Egyptian mogul Safwan Thabet’s Juhayna reports $7.5 million in profit in Q1 2022
Thabet owns a majority 50.07-percent stake in the group.
North Africa
Moroccan real estate billionaire Alami Lazraq loses $25 million in 55 days
Lazraq owns 51.7 percent of Casablanca-based property developer Alliances Developpement Immobilier SA.
Billionaire Issad Rebrab retires as CEO of Algeria’s largest private group, Cevital
On July 1, his son Malik Rebrab, who has previously held high positions in Cevital, will take over as CEO.
Consortium comprising Egyptian tycoon Hassan Allam’s company invests $1.5 billion in Egyptian wind power plant
Hassan Allam Holding is a privately held engineering, construction, and infrastructure firm.
Moroccan tycoon Adil Douiri loses $2.6 million in 19 weeks as shares in Mutandis slump
Douri owns a 6.88-percent stake in the Moroccan consumer goods firm.
Egyptian businesswoman Hend El-Sherbini loses $15 million in 10 weeks from IDH
IDH is one of the Middle East and Africa’s leading consumer healthcare groups.
Karim Awad-led EFG Hermes acquires Egyptian B2B marketplace Fatura
The acquisition comes after the Egyptian startup closed a $3-million pre-Series-A funding round last year.
Billionaire Issad Rebrab extends lead as Algeria’s richest man
Rebrab is the seventh-richest man in Africa, with a net worth of $5.1 billion.
Egyptian founder Mohamed Younes’ Khazenly raises $2.5 million in seed funding
Younes explained that the $2.5 million in institutional funding will help the startup build on its success in the region.
Egyptian tycoon Ahmed Ezz loses $49.6 million from stake in Ezz Steel
Ezz, who founded Ezz Steel in 1994, owns 60.7 percent of the company.
Egyptian billionaire Naguib Sawiris says President Vladimir Putin ‘another Hitler in the making’
This is the latest comment by the Egyptian billionaire on the Russia-Ukraine crisis.
Africa to produce more billionaires than U.S., UK over next decade, new report reveals
The recent forecast comes amid changing dynamics in developed economies.
Egyptian billionaire Nassef Sawiris loses $840 million in 12 days as shares of OCI, Adidas fall
Sawiris’ stakes in Adidas and OCI N.V. are now worth $2.11 billion and $2.26 billion, respectively.
Egyptian businessman Medhat Khalil’s Raya Holding unveils expansion plans for new unit
Raya Holding is an Egyptian investment conglomerate.
Algerian media mogul Anis Rahmani jailed for graft
Rahmani, the head of Ennahar, had been on trial for violation of foreign exchange regulations.
Tunisian tycoon Abdelwaheb Ben Ayed’s Poulina Group reports $947.7 million in revenue in 2021
Ayed owns a beneficial 3.4-percent stake in the conglomerate.