Controlled by Moroccan Royal Family, Al Mada sets up venture fund with $109.9-million investment
Under the direction of Morocco’s King Mohammed VI, Al Mada has grown into a leading African private investment fund.
North Africa
Karim Awad-led EFG Hermes posts profits of $81.8 million in 2021
EFG Hermes specializes in securities brokerage, asset management, investment banking and private equity.
Egyptian billionaire Naguib Sawiris’ La Mancha moves to invest $10 million in graphite mining firm
The cash proceeds invested by La Mancha will be deployed by SRG to develop its Lola graphite project in Guinea.
Led by Egypt’s richest family, Orascom Construction reports profits of $125.3 million in 2021
The billionaire Sawiris family controls 51.8 percent of the Egypt-based contractor through OS Private Trust Company.
Egyptian investor Hisham Talaat Moustafa loses $12.4 million as Egyptian pound slumps
Moustafa failed to realize dollarized profits from his position.
Led by Abdelmajid Iraqui Houssaini, TAQA Morocco declares profit of $131.3 million in 2021
TAQA Morocco has evolved into a prominent participant in Morocco’s energy industry.
Led by Egyptian Khamis family, Oriental Weavers open four new sales locations in Egypt
Oriental Weavers’ market capitalization is now valued at $324.9 million.
Moroccan real estate mogul Alami Lazraq gains $25.7 million in 77 days
Lazraq is one of the wealthiest investors on the Casablanca bourse.
Egyptian businessman Ashraf Sabry loses more than $8.5 million from stake in fintech unicorn
Sabry, who founded the payment platform in 2008 and pioneered electronic bill payments in Egypt, owns 2.345 percent of the company.
Egyptian multimillionaire Medhat Khalil’s Raya Holding to launch e-payment company
Raya Holding is an Egyptian investment conglomerate founded in 1999.
Egyptian billionaire Yasseen Mansour’s real estate firm launches $206.5-million Sukuk bond
The proceeds from the issuing of Sukuk bonds will be used to build Palm Hills’ Badya creative city project.
Led by Ibrahim Farag, Egyptian startup Nexta raises $2.2 million from institutional investors
Farag and Ahmed Hisham founded the Egyptian fintech startup in 2021.
Egypt’s richest man Nassef Sawiris has now lost $566 million since start of 2022
Sawiris’ net worth is still assessed at $5.93 billion.
Egyptian businessman Medhat Khalil’s Raya Contact Center reports 54-percent drop in profit
Raya Contact Center is a Cairo-based business-process and contact center outsourcing services company.
Egyptian real estate mogul Hisham Talaat Moustafa to pocket $9.65 million in dividends
Moustafa controls a 43.16-percent stake in the conglomerate for the Talaat Moustafa family.
Algerian tycoon Ali Haddad, others forfeit assets worth $4.2 billion to gov’t in one month
Earlier, Haddad and other businessmen were sentenced to lengthy prison sentences in corruption trials.