Dubai- The Abraaj Group, a Dubai-based private equity company managing about $9 billion across emerging markets, raised $990 million for its third Sub-saharan Africa fund as it seeks to benefit from the region’s economic growth. About 64 percent of the capital committed to the Abraaj Africa Fund III came from Europe and North America, with...
By Matina Stevis , The Wall Street NAIROBI—Plunging oil prices, sluggish growth in the developed world and a slowdown in China’s pace of industrialization will bring down sub-Saharan Africa’s growth rate this year to its lowest in two decades, the World Bank said Monday. Economic output is expected to grow by 4% across the region...
Evgeny Freidman, known as Gene, said in an interview Thursday that the taxi industry, like the financial industry, was too big to fail. He would like the city to guarantee taxi medallion loans, which would induce banks to extend more credit to fleet owners like him, and he compares this approach to the federal government’s...
Beachfront huts in Somalia may be the best real estate investment in the world today due to population growth trends The best real estate investment in the world today? Beachfront huts in Somalia. That is according to Hans Rosling, a Swedish public health professor and data visualisation pioneer. A statistical geek is an unlikely source...
6. Ethiopian Airlines Fleet size: 76 Number of destinations: 101+ On-time percentage: 71% Average age of fleet: 7 years Africa’s largest and most profitable airline has been in rapid expansion mode to capture the hot Africa-Asia market. Ethiopia is building a massive airport to house the airline’s home base. The country is looking to shed...
ACCRA | By Matthew Mpoke Bigg (Reuters) – When it opened in 1963, Ghana’s oil refinery symbolized pride and hope for the first African country to escape colonial rule. Now the plant stands idle in a sign of the economic shadow that has crept over one of the continent’s brightest stars. The discovery of oil...
ADDIS ABABA, (BERNAMA-NNN-ENA) — Benishangul-Gumuz Regional State in western Ethiopia is planning to exploit the tourism potential which will be created by the Grand Ethiopian Renaissance Dam (GERD) now under construction across the Blue Nile River. It foresees earning huge revenues from tourism will place the sector next to agriculture in the state the Second...
by Mamo Mihretu co-authors: Miles McKenna In Ethiopia, registering a trade name– a precondition for a business startup– had long been one of the most cumbersome procedures of starting a new business. One had to make frequent visits to the Ministry of Trade with a number of potential trade names, which in most cases were...
AFP- Kenya on Wednesday froze key transfer companies vital for impoverished Somalia, as part of a crackdown on alleged Al Shabaab supporters following the university massacre of almost 150 people by the Islamists last week. “It is a bad decision that collectively punishes the Somali people,” said Abdisalim Mohamed, a resident in Mogadishu. “It is...
A Framework Agreement was signed between the Government of the Republic of Djibouti and Kuwait Fund for Arab Economic Development concerning the utilization of a Grant of U.S.$ 50 million, the administration of which have been entrusted by the Government of the State of Kuwait to Kuwait Fund, and will be disbursed over five years...