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Abu Dhabi’s ADQ is said to eye stake in top Egyptian dairy firm

Deliberations are in the early stages and there’s no certainty ADQ will proceed with any transaction

Egypt’s sovereign fund, EFG Hermes partner to acquire control of Arab Investment Bank

The transaction will be structured as a capital increase that will raise the paid-in capital of the bank to EGP5bn

Egypt’s ‘lost city’ may be new boon for tourism

The discovery of a 3,000-year-old city may just be the impetus required for Egypt’s tourism

Google startup accelerator

Google opens registrations to MENA tech startups for accelerator programme

The three-month long programme will commence in mid-July 2021 and is for ‘Seed to Series’ startups in the region

Seychelles pays $1 to acquire Etihad’s stake in its flag carrier

Etihad accepted a 79 per cent haircut on $72.3m of debt owed by Air Seychelles Ltd

Bausch Health to sell Amoun unit to ADQ for $740m

ADQ is now Abu Dhabi’s third-largest sovereign wealth fund

Ever Given grounding: Suez Canal closure highlights marine industry risks

The Suez Canal Authority temporarily suspended navigation in the canal on March 25

Aldar offers to buy stake in Egypt’s Sodic; shares climb

The offer values the Egyptian property developer at about $420m

Billionaire Sawiris said to back $4.7bn Signature takeover

Sawiris is the third-biggest shareholder in Signature Aviation

Dubai’s Emirates to reopen worldwide lounges, starting with Cairo

Emirates has introduced additional health and safety measures, which will be rolled out across all destinations

Egypt’s biggest listed bank slumps after chairman steps down

The stock fell as much as 10 per cent to trade at EGP60.10 pounds before paring the decline to 7.2 per cent at close

Abu Dhabi’s ADQ partners with Lulu International Holdings for Egypt expansion

ADQ and LIHL will work to collectively develop up to 30 hypermarkets and 100 express minimarket stores

Abu Dhabi wealth fund ADQ said to pursue Bausch’s Egypt unit

ADQ has been evaluating the Bausch business, known as Amoun Pharmaceutical Co

LaLiga TwentyNines

Barceló Hotel Group and La Liga partner for new sports bar concept in MENA

The concept will be a technological integration of gastronomy, entertainment, football, and other sports in an interactive environment

Egypt prepares to issue region’s first green sovereign bond

Egypt seeks to raise $500m from the offering

Dubai’s Emirates to restart passenger flights to additional cities

The carrier’s global passenger network will grow to 92 destinations in October

Egypt’s Emaar Misr, Tahya Misr Fund tie up to develop Sidi Abdel Rahman village

Emaar Misr has committed to contribute roughly $1.26m to support the first phase of infrastructure and service improvements in Sidi Abdul Rahman village

Oil holds losses near $40 amid deteriorating demand outlook

Prices jumped 10 per cent last week after Saudi Arabia indicated it would defend the market

Google Loon

Google’s Loon balloons now offer commercial internet access in Kenya

Loon has collaborated with Telekom Kenya to provide internet connectivity by way of 35 balloons covering an area of 50,000 square kilometres

Egypt asks IMF for financial aid amid coronavirus fight

Egypt has reported 4,319 cases of the coronavirus, including 307 deaths

Saudi grants 72-hour deadline for citizens to return to the country

Saudi also extended travel bans to 14 countries, including UAE, Oman and European nations

Egypt’s Banque Misr to borrow $250m, grow in Africa

Egypt’s second-largest state-owned lender will use the debt to finance small-and-medium-size enterprises, among other purposes

DP World CEO remains bullish on growth prospects in Africa, India

The Dubai-based ports operator doubled its capacity at Egypt’s Sokhna port

Egypt prices its citizenship by investment at $250,000

The country’s cabinet agreed to grant citizenship to foreigners who either buy property or make cash deposits ranging from $250,000 to $1m into a local account

ADIA hosts Africa Investment Summit in Abu Dhabi

The two-day event will include representatives from 22 countries, including seven African nations

UAE’s Dana Gas collections increase 16.7% for first nine months

Collections worth $230m came in from its operations in Egypt, the UAE and Kurdistan region of Iraq

UAE’s Abraaj to fully acquire African coffee chain Java House

The acquisition was made from private equity firm Emerging Capital Partners

UAE’s Crescent Enterprises invests in Africa’s Mara group

The investment was made into e-commerce platform Mara Shopping and Mara Xpress

How Middle East companies can succeed in Africa

Successful companies generally have three to six mutually distinctive capabilities that support and drive their strategy, according to Strategy&

Exclusive: UK subsidiary of Nigeria’s Access Bank to open Dubai office

The bank aims to help facilitate investments from the Gulf region into Africa, primarily Nigeria, says CEO