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The African CEO Forum 2016

30 March 2016 Comments (0) Africa, Business, Featured

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The first African CEO Forum Awards held within the continent sees new awards and renewed progress.

The 2016 African CEO Forum and its accompanying award ceremony was a benchmark event in the forum’s 4 year history. Taking place from March 21st to the 22nd, this was the first time the business networking event was held within Africa. The Ivory Coast was chosen to play host to the annual conference of African CEO’s, bankers and developers that aims to continue the continent’s economic growth and innovation.

“We concluded deals worth $30 million”.

Since the inaugural forum of 2012, investors and business figures from across Africa have used the event to form new commercial opportunities, broker deals and establish a stronger network of communication and development among the men and women who are steering African development through the 21st Century.

Official figures indicate that since the first edition of the CEO forum, 70% of all participants have come away having identified new business ventures or actually concluded new deals, with the likes of Felix Bipko of the African Guarantee Fund, finalizing deals worth $30 million in only the first year of the forum’s existence.

The Ivory Coast – progress in the face of adversity

After the third edition of the African CEO Forum broke all attendance records, the 2016 conference aimed to not only break old records but break new ground in bringing the forum to African soil for the first time. The Ivory Coast seemed an obvious choice given that it is seen as the driving force behind the integration of the 15 nations that make up the Economic Community of West African States (ECOWAS), an area that has had the highest economic growth in Africa over the past 5 years.

African CEO Forum founder and President, Amir Ben Yahmed explained the choice of the host nation further:

“[W]e have chosen a country and a region that is showing clear signs of robust economic development. The fact that the African Development Bank is based there …was a further contributing factor.”

However, when terrorist attacks shook the nation on March 14th, the event seemed in jeopardy. But a strong united stance from both the organizers and key political figures within Africa ensured that progress and development continued to triumph over individuals trying to use fear to derail stability.

“We continue our mission.”  – Amir Ben Yahmed

A resolute stance was immediately taken in the wake of the attacks as the organizers made it clear that the event would go ahead and a strong message of solidarity was sent when the respective presidents of The Ivory Coast and Ghana, Alassane Ouattara and Dramani Mahama, confirmed their attendance.

With over 800 participants from across Africa, the forum was a triumph that continues to grow and open up new horizons for African commerce and trade.

The 2016 event added to the existing structure of debates and meetings by introducing new “Deal Rooms” that allow smaller meetings between investors and company owners to forge new links, exchange ideas on fostering growth of their businesses and to put pen to paper on new deals.

“Our future is bright and belongs to us all” – Oba Otudeko.

As always, the forum hosted its annual award ceremony in which a panel of carefully selected figures within African business select the winners of various awards from African CEO of the year to Private Equity Investor of the Year. This year also saw a new award for Young CEO of the year.

Oba Otudeko of the Honeywell Group won CEO of the Year and accepted the award from one of the forum’s major sponsors, Jay Ireland, CEO of General Electric Africa.

Sebastien Kadio-Morokro of Petro-Ivoire was awarded the maiden Young CEO of the Year by Akinwumi Ayodeji Adesina, President of the African Development Bank.

Dangote Group won the African Company of the Year and was presented with their trophy by African CEO Forum President Amir Ben Yahmed.

BGFI Bank was awarded with the African Bank of the Year accolade by Adama Koné, the Ivorian Minister of Economy and Finance.

Emerging Capital Partners took home the prize for the Private Equity Investor of the Year, and were presented with the title by Cheikh Oumar Seydi, the regional director of the International Finance Corporation.

Heineken were rewarded with the title of International Corporation of the Year.

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Cyrille Nkontchou, African business tycoon with a conscience

29 March 2016 Comments (0) Africa, Featured, Leaders

Cyrille Nkontchou

Always a firm believer in his continent, the Cameroonian businessman now is investing himself in Africa’s future.

Having recognized the potential of his continent early on, Cyrille Nkontchou was one step ahead of the rest by investing and believing in Africa. A man of the world, he lived, studied and worked across the globe before finally returning, full of knowledge and experience, to his motherland. The serial entrepreneur operates from his Sandton office in the heart of the exclusive suburb of Johannesburg. Quiet and discreet, this tycoon has already pioneered a way to bring investors to Africa. Now he wants to help educate his academic and entrepreneurial successors.

Getting started

Nkontchou spent his formative years in his country of birth, Cameroon. Leaving at the age of 13 he moved with his diplomat parents to France. A good and committed student, he studied Economics at the Paris Institute of Political Sciences before earning a place at the illustrious Harvard Business School, coming away with a Master of Business Administration (MBA) degree. His impressive education led him to work for the likes of Andersen Consulting, in their branch in the French capital and Merrill Lynch investment bank in London, where he started his career as an investment adviser for international companies interested in opportunities in Africa. Here he gained experience that would prove invaluable for his future pursuits.

