Egypt signs MoU with Energy 3 to produce biofuel, graphene from waste

EGYPT – The Egyptian Ministry of the Environment has signed a Memorandum of Understanding (MoU) with Energy3 International (E3i) to convert solid waste into biofuel, hydrogen, and graphene for industries in Fayoum. The governorate of Fayoum in Egypt is once again at the heart of a solid waste recovery project, after the inauguration in January 2022 of four biogas production…

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Emirates telecommunications, Etisalat buys 9.8% of Vodafone Int’l for US$4.4B

EGYPT – Emirates Telecommunication Group Company PJSC (Etisalat) has acquired 9.8 percent stake in Vodafone International Group for US$4.4 billion. The move came days after Emirates said it was looking to expand into new markets in Africa, Europe, and Asia, and into areas outside telecoms such as financial technology, as it seeks to drive growth, according to Reuters. It added…

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Egyptian healthcare startup Doxx raises US$1.5M in a seed round for expansion

EGYPT – Doxx, an Egypt-based healthcare startup, has raised US$1.5 million in seed round and plans to expand to close the loop on patients’ requirements while becoming the preferred app for doctors and patients. Following the seed funding led by VC Openner and Elevate, the start-up has launched first fully integrated digital platform in the MENA region connecting medical professionals…

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Shell subsidiary acquires ExxonMobil’s offshore concession in Egypt

EGYPT – BG International Limited., a subsidiary of Shell plc., has signed a Farm Out Agreement (FOA) with ExxonMobil Egypt Limited to acquire a 100% stake in the ExxonMobil-operated North East El-Amriya Offshore Area. The completion of the ownership transfer process is subject to the approval of the relevant government and regulatory agencies. A Farm Out Agreement (FOA) is a…

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Lafarge Egypt signs US$93M solar energy deal with Lumika Renewables

EGYPT – Lafarge Egypt, part of cement giant Holcim Ltd, has signed a US$93 million deal with Lumika Renewables to offtake electricity from a solar park. Lumika Renewables is a joint venture of South Africa-based industrial group Reunert and A.P. Moller Capital. The joint business was created in 2021 to develop a portfolio of cost-efficient, renewable energy solutions for commercial…

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Egypt’s Instabug closes US$46M series B round to eliminate bugs within Apps

EGYPT – Egypt’s software company that provides bug reporting, and app performance monitoring, Instabug, has closed US$46 million in series B funding round to eliminate bugs within Apps The funding round was led by global software investor Insight Partners, with participation from current investor Accel and new investors Forgepoint Capital and Endeavor. The raise comes just over two years after…

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IFC partners with pharmaceutical producer, Rameda to green its operations in Egypt

EGYPT – The International Finance Corporation (IFC), a member of the World Bank Group, has partnered with Egyptian pharmaceutical producer, Rameda to support the company’s strategy to green its operations Through the partnership, IFC will help Rameda adopt solutions that reduce its carbon, and water footprints, and improve efficiencies in materials and resource usage. As a growth-focused enterprise that produces…

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Amazon acquires stake in valU worth US$10Mexpands in Egypt

EGYPT – American multinational technology company, Amazon has expanded into the Egyptian market with the acquisition of US$10 million stake in valU. Based on the terms and conditions of the transaction agreement, the option will be exercisable prior to or upon the occurrence of a qualified liquidity event at the level of valU. It will be in the form of…

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Afreximbank appoints new Chief Executive Officer and Chief Investment Officer for FEDA

EGYPT – African Export-Import Bank (Afreximbank) has announced the appointment of Ms. Marlene Ngoyi as the Chief Executive Officer of the Fund for Export-Development in Africa (FEDA) and Mr. Emmanuel Assiak as Chief Investment Officer. Ms. Ngoyi, who hails from the Democratic Republic of Congo (DRC), has over 17 years of experience. In her new role, Ms. Ngoyi will continue…

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Egyptian B2B e-commerce startup Teegara secures undisclosed funding to expand operations

EGYPT – Egyptian startup Teegara, a B2B e-commerce platform focused on household and FMCG products, has raised an undisclosed bridge round led by the Alexandria Business Angels Network. The seed round was led by Alex Angels with the participation of investors from Saudi Arabia, Egypt, and Jordan. The startup will utilize the fund in its expansion plan of the company…

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