First published: 14-Oct-2024 13:38:55Abu Dhabi, UAE: EFG Hermes, an EFG Holding Company and the leading investment bank in the Middle East and North Africa (MENA) announced today that its investment banking division has successfully completed an accelerated book build (ABB) on behalf of Helmerich & Payne, Inc. (H&P). This transaction involved the full divestment of H&P’s stake in ADNOC Drilling, valued at approximately USD 197 million. EFG Hermes acted as Joint Global Coordinator for the ABB, facilitating H&P’s exit from ADNOC Drilling, a stake it had initially acquired as a cornerstone investor during ADNOC Drilling’s initial public offering (IPO). Commenting on the transaction, Ali Khalpey, Head of Equity Capital Markets at EFG Hermes, said: “We are proud to have successfully supported Helmerich & Payne in this important transaction. This transaction demonstrates EFG Hermes’ deep understanding of regional capital markets and highlights our extensive distribution capabilities.”This transaction marks EFG Hermes’ fifth follow-on offering in the GCC this year and its third transaction on the Abu Dhabi Securities Exchange (ADX), including its role in the IPO of ALEF Education.

A series of panels at the event delved into the continent’s respective clean-energy industries, as part of the AOW Clean Energy Future Forum. Delegates heard how the narrative around Africa’s energy future is no longer one of scarcity, as a mosaic of established and emerging players now contribute to the continent’s rapidly evolving energy mix. Potential to transform economiesOverall, the panel painted an optimistic picture of the future of renewable energy in South Africa. “It’s not a question of renewables versus the fossil fuels, or us against the utilities,” said Zayd Vawda, principal associate and renewable energy leader of WSP. Renewable energy promises to be able to do that.”Image credit: [trustieee]©123RF.comNow watch

Kenyan startup BuuPass, a leader in digital ticketing and transportation management solutions, has announced the expansion of its Bus Management System (BMS) to new operators, further enhancing transparency and operational efficiency for bus companies. The BuuPass BMS is designed to address the most pressing challenges faced by bus operators. To ensure smooth integration, BuuPass provides these operators with scanning devices, computers, and digital printers, along with comprehensive training for their staff on system usage. “What we are witnessing is nothing short of a digital renaissance in bus operations. Our Bus Management Service isn’t just a tool—it’s the future of this industry,” said Kabra.

This signals the commitment within the telecoms industry towards reaching net zero by 2050 at the latest. There are now four million pieces of equipment registered in the GSMA Equipment Marketplace that can be reused by other operators, with 350,000 pieces of equipment already sold over the past year. The GSMA estimates that manufacturing network equipment and constructing network sites and mobile masts account for 30 million tonnes of carbon dioxide equivalent per year; the GSMA Equipment Marketplace can help to reduce these figures by extending the life of network equipment through reuse and recycling. In addition to the GSMA Equipment Marketplace, the GSMA announced two circularity targets last year focused on extending the life of mobile phones. This does not mean they no longer have value; the GSMA Equipment Marketplace is a win-win-win, allowing us to extend solution lifecycles, maximise resource efficiency, and minimise our environmental impact.

Investors attracted to region’s burgeoning IPO market, finds new surveyAs the UAE solidifies its position as a leading global financial hub, its capital markets are thriving like never before. The UAE’s capital markets have gained nearly $5.79 bn in capitalization this year, thanks to successful IPOs from companies like Spinneys, NMDC Energy and Parkin. According to Edelman Smithfield’s 2024 UAE Investor Pulse Survey, 84 percent of investors express keen interest in future IPOs. The road aheadLooking toward the rest of 2024 and beyond, the UAE’s IPO market shows no signs of slowing down. As these trends unfold, MEIRA’s Annual Conference later this year will offer deeper insights into the future of the region’s capital markets.

Hosted by the Dubai Chamber of Digital Economy and organised by Dubai World Trade Centre (DWTC), Expand North Star takes place from 13-16 October at the Middle East’s biggest superyacht club. Already the annual go-to showcase for startups, investors, accelerators, and tech enthusiasts to source funding, investment deals, and essential industry updates, Expand North Star 2024 is primed to be the most prominent, dynamic, and influential in its nine-year history.

They are co-directors of the Oued Beht Archaeological Project in Morocco. Located in northern Morocco, between the coast and the Middle Atlas Mountains, Oued Beht occupies a unique position that favours both agriculture and trade. Its varied terrain, with river valleys intersecting rolling hills and plains, offers fertile ground ideal for early agricultural activities. Oued Beht yielded domesticated plant and animal remains, pottery – including painted types – polished axes and chipped stone. The Oued Beht Archaeological Project’s recent “re-discovery” of Oued Beht emerged from a collaborative, multidisciplinary approach.