In 2000, the young aspiring entrepreneur took a leap of faith, packing his bags as he set off for Johannesburg to create Liquid Africa. With many years experience it was a calculated risk but nothing could prepare him for his first failure. Hailing his primary business as a platform to access financial info on the internet proved to be unviable in Africa. It was back to the drawing board, which gave the Cameroonian businessman the opportunity to successfully re-orientate his company as an investment banking business. “Fortunately, from 2005, Africa has again become fashionable, and we had a lot of success,” said Nkontchou.

Sharing good fortune

On the back of his first venture’s triumph, the winner of the accolade “Young Global Leader in 2006” at the World Economic Forum, decided to go into business with his brother. Together in 2007, they created Enko Capital, an asset management company that deals with launching and managing investment funds for clients. Investments are made in public and private equity, and fixed income markets, mainly in the African continent. The company is still going strong, with offices in London and Johannesburg.

This hard-earned prosperity has given Nkontchou the opportunity to put something back into his continent. “In addition to the infrastructure, in particular energy, agribusiness is a promising sector in Africa,” he said. Whilst working with a pesticide company in West Africa he realized that many small producers struggled because of a lack of capital. He decided he could assist by providing pesticides to farmers on credit. Re-payment is then not required until crops have been harvested and sold. Already more than 50,000 small producers have benefitted from Nkontchou’s lending scheme.

Enko Education

Enko Education

Investing in the future

After many years of hard work Nkontchou is not ready to put his feet up. Instead he is continuing to use his privileged position to focus on the social issues that surround him. In 2013 he set up Enko Eduction: private schools that aim to assist the youth of Africa’s increasing middle class. Having benefited from a good education in France, he feels it is hugely important to bring this same opportunity to the African entrepreneurs of tomorrow. He believes this can best be done through the private sector, as he expressed, “Africa will come to work when governments will rely more on the private sector which is more effective in management.”

Enko Education has a goal, to welcome 20,000 students across a network of 45 schools, in 30 countries in 5 years. Cyrille Nkontchou also has a goal, to put back what he can into his continent and to help pave the way for all its bright future graduates. He has a legacy that he wants to share, that Africa is worth investing in. “You know, at the beginning of a career one thinks only to accumulate the most wealth possible but, from a certain age, we think more to give and leave an intangible heritage,” said the conscientious businessman.

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Russia and Morocco Strengthen Ties

26 March 2016 Comments (0) Featured, Middle East, Politics

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New strategic agreements between Morocco and Russia

Russia and Morocco are known for their mutual respect concerning diplomacy and economic issues since the late 18th century. The Sultan of Morocco, Mohammed III, and Russian Empress Catherine II exchanged letters in areas of mutual interest, including establishment of commercial ties, and allowing Russian boats to have access to Moroccan shores for fishing. Mohammed III then invited a Russian representative to come to Morocco for further talks.

The relationship between Russia and Morocco underwent an evolution in the 19th century, and Russia established a Consulate in Tangiers in 1897. The Russian diplomat Vasily Romanovich Bakherakht arrived in Morocco in May of 1898. Morocco became the first Arab country that Russia established diplomatic ties with, and remained so until the October Revolution.

In November of 1955, the Kingdom of Morocco became an independent state, and the Soviet Union recognized its independence in July of 1956. Diplomatic ties were re-established in September of 1961. Since that time, the connection between Russia and Morocco has been robust, in spite of many economic and political changes that both countries have experienced in the 20th and 21st centuries.

An increasingly strategic alliance between Morocco and Russia

In the past five to ten years, there have been significant indications leading to increasingly close ties and cooperation between Russia and the Kingdom of Morocco. Their international involvement with the global community has experienced uncertainty echoed in circumstances and events affecting both countries. Economic sanctions placed on Russia and the evolution of debate over the Moroccan Sahara are other factors explaining the increasingly strategic alliance between Morocco and Russia.

Morocco’s stronger inclinations towards relations with Russia have often been pointed out by government officials, either through direct meetings or official statements. In several speeches, King Mohamed VI has officially declared the intentions of Morocco to strengthen cooperation with Russia in trade, tourism, and investment. On July 30, 2014, the 15th anniversary of Mohamed VI’s coronation, the Monarch announced his country’s commitment to advancing stronger bonds with Russia. King Mohamed VI

On Tuesday, March 15th, 2016, King Mohamed VI met with Vladimir Putin at the Kremlin and signed six binding agreements and several memorandums, framework agreements, and protocols that deepen ties between the two countries.

The agreements cover:

– Extradition between Morocco and Russia.

– Air services between the countries.

– Cooperation covering environmental protections and use of natural resources.

– Cooperation on sea fisheries.

– The promotion and reciprocal protection of investments.

– A mutual protection of classified information on military and military-technical matters.

– A Moroccan-Russian declaration on the fight against international terrorism.

The memorandums, framework agreements, and protocols cover an understanding on:

–  Cooperation in the field of energy.

–  Cooperation in geological research and exploration of the subsoil.

–  An understanding between the National Health Security Office of foodstuffs (ONSSA) of the Ministry of Agriculture and Maritime Fishing (Morocco) and the Federal Agency for Veterinary and Phytosanitary Surveillance (Federation Russia) plant health of plants and plant products.

