The Islamic Corporation for the Development of the Private Sector (ICD) Board of Directors names Al Ammari as Acting CEO & General Manager following departure of Al Aboodi

The Board of Directors of the Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-PS.org) named Mr. Mohammed Al Ammari as Acting CEO & General Manager, succeeding Mr. Khaled Al Aboodi, who has recently been appointed to lead the government-owned Saudi Agricultural and Livestock Investment Company (SALIC).

“I am deeply honored to have served as ICD CEO & General Manager working with talented and dedicated staff to fulfill ICD’s mission of becoming a premier Islamic multilateral institution serving the member countries,” stated Mr. Khaled Al Aboodi in a farewell statement.

“I believe there is a huge potential for growth in our member countries and many good things are coming ICD’s way, as the IsDB Group’s strategy turns more to the development of the private sector as a catalyst for further sustainable development. With its 2nd general capital increase, strong financial profile and credit ratings and the experienced staff, the ICD is well positioned to play a key role in ensuring the success of IsDB Group’s private sector strategy,” added the outgoing CEO.

Mr. Al Ammari is assuming the position at the helm of ICD on an interim basis until the designation of a new CEO and General Manager.

A member of the Islamic Development Bank (IsDB) Group (www.IsDB-pilot.org), the ICD supports economic development and promotes the development of the private sector in its member countries through providing Shariah-compliant finance facilities and/or investments. It also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. The ICD is rated AA/F1+ by Fitch, Aa3/P1 by Moody’s and A+ by S&P Ratings.

Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).

For more information, please visit www.ICD-PS.org

About the Islamic Corporation for the Development of the Private Sector (ICD)
ICD (www.ICS-PS.org) is a multilateral organization and a member of the Islamic Development Bank (IDB) Group (www.IsDB-pilot.org). The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with the principles of Sharia’a. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. ICD is rated AA/F1+ by Fitch and Aa3/P1 by Moody’s. For more information, visit www.ICS-PS.org.

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Source:: The Islamic Corporation for the Development of the Private Sector (ICD) Board of Directors names Al Ammari as Acting CEO & General Manager following departure of Al Aboodi

      

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Innovation and consolidation to drive African telecom, media and tech deals, says Standard Bank

The global head of TMT (www.TMTfinance.com/capetown) for Africa’s largest bank, Standard Bank (www.StandardBank.com), is predicting continuing deal flow and increasing investment in Africa’s flourishing telecom, media and technology sector in 2018, against a backdrop of improving economic growth and increasingly stable currency outlook across key markets such as Nigeria.

Speaking ahead of the TMT Finance Africa in Cape Town 2018 (https://goo.gl/3JLU8L) conference, Nina Triantis, Global Head of TMT at Standard Bank, said there were investment and financing opportunities for the right companies in Africa, with disruption, innovation and consolidation likely to be the major deal drivers in the sector over the year ahead.

“Investment and M&A in TMT is still especially active in Africa, despite some various economic challenges still facing select countries. Investment in technology is driving applications and innovation across the continent and across sectors,” she said. While economic and currency issues have dampened investor appetite in countries such as Nigeria over the past 12-24 months, conditions are now improving and stabilising, according to Triantis, which is leading to an increasing appetite from investors looking at the region, she added.

Standard Bank is one of the key sponsors of TMT Finance Africa in Cape Town 2018, with Triantis and Goolam Ballim, Standard Bank’s Chief Economist and Head of Research, among the headline speakers at the event, which is taking place in Cape Town, South Africa on March 15.

Triantis will be joining the TMT M&A Panel alongside multinational telecom operators Vodacom and MTN, while Ballim will be delivering a Visionary Keynote Speech centred on African Investment Outlook, ahead of the Opening Leadership Panel session.

“Telecom operators are consolidating and the race to provide new broadband and wireless infrastructure is intensifying, which is resulting in increased need for capital and a lively deal flow,” Triantis commented. “The debt and equity markets are both supportive for the right companies, and we expect to see several IPOs and M&A transactions in 2018,” she added.

Over 70 speakers will join the event, including companies such as: MTN, Econet Wireless, Vodacom, Millicom, BCX, MainOne, Convergence Partners, SEACOM, Intelsat, Liquid Telecom, Teraco, Uber, Safaricom, Letshego, Wananchi Telecom, Rand Merchant Bank, Michael Jordaan, iROKO, Citi, MallforAfrica, Ethos Private Equity, Investec Asset Management, Primedia, Econet Media, Ringier Africa, Nedbank Capital, Credit Suisse, WIOCC, WorldRemit, Kwese Sports, Kana TV, IFC World Bank and Absa Capital.

