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Business Africa

Jack Ma Backed OceanBase Seeks Up to $443 Million to Accelerate AI Expansion

OceanBase, the database software company backed by Jack Ma and spun out from Ant Group, is seeking to raise between 2 billion and 3...

US Backs Madagascar Rare Earths Project to Diversify Global Critical Minerals Supply

The United States has thrown its support behind the Ampasindava rare earths project in Madagascar as part of a broader strategy to diversify global...

FIFA Targets $4.2 Billion Through Minority Stake Sale in World Cup Commercial Business

FIFA plans to raise up to $4.2 billion by selling minority, non controlling stakes in a newly created commercial subsidiary that will manage the...

Remi Tinubu Hosts NBA President Elect Oyinkansola Badejo-Okusanya, Says Women Supporting Women Will Accelerate Growth

Nigeria’s First Lady, Senator Oluremi Tinubu, has reaffirmed the importance of women supporting one another to accelerate national development during a meeting with the...

Eni Raises Share Buyback as Strong Oil Prices Drive Second Quarter Profit Growth

Italian energy major Eni reported a strong rise in second quarter earnings as higher oil and gas prices, increased hydrocarbon production and robust performance...

S&P Global to Acquire Majority Stake in Agusto & Co to Expand African Credit Ratings Business

S&P Global has agreed to acquire a majority stake in Agusto & Co, one of Africa’s leading indigenous credit rating agencies, in a strategic...

Dubai Financial Hub Surpasses 10,000 Companies as Global Business Demand Accelerates

Dubai International Financial Centre (DIFC) has surpassed 10,000 active registered companies for the first time, marking a major milestone in its ambition to become...

Barclays Adopts Wall Street Style Pay Model as Higher Bonuses Lift Compensation

Barclays is shifting to a more Wall Street style compensation model by increasing the share of performance based pay for senior investment bankers, giving...

Dangote to Donate One Third of Fortune as Family Backs Long Term Succession Plan

Africa’s richest man, Aliko Dangote, plans to dedicate one third of his personal fortune to charitable causes, with his family publicly supporting the commitment...

Malawi Installs First Utility Scale Battery to Strengthen Solar Power and Grid Reliability

Malawi has commissioned its first utility scale battery energy storage system, a 20 megawatt facility designed to store solar power and stabilise electricity supply...

Afreximbank and IDC Sign Three Year Deal to Deploy $8 Billion into South African Industry

The African Export-Import Bank (Afreximbank) and South Africa’s Industrial Development Corporation (IDC) have signed a three year Memorandum of Understanding to deploy $8 billion...

Angola Raises More Than $300 Million in Oversubscribed Unitel IPO

Angola has raised 300.3 billion kwanzas (about $329 million) after investors oversubscribed the initial public offering of a 15% stake in Unitel, the country’s...
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