– Joint action programs for 2016-2018 in the field of tourism.

– Cooperation between the Ministry of Endowments and Islamic Affairs of the Kingdom of Morocco and the Central Religious Organization (Shura Council of Muftis of Russia).

– A framework partnership agreement with the National Foundation of Museums and the Museums of the Moscow Kremlin.

– And a protocol for the exchange of information on moving goods and vehicles between Morocco and Russia.

The two countries also stressed the need to strengthen global cooperation combating international terrorism and violent extremism.

The two country’s Declaration on their deeper strategic partnership also called for strengthening the central role of the United Nations in its fight against global terrorism, transnational organized crime, criminal corruption, and other challenges.

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Laughing Cow goes to Africa

25 March 2016 Comments (0) Africa, Business, Featured

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Bel Group, the third largest cheese-maker in the world increases sales and production on the continent, including a new pre-fabricated factory in Ivory Coast to produce The Laughing Cow cheese.

Bel Group, the world’s third largest cheese-maker and producer of popular The Laughing Cow cheese (La Vache qui Rit), launched a miniaturized production operation in Ivory Coast in an innovative pre-fabricated factory.

The French cheese-maker, which also has production plants in Morocco and Algeria, has found a growing market in Africa, selling more than two billion single-serving portions of Laughing Cow cheese in 2015.

The new plant in Abidjan, which began production in December 2015, was designed, assembled and tested at Bel Group’s research center in Vendome, France before it was shipped as a kit to the Ivory Coast in 14 containers. The factory was constructed “like a Lego,” said Bel CEO Antoine Fievet.

Company miniaturizes production process

Before designing the plant, Bel Group spent three years figuring out how to miniaturize its production process so that it could prefabricate plants as it seeks to grow its local operations in key markets where import processes are expensive or cumbersome.

The Abidjan plant, located in the industrial area of Yopougon, will produce 100,000 portions of cheese daily for sale in Ivory Coast, Bel said. The 4,200-square-meter plant, which cost $3.4 million, can manufacture 20 million cheese servings annually.

Bel patents factory design

“This unique plant once again demonstrates the expertise of Bel in miniaturization and the innovation capacity of our industrial teams,” Hubert Mayet, Bel director general of industrial operations and technology, research and innovation, said.

Mayet said the plant employed 12 people with an expansion to 20 planned for 2016.

Bel will import raw material for producing cheese, Bel said. “If success is to go, we can easily increase the size of the plant and will launch other products,” Fievet said.

Bell called the pre-fabricated factory “unprecedented in the cheese industry. Bel, which has patented the concept out of fear that competitors might copy it, said pre-fabricated factories could soon be deployed in other key market locations.

Plants in Morocco, Algeria

In addition to the new plant in Ivory Coast, Bel employs a total of 3,500 people in factories in North Africa and Egypt. Bel Group also has operations in Turkey and Iran, and the company operated in Syria until civil war broke out.

In Morocco, Bel cheese is the market leader, selling brands including The Laughing Cow, Kiri and the Children.

The company in August 2015 acquired a nearly 70 percent stake in one of Morocco’s largest dairies, Salfilait, which processes and sells fresh milk and dairy products under the brand name Jibal.

Bel Group CEO Antoine Fievet said “Bel is proud of its success in Morocco built with the help of historical local partners. The group welcomes this new partnership with renowned a Moroccan industry and responds fully to its strategic development goal.” He called the two companies “close cousins.”

Tangier plant launched in 1970s

Bel has operated in Morocco since the 1970s with a plant in Tangiers that employs about 1,500 people.

In Algeria, Bel employs about 1,000 people at a production facility in Algiers. It established the operation Bel Algeria operation in 2001.

Bel is the third largest cheese-maker in the word after Lactalis and Kraft.

Founded in 1865 in France, Bel, now headquartered in Paris, has 28 production plants worldwide and distributes its products in 133 countries, including 44 countries in Africa.

laughing cow

400 million customers

According to Bel, 400 million consumers globally partake of its cheeses each year and 10 million portions are consumed each day. In addition to The Laughing Cow, major brands include Kiri, Mini Babybel, Boursin and Leerdammer.

Bell also launched operations in the United States, opening a plant in Brookings, South Dakota with capacity to produce 20,000 tons of cheese a year in order to meet strong U.S. demand for Mini Babybel cheese. Bel Groups sales in the United States increased by 40 percent between 2013 and 2015.

World-wide, the company reported sales of nearly $4 billion in 2014, an increase of more than 20 percent from the year before.

In 2015, Bel reported a revenue increase of nearly 6 percent to nearly $4.2 billion.

International markets accounted for much of that group with increases of 29 percent in the Americas and Asia. Net income increased by 50 percent to $205 million.

Large share of company growth in Africa

Bel said about 63 percent of the company’s growth in volume came from Africa in 2015, which saw an increase in sales of 8 percent on the African continent, generating $475 million in revenue.

The company has operated in Africa for more than 50 years and sees the continent as a further growth area for sales.

