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Five most popular hotels for ultra-wealthy individuals in Africa

South Africa remains the top luxury tourist destination in Africa.



As Africa’s total private wealth continues to grow at a steady rate, with recent projections indicating that private wealth on the continent will rise by 38 percent over the next 10 years, African billionaires and millionaires are now spending more on vacations, luxury, and recreation than ever before, fueling growth in the hospitality sector, and particularly the luxury hotel segment.

The recent increase in ultra-high net worth individuals’ spending on luxury and recreation on the continent has been supplemented by thousands of multimillionaires who visit the continent on a regular basis for vacations (primarily from the UK, United States, France, Switzerland, and Germany).

This influx into Africa, combined with the spending of the continent’s fun-loving billionaires and multimillionaires, has resulted in the growth and expansion of the hospitality sector, as well as the growth of many luxury hotels in countries such as South Africa, Egypt, Morocco, Nigeria, and Kenya.

NW Wealth, a global wealth intelligence firm, disclosed that South Africa remains the top luxury tourist destination in Africa, with destinations such as Marrakech in Morocco, Cairo in Egypt, the Serengeti in Tanzania, Sharm El Sheikh in Egypt, the Masai Mara in Kenya, Livingstone in Zambia, and the Okavango Swamps in Botswana also ranking high.

According to a recent study conducted by NWWealth, after carefully ranking the hotels on the continent in terms of popularity among high-net-worth individuals, prime location, views, gardens, and scenery, the following are the five most popular hotels for the super rich on the continent.

#1 Oyster Box 

Durban, South Africa

Price per night: $465

Oyster Box, one of South Africa’s most cherished hotels, charges at least R8,000 ($465) per night and is situated on a beachfront in Umhlanga, Durban, overlooking the Indian Ocean and the iconic lighthouse.

This iconic hotel, which opened in the 1950s and quickly became a popular summer destination for Johannesburg visitors, has gone through several renovation phases. The property was renovated in 2007 and transformed into one of the world’s most luxurious hotels.

Red Carnation Hotel Group, the new owners, have gone to great lengths to preserve the original character, style, and charm while also introducing cutting-edge technology and green initiatives.

#2 Ellerman House

Cape Town, South Africa

Price per night: $700

Ellerman House, one of the world’s top boutique hotels, is located in Bantry Bay in Cape Town and takes great pride in sharing the beauty, bounty, and diversity of the Cape with its guests.

The charming boutique, built in 1907 as an original Cape Edwardian mansion, boasts ultra-luxurious facilities, incredible views, and a refined comfort atmosphere that draws the most discerning travelers year after year.

The luxurious hotel is a hotspot for the rich and famous and is known for its “jet-set” appeal. It has beautiful views of the ocean and only 13 rooms, giving its residents a lot of privacy. The hotel’s classic houseroom costs R12,000 ($700) per night.

#3 Royal Mansour

Marrakesh, Morocco

Price per night: $1,960

The Royal Mansour, which is located just a few steps away from the famous Jemaa El Fna square and beats the heart of the Marrakesh Palace, is known among travelers as the “best hotel in Marrakesh.” It offers travelers the unique concept of a medina within a medina.

Royal Mansour, designed by King Mohammed VI, is one of the world’s most exclusive hotels. The hotel, which has 53 private riads set within five hectares of beautiful Moorish gardens, was created to share the Moroccan way of life with the rest of the world. A night in one of its riads costs at least €1,900 ($1,960).

#4 Four Seasons Resort Sharm El Sheikh

Cairo, Egypt

Price per night:$7,235

The Four Seasons Resort Sharm El Sheikh, which cascades down the hillside from the desert to the Red Sea, is a must-see for any snorkeling and diving enthusiasts visiting Egypt.

The well-established resort, which has fantastic facilities and restaurants, welcomes guests to an Arabian fairy tale with year-round sun, sleek, modern accommodations, over 3,000 palm trees, and panoramic sea views. A night in one of its signature suites costs at least $7,235.

#5 Royal Livingstone

Livingstone, Zambia

Price per night: $500

The Royal Livingstone hotel is situated on the Zambezi River’s banks and offers views of Victoria Falls from Zambia. Anantara oversees its management.

It has a beautiful spa and is well-known for its upscale river safaris. A night in one of its suites will set you back at least $500.

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South African tycoon Stephen Brookes’ Balwin Properties returns $14.6 million to shareholders

Brookes has seen the market value of his stake rise by $5.3 million in the past 26 days.



Stephen Brookes.

Balwin Properties, a Johannesburg-based residential property developer led by South African businessman and real estate tycoon Stephen Brookes, has returned $14.6 million to shareholders in the past 26 days, as investors react to its first-half financial results.

At the end of today’s trading session on the Johannesburg Stock Exchange, shares in the South African property developer were worth R3.1 ($0.181) per share, giving the company a market capitalization of R1.44 billion ($84.1 million) at the time of writing.

The company’s share price has risen by 21.1 percent since Nov. 2, exactly 26 days ago, returning a total of R250.9 million ($14.6 million) in gains to shareholders as its market capitalization increased from R1.19 billion ($69.46 million) to R1.44 billion ($84.1 million).

Brookes, who founded the property developer in 1996 and owns a total of 36.08 percent of the company, has seen the market value of his stake increase by R92 million ($5.3 million) in the past 26 days as a result of these value gains.

