GCR Ratings (“GCR”) has affirmed MyCredit Investments Limited’s (trading as ‘FairMoney’) Nigerian national scale long-term and short-term issuer ratings of BBB(NG) and A3(NG) respectively. The rating agency explained that FairMoney was rated on the basis of its strong cash flow…
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Maka, an African fashion and beauty e-commerce platform, has raised a $2.65 million pre-seed round led by Pan-African venture capital firms 4DX Ventures and Janngo Capital. Other investors include Palm Drive Capital, angel investor Jonathan Shipman, founder of EVP and…
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Global oil demand growth will slow in 2024 as overall economic activity cools, Dubai-based lender Emirates NBD said in a new report. The absence of a strong demand story like the return of China from Covid-19 will limit upside risk…
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The UAE is one of the world’s top ten destinations for residential property investment in 2024, according to the inaugural Housearch Investment Index. The index ranks 50 markets worldwide according to rental returns, stability and security. It provides a view…
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Niger expects to export its first barrels of crude oil through a newly established Niger-Benin pipeline in January, as stated by the country’s military leader, Abdourahamane Tiani, on state television. The export pipeline project, supported by PetroChina, was inaugurated on…
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Deal activity in the Middle East and Africa fell 25.7% year-on-year (YoY) between January and November 2023, London-based GlobalData said in a new report. Overall, global deal activity declined 23.6% YoY due to macroeconomic challenges and persistent geopolitical tensions, it…
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A number of Kuwaiti food companies affirmed that taking part in the Food Africa 2023 in Egypt was a good opportunity to promote Kuwaiti products abroad. In a statement to KUNA on Friday, the assistant head of export sales at…
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Saudi Arabia’s annual inflation rate rose to 1.7% in November from 1.6% the previous month, government data showed on Thursday, with rising housing rents the main driver once again. Rents increased by 9.4% in November as prices for apartments rose…
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Oil advanced from a five-month low on positive demand signals including a drop in US inventories and signs the Federal Reserve is preparing to cut interest rates. West Texas Intermediate rose toward $70 a barrel, after climbing 1.3% on Wednesday…
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Germany’s economy will contract by 0.5% in 2024 because of uncertainty caused by a budget crisis, the German economic institute IW said on Wednesday. A constitutional court ruling last month upset the government’s financing plans, leading to weeks of negotiations…
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