Africa’s meteoric rise as an emergent international force in digital transformation, coupled with the epic AI opportunity sweeping the globe, is set to propel a new era of public-private sector investment collaboration when the continent’s largest tech and start-up event opens in Morocco this month.

The 2nd edition of GITEX AFRICA, taking place from May 29-31, 2024 in Marrakech, will converge global leaders and experts, governments, businesses, big tech, start-ups, investors, and academia from 130 countries to catalyze partnerships and advance the future ambitions of a continent determined to elevate its entrepreneurial innovation economy.

Africa’s blockbuster tech showpiece event is organized by KAOUN International, the overseas affiliate of Dubai World Trade Centre (DWTC), which organizes GITEX GLOBAL in the UAE, the world’s largest and most trusted tech and start-up event.

With the final preparations underway for a purpose-built mega venue in the heart of Marrakech, GITEX AFRICA 2024 will span 21 halls, featuring 1,400 international exhibiting companies – a 70 percent year-on-year increase over the event’s record-breaking debut in 2023.

This is the year of the AI phenomenon and its tantalizing all-purpose capabilities to transform diverse sectors, from cybersecurity, cloud, and IoT to finance, telecoms, agriculture, and education, amplifying hopes of greater prosperity in the world’s second most populous continent. AI’s impact on health tech has also spurred the launch of World Future Health Africa, accelerating the continent’s ascending digital health revolution.

More than 700 of the most outstanding global start-ups from 45 countries, including 200 Moroccan start-ups, will also feature at GITEX AFRICA, turbo-charging a great investment revival in a resilient and vibrant start-up ecosystem estimated to raise USD 10 billion in VC funds by 2025. These award-winning game-changers will connect with 350 investors from 35 countries with USD 200 billion worth of assets under management.

Ethiopian Airlines has voiced its apprehension regarding the United Nations’ proposed tax reform for the aviation industry, stating that it could have severe repercussions on the sector.

The airline’s CEO, Mesfin Tasew, expressed concerns about the potential consequences of the reform during the 12th Aviation Stakeholders Convention held in Addis Ababa.

The UN tax reform proposal revolves around revising the double taxation law, which suggests that airlines should pay taxes in all the countries they operate.

This proposition has raised alarm in many nations, with industry experts warning that it may not only harm the aviation sector but also lead to the withdrawal of airlines from the market.

Speaking to journalists at the convention, CEO Mesfin Tasew highlighted that the UN’s tax reform could pose a significant threat to the very existence of the aviation sector.

If implemented, airlines could be forced to exit the market or substantially increase ticket prices for passengers.

This, in turn, would likely result in declining passenger numbers and reduced revenue for countries.

The recent discussions within the United Nations Tax Committee regarding the tax on income from international shipping and air transport, in line with Article 8 of the UN model, have further fueled concerns among industry stakeholders.

The 12th Aviation Stakeholders Convention, held from May 12th to 15th, brought together over 500 representatives from the aviation industries across Africa, Europe, the Middle East, Asia, and North America. The event served as a platform for deliberating and finding solutions to expedite the development of air transport in Africa while fostering cooperation among participating nations.

Mesfin emphasized the importance of accelerating air travel services in Africa and improving African airlines’ ability to enhance their foreign exchange reserves. This would facilitate bank loans, aircraft payments, spare parts purchases, and maintenance service payments.

The convention also aimed to create growth opportunities and foster discussions on the advancement of the aviation industry in Africa. The African Airlines Association (AFRAA) highlighted the meticulous program of the convention, which aimed to achieve results that promote a successful and sustainable aviation industry on the continent.

Furthermore, the CEO stressed the need for policy formulation to facilitate the growth of African aviation. This includes encouraging competition in aviation services, liberalizing traffic rights, reducing tax burdens, and streamlining business operations through strategic investments in aviation infrastructure such as airports, maintenance facilities, and aviation training academies.

As the debate surrounding the UN’s proposed tax reform continues, the aviation industry and stakeholders are closely monitoring the situation, hoping for a solution that strikes a balance between revenue generation and the sustainable growth of the sector.

The Ethiopian Institute for Agricultural Research (EIAR), said thta its research centers are being forcibly taken away by regional officials. Feto Esimo, the Director General of EIAR, informed the Agricultural Affairs Standing Committee at Parliament that various research centers in different cities are being taken over by city administrations, resulting in the displacement of these centers. Feto mentioned that the research station in Oromia region, which had been giving service for over 30 years, was recently compelled to vacate its premises due to pressure from the city administration. Despite attempts to negotiate a resolution, no response has been received thus far.

