the Marrakech-Safi region. The factory was developed and built by the Green Energy Park, a solar energy testing, research and training platform set up by Iresen. Green Energy Park worked on this project together with EDEEP, a company based in the Moroccan city of El Jadida.…

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Moroccan Mosaiclab raises US$225,000 for its invoice processing platform

MOROCCO – The Moroccan fintech start-up Mosaiclab has raised 2 million DH (US$225,000) for the Konta invoice processing platform. Based in Casablanca, this startup launched Konta, a platform for automating invoicing to payment in SAAS operating on 100% Moroccan artificial intelligence technology. Founded in 2019 by Issam Dahman (CEG), Mehdi Zirari (CP01, and Elarbi Aboussouror, Konta quickly consolidates its product and signs a multitude of first clients in Africa and Europe before carrying out its first fundraising in Seed DE from the investment company WITAMAX, jointly created by Southbridge A&I…

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Predator Oil & Gas completes drilling of gas formation MOU-1

MOROCCO – Predator Oil & Gas, the Jersey-based oil and gas company, has announced completion of the drilling of MOU-1. The occurrence of good gas shows in MOU-1 with evidence of thermogenic gas migration supports in this part of the Guercif Basin the pre-drill geological interpretation for a deep gas “kitchen” connected to shallower reservoirs by large faults. Based on these positive results the Company will be proposing to its partner to drill the previously defined MOU-4 location later this year to the northeast of MOU-1, and to commission an…

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Digital tech startup Damanesign raises US$450,000 funding to improve its operation

MOROCCO – Damanesign, a Morocco-based digital trust solutions startup, has successfully raised MAD4 million (US$450,000) in funds led by Maroc Numeric Fund II to improve its digital products and develop its operations. Founded in 2021 by Zouhair Hamdaoui, Damanesign is a startup that is seizing new legislation opportunities on digital trust in Morocco to provide users with the utmost safety in the documentation. Damanesign provides electronic signatures, seals, and timestamps allowing users to sign and have documents signed in total security while guaranteeing their probative value. Damanesign also offers advanced…

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E-commerce startup Chari joins San Francisco-based startup accelerator Y Combinator

MOROCCO – Chari, a Moroccan E-commerce startup becomes the first startup in the North African nation to join Y Combinator, a San Francisco-based startup accelerator. Y-Combinator is known to be the most selective startup incubator in the world, only accepting 1% of the startups that apply. Big names such as Airbnb, Dropbox, Stripe, Twitch, Sendbird, Reddit, or even Zapier have gone through Y Combinator. Chari is a B2B e-commerce and FinTech application allowing traditional convenience stores to order all the products resold in their shop with the promise of having…

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Aero Africa launches in Morocco to operate as control tower and centralized service centre

MOROCCO – Aviation logistics provider Aero Africa has opened a new regional office in Casablanca Morocco. The new office will look after the group’s interest in the region, operating as a control tower and centralized service centre in North Africa for its overseas partners and clients. The new team will focus in promoting Aero Africa’s digital airfreight portal, developing BSA scheduled consolidations from Asia to North Africa, and to providing innovative air cargo solutions & value-added services to the North African freight & logistics community. Aero Africa has already launched…

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Fintech startup Yalla Xash raises US$675,000 to extend its services to other countries

MOROCCO – Yalla Xash, a fintech startup has raised MAD6 million (US$675,000) from Maroc Numeric Fund II to extend its services to other countries in the coming months. Yalla Xash is a multicultural company operating in the US, Canada and Morocco, providing Moroccans abroad with money transfer solutions through an app to their homeland. The technology and logistics developed by Yalla Xash aim to facilitate transfer operations, increase speed, guarantee confidentiality, ensure security and reduce costs. Yalla Xash solution is centred on the two main actors, sender and receiver, at…

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