Browsing: Business

AfricInvest Maghreb Private Equity Fund IV, administered by AfricInvest, a leading African investment platform, has invested USD 30 million in a Pre-Series B funding round in ArabyAds, a leading MENA region AdTech firm.

The Group 42 fund will operate as a private equity investor and will target high-growth markets.

Egyptian fintech firm Lucky has signed a partnership agreement with Egyptian on-demand warehousing and fulfillment platform, Khazenly. Lucky is a digital rewards app, users of which enter a points reward system to obtain discounts on purchases from over 20,000 local and international brands.

Tech African Women (TAW) is a joint initiative by the United Nations Economic Commission for Africa (ECA), in partnership with tech venture firm Betacube. TAW seeks to support female-led idea stage startups from Ethiopia, Senegal, Tanzania and Tunisia.

Appetito, an Egyptian online grocery service and Purity, a Saudi-based IT infrastructure firm, have signed an MoU to expand the former’s services across the MENA region.

Afriguild aims to provide opportunities across Africa through gaming, education and community building.

Abu Dhabi’s non-oil foreign trade grows by 12%, with Saudi Arabia, Switzerland and the US as the emirate’s top trading partners.

Egypt’s Convertedin has raised USD 3 million in a round featuring regional and international investors.

Rotana, the hotel management company, is set to open the new resort in 2023. The company operates hotels in a number of North African states.

MENA unicorns set to emerge due to favorable regional conditions, according to a recent report by Saudi firm STV.