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E-COMMERCE-
MaxAB + Wasoko complete merger: Egyptian e-commerce b2b firm MaxAB and Kenya-based e-commerce platform Wasoko have completed a merger touted as the “largest-ever” in African tech, according to a statement (pdf). The all-stock transaction is expected to boost pan-African trade of digital and physical goods by combining Wasoko and MaxAB’s expertise in online and offline markets in Kenya, Tanzania, Rwanda, Egypt, and Morocco. This network includes over 450k merchants and reaches more than 65 mn consumers, according to the statement.
About Wasoko: The e-commerce platform allows informal retailers across sub-Saharan Africa to restock products for their enterprises via mobile app and offers free same-day delivery to its customers, according to the statement.
About MaxAB: A leading b2b e-commerce player in the region established in 2018, MaxAB supports local SMEs in Egypt and Morocco, according to the statement. The firm’s fintech vertical, which offers credit financing, disbursed some USD 20 mn in financing to retailers over the past year.
TRADE-
CIB lends its backing to Egyptian chemical exporters: CIB has inked an agreement with the Chemicals & Fertilizers Export Council (CEC) that will see it provide financial and strategic support to Egyptian chemical exporters in a bid to boost the competitiveness of the sector’s exports, according to a statement (pdf).
The details: The bank will offer a range of financial solutions, including short- and medium-term credit facilities, letters of credit, and letters of guarantee. It will also assist companies in expanding their operations overseas, especially into African markets, by leveraging its international financial relationships and its direct presence in Kenya. Additionally, it will link up exporters with a range of service providers across different fields — including export, logistics, legal and tax consulting, marketing, and training — under its Business Solutions program.
ZONES-
Abundance set to build a solar panels plant in UAE: Khalifa Economic Zones Abu Dhabi (Kezad) signed a 50-year land lease agreement with UAE-based Abundance Solar Panels Industries to set up an AED 55 mn solar panels factory at Kezad’s Area A in Ras Al Khaimah’s Al Ma’mourah, according to a statement. The production capacity of the facility and a timeline for launch was not disclosed.
What we know: The solar factory, which will span 27k sqm, will produce solar panels and PV modules for industries and businesses moving towards green energy and energy efficiency, according to the statement.
UAE food processing outfit Al Ghurair has broken ground on a corn starch manufacturing plant at Khalifa Economic Zones Abu Dhabi (KEZAD), according to a statement. The facility — the first of its kind in the region — will serve both local and international markets. The plant will be able to process 650 tons of corn per day with the potential to scale up to 1k tons. Under a Musataha agreement with KEZAD, this 50-year land lease encompasses three large-scale food processing projects, with a total investment surpassing AED 1 bn.
CARGO-
Eanan pilot tests Heavy Cargo UAV: Dubai-based Urban Air Mobility Eanan has completed the test flight for its Rikaz Heavy Cargo VTOL and UAV to evaluate its flight controls, navigation systems, stability of communication systems, and heavy cargo handling capacity, according to a press release. The UAV can accommodate a payload of 50 kg and increase its capacity to 200 kg with a flying speed of up to 60 km per hour.
DECARBONIZATION-
DP World sets new carbon reduction target after SBTi validation: Dubai-owned ports giant DP World has updated its Scope 1 emissions reduction target to 42% by 2030 from a 2022 base year, according to a statement. The logistics giant has committed to reduce Scope 2 GHG emissions and absolute Scope 3 GHG emissions by 62.2% and 28% by the end of the decade as part of the new emissions target.
On the right track: DP World secured validation from the Science Based Targets initiative (SBTi) — the world’s leading verifier of corporate net-zero targets — for its emissions reduction efforts. The SBTi validation makes DP World the first logistics company in the Middle East to receive such validation, according to the statement.
