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West Africa Property Investment Summit 2023: Industry Leaders Chart Course for Resilient Future

by Radarr Africa
written by Radarr Africa

In a significant gathering of real estate influencers, the West Africa Property Investment Summit 2023, which took place on Wednesday, 23rd November, brought together leading figures from Kenya, Ghana, South Africa, and Nigeria. Under the theme “Rewriting the Narrative: Positioning & Strategies for the Future,” the summit served as a vibrant forum for in-depth discussions and strategic planning, aiming to shape the trajectory of West Africa’s real estate landscape.

Resilience in the Face of Macroeconomic Challenges

One of the key speakers, Mr. Tola Akinhanmi, the Head of Real Estate Finance at Stanbic IBTC, took center stage to address the challenges posed by the current macroeconomic environment. Despite grappling with inflation, exchange rate volatility, and fluctuating interest rates, Akinhanmi’s message was one of resilience. He underscored the real estate sector’s intrinsic strength, characterizing it as a long-term asset class that provides essential business infrastructure supporting people’s livelihoods, work, and recreation. Akinhanmi highlighted Stanbic IBTC’s commitment to working closely with sponsors, understanding assets, and structuring solutions that ensure stability, allowing these assets to remain relevant through various economic cycles.

Optimism for 2024: A Balanced Outlook

Oladapo Runsewe, the Projects and City Reports Lead at Estate Intel, provided a positive outlook for 2024. Citing statistics from the Nigerian Bureau of Statistics that indicated an increase in the real construction sector’s contributions to the GDP in the last quarter, Runsewe foresaw a balanced and positive effect on the market. He emphasized the inevitability of construction and development continuing, driven by the ongoing demand for housing and real estate investments. However, Runsewe highlighted the imperative for collaboration, urging industry participants and the government to join forces on a larger scale to address the substantial housing deficit, particularly in urban centers like Lagos.

Sustainability as a Driving Force

Temilola Shonola, Head of the Edge Program at the International Finance Corporation (IFC), brought attention to the importance of sustainable building practices. Shonola urged developers to embrace green building, dispelling the misconception that it is an expensive endeavor. She introduced the IFC’s free app designed to simplify the green certification process, making it accessible for builders looking to contribute to environmental sustainability. Shonola stressed that more of the market needs to adopt green building practices, not only for environmental reasons but also as a means to reduce utility costs and ensure long-term impact.

Navigating the Commercial Real Estate Cycle

Pepler Sandri, the Director of Capital Markets at JLL, delved into the complexities of the commercial real estate cycle. Acknowledging the sector’s challenges and the impact of the global COVID-19 pandemic, Sandri painted a picture of recovery and resilience. He noted that Nigeria, like many other countries, faced unique macro issues affecting its recovery. Looking ahead, Sandri expressed optimism as interest rates stabilize, predicting a potential recovery in the next 6-12 months in global developed markets. However, he cautioned that Nigeria might experience a longer recovery period, echoing sentiments from Stanbic’s chief economist, who suggested a year or two before a strong trajectory toward recovery becomes evident.

Conclusion: A Call for Collaboration and Sustainable Growth

The West Africa Property Investment Summit 2023 provided an invaluable platform for industry leaders to share insights, strategies, and collaborative approaches to propel the real estate sector forward. As the summit concluded, attendees were left with a renewed sense of optimism and determination to navigate the ever-evolving landscape of West Africa’s property market. The resounding message from the summit echoed the need for collaboration, sustainability, and strategic planning to ensure a resilient and prosperous future for the region’s real estate industry.

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AfricaAFRICA NEWSBanking, Finance & InvestmentBusinessBusiness and EconomyINVESTMENTINVESTMENTNigeria

Afriq Arbitrage Systems Dive into Enhanced User Opportunities, Unveils New AAS Token

by Radarr Africa
written by Radarr Africa

Afriq Arbitrage Systems, within the investment landscape, has strategically realigned its position with the introduction of the AAS token, an innovative global coin poised to redefine the investment journey for its users. 

CEO of Afriq Arbitrage Systems, Jesam Michael, shared insights with the press, emphasizing the transformative power of this new token and the company’s future-oriented perspective in this pioneering trajectory.

