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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

Emirates to launch flights to Bamako in Mali

The service to Bamako will help Emirates improve its connectivity in Africa, the airline said

Seychelles nationals get UAE visa waiver from July 16

The waiver will grant Seychellois visa-free arrival to the UAE for up to 90 days

Top five challenges faced by execs in the region – Bain

Regional directors say cyber attacks, customer loyalty are amongst the biggest challenges they face, finds new survey

Smartphone shipments to Middle East and Africa up 66% in Q1 2015

Smartphone shipments to the Middle East and Africa are set to total 155m units by the end of 2015, a study says

Abraaj Group buys majority stake in Nigerian mattress maker Mouka

The founding family of Mouka who will retain a minority stake in the company, a statement said

Abraaj Capital sells 13.6% stake in Africa’s UAP Holdings

Abraaj sold its stake in the African insurance firm to London-based banking group Mutual plc

Tunisia sees tourism losses of $515m for 2015 after attack

Tunisia’s second terrorist incident this year involving tourists will heavily impact the sector, officials say.

Saudi investor’s Ethiopian farms to raise coffee, tea output

Horizon Plantations and Ethio Agri-CEFT plans to more than double its coffee production and expand tea output.

France’s Natixis to make Dubai capital markets hub for Mideast, Africa

In the past two years, Natixis has increased staffing levels in Dubai by around 50 per cent to 45 people

Dubai’s Access Infra to launch solar plant in Uganda this year

The project is part of the company’s plans to develop electricity projects in 17 African countries, mainly based on renewable energy

Saudi man gets life in US prison in Africa embassy bombings case

Khalid al-Fawwaz was not charged with planning or participating in the attacks, which killed 224 people and injured more than 4,000.

Affordable Smartphones See Growth Boom In Middle East, Africa – IDC

Smartphones priced under $100 accounted for 20 per cent of the overall market last year, up from five per cent in 2013.

Private Equity House Abraaj Closes $990m Sub-Saharan Africa Fund

The new African fund will focus on well-managed, mid-market firms in sectors most likely to benefit from demand driven by the rapid expansion of the middle class.

Senegal President Asks Saudi-Based IDB To Help Organise Sukuk Bond

Senegal aims to issue between $500 million and $1 billion in debt on international markets this year.

Rwanda Signs Deal With UAE-Based Company For Water Treatment Plant

Under a public-private partnership arrangement lasting 27 years, water will be taken from the Nyabarongo River and treated for use in the capital Kigali.

Abraaj Sets Up $200m North Africa Healthcare Group

Abraaj will be the main investor in the healthcare group with $145 million, while three other investors will pitch in about $55 million.

Etisalat-Owned Maroc Telecom’s 2014 Profit Up 5.6%

Increased revenues from its African subsidiaries helped the company post a strong profit.