Flat6Labs partners with North Star to host demo day at Expand 2023
To be held on 16 October on the Marketing Mania Stage (XMD), Hall 4, from 4pm to 6pm, Flat6Labs’ Expand North Star 2023 Demo Day will feature seven startups from the VC firm’s most recent Cycle 5 cohort of its seed-funding and mentorship program, Ignite. The seven startups presenting pitches at the Expand North Star 2023 Demo Day have already raised seed funding anywhere between US$500,000 and US$1.5 million, and this platform will give them the opportunity to gain further follow-on funding. “The MENA VC ecosystem surpassed US$3 billion in 2022”, said Trixie LohMirmand at Expand North Star. “And as it outgrows colocation at GITEX, Expand North Star is the best venue in the world right now to connect investors to the latest rising stars. In parallel to the Demo Day, Flat6Labs will also be featuring StartMashreq startups.
Source:The North Africa Journal
October 10, 2023 08:19 UTC
Highest cargo traffic growth in North Africa: AFRAA
The average market share of African Airlines per cargo origin was 30.6 percent year-to-date for August 2023, according to Abderahmane Berthé, Secretary General, African Airlines Association (AFRAA). "East Africa comes first with 37 percent followed by North Africa with 30 percent. The highest cargo traffic growth is in North Africa with 20 percent year-to-date." For the southern African region, Cape Town and Harare were the top two airports in terms of cargo traffic growth, Berthé added. The issue of blocked funds in many countries is challenging for African airlines, Berthe said.
Source:The North Africa Journal
October 10, 2023 07:06 UTC
IFC invests $50m in new LeapFrog fund to bolster health, financial services businesses in Africa
LeapFrog invests in healthcare, financial services and climate solutions businesses in high-growth global markets. LeapFrog companies now reach 392 million people in 30 countries. IFC’s investment in the fund will be made along with an additional US$50 million, which will allow IFC to selectively invest alongside the fund in Leapfrog portfolio companies. This is its third engagement with the fund manager, following an investment of US$20 million in LeapFrog’s first fund and US$45 million in its third fund. In addition, IFC will work with LeapFrog to improve gender diversity at the fund manager level and the companies the fund will invest in.
Source:The North Africa Journal
October 10, 2023 06:36 UTC
Moroccan airlines RAM to tender for 200 planes by end of 2023
MARRAKECH, Oct 9 (Reuters) - Morocco's airlines RAM will launch a tender by the end of the year to purchase 200 airplanes to be delivered within 10 years to meet rising demand from tourists ahead of the 2030 World Cup, RAM chief executive officer Abdelhamid Addou said on Monday. RAM seeks to buy mostly medium haul planes, but would also purchase long and short-haul ones to bolster its competitiveness in a growing African market, Addou told Reuters. The tender is part of RAM's plan to quadruple its fleet from 50 aircrafts within a decade, prior to Morocco co-hosting the 2030 World Cup together with Spain and Portugal. RAM has also said its expansion is conducive to Morocco’s aims to attract 17.5 million tourists by 2026, up from 11 million last year. "The market is there, the potential, the future, the world Cup and the tourism strategy are all there,” said Addou.
Source:The North Africa Journal
October 10, 2023 05:17 UTC
Odds increase slightly for system in Gulf; tropical depression to form soon in Atlantic
Activity is heating back up in the tropics, with National Hurricane Center forecasters watching for potential development of a low-pressure system in the southwestern Gulf of Mexico and another off Africa. Forecasters with the National Hurricane Center said Tuesday that a tropical depression is likely to form in the next day or so from the tropical wave off Africa as it moves west-northwest. Meanwhile, odds are low — at 30% — for the disturbance in the southwestern Gulf to develop. Regardless of any tropical development, the system is expected to bring gale-force winds over portions of the northern Gulf of Mexico midweek, followed by potentially heavy rain along the Gulf Coast later in the week, forecasters said Tuesday. Hurricane season officially runs through Nov. 30.
Source:The North Africa Journal
October 10, 2023 01:37 UTC
Koree, Cameroon-based Fintech, Triumphs in Ecobank Fintech Challenge
ShareEmerging victorious from nearly 1,500 competitors, Cameroonian fintech Koree clinched the top prize at the Ecobank Fintech Challenge. Wolf Technologies from the Democratic Republic of Congo came in second with $10,000, while Kenya’s Flexpay rounded out the top three with $5,000. The finalist lineup for the Ecobank Fintech Challenge consisted of Flexpay Technologies from Kenya, IPOXcap AI and Kastelo, both from South Africa, Koree from Cameroon, Kori Tech from Senegal, SmartTeller Technologies from Nigeria, Rubyx from Belgium, and Wolf Technologies from DRC. Ecobank, a major African banking institution operating in 35 countries across the continent, has hosted its fintech challenge for the past six years. All eight finalists will join the Ecobank Fintech Fellowship, an alumni network that includes past winners like Piggyvest, Touch and Pay, Moni, and Nala.
Source:The North Africa Journal
October 09, 2023 21:16 UTC
IMF and World Bank Pledge Africa Focus at First Meetings on the Continent in 50 Years
Both have recently said they plan to give Africa additional seats on their executive boards. The conference theme was clear Monday during the gathering in Marrakech, although definitive details had yet to be discussed. “We're here, Africa,” IMF Managing Director Kristalina Georgieva said on a panel with African entrepreneurs. The challenges are particularly pronounced in Africa, where many countries spend more on debt than health care and education combined. Africa is also among the places most vulnerable to the effects of climate change, with critics calling on the World Bank and IMF to increasingly factor climate resiliency into its decision-making.
