Egyptian startup DXwand raises US$1m to fuel expansion across Middle East

EGYPT – DXwand, an omnichannel conversational AI and digital assistants tool, has announced the closed US$1 million in pre-Series A funding round to accelerate its growth across the Middle East, increase its market share, and accelerate its AI research to further differentiate its solutions on the market. The funding round was headed by Huashan Capital, and with commitments from angel…

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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…

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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…

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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…

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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…

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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…

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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…

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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%…

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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…

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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…

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