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The global Islamic finance industry grew by 14.9% in 2024, reaching US$3.88 trillion in total assets, with significant contributions from Islamic banking, sukuk, and takaful. The sector is expanding into non-traditional markets, driven by fintech innovations and a positive outlook for growth, particularly in emerging economies. Projections indicate the Islamic fintech sector will exceed US$300 billion by 2027, with strong growth anticipated in sukuk and Islamic banking.
German second-line stocks lead with a 20.62% increase, followed by commodity stocks at 10.11% and automotive sectors at 6.96%. In banking, Goldman Sachs and UBS show strong performance, with year-to-date gains of 79.8% for Societe Generale, while Sberbank faces a significant decline of 67.53%. The average performance of BSN-Group Banks stands at 23.19%.
Cisco Systems' executive vice president now owns 191,184 shares valued at approximately $11.6 million after a recent sale, which decreased their position by 1.07%. Over the past 90 days, insiders sold 14,635 shares, while institutional investors hold 73.33% of the stock. Analysts have raised Cisco's price target to $73.00, suggesting a potential upside of 14.74%. The company reported earnings of $0.96 per share, exceeding estimates, and announced a $15 billion share repurchase plan, indicating management's belief in the stock's undervaluation.
Mati Carbon, a Houston-based climate-tech startup, has won $50 million in the XPrize Carbon Removal competition, aimed at scaling its innovative rock dust method to remove carbon dioxide from the atmosphere while enhancing crop yields for farmers in India, Tanzania, and Zambia. Founded in 2022, the company grinds basalt rock into dust, which, when applied to farmland, binds with CO2 and enriches the soil with essential minerals, potentially increasing yields by 25% to 70%. With plans to assist 100 million farmers by 2040, the initiative has garnered attention and scrutiny, particularly due to its backing by Elon Musk.
Mati Carbon, a Houston startup, won a $50 million prize from Elon Musk’s XPrize for its innovative approach to carbon removal through enhanced rock weathering. By spreading crushed rock on small farms in India, Zambia, and Tanzania, the method not only captures CO2 but also boosts crop yields by releasing essential nutrients. The company plans to scale its model globally, aiming to benefit millions of smallholder farmers while providing a cost-effective solution for significant carbon capture.
Saudi Arabia is poised to capitalize on the booming global space economy, projected to grow from $176 billion in 2024 to $1.8 trillion by 2035, driven by advancements in satellite technology and private sector involvement. Meanwhile, Egypt's B2B sector faces a significant challenge, with 80% of firms operating as "digital ghosts," missing out on an estimated $4.5 billion in annual revenue due to poor online engagement and outdated digital strategies. Addressing these issues could unlock substantial growth opportunities for Egyptian businesses.
GITEX AFRICA Morocco, set for April 14-16, 2025, in Marrakech, will showcase Africa's digital innovation and attract global investors, under the patronage of King Mohammed VI. The event aims to position Morocco as a tech hub, featuring over 1,450 exhibitors and 45,000 attendees from 130 countries, while highlighting the continent's startup ecosystem and fostering international partnerships.
Rogers has secured a significant investment, while Airtel Zambia is expanding its network in collaboration with IHS. Additionally, Deutsche Telekom has entered into a deal with Google, marking notable developments in the telecommunications sector.
Kenyan logistics startup Leta has secured $5 million in seed funding to enhance its AI-powered platform and expand into new African markets, including Rwanda and Mauritius. Founded in 2022, Leta has achieved significant growth, handling 4.5 million deliveries and managing 7,400 vehicles, while helping major brands like KFC and EABL reduce costs. The investment, led by Speedinvest with participation from Google’s Africa Investment Fund, will support the startup's mission to optimize supply chains for businesses across the continent.
Egypt has ascended to become Africa's second-largest solar energy producer, with an installed capacity of 707 MW, trailing only South Africa's 1,235 MW. By the end of 2024, solar power projects across the continent are expected to reach a total capacity of 40 GW, with Egypt contributing significantly to this growth.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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