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.
North Africa
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.
Egyptian businessman Hassan Allam’s construction firm to develop solar power plant in Egypt
With over 80 years of experience, Hassan Allam Holding is one of the largest privately held corporations in Egypt.
Nassef Sawiris, Egypt’s richest man, is now richer than Canadian billionaires Linda Campbel and Gaye Farncombe
Sawiris’ net worth has recently risen due to a surge in the value of his industrial assets.
UAE’s largest bank, FAB, has withdrawn its offer for majority stake in Karim Awad’s EFG Hermes
The disclosure comes two months after the bank announced its plan to acquire a 51-percent stake in EFG Hermes Holding.
South African executive Gerrie Fourie receives salary of $6.3 million from Capitec Bank in 2022
Fourie, the current CEO of Capitec Bank, has received millions of dollars in compensation from the bank since joining the leading financial services provider in 2014.
Egyptian entrepreneur Ahmed Ashour’s Pylon raises $19-million seed round
Pylon was developed with the goal of addressing the $400 billion in losses and uncollected revenue in the distribution of energy and water.
Ashraf Sabry’s Fawry gains $53 million in single day after seeing over $123.4 million in block deals
Fawry is one of Africa’s leading fintech companies.
Egyptian entrepreneur Ayman Bazaraa’s Sprints raises $1.2 million to expand tech skills in Middle East and Africa
Sprints was founded in 2019 to bridge the tech talent gap among youths.
Egyptian tycoon Hani Berzi’s Edita Food Industries plans to invest $54.5 million in three years
Edita’s planned investment is consistent with its intention to develop the region’s food manufacturing position.
Moroccan businessman Karim Benjelloun gains $1.7 million in six weeks
Disway distributes technological products and offers a wide range of international brands from IT publishers and manufacturers.
Tunisian businessman Habib Essayeh gains $1.38 million in eight days from stake in Euro-Cycles
Essayeh owns a beneficial 33.6-percent stake in the bike maker.
Led by Egyptian executive Karim Awad, EFG Hermes plans to increase its capital base by $52.9 million
EFG Hermes will issue one share for every five shares held by shareholders.
Egyptian billionaire Nassef Sawiris tops list of richest Arab billionaires
Despite losing $600 million in net worth, Sawiris remains the richest Arab billionaire on the Forbes list of the world’s richest people.