Dubai News

The Pinnacle, Nairobi, Kenya

Work begins on the tallest skyscraper in Africa

The mighty peaks of Kilimanjaro and Kenya are the highest points in Africa, towering over the East Coast nations.

Igho Sanomi, Founder & Chairman, Taleveras Group

How 42-year old Nigerian oilman Igho Sanomi built a commodities trading giant

Igho Sanomi, 41, is the founder of Taleveras, a $2 billion (revenues) international commodities trading company active over a wide spectrum of global energy markets including crude oil and refined petroleum products, natural gas and power.

Kenyan supermarket chain Nakumatt agrees stake sale to fund for $75M

Kenyan supermarket chain Nakumatt agrees stake sale to fund for $75M

Privately-owned Nakumatt, Kenya’s biggest supermarket chain by sales, has agreed to sell a 25 percent stake to a foreign fund for $75 million, part of an effort to bolster its balance sheet and pay off debts, its managing director said last Wednesday.

Arif Naqvi, Group CEO, Abraaj Group. Credit: forbes.com

Abraaj CEO says Africa is core to investment plan

Middle Eastern private equity investor Abraaj Group says Africa is core to its investment strategy, as it bets the continent’s rising middle class will consume more goods.

Yemi Alade and D'Banj with their awards at the MTV Africa Music Awards 2015. Credit: businessoffashion.com/Getty

Why Africa's Musicians Are a Marketing Goldmine

Stylish, dynamic and extremely popular, Africa’s music stars are brand ambassadors for many multinationals in Africa but the fashion industry has yet to grasp their value.

Fashion-conscious Lagosians switch to online shopping

Fashion-conscious Lagosians switch to online shopping

Three years ago, MallforAfrica joined the raft of Nigerian tech start-ups attracting private equity and venture capital backing.

Johannesburg, South Africa. Credit: sothebysrealty.com

Fact of the Day: Johannesburg, South Africa is the #1 tourist destination in Africa for the 4th year in a row

South Africa’s major urban cities remain the most visited in the African continent, attracting millions of tourists, boosting local tourism and injecting billions of dollars into the economy.

A visitor takes photographs from the Ou Kaapse Weg as seasonal fog covers the city of Cape Town. Almost 7,000 visas were issued by the South African embassy in the UAE for the first seven months of this year. Credit: thenational.ae/Mike Hutchings/Reuters

Hotel developers will invest billions of dollars in African projects over the next few years

Hotel developers will invest billions of dollars in African projects over the next few years as they seek to take advantage of a fast-expanding middle class and growing business travel.

Bob Collymore (Right), CEO, Safaricom. Safaricom launched Uber rival Little Cabs earlier this month. Credit: techcrunch.com

In Kenya, Safaricom's Little Cabs app goes head to head with Uber

Even as a deal is imminent between Uber and its closest competitor Didi Chuxing in the immense Chinese market, competition in ride-sharing continues to intensify around the globe.

6 reasons to invest in Africa

6 reasons to invest in Africa: Tarek Sultan, CEO & Vice Chairman, Agility

The conversation about Africa is shifting from one of “deficits” and “gaps” to one about opportunities, prospects, ventures and creativity.

Eric Osiakwan, Managing Partner, Chanzo Capital

How mobile is sparking creativity in African business: Eric Osiakwan, Managing Partner, Chanzo Capital

Chanzo Capital is an early stage micro-VC firm that provides capital and mentorship to high-tech startups in Kenya, the Ivory Coast, Nigeria, Ghana and South Africa (the so-called KINGS of Africa’s digital economy).

Fly540

Check out 10 airlines looking to change the face of Africa's skies (Photos & Video)

The future looks bright for air travel across Africa. It’s predicted that by 2034, 190 million more flights segments will be flown across the continent.

Sev Vettivetpillai, Partner, Abraaj Group. Credit: M&A Advisor

Dubai-based private equity firm Abraaj readies Nigerian fertilizer and East African insurance deals

Abraaj Group, a Dubai-based private equity firm, is in the final stages of approval for three transactions in sub-Saharan Africa and will probably make further investments in the region before the end of the year, partner Sev Vettivetpillai said on Thursday.