“The introduction of the AAS token marks a significant milestone in our commitment to providing a seamless, versatile investment platform for our users,” affirms Jesam Michael, highlighting the benefits that this new token will offer. “The AAS token is not just a currency; it’s a gateway to a new era of investment possibilities. With this new token, our users gain access to a universal asset, enabling them to trade, invest, and make purchases across various sectors with unparalleled ease and security.”

The vision driving this new direction stems from AAS’s dedication to empowering its investors. Jesam Michael articulates, “Our vision extends beyond mere transactions; it’s about enhancing the investment landscape for our users, ensuring that they have a reliable and comprehensive tool to navigate the complexities of the investment world. The AAS token represents our unwavering commitment to providing a diversified, user-friendly ecosystem.”

The AAS token’s utility extends far beyond conventional investments. Jesam Michael elucidates, “Users can seamlessly conduct transactions within the AAS ecosystem, from purchasing tech gadgets, availing travel opportunities through airline tickets, investing in real estate, to exploring educational avenues in our coding and programming school—all facilitated through the AAS token. This level of versatility is a testament to our dedication to enhancing the investment experience for our users.”

Jesam Michael further emphasized the strategic importance of this new direction, “The introduction of the AAS token not only showcases our commitment to innovation but also cements our position as a global leader in investment platforms. We are bridging the gap between traditional investment models and the future of finance, ensuring our users have access to a dynamic, secure, and forward-thinking investment landscape.”

In light of recent challenges faced by the company, Jesam Michael underscores the resilience of AAS. “Despite setbacks, our commitment remains unshaken. We have addressed misconceptions and continue to reinforce our position in the market, ensuring transparency and trust within our community.”

This visionary leap with the AAS token embodies the company’s dedication to a user-centric approach, revolutionizing the investment journey and affirming AAS as a pioneering force in the global investment arena. As AAS forges ahead with this new token, the future holds promise and innovation, transforming the investment landscape for users globally.

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BusinessINVESTMENTMoroccoNorth AfricaTechnology

Sumitomo Invests MAD 2 Billion in Morocco’s automotive ecosystem

by Radarr Africa
written by Radarr Africa

Japanese company Sumitomo Electric Industries has signed an agreement with Morocco’s Ministry of Industry and Trade to invest nearly MAD 2 billion ($190 million) in Morocco’s automotive ecosystem.

The investment is set to allow the creation of 16,000 new direct jobs by 2028, in nine different projects in the regions of Rabat-Sale-Kenitra, Tanger-Tetouan-Al Hoceima, and Casablanca-Settat.

The agreement was signed on Wednesday in a ceremony chaired by Morocco’s Minister of Industry and Commerce Ryad Mezzour.

The first investment will be deployed by the group’s subsidiary in Bouknadel, which will establish an industrial facility dedicated to manufacturing electrical harnesses in an investment reportedly worth MAD 320 million ($30 million). The facility is set to create more than 4,500 jobs.

“With this new investment from the Sumitomo group, Morocco’s automotive ecosystem strengthens its attractiveness to global suppliers and enables us to continue generating employment for young Moroccans,” said Mezzour at the signing ceremony.

“We are confident in Moroccans’ abilities and skills to deploy this project and others in the years to come, with a constant view of strengthening our competitiveness,” said Adil Semrich, CEO of Sumitomo’s SEBN Morocco subsidiary.

Sumitomo electric industries is a manufacturer of electric wires and optical fiber cables headquartered in Japan. Founded in 1897, the company operates in five sectors: automotive, communications, electronics, environment and energy, and industrial materials.

Already an attractive destination for international automotive companies, Morocco has been working on strengthening its position in the sector by encouraging foreign investments and publicizing its assets in the sector.

As of December 2022, the North African country had over 180 industrial units dedicated to the automotive industry, with Tangier and Casablanca being the most popular sites for activity in the sector.

Neo, the 100% Moroccan made car is set to be available on the local market in the coming weeks, Mezzour confirmed earlier this week.