Distributed by APO Group on behalf of TMT Finance.

Media Contact
Enquiries@TMTfinance.com

About Standard Bank:
Standard Bank Group (www.StandardBank.com) is the largest African bank by assets with a unique footprint across 20 African countries. Headquartered in Johannesburg, South Africa, Standard Bank is listed on the Johannesburg Stock Exchange. Standard Bank has a 153-year history in South Africa and started building a franchise outside southern Africa in the early 1990s.

About TMT Finance:
TMT Finance (www.TMTfinance.com) is the leading provider of exclusive news and events on M&A, investment, financing and advisory opportunities in telecom, media and technology globally.

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Construction starts on Cameroon’s first destination retail mall

Actis (www.Act.is), a leading growth markets investor has started construction on “Douala Grand Mall & Business Park”, Cameroon’s first destination retail & leisure mall.

Developed by Actis and local partner Craft Development, Douala Grand Mall will comprise of 18,000 square metres of retail and leisure space, close to Bonapriso in Cameroon’s largest city. The mall will include multiple restaurants, a children’s play zone, a five screen cinema, a supermarket and retail shops. The Mall is Phase 1 of the development which also includes a business park hosting a hotel and corporate offices spaces.

To continue its strategic roll-out in modern trade, CFAO the international group specialised in distribution in Africa, has signed an agreement to set up and operate a Carrefour Market in the shopping mall and the leading Hospitality & Entertainment conglomerate Genesis Group is the cinema anchor.

The South African contractor, Raubex has been appointed as the general contractor and is now mobilised on site. A formal ground-breaking will take place mid-2018. The project is expected to create over 4,500 jobs using local material and labour and has been granted tax incentives following a convention signed with the Government of the Republic of Cameroon.

Amanda Jean-Baptiste, Partner, Head of West Africa, Real Estate at Actis, said: “Actis is thrilled to reach this key milestone in delivering Cameroon’s first destination retail mall; anchored by two flagship brands seeking to benefit from the growing consumer power. The Mall will make a significant contribution to job creation and other economic indicators in the Cameroonian economy.”

Mathurin Jidjouc Kamdem CEO of Craft Development added: this is a landmark project that will provide the vibrant city of Douala with one of its biggest international standard mixed-used development, with over 4,500 jobs created in both the construction and the operation phases.

Actis is also invested in the electricity sector in Cameroon. In partnership with the government Actis holds a majority interest in the country’s electricity utility, Eneo. Actis is in advanced discussions with the Government to facilitate further significant investment into the energy sector to continue to expand the electricity grid and improve the quality of supply. Actis has also established Honoris United Universities, a pan-African higher education business which brings together the most prestigious universities, Actis also has a strong presence across the wider Francophone Africa region including energy, education and healthcare businesses.

Distributed by APO Group on behalf of Actis.

For more information:
John Thompson
T: +44-20-7234-5107
E: JThompson@Act.is

About Actis
Actis (www.Act.is) is a leading investor in growth markets, delivering consistent competitive returns, responsibly. It has a growing portfolio of investments across Asia, Africa and Latin America and has raised over US$13bn since inception.
The firm invests through insights gained from trusted relationships and local knowledge, deep sector expertise and an unparalleled heritage, set within a culture of active ownership.

Applying developed market disciplines to growth markets, an established team of c. 100 investment professionals in ten countries identify investment opportunities in response to two trends: rising domestic consumption and the need for sustained investment in infrastructure across private equity, energy and real estate asset classes.

With these announcements Actis has further established a long term commitment to Francophone Africa. Actis is also invested in the electricity sector in Cameroon. In partnership with the government Actis holds a majority interest in the country’s electricity utility, Eneo. Actis is in advanced discussions with the Government to facilitate further significant investment into the energy sector to continue to expand the electricity grid and improve the quality of supply. Actis has also established Honoris United Universities, a pan-African higher education business which brings together the most prestigious universities in Tunisia and Morocco with other market leading institutions across Sub-Saharan Africa. Actis has also invested in Médis a prominent branded generic pharmaceuticals business in Tunisia and Algeria recently expanding operations to Senegal.