Currently, EIAR operates approximately 17 research centers, including those in Ambo, Debre Zeit, Assosa, Bako Maize Research Center, Chiro Sorghum, and Fogera Rice Research and Training Center. 

Feto explained that three locations in the Amhara region, where research stations were situated, have been demolished, and the centers have been evacuated. These sites have been handed over to an investor since last year, resulting in the destruction of the property owned by EIAR. Despite these actions the research center owns legal title deeds. The Director General added that they are re-evaluating the situation.

The Ethiopian Agricultural Research is one of Africa’s oldest and largest agricultural research systems, dating back to the late 1940s with the establishment of agricultural and technical schools in Ambo and Jima. EIAR is responsible for coordinating agricultural research at the Regional Agricultural Research Institutes (RARIs), which are managed by federal research centers and state governments. Alongside its national coordination role, EIAR utilizes federal research centers to conduct research in various fields and provides advice to the government on agricultural research direction and policy formulation, based on data from the institute.

The first Djibouti Forum is said to have set the stage for future deals to increase investment in the Horn of Africa country.

Djibouti’s president, Ismaïl Omar Guelleh, declared that his nation was prepared to collaborate with foreign investors in order to expand its private industry and broaden its economic base.

 During his speech at the Djibouti Forum, where he was greeted by world-renowned leaders, the president cordially encouraged investors who were eager to explore the many facets of the nation’s economy.

 He assured them that they would discover a plethora of unexplored prospects, an atmosphere conducive to business, and the resolute backing of his administration.

According to a statement from the Sovereign Wealth Fund of Djibouti sent to Capital, the inaugural Djibouti Forum brought together nearly 400 delegates, including international institutional investors collectively overseeing a staggering USD 2.5 trillion in assets.

Describing the forum as a “resounding success,” Slim Feriani, CEO of the Sovereign Wealth Fund of Djibouti, noted that it was evident that there “is great and growing interest in Djibouti.”

During the closing ceremony of the two-day event held from May 13 to 14, Feriani signed a memorandum of understanding with Tamini Insurance, part of the influential Salaam Group, a leading financial conglomerate in Djibouti. Tamini Insurance’s CEO, Mohamed Bahdon, announced that under the agreement, their clients—numbering over 4,000—will now have access to Djibouti’s first crowdfunding platform, Inclufin.

Through this platform, Tamini Insurance clients can invest in socially impactful entrepreneurial ventures in the country while earning returns on their savings. “It’s an opportunity for our clients to invest in promising businesses, including startups and SMEs, and contribute to the country’s entrepreneurial future,” he said.

The Djibouti Forum also witnessed the signing of an agreement between PAIX Data Centres, a prominent data center solutions provider, and Djibouti’s sovereign wealth fund to establish a cutting-edge, cloud-and-carrier-neutral data center in the country.

Feriani expressed confidence that the first Djibouti Forum had laid the groundwork for future deals in additional sectors.

He invited international partners in attendance to join forces with the country’s sovereign wealth fund to unlock the country’s promising economic potential, stating, “To achieve our goal of doubling the economy in ten years, consistent 7% growth is essential. This can be achieved through mutually beneficial partnerships and economic diversification.”

The two-day forum included panels on various topics such as ports, logistics, technology, connectivity, energy, tourism, financial services, and agro-processing. Additionally, it facilitated lively discussions among leading economists, policymakers, and investors about the macroeconomic landscape in Djibouti and Africa.

Speaking on the macroeconomic outlook for Africa and Djibouti, Sampawende Tapsoba, Deputy Chief Economist and Director of Data Management and Model Development at Afreximbank, acknowledged that the country of 1.12 million people was punching above its weight.

 “Djibouti is growing faster than many African economies and has comparatively lower levels of debt-to-GDP,” he said, emphasizing that low levels of debt meant that Djibouti has the fiscal room to meaningfully invest in transformative sectors of the economy.

Charlie Robertson, Head of Macro Strategy at FIM Partners UK, says, “The three things that stood out for me in this forum are ambition, opportunity, and safety.” “The leadership’s ambition in Djibouti is palpable,” he observed, saying that Djibouti is a safe country that remains a beacon of stability in a volatile neighborhood.

The Djibouti Forum was hosted by the Sovereign Wealth Fund of Djibouti (Fonds Souverain de Djibouti), a fund created in March 2020. It is currently under the stewardship of CEO Slim Feriani, a former Tunisian Minister with over 30 years of experience in international capital markets.