logo
Africa's spice island, Zanzibar partners with Indian billionaire to boost investment

Africa's spice island, Zanzibar partners with Indian billionaire to boost investment

Zanzibar is drawing renewed investor attention as Indian entrepreneur Prateek Suri, widely recognized for building one of Africa's most successful tech ventures, met with President Dr. Hussein Ali Mwinyi to explore economic collaboration.
Indian entrepreneur Prateek Suri met with Zanzibar's President Dr. Hussein Ali Mwinyi to discuss economic collaboration.
Suri's private investment fund targets key sectors such as shipping, mining, and artificial intelligence.
The collaboration marks a broader trend of partnerships shaping economic transformation in Africa.
The Independent Uganda reports that the meeting was focused on turning Zanzibar into a hub for infrastructure and innovation projects. It was described as both cordial and strategic, reflecting growing interest from private capital in East Africa's economic transformation.
Suri, who previously led Maser Group to a $5 billion valuation and $1 billion in annual revenue before stepping away from daily operations, has since launched a private investment fund targeting key sectors such as shipping, mining, road construction, and artificial intelligence.
His rise to prominence has been marked by both financial milestones and a growing presence in Africa's development space.
As Africa's richest Indian entrepreneur, he transformed Maser Group into the continent's seventh unicorn before its acquisition, and has remained active in deploying capital toward large-scale ventures critical to Africa's economic future.
The meeting with President Mwinyi reflects a wider trend in Africa, where partnerships between governments and high-net-worth entrepreneurs are increasingly shaping the pace and scale of economic transformation.
According to insiders familiar with the discussions, the President welcomed Suri's interest in investing in the region, as Zanzibar seeks to position itself as a center for modernization and development.
Infrastructure and Innovation Take Center Stage in Zanzibar Talks
Suri's latest engagement with President Mwinyi reflects a growing alignment between private investors and African governments aiming to unlock transformative growth.
Their discussions reportedly focused on how Zanzibar could position itself as a strategic investment hub tapping into Maser Group's global expertise and channeling capital into key areas such as infrastructure, innovation, and regional trade integration.
According to The Independent, both parties explored how public-private partnerships could drive long-term development across the island and beyond. ' Africa's future will be written through collaboration between governments willing to act and private leaders willing to invest with purpose,' Suri noted during the meeting.
As Zanzibar charts a path toward modernization and increased investor confidence, this alliance with one of Africa's most successful business figures is expected to set the tone for future high-impact ventures..
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Africa's richest man retires as chairman of Dangote Cement
Africa's richest man retires as chairman of Dangote Cement

Business Insider

time10 hours ago

  • Business Insider

Africa's richest man retires as chairman of Dangote Cement

Africa's richest man, Aliko Dangote, has stepped down as Chairman of the Board of Directors at Dangote Cement Plc. Aliko Dangote, Africa's richest man, has resigned as Chairman of Dangote Cement Plc, with Emmanuel Ikazoboh succeeding him. Ikazoboh has extensive experience spanning over 40 years in senior management roles across several African countries. Dangote Cement significantly contributed to Nigeria transitioning from a major global cement importer to Africa's largest exporter. Africa's richest man, Aliko Dangote, has stepped down as Chairman of the Board of Directors at Dangote Cement Plc, marking the end of an era at one of the continent's largest cement producers. In his place, Emmanuel Ikazoboh has been appointed as the new board chairman, according to Premium Times. Ikazoboh, who previously served as an independent non-executive director, brings more than four decades of senior management experience across Nigeria, Côte d'Ivoire, Cameroon, and South Africa. Further details about the leadership change and its implications for the company's strategy are expected in the coming days. In June, Mr. Dangote stepped down as Chairman of Dangote Sugar Refinery Plc, marking the end of two decades of leadership at one of Nigeria's most profitable food companies. The move, according to the company, was 'in line with the principles of good corporate governance and succession planning.' Dangote Cement has played a significant role in transforming Nigeria's economy. In June, Dangote noted that Nigeria, once the second-largest importer of cement globally, now exports more cement than any other African country, thanks to massive local investment in production capacity. Nigerian-based Dangote Cement remains Africa's largest cement producer, with a total installed capacity of 48.6 million metric tonnes per annum (Mt/a) across the continent. Of this, 32.3 Mt/a is located in Nigeria, while the remaining 16.3 Mt/a spans nine other African countries: Tanzania, South Africa, Ethiopia, Cameroon, Republic of Congo, Ghana, Senegal, Zambia, and Sierra Leone.

