Egytech Cables signs US$43m contract for El Mutlaa Residential city

EGYPT – ElSewedy Electric’s subsidiary, Egytech Cables have signed two new contracts with a value of US$43.67 million (LE 686 million) for the supply, installation & maintenance of 132 kV ground cables for supplying the main substations 132/11 kv. of (N6&N10) regions for El Mutlaa Residential city. ElSewedy Electric owns 99.98 percent of Egytech Cables company. The company explained in…

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Tech startup Dojah to participate in W22 Y Combinator accelerator programme

NIGERIA – Dojah, a tech startup based in Nigeria, has been included amongst the tech startups to participate in the W22 Y Combinator accelerator programme in Silicon Valley. Earlier this week, three Nigerian startups – Moni, Topship and IdentityPass – were listed amongst the tech startups that would be funded in this year’s W22 accelerator programme. Dojah has now been…

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Mediterrania Capital Partners appoints Hatim Ben Ahmed as its Managing Partner

AFRICA – Mediterrania Capital Partners (MCP), a private equity firm focused on growth investments for SMEs and mid-cap companies in North Africa and Sub-Saharan countries, has appointed Hatim Ben Ahmed as its Managing Partner to oversee the firm’s mid-cap transactions across all regions of operations in Africa. Based in Casablanca, Ben Ahmed was one of MCP’s founding partners in 2013…

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Hair care brand Cantu Beauty announces US$250k investment for women empowerment

NIGERIA – Cantu Beauty, a multicultural hair care brand, has announced N102.5million (US$250,000) investment to champion women of colour globally through a series of career sessions, workshops, and leadership training. CANTU Beauty and women empowering nations is a partnership to accelerate female leadership in the US, UK, South Africa, France, Ghana, and Nigeria CANTU Beauty joins Women Empowering Nations (WEN),…

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E-commerce company Slash.ng launches first online escrow marketplace

NIGERIA – Slash.ng, an e-commerce company based in Nigeria, has launched an online escrow marketplace where buyers and sellers connect to complete and secure transactions. Slash.ng was founded by Hakeem Abogunde a software engineer with extensive marketing and business development skills. His passion for e-commerce led him to develop long-term solutions to the major challenges confronting e-commerce in Nigeria and…

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Arab Investment Bank appoints Tamer Adel Seif El-Din as CEO and MD

EGYPT – Arab Investment Bank (aiBANK) has appointed Tamer Adel Seif El-Din as Chief Executive Officer and Managing Director. With more than 22 years of experience in the banking sector, Seif El-Din has served in several banks including National Société Générale Bank – sold in 2012 to Qatar National Bank –, Misr International Bank, Union National Bank and the Bank…

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Africa Finance Corporation raises US$400m funding to support post-pandemic recovery

NIGERIA – Africa Finance Corporation (AFC), a Pan-African development financial institution, has raised US$400 million in funds to support the post-pandemic recovery through critical development of infrastructure. The 3-year facility, the first from AFC since 2018, was increased from an initial target of US$300 million as strong interest from investors led to the offering being 2.5 times oversubscribed. However, it…

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Fintech startup Chari raises bridge round, valuing company at US$100m

MOROCCO – B2B e-commerce and fintech startup Chari has raised a bridge round of funding led by the Saudi-based venture capital fund Khwarizmi Ventures (KV), AirAngels (Airbnb Alumni Investors), and Afri Mobility, the venture capital arm of AKWA Group. “Chari will use the money from this bridge round to test the BNPL services with its existing customers. Upon successful results,…

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Trace Studios appoints Sivan Pillay as its CEO

SOUTH AFRICA – The newly created Trace Studios has appointed Sivan Pillay as its Chief Executive Officer (CEO), effective January 10, 2022. Trace Studios is the result of the acquisition by Trace of the Cape Town-based Okuhle Media Studios that were merged with Trace premium content production and distribution operations. Trace Studios combines 19 years of experience and assets from…

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Botswana issues tender for six solar power plants

BOTSWANA – The Botswana Power Corporation, Botswana’s national power utility, has issued a request for proposals for the development and construction of six solar PV power plants across the Southern Africa country. The utility has not provided details on the combined and individual capacity of the solar plants nor has it disclosed details on their locations. Interested developers have until…

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