Latitude59, Estonia’s flagship startup and tech event, is seeking early-stage startups from across Africa to compete for a prize pool of non-equity funding. African startups are invited to apply for the Latitude59 pitch competition, which will take place at next year’s edition of the event. Selected finalists will pitch at a Latitude59 Kenya edition conference in Nairobi on November 28, with one African startup receiving an invitation to participate in the main event. For two years in a row, the prize pool for the Latitude59 pitch competition has been EUR1 million (US$1.1 million). So now we are back in Kenya for the second year in a row and invite founders all across Africa to apply and present their startups at the Latitude59 pitch competition in Kenya,” said Latitude59’s CEO Liisi Org.

The role of nuclear energy alongside other clean energy sources, to achieve a net-zero emissions future, remains a contentious issue. Nuclear energy produces about 10% of the world’s electricity, according to the International Energy Agency (IEA). Embracing nuclear energy in a clean energy landscapeCurrently, however, the main hurdle is making fusion produce more energy than it consumes. Small modular reactors (SMRs)Small modular reactors (SMRs) are another promising area of advanced nuclear energy. Of interestNuclear waste is more valuable than gold: Part oneWasteNew technology may also help tackle the problem of nuclear waste.

Endeavor South Africa has announced the first close of its ZAR500 million (US$28.8 million) Harvest Fund III, securing ZAR190 million (US$11 million) as it aims to catalyse growth in high-potential tech-related companies across the African continent. Endeavor South Africa, which opened its offices in 2004, offers access to mentorship, a global network, and capital, via introductions to investors in its global network, the Endeavor Global Catalyst Fund, and its own Harvest Fund. The third edition of the Harvest Fund has just made a first close of ZAR190 million to its ZAR500 million target. The first close coincides with the final investment of the highly successful ZAR190 million Harvest Fund II, which made 19 investments in 17 companies. We engage with them continuously and will assess their capital needs to guide the fund’s investments,” said Endeavor South Africa managing director Alison Collier.

If your South African business is considering a renewable energy project, now is the ideal time to act before the 12B tax savings benefit falls away. What is the 12B tax benefit? The 12B tax incentive allows businesses to deduct 125% of their capital investment in solar energy from their taxable income. Don’t wait – act nowWith the 12B tax benefit set to expire soon, the window to act is rapidly closing. Contact RenEnergy today to explore how solar energy can benefit your business and lock in these significant tax savings.

North Korea is reportedly cracking down on the import of Chinese-made smartwatches that are able connect to mobile networks outside of the country via USIM cards. However, some devices, including smartwatches, have been imported and circulated in the country without the required modifications. According to the report, anyone caught with a USIM-enabled smartwatch will be subject to interrogation and have the watch confiscated. Ironically, the source said, most people who buy USIM-enabled smartwatches likely don’t even know the devices have illegal features because the instruction manuals are written only in Chinese. The crackdown comes as demand for high-end Chinese smartwatches is soaring among young North Koreans, according to a separate report on Daily NK.

Putin’s ‘Friend’ Kim Orders North Korea Military To ‘Get Ready To Launch Fire’ On US Ally S. KoreaNorth Korea has ordered its military on the border to quickly move into a war-like situation. KCNA reported on October 13 that North Korea has ordered artillery units to get ready to launch fire. This after Pyongyang, on October 11, claimed South Korean drones were detected over its airspace multiple times. Both Korean nations have issued a flurry of warnings to each other recently. Watch for more.

Some defectors and activists in South Korea fly aid parcels into the North and drop leaflets criticising leader Kim Jong Un. North Korea has blamed the South Korean military for the practice. On Friday, North Korea accused South Korea of sending drones into Pyongyang at night this week and last, and said the intrusion demanded retaliatory action. Kim Yo Jong, powerful sister of North Korean leader Kim Jong Un, warned Seoul on Saturday of a "horrible disaster". She said the blame lies with the South Korean military if it failed to identify drones sent by a non-governmental organization crossing the border.

The United Arab Emirates (UAE) is set to exceed its renewable energy capacity ambitions for 2030, according to the International Energy Agency (IEA) in its Renewables 2024 report. The report highlights that the combined renewable energy goal for countries in the Middle East and North Africa (MENA) region is to achieve 201 gigawatts (GW) of renewable capacity by 2030. Despite a more optimistic outlook for these markets compared to last year, the forecast still indicates that installed capacity may not meet their stated 2030 targets. Accelerated Auction Processes: The report emphasizes the need for faster implementation of auction processes. This would facilitate the wider adoption of corporate PPAs, promoting a more inclusive renewable energy market.