”Bel is already a leader in Africa, but the continent still offers numerous untouched markets worth exploring,” the company said.

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Ojay Greene, helping the land bear fruit for those in need

24 March 2016 Comments (0) Africa, Featured, Leaders

ojay greene

Ojay Greene is a business seeking to improve lives in East Africa by working with smallholder farmers.

With consumer consciousness being on the rise, demand is high for products to be sourced locally, ethically and sustainably. The food industry in particular is noticing a trend towards a more aware buyer and while popularity may make some companies jump on the bandwagon, one has set a precedent for genuine philanthropic and ecological concern. Only two years in the running and already winning big investors, Ojay Greene is going for it full-heartedly and making changes for the better.

The brainchild of Kenyan born Yvette Ondachi, the agribusiness seeks to address the key problem that faces small-scale farmers in Kenya, the inability to contend with their larger counterparts. At present a mere 5% of the country’s fruit and vegetable suppliers hold the monopoly on supermarkets, providing them with 80% of their produce. Rural farmers have little chance to compete without the support and knowledge of a company like Ojay Greene, which is creating inroads for them to sell to the big buyers.

At the roots

A small enterprise themselves, the business is run mainly by a dedicated team of four based in the country’s capital Nairobi. Headed by founder and managing director Ondachi who set up Ojay Greene in March, 2014 the venture has quickly acquired a solid client base. Currently working with over 200 smallholder farmers they connect the rural producers in contracted terms with the likes of Naivas Supermarket and the Fairmont Hotels and Resorts.

To optimize the impact of their business model and share their philosophy and knowledge, Ojay Greene offers a range of services but the area in which they excel and have gained most success is food production. Concerned with enhancing small, rural agriculturists, they work alongside the farmers, offering solutions, training and providing market links to long-standing clients in order to help each one reach full potential.

“If we have professionals with a sense of justice and strong sense of determination, they will join the entrepreneurs in trying to shape our society,” said founder Yvette Ondachi.

Lady with the “greene” fingers

Yvette Ondachi

Yvette Ondachi

The lady behind it all, with experience both academic and vocational, Yvette Ondachi not only has a vision, she also has the means to provide all the services her company supplies. After studying Biochemistry & Chemistry at the University of Nairobi, the young entrepreneur worked for 15 years in pharmaceutical sales and marketing. After traveling all over East Africa, what struck her most was the great divide between rich and poor.

Ondachi’s decision to step away from a lucrative and stable career, to embark on a risky but now highly successful entrepreneurial adventure, was fueled by the desire to bridge this divide and to make a change to the poverty levels in her country. Despite now having a burgeoning business model everyday still remains a challenge. “Entrepreneurship is definitely not a walk in the park especially because the solutions we are giving smallholder farmers have to do with behavior change,” Ondachi acknowledges.

Key to the future

On the 24th of July, 2015, the company won the Pitch for Impact 100k competition, receiving an investment of $100,000 from Steve Case, founder of AOL. Having already won a big investment and having gained partnerships from leading supermarket chains, it is clear that not only those involved see great potential. “Ojay Greene represents the promise that Africa is truly open for business,” said Steve Case.

It is the hoped that smallholder farmers will continue to embrace the changes in return for a more profitable future. Already the company has increased the income of more than 30 growers by up to 40% and improved the lives of many. Ondachi and her team are intent on extending their invaluable work further, welcoming all who wish to participate into the Ojay Greene care. However, they remain realistic. Change doesn’t happen overnight but little by little, but the incorporation of new methods and the creation of new solid partnerships between rural and urban are starting to bear fruit.

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Japan offers African development aid to counter rival China

23 March 2016 Comments (0) Africa, Business, Featured

Japan Africa

Japan plans to support 60 projects in Africa as preparations get under way for the sixth Tokyo International Conference on African Development in Kenya in August.

Japan plans to provide development aid for 60 projects in Africa as it seeks to take part in the economic growth of the continent while countering the increasing presence of China.

The Japanese commitment is expected to be announced at the Tokyo International Conference on African Development in Nairobi, Kenya in August. The conference is sponsored by Japan, the United Nations and the African Union.

The total dollar amount of the assistance has not been determined. However, the Japanese aid will focus primarily on infrastructure development in the area around Mombasa port in Kenya, around Nacala port in northern Mozambique, and developments in Ivory Coast and surrounding West African countries.

In addition to port infrastructure and roadwork, the projects include development of an urban transportation network in Nairobi and development of natural gas extraction capabilities in Mozambique.

Program will distribute testing equipment

In Zambia, the Japanese will fund a program to distribute medical testing equipment in the wake of the Ebola outbreak. A student exchange program and a microloan project also are under discussion.

Japan has a history of significant aid and investment in Africa and has been the largest Asian source of investment in the continent.

Japanese development assistance to Africa nearly doubled from $1 billion in 2007 to USD 1.8 billion in 2012. In the private sector, Japanese companies accounted for $3.5 billion in 2014, more than 80 percent of the total private investment from Asian countries.