Arif Naqvi, Founder & Group CEO, Abraaj Group

Abraaj-led group could bid for 35% of Barclays Africa

Buyout firm Abraaj Group is leading a group of investors planning to bid for a minority stake in Barclays Plc’s African unit, according to people familiar with the matter.

Africa’s richest man, Aliko Dangote (Left), has a net worth of about US$18 billion, according to Forbes. Tom Saater/Bloomberg

Ranks of African millionaires swell

The sinking tide of commodity prices has lowered incomes for the rich and poor, but for a growing class of African millionaires, the effect may be less painful than for others.

Shayne Nelson, CEO, Emirates NBD

Dubai banking group Emirates NBD plans more success out of Africa

Emboldened by the bank’s success in Egypt, the chief executive of Emirates NBD is eyeing further expansion into Africa.

Building in Banana Island, Lagos, Nigeria

Nigeria's Lagos among top five best cities to buy property in right now

When considering real estate investment opportunities, people normally think of western cities like London and New York.

Mauritius plans trading platform to hedge African currencies against US dollar

Mauritius plans trading platform to hedge African currencies against US dollar

Mauritius plans to launch a trading platform to hedge African currencies against the U.S. dollar, part of a bid to expand its role as a financial hub for the continent, the financial services minister said.

Amy Jadesimi, MD, LADOL (Lagos Deep Offshore Logistics Base)

Running a free zone in Nigeria: Amy Jadesimi, LADOL's Managing Director

The Lagos Deep Offshore Logistics Base (LADOL) is a 100-hectare free zone and logistics hub for multinational industrial and offshore enterprises.

Jamie Simmonds (L), CEO, The Access Bank UK, and Essa Kazim, Governor of the DIFC

UK subsidiary of Nigeria's Access Bank opens office in Dubai International Financial Centre (DIFC)

Nigeria’s Access Bank opens representative office in Dubai International Financial Centre (DIFC). This is Access Bank’s first office in the Middle East.

Jabu Mabuza, Chairman, Telkom

Telkom said to seek Cell C for less than $1.6B price

Telkom SA SOC Ltd. is seeking to buy mobile-phone operator Cell C Pty Ltd. for less than the 22 billion rand ($1.6 billion) value placed on the South African company by its owners, according to a person familiar with the situation.

Obinna Ekezie, Founder, Wakanow

Former NBA athlete returned to Nigeria to become successful entrepreneur (Video)

Obinna Ekezie is the Founder of Wakanow.com, one of the fastest growing and largest internet travel sites in Africa.

Ashish Thakkar, Founder, Mara Group

Ugandan millionaire Ashish Thakkar's Mara Group raising $100M to launch pan-African e-commerce platform

Dubai-based Mara Group is launching an Africa-wide online marketplace that it hopes will become the leading e-commerce business in Africa within less than four years.

Scene from the HBO show “Game Of Thrones”

Africa's largest company plans to enable download of movies and TV shows like "Game of Thrones" across the continent

Naspers Ltd., Africa’s largest company by market value, plans to enable customers of its ShowMax service to download movies and TV shows such as “Game of Thrones” without having to use expensive live Internet streaming, according to a person familiar with the matter.

Jabu Mabuza, Chairman, Telkom

MTN may have a new competitor in South Africa (Infographic)

Telkom SA SOC Ltd., South Africa’s biggest landline provider, sees a potential acquisition of closely held wireless company Cell C Pty Ltd. as a way to grow its own mobile-phone business.

Eko Atlantic, Lagos, Nigeria

Eko Atlantic: Why Nigeria's plans for a dream Eldorado city in Lagos are not radical enough (Video)

The government of the state of Lagos–Nigeria’s commercial capital–has proudly proclaimed it is building a new city that will become the new financial centre of Nigeria, and perhaps West Africa.

Here are the top three Africa equity fund managers of the past three years

Here are the top three Africa equity fund managers of the past three years

Last month heads of state formally launched negotiations for a continental free-trade area at an African Union summit in Johannesburg.

Volkswagen brings car assembly back to Nigeria to tap Africa growth

Volkswagen brings car assembly back to Nigeria to tap Africa growth

Volkswagen AG resumed building vehicles in Nigeria for the first time in 25 years in a bid to foster sales growth in Africa.

