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Egypt signs agreement with LuLu Group to inject $500M in investments

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Food items are seen in a supermarket in Doha, Qatar June 7, 2017. REUTERS/Stringer

CAIRO – 27 August 2019: The Ministry of Supply and Internal Trade and the Ministry of Housing, Utilities and Urban Communities signed on Aug. 26 an agreement with UAE’s Lulu Group to inject $500 million to establish four major hypermarkets in New Cairo, October and El-Obour.

Egyptian Prime Minister Mostafa Madbouly witnessed the signing ceremony of the agreement in the presence of Minister of Supply and Internal Trade Ali al-Meselhi, and Minister of Housing, Utilities and Urban Communities Assem al-Gazzar.

Also Read Rwanda’s women in tech: Leading the digital revolution

Meselhi said that it was agreed that the four projects will be built by the Urban Communities Authority within 12 months , with Lulu Group starting to manage and operate the projects in a period of 3 to 6 months from the date of completion of the construction.

He pointed out that the new projects that Lulu Group intends to establish in Egypt come in line with the directives of President Abdel Fatah al-Sisi to control markets and provide food commodities at discounted prices.

The minister stressed that the establishment of the internal trade infrastructure contributes to controlling prices, making all strategic goods available and reducing circulation.

For his part, Gazzar said that the ministry’s approach is based on partnerships with heavyweight entities such as Lulu International Group, adding that coordination is underway with the Ministry of Supply to study the selection of six other sites for the establishment of additional commercial centers in a number of new cities.

“When we started thinking about investing in Egypt, we had a plan to pump only $100 million, but today we invest $500 million to establish a number of malls, hypermarkets and minimarkets, providing 8,000 sustainable jobs,” Chairman and Managing Director of Lulu Group Youssef Ali said.

Moreover, Head of Internal Trade Development Agency Ibrahim Ashmawy said in a press conference that LuLu Group targets to establish 20 hypermarkets and supermarkets in the Egyptian market with an investment of $2 billion, providing 15,000 job opportunities.

Ashmawy added that the investment portfolio of LuLu Group reaches around $17 billion; the group is considered a pioneer in retail industry in the Arab market with a share of 34 percent of the wholesale and retail trade in the Gulf region. It is located alongside the Gulf countries in Britain, the United States, India, the Philippines and Malaysia.

– Egypt Today

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Tony Elumelu Dedicates the AABLA Philanthropist of the Year Award to Young African Entrepreneurs

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Johannesburg, South Africa, December 5, 2019 – Tony O. Elumelu, CON, Founder of the Tony Elumelu Foundation (TEF) and Chairman, Heirs Holdings and United Bank for Africa Group, received the All Africa Business Leaders’ Awards (AABLA) yesterday in Johannesburg. In the acceptance speech delivered by Ifeyinwa Ugochukwu, CEO of the Tony Elumelu Foundation, Elumelu dedicated the award to young African entrepreneurs, commending their drive to succeed against all odds.

Organised by CNBC, the AABLA Awards “Philanthropy Award” category seeks to identify and recognise individuals for their exemplary and unique contributions towards the social and economic development of Africa. According to the organisers, the recognition was attributed to African entrepreneur and philanthropist Tony Elumelu for his outstanding moral and financial investment in Africa, and his support of young African entrepreneurs.

Also Read: How this African Diaspora is keeping the tradition of African storytelling alive

Receiving the award on behalf of Mr. Elumelu, Ifeyinwa Ugochukwu commended entrepreneurs for their spirit of achievement and excellence. In her acceptance speech, she said: “This award is dedicated to the hundreds of thousands of young African entrepreneurs who apply to the Tony Elumelu Foundation Entrepreneurship Programme every year. They are the true heroes of our continent.”

The Tony Elumelu Foundation, an African private-sector-led philanthropy focused on empowering African entrepreneurs, has thus far empowered over 7500 entrepreneurs across all 54 African countries with seed capital, business training and capacity building skills needed to scale their businesses. The goal is to empower young African entrepreneurs to create millions of jobs and revenue on the continent, tackling poverty and extremism, and creating economic hope in underserved communities while contributing to the overall advancement of the African continent.

The Tony Elumelu Foundation recently announced that it will open its annual call for applications for the new cohort of entrepreneurs on January 1, 2020.

TEF

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Fostering jobs, entrepreneurship, and capacity development for African youth

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Dr. Hanan Morsy (Credit: AfDB)

“There is no greater asset to Africa than its youth,” a statement that has been repeatedly proclaimed, but the continent still has a long way to go. Despite robust economic growth over the past two decades, a 1 percent increase in growth between 2000–14 was associated with only 0.41 percent growth in employment. This figure suggests that employment stood at less than 1.8 percent a year, far below the nearly 3 percent annual growth in the labor force. If this trend continues, 100 million people will join the multitudes of the unemployed in Africa by 2030.