SOURCE: Morocco news

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AfricaBusinessINVESTMENTSouth AfricaTechnology

MultiChoice Group offers an attractive investment opportunity at current levels says FNB

by Radarr Africa
written by Radarr Africa

FNB Stockbroking and Portfolio Management said MultiChoice Group offers an attractive investment opportunity at current levels.

They recommend a long position in MultiChoice with an upside target price of R153 and a stop-loss at R111.

MultiChoice is the dominant pay-TV operator in Africa and offers a range of entertainment services, including DStv, ShowMax, and betting service KingMakers.

Apart from stakes in MultiChoice South Africa and MultiChoice Africa, the group also owns the technology platform Irdeto.

MultiChoice Group’s three content pillars — international, local, and sport — continue to hold a competitive advantage even as competition continues to rise.

Commenting on the technical analysis of the MultiChoice share price, FNB said MultiChoice’s share price remains in a symmetrical triangle pattern.

As such, it makes the share attractive as an investment opportunity. “While the triangle is neutral, it still favors the direction of the existing trend. The expectation is for the price action to progress to the upper range of this pattern,” FNB said.

“According to the RSI (relative strength index), the share will be overbought at R175, making our profit target of R153 realistic.”

“Still, the trade idea is regarded as a counter-trend trade since the price remains below its 200-day simple moving average of R122.”

FNB Stockbroking and Portfolio Management suggested a low capital-at-risk allocation to this trade. This article was first published by Daily Investor and is republished with permission.

SOURCE: My broadband

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9mobileAfricaAFRICA NEWSBusinessINVESTMENTTechnology

Etisalat’s E& Enterprise forms a joint venture with Bespin global

by Radarr Africa
written by Radarr Africa

The enterprise division of Etisalat has formed a joint venture to build the largest pure play cloud managed and professional services provider in its region

E& Enterprise’s partner in the project is South Korean company Bespin Global, already a cloud managed service provider.

Salvador Anglada (pictured), CEO of E& Enterprise, which owns 65% of the joint venture, said: “The joint venture with Bespin Global and the investment in the holding company are part of our ongoing efforts to extend our cloud offerings and establish our commitment as a trusted partner to governments and enterprises in the UAE.”

The new business will operate in the Middle East, Turkey, Africa and Pakistan, a region E& Enterprise is calling “Metap”. As part of the deal E& will make a minority investment of US$60 million in Bespin Global’s holding company. Bespin Global will own 35% of the joint venture. The joint venture will be branded Bespin Global MEA, an e& enterprise company.

John Hanjoo Lee, CEO and co-founder of Bespin Global, said: “The joint venture between Bespin Global and E& Enterprise will leverage capabilities that will help build the future of cloud business. In addition, we welcome E& as an investor in Bespin Global and appreciate their confidence in our strategy and operations.”

E& Enterprise has the option to invest another $60 million within a period of 18 months from completion of the transaction, the companies said. “Both shareholders will contribute growth capital to the JV.”

Miguel Villalonga, CEO of E& Enterprise Cloud, said the partnership will “The partnership “offer the right mix of cloud services based on customer needs, including cloud consulting, migration and managed services”.

He added: “This will open up a plethora of opportunities in the public cloud space, especially as its deployment plays an integral role in many public and private sector projects today.”

SOURCE: Capacity

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BusinessINVESTMENTMoroccoNorth Africa

Morocco’s Investments in Mining Sector increases to $1.14 Billion in 2021

by Radarr Africa
written by Radarr Africa

The volume of Morocco’s investments in the mining sector exceeded MAD 13 billion, or $1.14 billion in 2021, recent data shows.

Morocco’s Minister of Energy Transition and Sustainable Development Leila Benali shared the recent data in the House of Councillors on Tuesday, emphasizing that the investment budget includes MAD 12 billion dedicated to phosphates.

Benali said that the value of the contribution to the sector of national exports was 26% in 2021 or MAD 86 billion ($8.23 billion).

Meanwhile, the mining sector turnover reached nearly MAD 100 billion ($9.57 billion) last year. “The total volume of mining production during the same year amounted to 41 million tonnes, including 38 million tonnes of phosphates,” Benali said.

