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Egypt’s e-health startup, Rology acquires Saudi teleradiology provider, Arkan United

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Egyptian e-health startup, Rology has acquired Saudi Arabian teleradiology provider, Arkan United in its bid to position itself as the leading teleradiology company in Africa and the Middle East.

The acquisition of Arkan United, which is headquartered in Jeddah, is coming two months after Rology closed a pre-Series A round of funding that helped its expansion drive across the MENA region, and has now seen it make an incursion into Saudi Arabia which has the largest healthcare sector in the region.

According to Rology co-founder and CEO, Amr Abodriaa, the acquisition of Arkan United has been part of Rology’s long-term plans of “bringing the latest innovations in teleradiology to healthcare providers and patients in the Kingdom of Saudi Arabia and beyond.”

“We’re excited to announce our acquisition of Arkan for medical services in Saudi Arabia,” Abodriaa said.

“This acquisition allows us to accelerate our mission of combining Rology’s cutting-edge technology and network with Arkan’s established expertise, we’re poised to revolutionise the field of teleradiology and improve patient care in unprecedented ways,” Abodriaa added.

Arkan’s CEO, Tarik Baeshen, who welcomed the acquisition, said “Rology has the people and the disruptive solution that the Saudi healthcare system truly needed.

“I am proud of what Arkan has done for the healthcare landscape in the kingdom, and I am eager to see Rology take it one step further”.

Rology, which was founded in 2017 by AboDraiaa, Moaaz Hossam, Mahmoud Eldefrawy and Bassam Khallaf, has successfully built a cloud-based platform that “provides intelligent matchmaking between patients and remote radiologists, tackling the global shortage of the latter.”

The startup gives radiologists anywhere in the world the freedom to work as long as they have access to internet connection.

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ADB signs $15m transaction guarantee facility with Zimbabwe’s NMB Bank

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The African Development Bank (ADB) has signed a $15 million Trade Finance Transaction Guarantee Facility with Zimbabwe’s NMB Bank aimed at unlocking trade finance opportunities for small and medium-sized enterprises, as well as agri-business and trade distribution value chains in the country.

At the signing ceremony held at the NMB Bank Headquarters in Harare, ADB Country Manager for Zimbabwe, Moono Mupotola, signed on behalf of the Bank while NMB Bank Chief Executive Officer, Gerald Gore, signed on behalf of the bank.

Speaking shortly after the brief ceremony, Mupotola said the African Development Bank’s board had earlier approved the project in November 2023, with the facility offering up to 100% coverage to confirming banks, effectively mitigating non-payment risks linked to NMB Bank’s trade transactions on a per-transaction basis.

“It is tailored to support trade between Zimbabwe and other African countries and with overseas markets by significantly diminishing the risk for international financial institutions actively engaging in trade finance activities with Zimbabwean businesses,” Mupotola said.

“The African Development Bank is committed to supporting the development of the private sector in Zimbabwe. This is a significant step forward in supporting the growth and competitiveness of Zimbabwean businesses.

“By mitigating risk and facilitating access to trade finance, we are empowering SMEs and local corporates to participate more actively in regional and international trade,” she said.

Also speaking, Gore emphasized the agreement’s importance for Zimbabwe’s economic development.

“This facility will be instrumental in enabling NMB to provide crucial trade finance support to a wider range of Zimbabwean businesses. This will not only unlock new trade opportunities but also contribute to job creation and economic growth.

“SMEs often face challenges in accessing trade finance compared to their larger counterparts. This initiative directly addresses this gap, fostering a more vibrant and inclusive business environment in Zimbabwe,” Gore said.

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Ghana’s communications regulator predicts subsea cable repairs could take five weeks

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According to Ghana’s communications regulator, it will likely take at least five weeks to fully restore service relying on the damaged subsea cables causing internet outages throughout West and Central Africa.

Many businesses that are connected to the internet and telecommunications, such as banks, phone companies, money transfer services, and stock exchange markets, have been severely disrupted as a result of the cable break.

Equinix, a data centre operator, reported on Friday that a “external incident” caused a cut to its cable system in the Atlantic Ocean, off the coast of West Africa, near Cote D’Ivoire. It excluded human activity as the reason.

 

The four subsea cable landing service providers—Africa Coast to Europe (ACE), MainOne, which is owned by data centre operator Equinix (EQIX.O), opens new tab, South Atlantic 3 (SAT-3) and the West Africa Cable System (WACS)—as well as mobile network operators were present at the meeting, according to Ghana’s National Communications Authority.

“The cable landing service providers have indicated an estimated time frame of a minimum of five weeks for full service restoration from the time the vessels are dispatched to the various locations,” the regulator said.

It stated that the service providers had determined the general location of the damage and were getting ready to send out repair ships.

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