With this in mind, researchers, youth representatives, business leaders, and policymakers have joined over 350 stakeholders in Sharm El Sheikh, Egypt, to significantly move the needle on youth empowerment. 

The annual African Economic Conference (AEC), is jointly organized by the African Development Bank, the Economic Commission for Africa and the United Nations Development Programme, to discuss pertinent issues affecting the continent.

The 2019 AEC is held in Egypt and hosted by the Bank on the theme; “Jobs, entrepreneurship and capacity development for African youth” and runs from 2-4 December.

Turning the youth bulge into opportunities has been the focus of the African Development Bank’s game-changing approach to job creation, entrepreneurship, and capacity development. In recognition of the crucial role that entrepreneurship plays in the creation of high-quality jobs, the Bank developed its Jobs for Youth in Africa (JfYA) Strategy (2016-2025). The Strategy aims to create 25 million jobs for African youth over the next decade as well as equipping 50 million youth with a mix of hard and soft skills to increase their employability and their entrepreneurial success rate.

The impact is already being felt. Since its launch in 2016, over $20 billion has been invested by the Bank across 318 projects. These investments are directly making a difference in the African youth skills, entrepreneurship, business development, and job creation.

In parallel and working closely with its partners, the Bank is helping strengthen entrepreneurship ecosystems in Africa.  The flagship Youth Entrepreneurship and Innovation Multi-Donor Trust Fund (YEI MDTF) program provides interventions that equip the African youth, women-led start-ups, and micro, small, and medium enterprises (MSMEs) with skills and financial support to run bankable businesses.

The program also assists regional member countries (RMCs) in their implementation of economic and social reforms toward job creation.

In just one short year, the Trust Fund’s resources leapfrogged from USD4.4 million (in 2017) to almost USD40 million (in 2018). By providing technical assistance through enterprise support organizations and financial institutions, the Fund is anticipated to reach more than 480 youth-led startups in Ghana, Mali, Nigeria, Togo, and Zimbabwe.

The Bank has also been very active on the education front, supporting higher education institutions to deliver innovative training curricula that are adapted to the changing demand of the labor market and the private sector.  Academic incubators—also known as innovation centers of excellence, have been established.

One great example of success is the  African Institutions of Science and Technology (AIST) Program, whose mission is to deliver quality postgraduate education and build collaborative research capacity in various fields of Science, Engineering, Technology and Innovation (SETI). With funding from the Bank, a total of 1,477 PhD and MSc students have graduated, out of which 676 are women. Additionally, a total of 35 partnerships have been brokered with the private sector to enhance the quality and relevance of research.

Technical and Vocational Education and Training (TVET) has also been acknowledged by the Bank as one of the main drivers of human capital development alongside enhanced basic education that generates knowledge and skills more broadly. As such, the Bank’s TVET project in Tanzania, has bolstered TVET and teacher education with an investment amounting to $52 million. The expected outputs include expanded infrastructure of 13 institutions targeting about 8,000 trainees, expanded and extensive use of ICT in instruction at 53 institutions, and increased capacity for teaching, policy formulation, planning, and quality assurance.

Also Read: How this African Diaspora is keeping the tradition of African storytelling alive

The insights and thoughts provided by other African stakeholders, youth representatives, and political leaders on the debate on youth jobs, skills, and entrepreneurship capacities during the AEC 2019 are immensely important in helping the continent move forward.

Now, more than ever, we must listen to the voices of the African youth. 

By: Dr. Hanan Morsy – Director, Macroeconomic Forecasting and Research at the African Development Bank Group

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Uber takes to streets of Ivory Coast in African expansion

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Uber launched in Ivory Coast’s commercial capital Abidjan on Thursday, part of its expansion into African markets with low levels of car ownership and limited mass transport.

The ride-hailing firm is facing competition from Estonia-based Bolt, which takes a smaller cut from drivers and plans to double its service in South Africa. Although Uber, which is also facing regulatory clampdowns elsewhere, operates in 16 cities in sub-Saharan Africa, mostly in South Africa and east Africa, its presence has so far been limited in west Africa, aside from Nigeria and Ghana. 

Abidjan, a commercial hub of nearly 5 million people, was a “perfect fit”, Uber said in a statement, adding that more than 50,000 people had tried to use its app there in the past year.

“This means that for the thousands of taxi operators in Abidjan, there will be new clients for every single driver, in addition to the number they already have now,” Alon Lits, Uber’s general manager for sub-Saharan Africa, said.

Also Read: Facebook hosts its first ‘Facebook iD8 Nairobi’ aimed at celebrating the tech ecosystem across Africa

Uber has experimented with new services in Africa, including ferries across the lagoon in Nigeria’s traffic-clogged megacity of Lagos, in a bid to woo the continent’s fast-growing population. An Uber executive told Reuters in June that it was also in talks with regulators in Senegal about launching services in the capital Dakar.  

REUTERS 

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