Egyptian billionaire Samih Sawiris sells UAE tourism company for $40 million
The $40 million transaction includes the entire share capital of RAK, which holds leasehold rights to The Cove Rotana Hotel, a 349-room luxury resort in Ras Al Khaimah.
North Africa
Morocco’s Royal family backs startup in $7-million pre-Series-A round
YoLa Fresh, a Moroccan agritech startup owned by Youssef Mamou and Larbi Alaoui Belrhiti, secured a $7-million pre-Series-A funding round.
Egyptian billionaire Hisham Talaat Moustafa’s TMG stake falls below $1.1 billion
This follows a $59.19 million gain between May 15 and 23, when the market value of his shares climbed from EGP51.4 billion ($1.1 billion) to EGP54.1 billion ($1.16 billion).
Khamis family leads Oriental Weavers to record $106-million revenue in Q1 2024
Oriental weavers led and majority owned by the Egyptian Khamis family recently published its Q1, 2024 results.
Egyptian billionaire Yasseen Mansour’s company records $131-million revenue in Q1 2024
Executive Chairman Yasseen Mansour attributed the impressive results to strong sales across various regions.
Moroccan pharma tycoon Lamia Tazi gains $3 million from Sothema stake in 28 days
This underscores Lamia Tazi’s leadership and strategic vision in steering Sothema to new heights in the competitive pharmaceutical industry.
Egyptian tycoon Medhat Khalil earns $4.2 million in just 12 days
As a result of the double-digit share price increase, the market value of Medhat Khalil’s stake has risen to $28.89 million from $24.66 million.
Moroccan billionaire Anas Sefrioui loses $30 million as ADH stock drops
While Sefrioui’s fortune has dipped by over $30 million in recent weeks, it’s important to note that ADH remains a strong performer year-to-date.
Edita Food shares surge, boosting Hani Berzi’s stake by $17.2 million
While Berzi’s stake in Edita Food has climbed recently, investors should be cautious. Year-to-date, the share price is down 3.88 percent.
Moroccan tech tycoon Karim Benjelloun’s Disway to distribute $6.6 million in dividends
The decision follows a recommendation from the board of directors in a recently published financial update on the Casablanca bourse.
Egypt’s richest man Nassef Sawiris’ net worth tops $9 billion
Year-to-date, Sawiris’ wealth has increased by $667 million, driven by the performance of his stakes in Dutch fertilizer giant OCI N.V. and German sportswear giant Adidas.
Moroccan prime minister Aziz Akhannouch’s Afriquia Gaz stake falls below $430 million
Despite the recent decline, Akhannouch remains a prominent investor on the Casablanca bourse and one of the nation’s wealthiest business figures.
Egyptian football superstar Mohamed Salah earns $53 million in past year
Beyond his on-field achievements, Salah has parlayed his influence into lucrative endorsement deals with industry giants like Adidas.
Moroccan real estate magnate Alami Lazraq sees $17.4-million decline in ADI stake
Despite this setback, Lazraq remains a leading investor on the Casablanca bourse and is still recognized as a prominent Moroccan entrepreneur.
Egyptian tycoon Hisham Talaat Moustafa gains $59 million from TMG shares
This significant upswing not only solidifies Moustafa’s status as one of the most influential investors on the EGX, but also elevates him to the ranks of Africa’s billionaires.
Oriental Weavers, under Egyptian tycoon Yasmine Khamis, plans investment in education
The announcement came from Yasmine Khamis on the sidelines of the United Nations Global Compact Annual Forum hosted by the UNGCNE.