Browsing: Egypt

• Dar es Salaam hosts Egypt-Tanzania Business Conference.
• Trade mission comes in wake of Tanzania-Ethiopia energy pact.
• Trade mission organized by the Egyptian Export Council for Chemical Industries and Fertilizers.

In March, Egypt sent powerful business delegation to Tanzania for the inaugural Egypt-Tanzania Business Conference which was held in Dar es Salaam. Ambassador Sherif Ismail, Ambassador of the Arab Republic to Tanzania, inaugurated the event which he termed marked the beginning of a high ranking Egyptian trade mission to the East African country.

“The event was organized by the Egyptian Export Council for Chemical Industries and Fertilizers in collaboration with the Export Council for Building Materials, Refractories, and Metallurgical Commodities, and coordinated by the Egyptian Commercial Service (ECS),” the press release issued at the event detailed.

In his opening remarks, Ambassador Sherif Ismail cited “strategic importance of the forum in deepening economic and trade relations between Egypt and Tanzania.” Additionally, the …

• African countries undermine their economic growth by prioritising trade with Europe and the United States over regional markets.
• How do we ensure that African countries trade among themselves? asks Dr. Phenyo Butale, Botswana’s Minister of International Relations.
• “We [Botswana] have high-quality beef in Botswana and the North West province, we export it to the European Union, yet Angola and the Democratic Republic of the Congo buy their beef from Brazil. Does that make sense? It doesn’t,” says Dr. Butale.

Despite its vast resources and production capacity, regional trade in Africa remains low with many economies relying heavily on overseas markets. This state of affairs has prompted Botswana to raise the alarm about low levels of intra-African trade.

“It’s disheartening that Africa is still unable to realise trade among its countries,” said Dr Phenyo Butale, Botswana’s Minister of International Relations, delivering a lecture in honour of the late South African Deputy …

• Egyptian Professor of Geology claims its only a matter of time before Ethiopia’s GERD dam collapses when filled to capacity.
• GERD was designed to hold 11 billion cubic meters, but its capacity was increased to 60 billion cubic meters – which raises many concerns, especially since Ethiopia is a country prone to earthquakes, the scholar states
• African’s praise GERD achievements on social media #ItsMyDam, #GERDisYourDam

The Grand Ethiopian Renaissance Dam (GERD) is at risk of collapse, an Egyptian media outlet reported recently. The ‘Egypt Independent’ quoted a Cairo University Professor of Geology and Water Resources Abbas Sharaky allegedly saying that “GERD was designed to hold 11 billion cubic meters, but its capacity was increased to 60 billion cubic meters – which raises many concerns, especially since Ethiopia is a country prone to earthquakes.”

In the article titled ‘Grand Ethiopian Renaissance Dam is at its utmost limit and risks collapse,’…

• Employment in Egypt’s private sector contracted in November, marking the fastest decline since February 2024.
• This dip was largely attributable to companies opting not to replace departing staff due to weakened sales and subdued optimism.
• Across the industry, purchase prices of goods increased partly due to a stronger US dollar against local currency.

Egypt’s private sector continued to face persistent challenges in November, with a drop in employment levels reflecting waning optimism across industries. According to the latest S&P Global Egypt Purchasing Managers’ Index (PMI), economic uncertainty and weak customer demand stifled growth prospects for the North African country, forcing businesses to scale back hiring and purchasing activities.

The PMI climbed slightly to 49.2 in November from 49.0 recorded in October, marking the second consecutive month of improvement but still lingering below the critical 50.0 threshold that signals expansion.

Senior Economist David Owen noted that while the contraction rate slowed, …

• PickAlbatros operates a portfolio of 4-star and 5-star hotels located in key tourist destinations in Egypt.
• Vantage Capital’s exit highlights the resilience and growth of Egypt’s hospitality sector amid challenging global conditions.
• Egypt’s hospitality sector is a key pillar of the country’s economy, attracting 15 million international tourists annually.

Vantage Capital, Africa’s mezzanine debt fund manager, has announced the successful full exit of its investment in PickAlbatros Hotels, a leading hotel owner and operator based in Egypt.

PickAlbatros operates a portfolio of 4-star and 5-star hotels located in key tourist destinations along Egypt’s Red Sea coast, including Sharm El Sheikh, Hurghada, Sahl Hasheesh, and Marsa Allam.