India's Modi announces credit worth $565 million to the Maldives and launches free trade talks
India's Modi announces credit worth $565 million to the Maldives and launches free trade talks

San Francisco Chronicle​

time12 hours ago

  • San Francisco Chronicle​

India's Modi announces credit worth $565 million to the Maldives and launches free trade talks

COLOMBO, Sri Lanka (AP) — Indian Prime Minister Narendra Modi on Friday announced a $565-million line of credit to the Maldives during a visit to the Indian Ocean archipelago, as the two countries launched formal talks for a free-trade agreement. Modi is visiting the Maldives, known for its upmarket tourist resorts, to mark the 60th anniversary of its independence and diplomatic relations between the two countries. The announcement came during Modi's joint media statement with Maldives' President Mohamed Muizzu. The two-day visit is crucial to India's ambition to control the seas and shipping routes of the Indian Ocean in a race with its regional rival China. It also marks the further easing of diplomatic tensions between the two nations that followed the election of pro-China Muizzu in 2023. Regional powers India and China compete for influence in the archipelago nation, which is strategically located in the Indian Ocean. On Friday, Modi witnessed the exchange of agreements to cooperate in sectors such as fisheries, health, tourism and digital development. He also formally handed dozens of heavy vehicles to the Maldives' defense forces. 'India is Maldives' closest neighbor. Maldives holds an important place in both India's neighborhood- first policy and ocean vision," Modi said. 'India is also proud to be Maldives' most trusted friend.' The line of credit will be used for 'infrastructure and development projects in line with the priorities of the people of the Maldives,' he said. "India will continue to support Maldives in developing its defense capabilities. Peace, stability and prosperity in the Indian Ocean region is our common goal," he added. During Muizzu's visit to India last October, India announced financial support to the cash-strapped Maldives in the form of a $100-million treasury bills rollover and the countries signed a $400-million currency swap agreement. Tensions between India and the Maldives grew since Muizzu, who favored closer ties with China, was elected in 2023 after defeating India-friendly incumbent Ibrahim Mohamed Solih. Leading up to the election, Muizzu had promised to expel Indian soldiers deployed in the Maldives to help with humanitarian assistance. Last year New Delhi replaced dozens of its soldiers in the Maldives with civilian experts. Measure by Modi to promote tourism in India's Lakshadweep archipelago, off the southwestern coast of the Indian mainland, also sparked anger from Maldivians, who saw it as a move to lure Indian tourists away from their country. Indian celebrities then called for a tourism boycott to the Maldives. The dispute deepened when Muizzu visited China ahead of India in January last year, a move seen by New Delhi as a snub. On his return, Muizzu spelled out plans to rid his tiny nation of dependence on India for health facilities, medicines and import of staples. Relations started to improve after Muizzu attended Modi's swearing-in ceremony for a third five-year term. Muizzu has toned down his anti-Indian rhetoric, and official contacts with New Delhi have intensified as concerns grew about Maldives' economy. India has long been a critical provider of development assistance to the Maldives. Meanwhile, the Maldives joined China's Belt and Road Initiative in 2013 to build ports and highways and expand trade as well as China's influence across Asia, Africa, and Europe.

Zap unveils new brand identity
Zap unveils new brand identity

Business Insider

time12 hours ago

  • Business Insider

Zap unveils new brand identity

Zap Africa, a Nigerian startup developing non-custodial crypto infrastructure, has unveiled a new brand identity and an updated version of its flagship product, Zap Exchange. The move reflects the company's efforts to strengthen its market position as user expectations, competition, and regulatory pressures reshape the African crypto landscape. Founded on the premise of decentralisation and user control, Zap offers infrastructure that enables individuals to swap, move, and spend digital assets without relying on custodial intermediaries. The newly launched Zap Exchange introduces improved speed, better interface, and personalised trading tools, all wrapped in a refreshed visual identity designed to reflect the company's maturity and growth ambitions. 'We realised the brand and product interface we launched with no longer represented the business we were becoming,' said Co-founder Tobi Asu-Johnson. 'With our expansion roadmap, we needed a brand that captures the innovation driving our next phase.' The product's new updates include token-specific trade history, saved wallet addresses, real-time price alerts, and faster logins—features that are increasingly critical for Nigeria's growing base of retail and semi-professional crypto users. The design overhaul is also strategic, aimed at boosting retention in a market where UX has become a key differentiator among digital finance products. Co-founder and CTO Moore Dagogo-Hart described the platform as a 'control room' for crypto management. 'We built it to make complex transactions feel effortless and intuitive,' he said. Notably, the rebrand comes amid a trademark dispute involving Paystack, a fintech giant owned by Stripe, which recently introduced a product with the same name, "Zap." While industry observers have speculated about the timing, the founders assert that the rebrand was initiated in April 2024, not in response to external developments. Nigeria remains a leading crypto hub in Africa, driven by mobile adoption, a young, digital-savvy population, and demand for financial alternatives. With a sharper identity and an upgraded platform, Zap is positioning itself as a long-term infrastructure player, betting on the widespread adoption of crypto.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store