Egyptian tycoon Hisham Talaat Moustafa’s TMG inks deal with Savills for ‘The Strip’ project in Madinaty
With a 43.16-percent ownership stake in TMG Holding, Moustafa is widely recognized as one of the wealthiest investors on the Egyptian Exchange.
North Africa
U.S. entrepreneur drives Cairo-based startup to successful $6-million funding round
U.S. entrepreneur Erik Gordon has spearheaded the success of Cairo-based fintech startup Flash in its latest funding round.
Geregu surpasses $1 billion market cap as Otedola partners AFDB to build Nigeria’s first-ever PPP power transmission project
This recent boost follows reports that Otedola is partnering with the Lagos State government to develop a power transmission project.
Egyptian billionaire Naguib Sawiris to invest in Iraq real estate
Sawiris is venturing into Iraq’s real estate development sector after nearly two decades of focusing on the communications sector.
Egypt’s billionaire El-Sewedy family suffers $50 million loss from El Sewedy Electric stake
The El-Sewedy family, represented by Sadek, Ahmed, and Mohammed Elsewedy, owns 68 percent of Elsewedy Electric.
Egyptian billionaire Naguib Sawiris to launch real estate project in Iraq, expanding reach across MENA region
Sawiris’ decision to invest in Iraq’s real estate development marks a significant move nearly two decades after his investment in the country’s telecom sector.
TAQA Arabia, led by Egyptian exec Pakinam Kafafi, sees $120-million block trading deal after listing
Kafafi, who is one of North Africa’s leading businesswomen, has played a pivotal role in TAQA’s growth.
Kenyan multimillionaire David Langat’s properties to be auctioned over debt
Langat, the founder and chairman of DL Group, is one of the largest indigenous producers and exporters of Kenyan tea.
Alami Lazraq scores $40-million gain from stake in Casablanca property developer
Lazraq, who controls 51.7 percent of ADI, owns 11,410,669 ordinary shares of the company valued at more than $100 million.
Egypt’s steel giant, owned by billionaire Ahmed Ezz, suffers $53-million loss in Q1 2023
Ezz, one of Egypt’s richest businessmen, owns a significant 60.7-percent stake in Ezz Steel.
Moroccan royal family firm to acquire stake in Senegalese food company
Al Mada, the private investment firm of the Moroccan royal family, has set up a new firm called Teralys to acquire a majority stake in Senegal’s Patisen.
Egypt’s richest man Nassef Sawiris gains $260 million in 29 days, as Adidas shares surge
The resurgence in Sawiris’ wealth can be primarily attributed to the impressive performance of his holdings in Adidas.
Egyptian magnate Waleed Zaki’s Pioneers Properties sells $7.6 million in shares in historic Egyptian real estate firm
Pioneers Properties has reduced its stake in United Company for Housing and Development from 35.06 percent to 17.74 percent.
The Richest Five: Meet the five African billionaires with a net worth of more than $5 billion
Six African billionaires boasted a net worth of over $5 billion at the start of 2023. However, only five individuals currently maintain this status.
Egyptian billionaire Naguib Sawiris faces $140-million setback in net worth
The recent pullback in the wealth figures comes after Sawiris recorded a $1.01-billion bump in his fortune between Jan. 1 and June 19.
Nigerian VC firm Verod-Kepple invests $1.5 million in Morocco’s Chari
Chari, a B2B e-commerce company, was founded by Moroccan entrepreneur Ismael Belkhayat and his wife Sophia Alj.