Benali also stressed the importance of boosting investments in the mining sector, noting that the industry requires “huge and very important spending.”

The allocated investment budget for exploration and research in the mining sector, excluding phosphate, amounted to MAD 1 billion ($95.79 million) for the year 2021.

The investment figure remains below the level required to develop Morocco’s subsoil wealth, the minister argued.

In addition, she vowed that her ministry will support and encourage mining and its exploration as a “preliminary step” in determining the project’s feasibility.

Canadian think tank Fraser Institute issued an annual survey this year in April, emphasizing that Morocco is the “best place for mining investment in Africa.” The survey also identified Morocco as the eighth-best mining investment location in the world.

With 75% of the world’s phosphate reserves, Morocco is the largest exporter of the key material used in diversified industries, including agriculture.

SOURCE: Morocco news

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Banking, Finance & InvestmentINVESTMENTMoroccoNorth Africa

European Bank Loans Morocco’s Nador Port €100 million For the Construction of Nador West Med port

by Radarr Africa
written by Radarr Africa

The European Bank for Reconstruction and Development (EBRD) is financing the Nador West Med (NWM) is loaning €100 million for the construction of the Nador West Med port in Morocco’s Oriental Region, the financing aims to finalize construction work on the Moroccan port.

According to a statement from the EBRD, the investment aims to help unlock the potential of Morocco’s northeastern region.

The port is expected to attract important foreign investment, and its port terminals will act as a catalyst for market expansion and a direct source of private-sector investment opportunities.

The plan seeks to encourage local businesses as well as enhance Morocco’s connectivity to international supply routes. The project also aims to help the Nador West Med (NWM) port transform its focus from construction to business, including support for establishing a skills development initiative in the industrial port sector.

There will also be an expansion in technical cooperation to assess the potential role of the National Water Corporation in the hydrogen value chain.The loan is the second installment under a €200 million EBRD agreement signed in 2015, that aims to boost eastern Morocco and promote the development of the oriental region by generating economic growth and creating new jobs.

The project of the 2015 agreement is co-financed with the African Development Bank (AfDB) and the Arab Fund for Economic and Social Development. It was the EBRD’s first-time co-financing with each institution.

The EBRD and AfDB worked together on the project’s procurement under the terms of a separate implementation agreement. The agreement included terminals for container transshipment and hydrocarbon storage with the capacity to handle other cargo as well.

Morocco is a founding member of the EBRD and became a recipient of bank financing in 2012. EBRD has invested more than €3.8 billion (MAD 42.6 billion) in Morocco through 90 different projects.

SOURCE: Morocco news

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BusinessEconomyINVESTMENTSouth AfricaTechnology

Equinix to invest $160 million to build it’s first data centre in South African

by Radarr Africa
written by Radarr Africa

Equinix plans to invest $160 million to build its first data centre in South Africa, as part of the firm’s African expansion push.
The US data centre company will build its first facility in Africa’s richest city, Johannesburg, and expects to be operational by mid-2024, said Equinix EMEA president Eugene Bergen in an interview. The deal follows its acquisition of Nigeria’s MainOne, which valued the west African data centre business at $320 million.

“South Africa was a big target for Equinix as it is the most developed economy in sub-Saharan Africa,” said Bergen. “We are focusing to get into Africa, and we are looking at another five or six countries to enter.”

California-based Equinix is looking to take advantage of a predominantly young African population with increasing access to the internet which is providing a boon for the industry, albeit from a low base.

With the South African deal, the global data centre investor plans to serve large enterprises such as banks, content and media companies, and hyper-scalers operating in the country and on the continent said, Bergen. The company is seeking anchor customers that it could potentially follow to other African countries, said Bergen. “We expect the customer ramp-up in South Africa to go quite quickly,” he said. Tech giants such as Amazon.com and Microsoft have also invested in data centres in African countries in recent years as demand for storage grows. The continent accounts for just 1% of global data centre capacity, creating a large opportunity for investors that want to tap into the region’s growth potential while taking on certain operating risks such as an unreliable power supply.