These resorts are popular for their luxurious beachfront access, fitness clubs, water parks, and swimming pools, making them major attractions for international tourists, particularly from Europe.

The investment exit marks a milestone for both Vantage Capital and the PickAlbatros group, highlighting the resilience and …

• The latest Stanbic IBTC Bank Nigeria PMI shows most companies continued to report less demand, attributable to an increase in the cost of products.
• Nigerian industries reported the sharpest rise in input costs and output prices in six months.
• High pump prices, transportation, and materials for manufacturers continued to hurt businesses in the month under focus.

Inflation in Nigeria

Rising inflationary pressures in Nigeria hit businesses hard at the close of the third quarter, with selling prices increasing by the sharpest margin in six months. The country’s private sector reported marginal job opportunities in September, the lowest in the previous three months.

According to Stanbic IBTC Bank Nigeria PMI, most companies continued to report less demand, attributable to an increase in the cost of products amid thinning incomes. Findings show that business confidence dipped in September and was the second lowest level on record, only just above July.

“Nigeria’s …

• The African pharmaceuticals market is projected to reach $34 billion by 2027.
• Egypt has been tipped to contribute most to Africa’s pharmaceutical industry’s growth.
• What implication does this change present to global pharmaceutical giants?

Africa pharmaceutical investment is well underway, and for the first time, the continent seeks to produce and distribute medicinal drugs but, what would be the impact on the global industry? “The failures of the global health systems during the COVID-19 pandemic—when export restrictions, lockdowns, and hoarding sent supply chains into frantic disarray—made local manufacturing of pharmaceutical supplies a top priority for African leaders,” notes global health writer Sara Jerving in her report titled New foundation is ready to help African pharmaceutical manufacturers.

Africa pharmaceuticals market reached $25 billion 2022 and is expected to grow at a 6 percent five-year CAGR to reach $34 billion by 2027 reports IQVIA, a global research institute. According to the …

• Though encouraging that the number of female CEOs has risen from 230 (9.6%) in 2023 to 310 (11.1%) in 2024, these numbers show a tech segment that is still heavily dominated by men.
• Interestingly, smaller ecosystems such as Zambia, Rwanda, and Senegal are outperforming traditional hotspots like South Africa, Nigeria, Egypt, and Kenya in terms of female leadership.
• Between January 2022 and June 2024, startups with female co-founders raised $747M, representing just 11.9% of the total, while those led by female CEOs secured only $289M.

The African tech ecosystem, renowned for its dynamic growth and innovative potential, is transforming. Yet, a pressing issue remains, gender diversity within leadership roles. This year’s “Diversity Dividend: Exploring Gender Equality in the African Tech Ecosystem” survey by Disrupt Africa highlights the gender disparities that continue to plague this burgeoning industry.

Despite recent improvements, the representation of women in leadership positions within African …

• This milestone is, however, delayed given that startup funding hit $1 billion in April 2023, as early as February in 2022 and May in 2021.
• One of the outstanding investments were d.light’s new $176 million securitization deal to enhance the uptake of solar powered equipment in Kenya, Uganda and Tanzania.
• Another record was Egypt-based MNT-Halan’s $157.5 million raise to fuel their expansion.

With five months to go to the end of 2024, the state of startup funding in Africa looks promising with new businesses attracting over $1 billion by the end of July. According to the startup funding tracker, Africa: The Big Deal, July was “the most successful month in terms of fundraising in Africa in more than a year, and represents what was raised in the whole of Q2 2024.”

This milestone, however, appears to …

• 121 African startups secured $466M, marking a 27 per cent drop from the previous quarter; women-led startups got 6.5 per cent of the capital.
• About 87 per cent of startup funding in the three months to March went to entities in Nigeria, Kenya, Egypt, and South Africa.
• Gender imbalance persists as only 6.5 per cent of the financing went to female-led startups in Africa.

The big four economies of Nigeria, South Africa, Kenya, and Egypt continue to attract the highest share of funding going to startups in Africa, even as the ecosystem suffered a 27 per cent drop in financing to $466 million in the three months to March 2024.

The latest analysis from Africa: The Big Deal shows that 87 per cent of startup funding in the three months to March went to upcoming entities in Nigeria, Kenya, Egypt and South Africa.

Attracting $160 million, Nigeria’s economy accounted for …