Nigeria have been drawn in Group A to play Ghana, Egypt and Cote d’Ivoire in the 2016 CAF Beach Soccer Cup of Nations holding between December 13-18 at the Eko Atlantic City, Lagos State
Updated 3 Years ago

For daring to ask President Muhammadu Buhari to quit over his poor handling of the economy, the federal government has said the Peoples Democratic Party (PDP) is a shameless irritant bent on distracting the government from its rescue mission and returning the country to “Egypt”.
Updated 3 Years ago

Islamic banking operations in Oman have grown to account for over four per cent of the country’s total banking assets in the past two years and could double that ratio by 2018, a study by Thomson Reuters found. The Sultanate introduced Islamic finance at the end of 2012, becoming the last country in the six-nation Gulf Cooperation Council to do so.
Updated 5 Years ago

Juhayna is likely to post a better set of numbers in the next financial year (2015), Egypt’s biggest maker of packaged juice and dairy products, said this week. Safwan Thabet, the chairman of Juhayna, made this comment after a surge in the prices of raw materials squashed margins this year. Thabet, speaking in an interview with Reuters at the Middle East Investment Summit, admitted that 2014 had been a tough year for the firm with earnings falling 67 percent at the half-year period.
Updated 5 Years ago

The African Export-Import Bank (Afreximbank) and Heritage Bank on Wednesday in Cairo, Egypt, signed an agreement formalising Afreximbank’s $272 million facility in support of Heritage Bank’s acquisition of Enterprise Bank from the Assets Management Corporation of Nigeria (AMCON). According to Obi Emekekwue of Afreximbank’s external communication, the pan-African trade bank served as the sole lead arranger for the $272 million, representing 80 percent of Heritage Bank’s $344 million winning bid for Enterprise Bank.
Updated 5 Years ago

UAE-based private equity firm Gulf Capital has announced that it has completed an investment worth $25 million in Egyptian firm Amak Group through its regional fund Gulf Credit Partners. Amak is provides petroleum services for the onshore and offshore sectors in Egypt along with drilling and workover service to oil companies.
Updated 5 Years ago

Emaar Misr, the Egyptian unit of Dubai developer Emaar Properties, will “probably” go public in June 2015, valued between 3 to 4 billion euros, Emaar chairman Mohamed Alabbar, revealed at a conference in Dubai. The wholly owned subsidiary has an investment portfolio of EGP53 billion with four key projects: Uptown Cairo in the capital, Marassi, a 1,544 acre tourist and residential destination at Sidi Abdul Rahman, Mivida, a residential community located at the fifth district; and Cairo Gate on the Cairo to Alexandria desert road.
Updated 5 Years ago

The Malawi’s Tobacco Control Commission (TCC) says its tobacco industry is set for a major boost following the visit of a group of 16 Egyptian tobacco investors who where on ground recently to explore local opportunities. “The delegation will hold discussions with the private sector as well as government officials and other sector stakeholders. As a primary producer of tobacco, it is high time we started adding value to our tobacco,” said Tobacco Control Commission (TCC) Chief Executive Officer, Bruce Munthali.
Updated 5 Years ago

Mobile money has very well caught “continental fire” in Africa as internet penetration continues to increase all over the continent; day after day, more Africans sign up to enjoy the wealth of convenience and flexibility that comes with mobile money, ecommerce and everything along that value chain. M‐Pesa, a mobile money service launched in Kenya in 2007, now has more than 56.9 million customers using the service for everyday transactions. Kenya has seen dramatic shifts in its financial services sector as millions race to more virtual forms of banking. However, users of the M‐Pesa mobile money service are very present in many other African countries including South Africa, Egypt, Lesotho, Congo, Mozambique and Tanzania.
Updated 5 Years ago

Africa’s leading online retailer, Jumia, says it sees its market share surging beyond 36 percent in Egypt in the next few years. Jumia, which currently leads the North African country’s ecommerce space, says Egypt is one of its strongest markets in the African region. It credits this achievement to the attention it pays on consumer’s needs.
Updated 5 Years ago