Japanese investors show interest in Africa

One investment expert says interest from private Japanese investors is growing.

“It is clear there is significant and increasing interest both in terms of the government and the trading houses in looking at Africa and Sub-Saharan Africa in particular. The Japanese see Africa as an important and inevitable market and, as with other emerging markets, it is somewhere that they need to be,” said Andrew Skipper of the London law firm Hogan Lovells.

The Japanese government has encouraged and attempted to facilitate private Japanese investment in Africa. For example, during his 2014 visit to Africa, Japanese Prime Minister Shinzo Abe was accompanied by trade delegations from his country and pushed the idea of more Japanese private investment in the continent.

At a Japan-African Ministerial Meeting for Resources Development in Tokyo in May,

Yoichi Miyazawa, the Minister of Economy, Trade and Industry, said the government wanted to take trade with African states “to a new stage.” A government statement added: “Japan aims to expand opportunities to bring about a mid-to-long term stable supply of mineral resources from Africa.”

Competition with China

The meeting also brought into focus the competition among investors from different nations. Martin Kabwelulu Lablio, mining minister of the Democratic Republic of Congo, told attendees that China had committed $6 billion in investment in mining and infrastructure. Lablio encouraged Japanese investors to follow suit. “We want Japan to surpass this number,” he said.

As it seeks to raise its profile and its influence in the region, China has stepped up its investment in the continent, mostly through loans from Chinese banks rather than direct aid.

With its need for minerals and to gain footholds in strategic locations for its “one belt, one road” policy of creating trade routes to the West, China has issued a string of announcements about large investments on the continent.

For example, China has announced plans to build a naval base in the Horn of Africa nation of Djibouti. Other plans, with a price tag of $12.4 billion, include expansion of port facilities, two new airports, as well as a $4 billion rail link with Ethiopia, Djibouti’s land-locked neighbor.

Chinese bank pledges funds

According to one report, China heads the list of state-run development financiers, with the Export-Import Bank of China pledging $1 trillion in the next decade. Chinese institutions are the largest source of funds for infrastructure in Africa, accounting for $13.4 billion in 2013.

In December 2015, China pledged investment of $60 billion in Africa over three years, with most of it in the form of loans or export credits. However, China’s investment in Africa also declined by 40 percent last year as the Asian nation’s economy slowed.

Analysts said the change in China’s investment also might reflect a decrease in the nation’s need for minerals from Africa.

China is Africa’s largest trading partner. Trade both ways totaled $220 billion in 2015, with China primarily receiving minerals from Africa in exchange for manufactured goods.

Conference first in Africa

Japan seeks to rival the Chinese with increased investment in the continent.

The sixth Tokyo International conference is the first to be held in Africa. Previously staged in Japan every five years since 1993, but will now be held every three years and the Africans have been encouraged to take ownership of the process.

Japanese Prime Minister Shinzo Abe is expected to announce the 60 aid projects during the Nairobi conference Aug. 27 and 28.

The Japan-Africa partnership is not without friction. In 2013, Japan announced financial assistance of $32 billion but African officials note that so far only about 20 percent has been disbursed. The Japanese, meanwhile, want to see appropriate technology and training in place before they commit more funds.

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Sheikha Lubna Al Qasimi : The Arab World’s Most Powerful Woman

22 March 2016 Comments (0) Featured, Leaders, Middle East

Sheikha Lubna Al Qasimi

Sheikha Lubna Al Qasimi’s more than decade-long political career began with the groundbreaking distinction of being the first woman appointed to a ministerial office in the UAE.

CEO Middle East magazine has ranked United Arab Emirates’ Minister of International Cooperation and Development (MICAD, also called the Ministry of Tolerance), Sheikha Lubna Al Qasimi, the most powerful Arab woman for the sixth year in a row. The first woman to hold a government ministerial position in the UAE, Sheikha Lubna’s long political career has enabled her to rise through the ranks of a male-dominated society.

A member of the ruling party, Lubna is the niece of his Highness Dr. Sheiki Sultan bin Mohammand Al Qasimi, the current ruler of the Sharajah Emirate and a member of the Supreme Council of the UAE. Before her political career took off, Sheikha Lubna studied in the United States, where she received her Bachelor’s Degree in Computer Science before undertaking her MBA with the American University of Sharajah.

Becoming the Most Powerful Arab Woman: Education, Family and Positions of Power

CEO Middle East magazine creates its ranking of 100 powerful Arab women based upon the number of lives each woman has touched. With more than a decade in political office, Sheikha Lubna’s position of power has enabled her to create and inform UAE policies, impacting the lives of millions.

Her professional career includes a litany of impressive feats across business and financial sectors: in 2000, she became the CEO of Tejari, the first business-to-business e-market place in the Middle East; acted as the head of the Dubai e-Government executive team and was responsible for instituting initiatives throughout Dubai’s public sector in 2004; and Sheikha served as the Chairperson of the board of Directors of the UAE’s Securities and Commodities Authority from 2004-2008. In addition to her MBA, Sheikha Lubna has three Honorary Doctorates: Law and Economics from in science, from California State University (Chico), in Law, from the University of Exeter (United Kingdom) and in Economics, from Hankuk University of Foreign Studies (Korea). Honorary Doctorates are given in recognition of contribution to the field, and are usually awarded after an individual and provided a commencement speech or rendered another service to a university.

