UAE’s dnata announces major investment in Zanzibar aviation industry

ZANZIBAR – Dubai National Air Travel Agency commonly known as dnata, which provides aircraft ground handling, cargo, travel, and flight catering services has signed a concession agreement with the government of Zanzibar, along with Emirates Leisure Retail and SEGAP, a joint venture between airport infrastructure and operations specialists Egis, and private equity fund manager AIIM. Under the partnership, dnata will oversee the operations of Zanzibar Abeid Amani Karume International Airport’s (ZNZ) newly-built international terminal (T3), with SEGAP supporting the Zanzibar Airports Authority (ZAA) in a management capacity. Emirates Leisure Retail…

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Norfund and UKCI fund BEE investments into 700 MW wind portfolio in South Africa

SOUTH AFRICA – Norwegian development finance institution, Norfund, and the UK Climate Investments (UKCI) have announced that they will jointly finance the 40% equity participation of H1 Holdings and Pele Green Energy into a 700 MW portfolio of onshore wind farms in South Africa.  A joint venture of H1 Holdings and Pele Green Energy will invest in wind energy projects alongside Enel Green Power. The deal is one of South Africa’s largest renewable energy equity deals valued at around US$100 million. Enel Green Power is set to retain a 60%…

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AfDB and Rockefeller Foundation sign US$1.6b deal for African renewables

AFRICA – The African Development Bank (AFDB) and the Rockefeller Foundation have signed a Letter of Intent to collaborate on decentralized renewable energy (DRE) solutions and grid-based energy transition for the African continent.  The partnership was signed just a few days after the launch of the Global Energy Alliance for People and Planet (GEAPP) at COP26. With catalytic capital from The Rockefeller Foundation, IKEA Foundation and the Bezos Earth Fund, and a consortium of nearly two dozen public and private sector partners, GEAPP aims to accelerate an equitable energy transition in 60+…

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Absa Bank profit after Tax jumps 328% to US$72m for period ending September 2021

KENYA – Absa Bank, a financial services group, has recorded a 328 percent jump in its Profit after Tax for the period ending 30 September 2021. The profit rose to KSh8.2 billion (US$72.98m), as compared to KSh.1.9 billion (US$16.91m) recorded in the same period 2020, which was attributed to the strengthening macro-economic environment and resilience in customer operations. The bank also recorded KSh.27.3 billion (US$242.98m) in total income, a 7 percent increase credited to higher increased income which increased by 9 percent year on year due to increased lending. Loans…

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Kimberly-Clark invests US$45m to manufacture Huggies Diapers in Kenya

KENYA – International Diaper Manufacturer, Kimberly-Clark, has signed an KSh5 billion (US$45m) contract deal to kick-start the production of Huggies diapers in a newly established factory in Thika. The firm entered an agreement with a local manufacturer, Sai Pharmaceuticals, to begin manufacturing and distribution of the diapers in the Kenyan market, in a move meant to invest in home-grown solutions Speaking during the announcement of the agreement, Kimberly Clark Business Development Director Middle East and Africa, Kevin Achieng elaborated that the move to manufacture the brand locally was aimed at…

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PraxiLabs’ Khadija Elbedweihy emerges winner of 2021 Africa’s Business Heroes

AFRICA – Africa’s Business Heroes (ABH), a flagship philanthropic programme established by the Jack Ma Foundation to help foster an inclusive and vibrant entrepreneurial ecosystem in Africa, has announced its winners for 2021 with US$1.5 million in grant funding awarded to the top 10 finalists. The Top 10 represent seven African countries, with 80% operating businesses in rural areas and half of the finalists are female. The top three Africa’s Business Heroes for 2021 were; Khadija Mohamed Elbedweihy – Founder, PraxiLabs (Egypt) who was 1st therefore winning US$300,000; Ikenna Nzewi…

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Transcorp appoints Joseph Adegunwa as new Chief Financial Officer

NIGERIA – The Board of Transnational Corporation of Nigeria Plc has announced the appointment of Mr Joseph Adegunwa, as the new Chief Financial Officer of the Company, effective from November 15, 2021. This is according to a statement signed by the Group Company Secretary, Kofo Olokun-Olawoyin, and filed with the Nigerian Exchange Limited (NGX). Joseph Adegunwa is an astute finance expert with experience in Finance, Audit, Advisory, Strategy and Investment Management. He has worked in different sectors including but not limited to banking, real estate, advisory and investment management, among…

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Air Tanzania ups regional competition with order of four new planes

TANZANIA – Boeing and the government of Tanzania have announced an order for a 787-8 Dreamliner, a 767-300 freighter, and two 737 MAX jets at the 2021 Dubai Airshow to boost the national carrier’s capability in Africa and abroad. The airplanes will be operated by Air Tanzania, the national flag carrier of Tanzania, to expand service from the country to new markets across Africa, Asia, and Europe. The order, valued at more than US$726 million at list prices, was previously unidentified on the Boeing Orders and Deliveries website. Air Tanzania…

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IFC partners with Absa to boost trade finance in Sub-Saharan Africa

SUB-SAHARAN AFRICA – The International Finance Corporation (IFC), HAS welcomed Absa Bank to its Global Trade Liquidity Program (GTLP) to boost access to trade finance in sub-Saharan Africa, especially in low income and fragile countries, supporting a vital driver of growth that has been strained by the COVID-19 pandemic. Through a combined investment of US$250 million, IFC and Absa Bank, one of Africa’s largest financial institutions, will channel credit to a portfolio of trade transactions that are expected to facilitate up to US$1.6 billion in trade over the next three…

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ENGIE completes the acquisition of Xina Solar One power plant in South Africa

SOUTH AFRICA – French utility company ENGIE has announced the completion of the acquisition of Abengoa’s indirect stake in Xina Solar One (Pty) Limited. Following completion of the transaction, ENGIE will now hold a 40% equity stake in the Xina Solar One 100 MW Concentrated Solar Power (CSP) plant, as well as 46% of the Xina Operations & Maintenance Company (Pty) Ltd. The Xina Solar One plant, located at Pofadder in the Northern Cape, provides approximately 400 GWh of clean, sustainable, and dispatchable electrical energy to 95,000 South African households…

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