Egypt leads with seven billionaires, as Cairo reigns supreme as Africa’s billionaire city
Egypt’s seven billionaires account for $17.83 billion of Egypt’s $307 billion in private wealth.
North Africa
Egyptian multimillionaire Hassan Allam’s company is planning to build green hydrogen plants in Egypt
The plants will be located in the Suez Canal Economic Zone and along the Mediterranean coast.
Swvl, Egyptian startup led by Mostafa Kandil, acquires Turkish firm in $40-million deal
Kandil stated that with the acquisition of Volt Lines, Swvl will be positioned to deepen its presence in Europe.
Wealth among Africa’s HNWIs will reach $3 trillion by 2031, new report reveals
Total private wealth in Africa is $2.1 trillion, and is expected to rise by 38 percent over the next decade.
Moroccan Prime Minister Aziz Akhannouch loses $45 million from stake in Afriquia Gaz
Akhannouch remains one of the richest investors on the Casablanca bourse and one of Morocco’s richest businessmen.
Egyptian businesswoman Hend El-Sherbini to pocket $17.9 million in dividends from IDH
This is a quarter of the $70-million dividend approved by the board at the end of the 2021 financial year.
Tunisian tycoon Abdelwaheb Ben Ayed’s Poulina Group posts $304 million in revenue in Q1 2022
Ayed owns a beneficial 3.4-percent stake in the conglomerate.
Egyptian tycoon Ashraf Sabry’s Fawry records over $13 million in net profits in 2021
Fawry is one of Africa’s leading fintech companies, offering more than 250 e-payment services.
Egyptian tycoon Hend El-Sherbini’s IDH reports $80 million in profit as COVID-19 tests drive growth
IDH is a leading consumer healthcare group in the Middle East and Africa.
Egyptian billionaire Yasseen Mansour’s Palm Hills acquires additional stake in Incolease
The market value of Mansour’s 4.68-percent stake in Palm Hills Development is now valued at $11.96 million.
TFL, an Egyptian cloud kitchen led by Kareem El-Daly, raises $4.5 million in pre-seed funding
TFL was founded in 2020 by El Daly, Ahmed Osman, and Wesam Masoud to deploy technology to assist restaurants.
Egyptian businessman Hani Berzi eyes $4.5-million dividend from stake in Edita Food Industries
The dividend will be paid from the group’s retained earnings of $103.8 million.
Billionaire Yasseen Mansour’s Palm Hills Developments budgets $243 million for 2022
Palm Hills Developments has set aside $243 million for development work in 2022.
Nassef Sawiris’ stake in OCI N.V. is now valued at more than $3 billion
Meanwhile, his stake in German sportswear behemoth Adidas is valued at $2.59 billion.
Egyptian auto magnate Raouf Ghabbour plans to establish assembly plant in Kenya
Ghabbour founded GB Auto in 1985 as a manufacturer of automobiles, buses, lorries and motorcycles in Egypt.
Egyptian investor Tarek Assaad’s VC firm, Algebra Ventures, secures $15 million in funding from World Bank
Assaad is also the managing partner of Ideavelopers, where he has managed $50 million in investments since 2009.