In 2004, Sheikha Lubna was appointed Minister of Economy, earning the distinction of the UAE’s first female minister. After a successful tenure at Minister of Economy, Sheikha Lubna became Minister of Foreign Trade in 2008. In 2013, she was appointed Minister of the Ministry for Cooperation and Development, and in March 2014 appointed as President for Zayed University (one of the UAE’s highest ranking tertiary educational institutions), as well as the Head of the UAE Committee of Humanitarian Aid just two months later.

Moving Up, As a Woman

Sheikha Lubna Al Qasimi with Bill Gates

Sheikha Lubna Al Qasimi with Bill Gates

Sheikha Lubna’s impressive educational, professional and political career would have likely been impossible without her family connections and high standing in Emirati society. That being said, it was due to Sheikha Lubna’s perseverance and persistence that her family allowed her to pursue her academic interests.

“I wanted to be a computer engineer and my dream was to go to the US…It took a lot of [effort] from my brothers to convince my parents to let me go, but I [went to] the UK, and I stayed with a British family. As long as I was within a family environment, it was OK by my parents and eventually I went to the US,” Sheikha Lubna said at the Global Women’s Forum Dubai earlier this year.

Lifting Women along her Journey

Not only does Sheikha Lubna use her position to create positive change for Emiratis, but she is an influential figure for women throughout the Arab world. Her story of academic and professional success is no doubt inspirational for the millions of women who have not had strong female role models.

This highlights the difficulties Emirati, and Arab, women continue to face: Sheikha Lubna is from a very well-respected family, and yet it was her brothers who had to petition her parents on her behalf. When asked why she chose to return to the UAE, where her path would be presumably more challenging than if she stayed lived in a more equitable society, she said “I came back to the UAE because I owed to it to my country and to the leaders, and not many people get such opportunities.”

Sheikha Lubna has been recognized by Forbes and the Wall Street Journal as one of the most influential women in the world, regardless of region. Her sense of duty to her nation and countrywomen is truly remarkable. It has been a challenging road to be the first female minister in the UAE, and her dedication has not gone unnoticed.

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Businessman Patrice Talon elected President of Benin

21 March 2016 Comments (0) Africa, Featured, Politics

Benin’s two-round Presidential election concluded on March 20th with the election of businessman Patrice Talon.

The West-African nation of Benin concluded a peaceful, democratic two-round election on March 20th. Outgoing President Thomas Boni Yayi handpicked his successor, Prime Minister Lionel Zinsou, to run against a former ally turned nemesis, Patrice Talon. This election is notable for several reasons: unlike other African leaders, Boni Yayi did not alter Benin’s constitution in order to remain in power past the two-term limit; Zinsou conceded defeat to Patrice Talon on March 20th after winning the March 6th first-round election, and the election was free from violent protests and uprisings.

Benin’s Landscape

A former French colony, Benin has not followed an easy path to democracy. Despite the challenges of post-colonialism (including a decade-long-stint as a Marxist state, interspersed with bouts of intense unrest and violence), Benin has managed to rise above its neighbors, proving that it is committed to free and fair elections. The fact that President Boni Yayi left power at the end of his two-term appointment is in itself remarkable: many of Benin’s neighbors have struggled to depose rulers who are desperate to cling to power past their time.

Perhaps even more impressive than President Boni Yayi’s peaceful exit is the concession by his chosen successor, Lionel Zinsou. The ruling party candidate and current Prime Minister, Lionel Zinsou faced challenges in his candidacy. Having spent the majority of his life outside of Benin, Zinsou struggled to overcome the perception that he was an outsider in his own country, and that his lack of experience on-the-ground in Benin would hinder his ability to make informed choices for the country. It seemed as though he had proved his worth as a Beninese on March 6th, when he won the first round of elections, but Talon ultimately prevailed.

The Gloves Came Off

Between the first election cycle and the second, Benin’s first-ever presidential debate took place. Talon used this opportunity to outline his vision for Benin, and to launch a litany of personal attacks against Zinsou’s lack of experience in Benin and the likelihood that Zinsou would only continue his predecessor’s policies that had “created a banana republic…[and] become the laughing stock of the world.”

Talon’s platform was centered around his rise to fame and fortune despite his small beginnings. Born in the small coastal town of Ouidah, Talon rose to become a key figure in Beninese business, even bankrolling Boni Yayi’s successful 2006 and 2011 campaigns. Talon’s fortune came through his agricultural business investments, primarily in cotton. After completing his university education in Senegal, Talon moved to France to pursue a career in international business. In 1985, he founded the Inter-Continental Distribution Company (SDI), which provides agricultural inputs like fertilizers and herbicides, to cotton farmers in Benin, Burkina Faso, Togo and other West African nations. Talon profited handsomely from the World Bank driven economic liberalization of the 1990s, winning production and manufacturing licenses for cotton ginning within the country.

