Every week, we review the best Africa-related business and finance news across the web and deliver to you the top 10 pieces of the week!
Week of June 29th
Africa’s Richest Man: Cementing a FortuneThe Economist addresses the legacy and future of Aliko Dangote, Nigerian entrepreneur, 76th richest man in the world, and Africa’s wealthiest billionaire. Dangote intends to float 20 percent of his $11 billion concrete business on the London Stock Exchange next year.
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Source: The Economist
EasyJet Founder to Launch Low-Cost Airline in AfricaFastjet is expected to launch in three to four months, filling a desperately needed market gap for low-budget flights in Africa. Operations will begin in Ghana, Kenya, Tanzania, and Angola before expanding to more markets in the future.
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Africa: Lessons from LagosWith approximately 11.4 million inhabitants, Lagos is estimated to have passed Cairo as Africa's most populous city. The Financial Times addresses the ways in which Lagos' state government intends to turn the metropolis into Africa's "model megacity."
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Source: Financial Times
Danone Pays 550 Mln Eur to Control Moroccan DairyFrench food group Danone has expanded its holdings of Morrocco’s main dairy product company from a 29.2 percent stake to 67 percent. In total, Danone’s chief executive Franck Riboud stated that they anticipate sales of over 1 billion euros throughout North Africa per year. Read More »
Africa "Offers Rich Pickings for Property Developers"Speakers at an event held by the South African Property Owners Assocation (Sapoa) and the Investment Property Databank (IPD) recently expressed how increasing population and demand in Africa is creating new opportunities in the housing sector, but warned that the diversity of countries implies that a uniform approach to property investment should be avoided. Read More »
Source: Business Day (South Africa)
Angola GDP Growth to Speed to 9.1 Pct on Oil OutputWhile economic growth in Angola was limited to a 3.4 percent last year due to technical problems and maintenance at Angolan oil fields, according to a new Reuters poll, growth is anticipated to rebound to 9.1 percent. The government expects to produce 1.8 million barrels per day of crude this year, up from 1.64 million in 2011. Read More »
Source: Reuters Africa
Ethiopia, China in $1.5 Billion Railway DealThe Ethiopian Railway Corporation and state-owned China Communications Construction Company have signed a $1.5 billion railway contract that will establish 260 kilometers of railway in northern Ethiopia. This railway will primarily facilitate the operation of mines throughout the region. Read More »
Source: The Africa Report
Turkish Investors Target Nigerian Steel IndustryA delegation of 30 businessmen, representing 21 steel companies throughout Turkey and the rest of Europe, will meet with government officials and business representatives in Abuja and Lagos, Nigeria. This meeting is anticipated to greatly strengthen bilateral trade relations between Turkey and Nigeria. Read More »
Source: This Day Live (Nigeria)
BRICS Bank "Will Boost SA"The launch of the new BRICS development bank next year is anticipated to solve a major problem that South Africa has voiced in the past: a chronic lack of sufficient infrastructure investment to meet demand. The launch of this bank, and this development breakthrough for South Africa, will coincide with the nation's hosting of the 2013 BRICS summit. Read More »
Source: Times Live (South Africa)
Investment in Gabon: Generous IncentivesWhile development in other regions of Africa has been booming, some of central Africa has been unable to take advantage of new trends. The central African government of Gabon intends to change this, and is engaging in a push to encourage foreign investment, touting the nation's large supply of timber and other natural resources. Read More »
Source: Financial Mail (South Africa)