Mustafa Abdel-Wadood, a Partner at Abraaj, continues to see investment potential in Africa’s largest economy Nigeria. Christopher Pike/The National

Private equity house Abraaj buys majority stake in Nigerian mattress manufacturer Mouka

The Abraaj Group has acquired a majority stake in Mouka, a mattress manufacturer in Nigeria, as part of its plans to expand in Africa.

The Abraaj Group

Abraaj sells stake in Kenyan insurance company UAP Holdings to Old Mutual

Abraaj has exited the East African insurance company UAP Holdings through the sale of its 13.6 per cent stake, the Dubai-based private equity firm said today.

RwandAir

RwandAir to purchase two Airbus jets in expansion move

RwandAir has signed a deal with a regional African bank for a $160 million loan as part of the financing to buy two aircraft from Airbus, the airline and the bank said on Thursday.

Mango Airlines

10 budget airlines changing Africa's skies

Traveling across Africa’s huge distances can be expensive. Not that long ago, getting from one city to another often meant a connection in Europe. That’s finally changing.

Ethiopia Commodity Exchange (ECX)

Ethiopia Commodity Exchange (ECX) considers adding stock & bond trading

The Ethiopia Commodity Exchange plans to broaden the range of crops it trades and wants to introduce stocks and bonds under a five-year expansion plan, Chief Executive Officer Ermias Eshetu said.

African Ad Agencies Emerging as Force in World Market.

African Ad Agencies Emerging as Force in World Market

Western advertising and public relations agencies are increasingly merging with African counterparts to attract international corporate clients looking to break into Africa — considered the last frontier for consumer markets.

Private equity firm Abraaj's $990M Africa fund had more demand

Private equity firm Abraaj's $990M Africa fund had more demand

The Abraaj Group, an emerging-market private equity investor, had “substantially higher” demand for its third Sub-Saharan Africa fund than the $990 million actually raised, partner Mustafa Abdel-Wadood said.

Arif Naqvi, Founder & CEO, Abraaj

Private equity firm Abraaj raises almost $1B African fund

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.

Ilyas Dawaleh was a businessman before be entered politics and rose to become Djibouti’s Minister of Economy and Finance. Antonie Robertson / The National

Ilyas Dawaleh: The man who wants to make Djibouti the next Dubai

Ilyas Dawaleh has an ambition: he wants to make his country the Dubai of Africa, and he is getting plenty of help from the UAE to help him achieve that.

Private equity firm Development Partners International closes 2nd Africa fund at $725M, 45% above target

Private equity firm Development Partners International closes 2nd Africa fund at $725M, 45% above target

Development Partners International, the private equity house, has closed its second Africa fund at $725m, 45 per cent above target, reflecting growing investor appetite to tap the continent’s expanding consumer class.

The Abraaj Group

Private equity firm Abraaj raises $1.3B for Africa investment

Emerging markets private equity group Abraaj has raised more than $1.3bn for two funds investing in Africa, the largest amount amassed for direct deals across the continent, people aware of the matter say.

Eko Atlantic Beach Polo Tournament

Beach polo in Lagos: Eko Atlantic wants to become the 'Dubai of Africa'

Porsches and Jaguars are parked in the sand while businessmen and their partners, in high heels and hats, sit in the sheltered grandstands, glass of champagne in hand.

Kenyan women order at Caramel, a new restaurant and lounge in Nairobi with a humidor, private lounge, and imported waiters. Credit Sven Torfinn for The New York Times

Nairobi's latest novelty: High-End mac and cheese, served by whites

There’s a newcomer on the Nairobi restaurant scene: the White Waiter. The other night, Martin Mileveski, a smiley young man from Macedonia, leaned over a table of three immaculately dressed Kenyan women and delicately poured out the Captain Morgan rum.

The main offices of EFG Hermes in Cairo. Credit: Dana Smillie for The National

Egypt's EFG Hermes looks to tap into fast-growing Sub-Saharan Africa

EFG Hermes, Egypt’s biggest listed investment bank, is considering an entry into Sub-Saharan Africa to tap demand for private equity and corporate advisory services, the chief executive said.