Source:The North Africa Journal
October 09, 2023 20:34 UTC
Africa’s coups epidemic hampers trade, takes heavy toll on AfCFTA – The North Africa Post
The series of military takeovers threaten trade treaties and agreements, creating an environment of uncertainty for businesses and investors in the affected countries with a spillover effect on neighboring countries. In response to the coups, Western powers and ECOWAS applied heavy trade and financial sanctions on Niger and Gabon. Besides hampering inter-continental trade, recent data from the John Hopkins China-Africa Research Initiative have revealed that the Africa’s loss is other regions’ gain. This and many other reasons are a huge part of why trade within Africa remains very low while China continues to gain, experts have said. As a result, intra-African trade remains the lowest in world trade, standing at around 15% compared to approximately 66%, 44% and 63% intra-regional in the case of Europe, North America and Asia/Oceania respectively.
Source:The North Africa Journal
October 09, 2023 19:49 UTC
A Second October War in Israel-Palestine
Netanyahu appeared shortly thereafter, affirming that Israel was in a state of war. The Israeli security apparatus appeared taken by surprise, sending out no warning. Palestinians in Gaza protested along the Israeli security fence. It may also have wanted to make its move against the background of external powers being preoccupied with the war in Ukraine. From its side, Hizbollah may encourage Palestinian groups in Lebanon to enter the fray, opening a second front for Israel in the north, as occurred during the 2021 Gaza war and again in April, when tensions were running high around al-Aqsa.
Source:The North Africa Journal
October 09, 2023 18:52 UTC
Automation solutions and SCADA applications for South Africa
Fernando Staudt, International Accounts Manager Altus Sistemas Automação SAS spoke to ESI Africa at Enlit Africa about automation solutions that can help South Africa. He was joined by Jacques Dreyer of VisiPraxis who explains how they use Altus systems to integrate wind turbines into the national grid. Find out more about Altus Automation Systems.
Source:The North Africa Journal
October 09, 2023 18:03 UTC
IMF and World Bank pledge Africa focus at first meetings on the continent in 50 years
Laundry belonging to people who were displaced by the earthquake is put out against a tree in Ouirgane, outside Marrakech, Saturday, Oct. 7, 2023. Villagers in hard-hit regions are weighing how to best rebuild as Moroccan authorities begin to providing rehousing funds to those whose homes were destroyed by last month's earthquake. (AP Photo/Mosa'ab Elshamy)Laundry belonging to people who were displaced by the earthquake is put out against a tree in Ouirgane, outside Marrakech, Saturday, Oct. 7, 2023. (AP Photo/Mosa'ab Elshamy)Laundry belonging to people who were displaced by the earthquake is put out against a tree in Ouirgane, outside Marrakech, Saturday, Oct. 7, 2023. In the aftermath of last month's earthquake, the IMF approved a $1.3 billion loan for Morocco to “help strengthen its preparedness and resilience against natural disasters."
Source:The North Africa Journal
October 09, 2023 17:35 UTC
Even in Countries with the Harshest Anti-LGBTIQ+ Laws
According to Gibson Ncube, the author of Queer Bodies in African Films, there has been a steady growth in films depicting the African queer experience despite some countries efforts to stigmatize and criminalize the LGBTIQ+ community. Despite their often-facing censorship at home, the films continue to be produced and their stories give the broader world some meaningful insight into queer life in Africa. One of the main differences between films north and south of the Sahara is the openness of depicting queerness. In north African films, queerness exists in silence and is expressed through suggestive language. But the films capture the cultural and social realities of the societies being portrayed.
Source:The North Africa Journal
October 09, 2023 16:54 UTC
‘Morocco’s Quest for Stronger and Inclusive Growth’: An overview of national economy’s progress – The North Africa Post
“Morocco’s Quest for Stronger and Inclusive Growth” is the title of a book edited by Roberto Cardarelli and Taline Koranchelian of the International Monetary Fund (IMF), offering a comprehensive overview of the progress scored by Moroccan economy over recent decades. The book “Morocco’s quest for stronger and inclusive growth” is part of the “Road to Marrakech 2023” operation. The authors of the book underline that over the past three decades, Morocco has made remarkable progress in terms of economic stability and development. Morocco’s story offers valuable lessons for many developing countries still striving to build the foundations of their macroeconomic stability. “By putting the Kingdom’s recent economic and social advances into perspective, this book bears witness to Africa’s rise to power,” he stresses in the preface.
Source:The North Africa Journal
October 09, 2023 16:32 UTC
MSC and CMA CGM: rival parents, but offspring 'strategic partners' in Africa
But what is far less well-known is that the buy also gives AGL a foothold in the air and ocean freight forwarding segment, ironically, through close co-operation with Bolloré Logistics, acquired by CMA CGM this year. This enables, for example, AGL to provide “international air freight shipping to and from Africa”, says its marketing. “AGL is developing modern, purpose-built warehousing facilities in these countries for our air freight business. He replied: “We will continue to work together, but will also open up to other networks that are looking to develop their businesses in Africa. To find out more about logistics in Africa, check out this Loadstar Premium article.
Source:The North Africa Journal
October 09, 2023 16:25 UTC
COP28 president-designate says world can't just 'unplug' existing energy system
The president of the upcoming COP28 climate talks in Dubai called on Sunday (Oct. 08) for governments to abandon "fantasies" such as hastily ditching existing energy infrastructure in pursuit of climate goals. "We cannot unplug the energy system of today before we build the new system of tomorrow. Much of international climate diplomacy revolves around the thorny issue of how and when to quit fossil fuels. But efforts since then to extend such a target to all fossil fuels have foundered, most recently at last month's G20 summit in India. The goal of limiting warming to 1.5 degrees Celsius above pre-industrial levels was set at the 2015 climate talks in Paris.
Source:The North Africa Journal
October 09, 2023 16:21 UTC