Despite the recent increase in market value, Brookes’ equity interest in Balwin Properties is worth $6.6-million less than it was at the start of the year, when the firm’s shares soared above a price of R3.4 ($0.22) per share.

Balwin is a large-scale estate developer in South Africa for people with low-to-middle incomes. It provides residents with high-quality, environmentally friendly, and affordable apartments, as well as an innovative lifestyle program.

Profit for the first half of the current fiscal year rose by 48 percent, from R117.2 million ($6.4 million) to R173 million ($9.4 million), according to earnings figures.

The double-digit increase in earnings was due to increased demand for South African residential properties, which resulted in a 20-percent increase in revenue from R1.31 billion ($71.38 million) to R1.6 billion ($87.2 million).

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East Africa

Controlled by Kenya’s richest families, NCBA Group eyes entry in Ethiopia, DRC, Ghana

NCBA Group is partially owned by the super-rich Kenyatta, Merali, and Ndegwa families.



Uhuru Kenyatta.

NCBA Group, a financial services conglomerate controlled by Kenya’s wealthiest families, is preparing to launch operations in Ghana, Ethiopia, and the Democratic Republic of the Congo (DRC) through partnerships led by its mobile phone banking service, M-Shwari.

The move, which aligns with the group’s strategic expansion plans and diversification strategy through mobile and digital banking, comes just a week after NCBA CEO John Gachora announced that the lender plans to expand into eight African markets.

The group, which is one of the leading lenders in East Africa with operations in Tanzania, Uganda, and Rwanda, is negotiating mobile phone banking partnerships with banks and telecom operators in the three countries.

The move is consistent with Gachora’s earlier statement, in which the leading executive stated that the model in the new markets will be to collaborate with local banking and mobile partners to deliver products and services to customers while leveraging cutting-edge technology.

According to Gachora, funding the expansion will be less expensive than establishing a traditional bank. “There will be licensing costs because it’s digital, it’s a fintech, and licenses are relatively cheap,” he said. As a result, the Kenyan bank will earn commissions on deals involving the establishment of brick-and-mortar operations in Ghana, Ethiopia, and the DRC.

NCBA Group is a Nairobi-based financial services conglomerate that operates as a non-operating holding through its extensive network of subsidiaries in Tanzania, Rwanda, Uganda, and Cote d’Ivoire.

The Kenyan banking firm, established in 2019 by the merger of NIC Bank Group and Commercial Bank of Africa Group, now has 109 branches in five countries — Kenya, Uganda, Tanzania, Rwanda, and Cote d’Ivoire — and is partially owned by the super-rich Kenyatta, Merali, and Ndegwa families.

The bank’s profit rose from Ksh6.52 billion ($53.3 million) to Ksh12.8 billion ($104.7 million) at the end of the first nine months of its 2022 fiscal year thanks to a double-digit increase in interest and non-interest income during the period under review.

NCBA has reaped enormous benefits from pioneering mobile phone-based lending in Kenya since partnering with telecom provider Safaricom in 2012 to launch the market-dominating service, M-Shwari.

It hopes to expand this model beyond East Africa, with large populations and a banking industry that primarily serves large corporations.

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Africa’s richest man Aliko Dangote plans 300,000 jobs for Nigerians

Dangote Group is poised to cement its position as the second-largest employer of labor in Nigeria.



Aliko Dangote.

Africa’s richest man Aliko Dangote has announced that his multimillion-dollar investment through his sugar business, Dangote Sugar Refinery Plc (DSR), will create no less than 300,000 jobs in Nigeria, as he continues to strategically invest in his sugar business in accordance with the requirements of the Nigeria Sugar Master Plan (NSMP).

The leading billionaire, who made this statement while speaking at the flag-off ceremony for the 2022–2023 Crushing Season and Outgrower Scheme Awards in Numan, Adamawa State, explained that the new employment opportunities will include both direct and indirect jobs.

“We are making a massive investment in Adamawa State through expansion of our refining capacity; with this investment, DSR will be able to create about three hundred thousand jobs, direct and indirect, with positive multiplier effects on the economy nationwide,” he said.

This statement comes nearly a week after he committed more than $700 million to expand the operation of its sugar business by increasing the refining capacity of one of its plants, DSR Numan, from 3,000 tonnes of cane per day (tcd) to 6,000 tcd, 9,800 tcd, and 15,000 tcd.

The investment will also drive the expansion of the group’s Backward Integration Program (BIP) in accordance with the NSMP, as the leading billionaire plans to put in place the necessary infrastructure for the eventual start of full-scale production.

The move, which aligns with the country’s goal of achieving sugar sufficiency, fits well with the company’s strategic expansion roadmap and is expected to increase revenue and earnings power while also creating shared wealth for stakeholders.

The Dangote Group, a manufacturing conglomerate owned by Aliko Dangote, is poised to cement its position as the second-largest employer of labor in Nigeria, behind only the Nigerian government, thanks to the 300,000 jobs that will be generated by the new investment.

Due to an increase in demand for both fortified and unfortified sugar, DSR, a leading integrated sugar company that is majority owned by Dangote, announced earlier this month that its nine-month 2022 profits increased by double digits.

According to the group’s financial statement, profits at the end of the first nine months of its 2022 fiscal year rose by more than 60 percent as revenue increased, from N15.51 billion ($35.4 million) in the corresponding period of 2021 to N24.83 billion ($56.6 million).

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