A Man Made Through Cotton

It was through cotton that Talon made himself known in politics. Talon formed a relationship with the then-communist-government-owned sugar company, SAVE. Through this connection, communist politicians recognized his potential value as a business ally, and when the country moved to a multi-party state in the 1990s, Talon was able to preserve his friendships within the new government. In 2008, then-President Boni Yayi awarded Talon rights to a total of 15 out Benin’s total 18 cotton ginneries, making the cotton industry a near monopoly.

Boni Yayi

Boni Yayi

Once a close friend an ally of President Boni Yayi, Talon lost favor with the President after being accused of plotting a coup and, later, masterminding a plot to poison the President. Talon fled to France in exile before a Presidential pardon in October, when he returned to Benin, ostensibly in preparation for the election.

The Challenges Ahead

The election of President-elect Talon marks the third truly democratic election in the nation’s turbulent history. Having fought against the odds and being elected to the highest office in the country, Talon has even bigger challenges to face as President.

With his experience in the agricultural and cotton industry, it seems logical that Talon would focus on making these industries sustainable while working to diversify the economy–40% of Benin’s GDP is dependent upon cotton. Talon knows that he has a tough job ahead: he has already voiced his desire to tackle youth unemployment, reduce corruption in politics and business, and improve the health and education for the 10.6 million citizens he now represents.

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Africa 2016 Forum on Investment

17 March 2016 Comments (0) Africa, Featured, Politics

africa 2016 forum

On February 20th and 21st, the Africa 2016 Forum took place at Sharm el-Sheikh, Egypt to address possibilities of investment and cooperation between African nations.

In an effort to boost international and regional trade and investment among African nations, Egypt hosted the Africa 2016 Forum in Sharm el-Sheikh over two days (February 20th-21st), the largest to have taken place in the area. Egyptian president, Abdel Fattah al-Sisi is hoping to strengthen ties with the county’s southern neighbors to fortify Egypt’s own economy while supporting those of their African counterparts and further co-operations, investments and business strategies were discussed at length as well as push the balance of trade to induce a more cultivated economy.

There were 5 African leaders who participated on the panel for the conference: Teodoro Obiang, President of Equatorial Guinea, Hailemariam Desalegn, Prime Minister of Ethiopia, Ali Bongo Ondimba, President of the Gabonese Republic, Muhammadu Buhari, President of Nigeria and Omar al-Bashir President of Sudan.

There was an impressive attendance of government leaders, heads of state, business investors and promoters, as well as heads of international organizations. There were 1500 delegates in total covering a variety of key sectors including energy, ICT, financial services, trade, agribusiness, pharmaceuticals and health.

What This Means for Egypt

With such an impressive turnout, Egypt is able to act as a catalyst for the continent. They have upwards of U.S. $8 Billion invested in Africa already and trade has risen by U.S. $5 billion. Al-Sisi is of course, looking for investment opportunities for Egypt but also to protect itself from the growth going on around them.

Ethiopia is constructing a damn on the Nile River which threatens Egypt’s water security- a resource pertinent to their agricultural economy, and one that, up until now, they were permitted unlimited access. The topic was discussed but the finer details remain unforeseen.

Ambassador Hazem Fahmy, head of the Egyptian Agency of Partnership for Development stated, “We have a lot of catching up to do, this is a start.

Investment Opportunities

The conference also aims to connect the other nations; it had provided at platform for further investment opportunities for countries in the region, the rest of Africa and even internationally. President Sisi is aiming heavily for investment in education; he said “Young people are the focus of economic and legislative reforms that will accelerate investment”, and that “Crossing into the future requires taking into account the advancement of technology and paving the way for generations that have the capability to face current challenges”.

There are large projects in both the public and private sector with huge investment opportunity. The conference itself attracted investors which led to negotiations on business plans and investments throughout the conference. For example, Ahmed Heikal, founder and chairman of Qalaa Holdings discussed the possibilities of investment in the East African Rift Valley Railways and U.S. $3.7 billion refinery project in Egypt. In addition, the Tripartite Free Trade Area and the Suez Canal Hub were topics of discussion. No specific figures were released but agreements in the sectors of health, infrastructure and information technology took place.

Increased communication and co-operation

It is no surprise that the consensus of the Africa 2016 Forum was further unified and shard goals when it comes to looking ahead into Africa’s future. It was agreed that there should be vital focus on human capacity and social development. The President of Equatorial Guinea, Teodoro Obiang Nguema pointed out the importance of integration between African countries, saying it is “the key point for our development”.

The policy makers need to work together with leaders and investors so they can see clearly the steps that need to be taken in order to optimize investment opportunity with current markets.

The African economy is growing and is expected to reach 5% in 2017, according to Akinwumi Ayodeji Adesina, President of the African Development Bank. Ethiopia’s growing economy is within the top 5 in the world and who’s Prime Minister stated at the conference “Today in our globalized world no country can achieve development in isolation”.

