Weekly Roundup | 08.27.2024
Your 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
🎦 US Fed Poised to Lower Rates in September
📖 Economist Predicts: Africa to Contain 6 Megacities by 2035 and 17 Cities with Populations Exceeding 5 Million
Cape Town Secures $155 Million Infrastructure Loan from the IFC
First Ritz-Carlton in Sub-Saharan Africa Set to Launch in Tanzania
Kasada Hospitality Fund Makes First Johanessburg Investment
🎦 Kenya to Commission First Nuclear Power Plant by 2034
The US-Backed Railway Sparking a Battle for African Copper
📸 Lobito Corridor Offers Fastest Export Transport Times
African Fibre Company Set to Raise $225 Million Equity in 4 Months
IHS Is Said to Mull Sale of Tower Businesses in Rwanda, Zambia
Norrsken22 Leads Investment in HR Management Platform
Congo Gets Its Biggest Data Center Yet With Raxio Investment
📸 Chinese Copper Companies v The World
Africa
🎦 US Fed Poised to Lower Rates in September
Inflation has cooled to around 2%, and the leaked jobs report adjustment (-800k jobs) this week shows the US economy may not be as strong as previously thought. The US stock market will rise, USD will weaken, and emerging market central banks will gain more flexibility. The strong dollar driven by high US interest rates has hit emerging market returns and currencies hard… Read More
📖 Economist Predicts: Africa to Contain 6 Megacities by 2035 and 17 Cities with Populations Exceeding 5 Million
The report highlights Africa as the world’s fastest urbanizing region, with over half its population expected to live in urban areas by 2035. Africa’s urban population will reach nearly 1 billion by 2035, with East Africa leading in growth, followed by Central Africa, and West Africa. Several megalopolises will emerge, including one along West Africa’s coast beginning in Abidjan, Ivory Coast, and extending to Lagos, Nigeria.
📰 Cape Town Secures $155 Million Infrastructure Loan from the IFC
Cape Town plans to spend R39,5bn on infrastructure from July 2024 – June 2027, as approved in its 'Building For Jobs' Budget. This is South Africa's largest ever three-year infrastructure investment by a metropolitan municipality.… Read More
📰 First Ritz-Carlton in Sub-Saharan Africa Set to Launch in Tanzania
The brand is available in Morocco and Egypt. The American luxury brand has 108 hotels and resorts in 30 countries..… Read More
📰 Kasada Hospitality Fund Makes First Johannesburg Investment, Third in South Africa
The US-based $500 million fund is anchored by Qatar Investment Authority and Accor. The 131-key hotel is in Johannesburg in the heart of Rosebank … Read More
🎦 Kenya to Commission First Nuclear Power Plant by 2034
📰 The US-Backed Railway Sparking a Battle for African Copper
The core goal of the Lobito Corridor is to create the quickest, most efficient route for exporting critical minerals from the central African copper belt and on to the US and Europe. Two years ago, a consortium of European companies — Swiss trader Trafigura, the Portuguese construction group Mota-Engil and the Belgian railway specialist Vecturis — won a 30-year concession for the Lobito Atlantic Railway (LAR) to manage the transport of minerals across 1,300km of rail tracks inside Angola. It is also upgrading and operating the mineral port… Read More
📸 Lobito Corridor Offers Fastest Export Transport Times
📰 African Fibre Company Set to Raise $225 Million Equity in 4 Months
In 2021, Liquid Telecom secured a $840 million bond and term loan financing package — $620 million bond sale and $220 million in debt refinancing. The US DFC will be a min investor in this round… Read More
📰 IHS Is Said to Mull Sale of Tower Businesses in Rwanda, Zambia
The NYSE-listed company operates 40,000 towers across Africa, Latin America and the Middle East. Servicing debt is an issue given the devalued Nira which seems to be motivating the sale. Shares have fallen 80% since listing in NY in 2021 … Read More
📰 Norrsken22 Leads Investment in HR Management Platform
The $5 million round is led by Norrsken22, with participation from Visa, Acadian Ventures, Y Combinator, Verod-Kepple Africa Ventures, Axian Group and Saviu Ventures.… Read More
📰 Congo Gets Its Biggest Data Center Yet With Raxio Investment
Raxio is backed by Meridiam Infrastructure Partners and US private equity firm Roha Group. The $30 million investment is part of the investor’s $290 million drive to build data centers across Africa. It now has 4 data centers in Africa with plans to have 10 by 2027… Read More
📸 Chinese Copper Companies v The World
