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Aug
21
2024
By CONRAD ONYANGO, BIRD STORY AGENCY
bird TenX : Africa’s top 10 Investment destinations

bird TenX : Africa’s top 10 Investment destinations

BUSINESS
IN 2021, Egypt, Morocco, and South Africa were the top investment destinations in Africa. Fast forward to 2024, the tables have turned for these large economies with substantial populations and economic wealth. Instead, two island nations - Seychelles and Mauritius - have emerged as the new investor favourites, as the focus shifts beyond population size and overall wealth to a consideration of personal freedom and human development. However, despite these shifting investor preferences, the major economies in North, South, and West Africa still dominate the list of Africa's most attractive countries for investors. A report compiled by Rand Merchant Bank…
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Aug
17
2024
By The African Mirror
Egypt announces Africa’s first hydrogen-powered skyscraper, offering a new era for green power

Egypt announces Africa’s first hydrogen-powered skyscraper, offering a new era for green power

NEWS
BONFACE ORUCHO EGYPT is racing ahead in Africa's hydrogen innovation with the launch of the continent's first 'Hydrogen Building,' a 50-floor skyscraper. This development could unlock new hydrogen application niches as pipeline capacity expands across Africa, driven by increasing investments in the sector. Forbes and Magnom Properties, a Saudi-Arabian real estate company, announced the partnership for the US$1 billion skyscraper in 2023 on the sidelines of the 53rd Annual Meeting of the World Economic Forum (WEF) in Davos, Switzerland. According to Forbes CEO Mike Federle, this will be “the first sustainable international tower under the Forbes name.” The tower will…
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Aug
16
2024
By The African Mirror
Paris 2024: How Africa performed in Paris and the road to the 2028 LA Olympics

Paris 2024: How Africa performed in Paris and the road to the 2028 LA Olympics

SPORT
STEPHEN GRANGER FOR a little over two weeks, hundreds of thousands of Paris-based spectators and billions globally were treated to another edition of ‘The Greatest Show on Earth’. The Olympic Games have no equal as a vehicle to show off the extraordinary sporting talent of the human race. Tickets for sports, which normally would scarcely attract more than the families of the participants, were snapped up at eye-wateringly high prices. Sports such as judo, badminton, table tennis, sport climbing, BMX, skateboarding, and yes, even ‘breaking’, were played to packed stadiums and arenas. Track and field, which in many parts of…
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Aug
14
2024
By The African Mirror
Smaller African economies are getting more investor attention

Smaller African economies are getting more investor attention

BUSINESS
CONRAD ONYANGO SMALL African economies are punching above their weight to emerge as the most attractive to investors, bolstered by their higher economic and personal freedoms. A new study, ‘The 2024 RMB Where to Invest in Africa report,’ shows that investors are looking beyond markets with big populations and larger economies. Instead, they are seeking destinations with higher levels of stability and growth opportunities in a well-regulated environment. The report, developed by Rand Merchant Bank(RMB) in collaboration with the Gordon Institute of Business Science, ranks two island nations — Seychelles and Mauritius — as the most attractive investment destinations in…
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Aug
13
2024
By The African Mirror
Egypt’s Olympic Dream: Aiming to make history as Africa’s first host

Egypt’s Olympic Dream: Aiming to make history as Africa’s first host

SPORT
IN the wake of African athletes' remarkable performances at the 2024 Paris Games, Egypt is boldly stepping forward with a vision to become the first African nation to host the Olympic Games. This ambitious goal reflects not only Egypt's desire to showcase its growing capabilities but also represents a milestone for the entire continent. Mustapha Berraf, head of the African National Olympic Committees Association (ANOCA), has announced that Egypt will bid to host both the 2036 and 2040 Summer Olympics. This declaration comes as the curtain falls on the Paris Olympics, where African athletes demonstrated their world-class talents, further igniting…
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Jul
29
2024
By The African Mirror
Egypt secures $340 million investment to boost oil and gas sector

Egypt secures $340 million investment to boost oil and gas sector

NEWS
EGYPT’S oil and gas industry is set for a significant boost following the signing of two major investment deals totalling $340 million. Reuters reports that the agreements, finalized by the country's Ministry of Petroleum and Mineral Resources, aim to increase production in the Mediterranean Sea and the Gulf of Suez. According to Reuters, the larger of the two deals, worth $220 million, involves a partnership between Egypt and Malaysia's Petronas. This collaboration focuses on enhancing natural gas production in the West Delta region of the Mediterranean. The comprehensive plan includes drilling three new wells and developing marine facilities to support…
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Jun
29
2024
By SHERIF FAHMY and FARAH SAAFAN
Egyptians open makeshift study halls as power cuts hit students

Egyptians open makeshift study halls as power cuts hit students

NEWS
IN Egypt, where a shortage of natural gas has caused rolling blackouts during a heatwave, churches, cafes and libraries have stepped up to help students study for their crucial high-school exams. The venues that have their own power generators, which also include sports centres and wedding halls, have opened to students struggling at home with power cuts that were officially extended this week to three hours daily. Egypt generates most of its electricity from burning natural gas. On Tuesday, Prime Minister Mostafa Madbouly said Egypt would need to import $1.18 billion of mazut fuel oil and natural gas to end power cuts…
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Jun
27
2024
By Manfred Zwecker
Egypt needs to import $1.18 billion in fuel to end power cuts

Egypt needs to import $1.18 billion in fuel to end power cuts

BUSINESS
EGYPT needs to import around $1.18 billion worth of mazut fuel oil and natural gas to end persistent power cuts exacerbated by consecutive heat waves, its Prime Minister Mostafa Madbouly said in a televised address. It hopes the shipments will arrive in full around the third week of July, by which point the government aims to stop cutting power during the remaining summer months, he added. It has already started contracting for 300,000 tonnes of mazut worth $180 million to boost its strategic reserves which are expected to arrive early next week. Egypt's government on Monday extended daily power cuts to three…
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Jun
25
2024
By The African Mirror
Egypt temporarily extends daily power cuts to three hours

Egypt temporarily extends daily power cuts to three hours

NEWS
EGYPT'S government has extended daily power cuts to three hours on Sunday and Monday, one hour longer than usual, in response to a surge in domestic electricity consumption because of a heatwave, a cabinet statement said. Since July last year, load shedding linked to falling gas production, rising demand and a shortage of foreign currency has led to scheduled two-hour daily power cuts in most areas. Earlier this month, a shortage of gas supplies led to temporary shutdowns at fertiliser and chemical plants. The blackouts, which began last summer as demand for air conditioning rose, have stirred frustration among citizens and interruptions…
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Jun
21
2024
By The African Mirror
Egypt forms crisis unit on haj deaths as toll rises

Egypt forms crisis unit on haj deaths as toll rises

NEWS
EGYPT formed a crisis unit to investigate the deaths of Egyptians taking part in the annual Muslim pilgrimage to Mecca during extreme heat after medical and security sources said at least 530 Egyptians had died and 31 were missing. In recent days hundreds of people from different countries have died in punishing conditions for the haj pilgrimage in the Saudi Arabian city, where temperatures have at times exceeded 51 degrees Celsius (124 Fahrenheit). The medical source, who was with the official Egyptian haj delegation, said the majority of those who died were not formally registered for the event with the authorities, which…
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