Atta Africa Financial Update

Low-Cost airline FlyAfrica expanding to East, West Africa

  • Gabon’s low-cost airline, Fly Africa, will expand to fly new routes to destinations in East and West Africa thanks to funding from South African arms manufacturer Ivor Ichikowitz
  • FlyAfrica launched 13 months ago offering service Southern Africa. Its business model of cheap flights was tested and refined in South Africa, Mozambique, Namibia and Zimbabwe, according to a report in BizCommunity
  • FlyAfrica has shaken up the airline industry in Africa by offering the lowest airfares on the continent and proving that the low-cost model is sustainable, BizCommunity reports. Fares on the Johannesburg-to-Harare route were reduced 50-percent-to-70-percent

Africa's richest man plans cement plant in Zimbabwe

  • Aiko Dangote, Africa's richest man, is considering investments in Zimbabwe's cement, power generation and coal-mining industries as part of an expansion in the southern African nation
  • Dangote Cement may start building a US$400 million, 1.5 million metric tons-a-year cement plant by the first quarter of 2016, if all the necessary approvals are received
  • Dangote Industries may invest in Zimbabwean power generation through Black Rhino Group, a US$5 billion African infrastructure fund in which U.S. private-equity group Blackstone Group LP is a co-investor