Somali tycoon Abdirashid Duale, others raise $8 million to rebuild burned-out market
Duale, a Somali multimillionaire, is the CEO of Dahabshiil, a global money transfer company founded in 1970.
Horn of Africa
Billionaire businessman Mohammed Al-Amoudi loses over $370 million in 62 days
The mogul controls valuable assets in Sweden, Saudi Arabia and Ethiopia, and is Ethiopia’s richest man.
Somali businessman Ismail Ahmed’s WorldRemit now has over 5.7 million customers globally
WorldRemit has serviced 5.7 million users in 130 countries, utilizing 70 different currencies.
Somali businessman Abdirashid Duale’s Somtel partners with Telesom to facilitate connectivity
Somali multimillionaire billionaire Abdirashid Duale owns 95 percent of Somtel.
Ethiopia’s richest man Mohammed Al-Amoudi’s net worth slumps by $268 million since start of 2022
With a fortune of $6.45 billion, Al-Amoudi is one of Africa’s richest men and the wealthiest man in Ethiopia.
Sudanese tycoon Osama Daoud Abdellatif’s DAL Group offers Zain $1.3 billion for telecom business in Sudan
DAL Group is a Sudan-based conglomerate with investments and active operations across several sectors.
Somali multimillionaire businessman Ismail Ahmed seeks funding at $5-billion valuation
WorldRemit is a cross-border digital payments platform that provides money transfer services.
Rebecca Mbithi plans to expand Family Bank after corporate bond trading on Nairobi bourse
The move comes after the bank raised $39 million against a $27.8-million target in its issued bond.
Ethiopia-born billionaire Mohammed Al-Amoudi’s net worth declines by $850 million in 53 days
Al-Amoudi’s net worth has dropped from $7.56 billion to $7.54 billion since the start of the year.
Kenya Revenue Authority revisits $13-million tax dispute against multimillionaire Rai family
The Rai family owns Rai Group, a closely held family conglomerate founded by their patriarch, Tarlochan Singh Rai.
Shares of Kenyan investment banker Jimnah Mbaru in Britam gain $1 million
The gains are the result of an upward trend in the group’s shares on the Nairobi Stock Exchange.
Ugandan businessman Abid Alam’s Kassanda Sugar Factory slated to launch production on Sept. 1
The factory will have a capacity of 1,500 tonnes per day.
Tanzanian mogul Ketan Patel’s stake in Shanta Gold surges by $3.14 million
Shanta Gold is an East Africa-focused gold producer based in Tanzania.
Equity Group Managing Director James Mwangi sees stake rise by $8.9 million
The surge follows a rise in the company’s shares on the Nairobi Stock Exchange.
Moi family of Kenya to pocket $380,000 Standard Chartered Bank dividend
The family of the late Kenyan President Daniel arap Moi will pocket $380,000 in dividends from Standard Chartered Bank.
Safaricom shares rise to all-time high amid Ethiopia license bid
Investors rallied around the company as news spread that it is close to securing a license in Ethiopia.