The result of the conference will hopefully not only break some of the national barriers and restrictions in Africa but also contribute to Africa’s presence within the Global Economy.

For the closing words, Hazem Fahmy, the Secretary General of the Egyptian Agency of Partnership for Development in the Ministry of Foreign Affairs said “One hand alone cannot clap”, showing the importance of the co-operation of African countries.

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Ngozi Okonjo-Iweala: Economic trailblazer

16 March 2016 Comments (0) Africa, Featured, Leaders

Ngozi Okonjo-Iweala

Nigerian economist and author Ngozi Okonjo-Iweala is one of the most celebrated economists in the world today. Renowned for her accomplishments within the country and international institutions, she has impacted the micro and macro economies of Africa, employed successful reforms and won numerous awards.

Born in Ogwashi-Uku, Delta State, Nigeria, Ngozi Okonjo-Iweala is 61, married to Ikemba Iweala who is a medical practitioner and surgeon and together have four children, three sons and one daughter, Onyinye, Uzodinma, Ikechukwu and Uchechi.

From the hard life to Harvard

At the age of 18 she traveled to the United States to begin her education. She attended Harvard University in Boston where she studied Economics and received her undergraduate degree; she subsequently attained her PhD in Regional Economics and Development from the Massachusetts Institute of Technology and has received Honorary Doctorates from Yale University, Brown University, Colby College, Northern Caribbean University, The University of Pennsylvania and Amherst College.

Her tenacity was apparent from a young age when she carried her Malaria-infected sister to a small clinic 10 kilometers away and made her way through the dense crowd to see the doctor; her sister survived and she describes the walk back as “…the shortest walk I ever had. I was so happy that my sister was alive. Today she’s 41 years old, a mother of three and she’s a physician saving other lives.”

The determination she displayed in this situation resonates in her later life as she has held a number of positions within the Nigerian Government and International Institutions. She currently lives in Abuja, Nigeria, working as a Senior Advisor for Lazar Ltd., a position she has been in since September, 2015. Okonjo-Iweala is also the Honorable Minister of Finance of Nigeria and the Coordinating Minister for the Economy, a Member of the Governing Council of Nigeria Sovereign Investment Authority, a Member of the Board of Governors at African Development Bank, an Advisor to the World Bank, Director of the World Resource Institute and Governor of the Islamic Development Bank. This is preceded by various positions in the World Bank, including Managing Director (2007-2011), Finance Minister and Foreign Minister of Nigeria (2003-2006). She was the first woman to hold these positions. She also ran for President of the World Bank but was defeated by Jim Yong Kim, America’s candidate.

Influence and Accomplishments for Okonjo-Iweala

Before Okonjo-Iweala made her way onto Nigeria’s political scene, the vision of a productive economic future did not look all too promising. Okonjo-Wahala was the name she earned herself after becoming Finance Minister, which means Trouble Woman. “It means, ‘I give you hell,’ she said. “But I don’t care what names they call me. I’m a fighter; I’m very focused on what I’m doing, and relentless in what I want to achieve, almost to a fault. If you get in my way you get kicked.”

Having to face issues such as extreme corruption, billion dollar debts and a GDP headed in the wrong direction, she had her work cut out for her. During her average seventeen hour work day, she fought corruption by addressing the issue of financial kickbacks, terminating the jobs of those involved, imposing jail sentences on scammers and investigating corruption within the oil industry resulting in improved transparency of the sector.

Nigeria had been experiencing a negative per capita growth for the past ten years. She came up with a solution that rearranged the budget which led to the stabilization of the economy as well as savings during upwards fluctuation of crude oil prices; these savings were used during the financial crisis to stimulate the economy.

A more adjustable exchange rate was imposed which complimented market-determined rates and from there, she shifted focus to one of the looming issues: debt. The country’s largest debt was for $30 billion form the Paris Club. In 2005 she was able to make a deal which cleared this debt; before this, Nigeria was paying $1 billion per year, with none of the money actually going toward the principal debt.

Okonjo-Iweala also pushed for the privatization of certain government sectors, such as telecoms, power and ports, the result of which was a six percent economic growth which is still maintained.

Dedication does not go unnoticed: awards and accolades

Okonjo-Iweala has been celebrated throughout her career for her contributions to the economic world. She is the author of two successful books and a member of numerous advisory groups including the Nelson Mandela Institution, ONE Campaign, the African Institutes of Science and Technology and Friends of the Global Fund Africa.

She was #48 on Forbes’ The World’s 100 Most Powerful Women in 2015, named by Time magazine as one of the 100 Most Influential People in the World, chosen as one of the World’s 50 Greatest Leaders by Fortune, selected as African Finance Minister of the Year by the Financial Times/The Banker in 2005 and recognized as Global Finance Minister of the Year 2005 by Euromoney Magazine.

Ngozi Okonjo-Iweala’s career has directly aided Nigeria progressing to a leading African economy. She continues to be active in her field and is an advocate of change, growth and equality.

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