Weekly Roundup | 08.06.2024
Our curated selection of weekly Africa business and investment headlines.
Welcome to Africa Vantage, the Africa business and investment section of the Emerging Real Estate Digest—your insider's guide to investing and doing business on the African continent. Stay informed about the Lobito Corridor with our "Thoughts on the Corridor" section, and keep up with general business trends across Africa through "Africa Vantage."
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Headlines
Libya’s $70 Billion Wealth Fund Sees Thaw in UN Assets Freeze by Year-End
Johann Rupert Ousts Dangote to Become Africa’s Richest Man
🎦 A Dozen African Countries Have Space Programs
Why a Recent Business Exodus from Africa Should be a Wake-Up Call for Multinationals
Who are the Contractors Behind Nigerian Data Centers?
📸 Africa Starting to Tap Into the Data Center Boom
Capitec, Cashbuild and NHFC Launch Affordable Housing Project
📸 Egypt and South Africa Are Africa’s Main Carmakers
🎦 Southern Africa Facing Worst Droubt in a Century Leaving 27 Million on the Brink of Famine
Ticketmaster Acquires Knife Capital Portfolio Company Quicket
📸 Norway’s Meager Africa Investments Should Soar When Africa Sentiment Turns Positive Again
African Countries Are Turning To Gold
Zambia Secures Massive $458 Million Grant from MCC
📸 African Stock Markets are Soaring This Year in Local Currency Terms
Africa
📰 Libya’s $70 Billion Wealth Fund Sees Thaw in UN Assets Freeze by Year-End
Africa’s largest sovereign wealth fund is set to be set free this year from UN oversight giving more flexibility to the fund manager. The LIA, set up under Muammar Gaddafi in 2006 to manage the country's oil wealth, has been under a United Nations asset freeze since the 2011 revolution that toppled Gaddafi.… Read More
📰 Johann Rupert Ousts Dangote to Become Africa’s Richest Man
With a current net worth of $13.6 billion, the South African business mogul is two spots higher than Dangote, who ironically also has a current net worth of $13.6 billion. Rupert is 154th globally and Dangote ranked 156th… Read More
🎦 A Dozen African Countries Have Space Programs
📰 Why a Recent Business Exodus from Africa Should be a Wake-Up Call for Multinationals
The continent’s rapidly growing youthful population, vibrant cultural scenes and wealth of natural resources have drawn significant interest from businesses from around the world. So, with all signs pointing to growth for those entering this market, why are many big corporations now leaving the continent?… Read More
📰 Who are the Contractors Behind Nigerian Data Centers?
Over the past 5 years, we have witnessed a notable amount of investment into Data Centres in Nigeria and Africa.… Read More
📸 Africa Starting to Tap Into the Data Center Boom
📰 Capitec, Cashbuild and NHFC Launch Affordable Housing Project
The programme aims to alleviate the nation’s significant housing backlog, which, as at 2023, includes over 2.4 million households registered on the National Housing Needs Register. Nearly half of this backlog is concentrated in Gauteng, the country’s economic centre.… Read More
📸 Morocco and South Africa Are Africa’s Main Carmakers
Africa’s auto industry, valued at $30.44 billion in 2021, is expected to increase by nearly 40% to $42 billion by 2027. 42 out of 1,000 in Africa own cars compared to the global average of 182 per 1,000 people. 1% of cars made globally are sold in Africa.
🎦 Southern Africa Facing Worst Drought in a Century Leaving 27 Million on the Brink of Famine
“Southern Africa is experiencing a record drought in the last 100 years, which has destroyed a significant part of the region’s harvest, primarily cereals. In many areas, farmers have not harvested anything, and the next harvest will not be until April 2025. Now the worst period is coming, with famine threatening 27 million people," Castro said.…Read More
📰 Ticketmaster Acquires Knife Capital Portfolio Company Quicket
Knife Capital invested in Quicket in 2017 via its Section 12J VCC: KNF Ventures. Ticketmaster holds around 80% of the primary ticketing market in the U.S. and operates in over 30 countries… Read More
📸 Norway’s Meager Africa Investments Should Soar When Africa Sentiment Turns Positive Again
📰 African Countries Are Turning To Gold
Tanzania, Madagascar, South Sudan, Nigeria, Zimbabwe are all buying gold to solve problems their governments created by borrowing too much and running up dollar-denominated debt… Read More
📰 Zambia Secures Massive $458 Million Grant from MCC
The proposed compact will prioritize investments in agriculture and agro-processing, sectors identified as key drivers of inclusive economic growth. This latest funding surpasses the previous $377 million grant awarded to the Southern African nation… Read More
📸 African Stock Markets are Soaring This Year in Local Currency Terms
But hard currency woes are dampening the allure for international investors… Read More
