Egyptian businessman Raouf Ghabbour’s GB Auto considers selling stake in leasing business to Chimera
GB Lease was founded in 2008.
North African billion-dollar conglomerates shine in Forbes ranking of Arab family businesses
Arab family businesses have recently experienced a V-shaped recovery.
Tunisian tycoon Abdelwaheb Ben Ayed’s Poulina Group sets up solar energy subsidiary
Ayed owns a beneficial 3.4-percent stake in Poulina Group.
Swazi billionaire Natie Kirsh has now lost nearly half a billion dollars since start of 2022
Kirsh also owns 54 percent of Sydney-based Abacus Property Group.
Egyptian auto tycoon Raouf Ghabbour’s GB Auto spends $7.6 million of capital raise proceeds
Ghabbour founded GB Auto in 1985 as an Egyptian manufacturer of vehicles, buses, trucks, and motorcycles.
East African Court of Justice orders Rwanda to pay tobacco tycoon Tribert Rujugiro $1 million
The court ruled that Rwanda violated a regional treaty when it took over and sold Rujugiro’s shopping mall.
Somali tycoon Abdirashid Duale’s Dahabshiil says diaspora remittances to boost regional economy
Diaspora remittances are a lifeline for many people in the Horn of Africa
Kenyan businessman John Kimani acquires additional $1.7-million stake in Centum
Aside from his ownership interest in Centum, Kimani controls 32.3 percent of Kakuzi and 2.99 percent of Nation Media Group.
Kenyan mogul Manu Chandaria regains control of Kaluworks as banks write off $55-million debt
Kaluworks is a manufacturing firm and a subsidiary of Chandaria’s main company, Comcraft Group.
Nigerian tycoon Herbert Wigwe’s Access Holdings gets approval to acquire Lagos-based First Guarantee Pension
Wigwe holds a 4.26-percent stake in the pan-African group.
Nigerian banker Jim Ovia to pocket $3.6 million in interim dividends from Zenith Bank
The news puts his total dividend earnings from Zenith Bank this year at $17.7 million.
Egyptian billionaire Yasseen Mansour, Ahmed El-Sewedy donate $5.9 million to build Cairo monorail
Egypt’s first monorail, worth $4.5 billion, will be finished by 2023.
Moroccan businesswoman Lamia Tazi’s Sothema records over $108 million in revenue in H1 2022
Sothema produces more than 60 million units of pharmaceuticals every year.
Mauritian Espitalier-Noel family loses $9.1 million from stake in ENL in 96 days
The family remains one of the country’s wealthiest investors.
Nigerian banker Tony Elumelu commissions ultra-modern UBA Experience Center in Abuja
The center’s launch comes nearly one month after Elumelu opened a new UBA branch in Dubai.
African-American comedy mogul Kevin Hart to launch plant-based restaurant in LA next week
The restaurant chain will open in New York in a bid to uproot the fast-food industry.