Muscat – Oman and India established a joint investment fund during His Majesty Sultan Haitham bin Tarik’s state visit to India on Saturday. Abdul Salam bin Muhammad al Murshidi, Chairman of Oman Investment Authority (OIA), stated that the third such fund is a result of the success of two earlier joint funds with India, which […]
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 generation and liquidity coverage, specifically noting that “The assigned ratings are supported by FairMoney’s strong […]
Social commerce platform Maka raises $2.65M to simplify buying fashion and beauty products in Africa
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 Twitch founding member, and executives from delivery platform Wolt. In 2021, co-founder and CEO Diana […]
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 to demand, the forecast on Monday said. “Unlike in 2023 when China’s reopening helped to […]
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 of where the investment opportunities in the coming year look promising. The UAE came in […]
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 November 1, connecting Niger’s Agadem oilfield to the Benin port of Cotonou, Reuters reported. Tiani […]
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 added. A total of 48,953 deals, which included mergers & acquisitions (M&A), private equity and […]
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 Kuwait Flour Mills and Bakeries Company, Badriya Al-Rashed, said she was pleased with the number […]
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 by 12.8%. The higher rents drove an increase in the pricing of housing, water, gas, […]
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 from its lowest since late June. Global benchmark Brent was near $75. US crude stockpiles […]