While South Africa is home to the largest electricity supplier on the continent through its utility Eskom, there have been significant power interruptions as it struggles to replace its ageing plants and meet growing power demand. Equinix’s Bergen said energy reliability was a strong focus for the business across its operations, and it takes various steps to ensure a stable supply including building its own power capacity, installing multiple backup generators and making deals with local grids.

Nasdaq-listed Equinix owns 249 data centres and operates in 32 countries. The South African deal comes soon after the company announced plans to expand into Indonesia and Malaysia.

SOURCE: News 24

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EconomyINVESTMENTNigeria

FrieslandCampina WAMCO launches it’s breakfast campaign in Lagos

by Radarr Africa
written by Radarr Africa

In an attempt to revive the dwindling breakfast culture in Nigeria, dairy products maker, FrieslandCampina WAMCO Nigeria Plc recently launched its breakfast campaign in Lagos.

In a release, the Senior Brand Manager of Peak Milk,  Moninnuola Kassim, said breakfast culture in the country was on a downward spiral stemming from “practical reasons, such as considering the current economic climate and the rising cost of living. But research has shown that skipping breakfast can be dangerous and harmful.”

Kassim stated that to help Nigerians understand the importance of breakfast, the dairy brand and flagship product of FrieslandCampina WAMCO, Peak Milk, came up with a unique nationwide education and fun campaign to drive home the message known as the ‘Peak Breakfast Café’, the campaign was aimed at promoting healthy eating habits, quality dairy nutrition and reviving the declining breakfast culture among Nigerians.

He maintained, “We are very detailed, insight and data research-driven, and over the years, we realized that how you start your day determines how it goes and ends. So, to start your day right, you start with proper nourishment and the right energy you need to go through your daily activities, hence the importance of breakfast.

ALSO READ: Famous Maiduguri fish market returns to business despite the challenges

“We have been staunch advocates of the breakfast message, encouraging and educating Nigerians on the importance of having a Peak protein breakfast daily to have the proper nourishment for the day. We have been advocates of this message for the past couple of years, but it is time for us to walk the talk. We are serving a Peak protein breakfast to everyone, and we are also allowing them to express the benefits of this nourishment with mental and physical activities and get chances to win branded mementoes.”

According to Kassim the campaign ran from September 27 to November 13, in the company of its select group of celebrity brand ambassadors, Faithia Williams Balogun, Ahmad Lawan and Queen Nwokoye.

SOURCE: Punch news

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BusinessEconomyINVESTMENTKenya News

Naivas Supermarket to Open three New Branches Before Christmas

by Radarr Africa
written by Radarr Africa

Naivas Supermarket will open three new branches before Christmas, pushing its total stores to 91 countrywide.

The retailers will open Naivas Foodmarket Ojijo in Parklands (tomorrow), Naivas Nairobi West (December 10) and Naivas Express Uthiru (December 15).

Its expansion coincides with the December festivity period when Kenyans celebrate Christmas as well as New Year through shopping and buying gifts for loved ones and friends.

“This new development was motivated by the need to offer convenience to our shoppers by offering them a world-class shopping experience at their doorstep. We have not had a presence in all these three places and we are elated to be welcoming more communities into Team Naivas,” said Willy Kimani, Naivas Chief Commercial Officer.

“Our excitement is also compounded by the fact that this is when all the get-togethers, sherehez and homecomings are held and we now have three additional communities where we shall be a part of these life moments,” added Kimani.

ALSO READ: CBK Reintroduces Charges On Transfers Between Mobile Money Wallets And Banks

Shoppers will also enjoy sale promotions as well as different giveaways ranging from Naivas Gift vouchers, ‘Mbuzi’, Sh200 cash backs from Visa and 65 inches TVs from Coca-Cola.

“These store openings come as the 12th edition of Kikwetu, Naivas annual festive season campaign is transitioning into more festive gear,” the company said.

“This year the campaign is dubbed Team Naivas and for the first phase, it delivered, Kikombe Kikwetu and as from the Jamhuri weekend it’s presenting Krisii Kikwetu and this is a great opportunity to welcome the new communities into the festivities,” it added.

SOURCE: Capital business

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