Actis is a signatory to the United Nations backed Principles for Responsible Investment (UNPRI), an investor initiative developed by the UNEP FI and the UN Global Compact. Actis targets consistent superior returns across asset classes over the long-term, bringing financial and social benefits to investors, consumers and communities. It calls this the positive power of capital.
www.Act.is

About CFAO
CFAO (www.CFAOgroup.com) is a key player in specialised distribution in Africa and in French overseas territories, and is a partner of choice for major international brands. The Group is a market leader in automotive and pharmaceutical distribution, and continues to grow in consumer goods and new technologies. CFAO has a direct presence in 36 African countries and provides a gateway to 53 of the 54 countries that make up the African continent. The Group is also active in seven French overseas territories and in Asia. It employs 15,200 people.
CFAO generated consolidated revenue of €4,228 million in 2017.
CFAO is a subsidiary of the TTC Group (Japan).

To find out more:
www.CFAOgroup.com

About Genesis Group
Genesis Group (http://GenesisGroupNG.com) is a leading Hospitality & Entertainment conglomerate with interests in Industrial Catering, Cinemas, Quick Service restaurants, food production, Real Estate, Oil & Gas support services in Nigeria.
Founded in 1991, Genesis is a household name in Nigeria and one of the leading service providers to the Oil & Gas Industry.

About Craft Development
Craft Development (http://Craft-Development-cm.com) is a fast-growing property development company based in Cameroon. Born out of the 25+ year experience of a construction engineer in real estate development and investment in Europe and Africa, the company offers local expertise wrapped in world-class international standards.

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Poor rains, fall armyworm leaves Southern Africa vulnerable

Prolonged dry spells, erratic rainfall, high temperatures and the presence of the voracious fall armyworm have significantly dampened Southern Africa’s current agricultural season’s cereal production prospects. Early action in the form of consolidating information through assessments and anticipatory measures that reduce the impact of threats are crucial for an effective response.

Fall Armyworm, which first emerged last season, has compounded the situation as it continues to spread within national territories and beyond. The pest is now present across the Southern African Development Community (SADC) except Mauritius and Lesotho. Partial fall armyworm monitoring has pointed to Malawi as the hotspot in the 2017/18 season, and the country has since declared a national disaster.

“FAO concludes that the damage may already have been done. Whether the dry spells continue, or a lot of rainfall is received within a short period, crop production is likely to be negatively affected and consequently, water supplies for humans and livestock,” said David Phiri, the FAO Subregional Coordinator for Southern Africa.

Poor season signals food and nutrition insecurity, limits income-generating opportunities

A Special Alert issued by the Food and Nutrition Security Working Group Southern Africa (FNSWG) painted a worrying picture of the situation, as many farmers from the region planted late while in some areas of Botswana, southern Mozambique and Zimbabwe did not plant at all. According to the Alert, South Africa—the largest producer of white maize in the region–has reported a 22 percent decline in area planted this season.

The poor rains and the presence of the fall armyworm, the Special Alert says, have far reaching consequences on access to adequate food and nutrition during the 2018/19-consumption year. Additionally, this will limit income-generating opportunities resulting in far reaching consequences on food and income security gains made in recent years.

The outlook marks a sharp swing from a largely successful 2016/17 summer cropping season that saw a significant improvement in cereal output across the region. However, the 2016/17 season is sandwiched by poor seasons as 2015/16 was characterized by an El Niño induced drought that left the region with a huge cereal deficit.

Southern Africa continues to experience shocks

Intermittent rains preceded the two seasons, which affected crop production and affected pastures. In some cases, a diametrically opposite situation prevailed, as some areas, for example in parts of Mozambique and Malawi where floods washed crops and livestock away.

Southern Africa continues to experience weather shocks, which threaten human, and livestock and these have become more pronounced with changes in climate. Phiri said it was imperative that stakeholders including the UN, SADC, funding partners, non-governmental organizations and the private sector come together to attain a “convergence of thought on the evolving situation.”

“There is an urgent need to determine the scale and possible impact of the prolonged dry spell on the season and intervene immediately. It is equally important to draw lessons from previous experiences and implement proven resilience-building interventions such as prepositioning water infrastructure, supplementary feeds and disease surveillance for livestock,” added Phiri.

Additional interventions which proved successful in the past seasons include input support for winter crop production on existing irrigation facilities, capacitating farmers for good post-harvest practices to minimize and avoid further losses as well as input support to restore agricultural production in the 2018/19 main cropping season.

Distributed by APO Group on behalf of Food and Agriculture Organization (FAO).

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