The Memorandum of Understanding (MoU) was signed between Kenyan data center solutions leader EcoCloud and Emirati artificial intelligence (AI) innovator G42.

The signing ceremony was witnessed by Kenyan President William Ruto and UAE Ambassador to Kenya Salim Ibrahim Binahmed Mohamed Alnaqbi.

This project marks a significant step towards a more sustainable digital future for Kenya and the region.

“By harnessing geothermal energy, we are not only addressing the data needs of the region, but also setting a new standard for eco-friendly infrastructure,” said Eng. Amos Siwoi, CEO of EcoCloud.

G42’s Group CEO, Peng Xiao, echoed this sentiment, stating:

“This geothermal-powered data center is a milestone towards Kenya’s potential as a global digital hub and aligns with our mission of making AI accessible to everyone, everywhere.”

Kenya boasts vast untapped geothermal resources, and the initial phase of the project will see the construction of a 100-megawatt (MW) facility.

This capacity is planned to be scaled up significantly in the future, reaching a total of 1 gigawatt (GW) at full capacity.

The data center is expected to reduce Kenya’s reliance on fossil fuels, leading to lower carbon emissions and contributing to environmental conservation efforts.

By leveraging geothermal energy, the project paves the way for a greener and more sustainable future for Africa and beyond.

This collaboration aims to equip SMMEs in South Africa, Nigeria, Kenya, and Egypt with innovative financial tools to streamline their operations.

Leveraging SAVA’s Payment Transaction System (PTS), the partnership will provide SMMEs with an online platform featuring digital bank accounts and integrated accounting tools. This will significantly enhance expense management efficiency for these businesses.

Mastercard’s commitment to financial inclusion is further emphasized by this partnership, which aligns with its goal of bringing 50 million SMMEs globally into the digital economy by 2025.

“By deploying advanced technology, SAVA simplifies financial management for SMMEs, empowering them to scale their businesses,” Mastercard stated.

SAVA will provide SMMEs with both virtual and physical cards, allowing for pre-configured budgets and easy management through the SAVA app.

SMMEs can manage spending across various platforms and access a wider range of financial services through the SAVA solution.

This initiative by Mastercard and SAVA goes beyond simplifying expense management, as it seeks to empower African SMMEs to embrace digital financial tools and unlock the full potential of the digital economy.

Liquid C2, a subsidiary of Cassava Technologies, will become one of Google Cloud’s leading Managed Security Service Providers (MSSPs) in Africa.

This means improved protection for businesses and access to cutting-edge cloud technologies from Google. Additionally, businesses will gain access to Google Workspace for enhanced teamwork and productivity, along with innovative AI tools to fuel creativity.

The partnership goes beyond basic services, with Liquid C2 also working directly with Anthropic, a leading AI company, to develop custom AI solutions for large enterprises seeking to optimize operations and gain a competitive edge.

Anthropic’s advanced AI models, including Claude, excel in various tasks like dialogue, content creation, complex reasoning, and even coding. These powerful AI tools will be readily available through Google Cloud’s Vertex AI platform.

This collaboration is a significant step towards a more competitive and innovative African business landscape.

Enhanced cybersecurity and access to advanced AI empower businesses of all sizes, across all industries, to thrive in the digital age.

Strive Masiyiwa, CEO of Cassava Technologies, expressed his enthusiasm about the partnership.

He views it as a catalyst for Africa’s digital transformation, bringing responsible AI and economic opportunities to the continent.

This collaboration aims to propel the digital economies of South Africa by fostering innovation in critical areas like 5G, Artificial Intelligence (AI), Internet of Things (IoT), big data, and cybersecurity.

“This partnership leverages IFC’s deep understanding of emerging markets and Solcon Capital’s proven track record in deep tech investment,” said Sarvesh Suri, IFC’s Regional Industry Director for Infrastructure and Natural Resources, Africa.

“By combining our strengths, we can unlock significant investment opportunities and drive lasting growth in the deep tech sectors of South Africa and India.”

The deep tech industry is experiencing explosive growth. The 5G deep structure market, for example, is projected to surge from $20.19 billion in 2022 to a staggering $348.76 billion by 2030, reflecting a compound annual growth rate (CAGR) of 45.2%.

Similarly, the IoT market is expected to balloon from $544.38 billion in 2022 to $3,352.97 billion by 2030, at a CAGR of 26.1%.

These trends are fueled by the increasing demand for high-bandwidth connectivity and the integration of advanced technologies across various industries.

“Technologies like 5G and IoT are not just transforming industries, they are fundamentally changing the way we live and work,” the statement added.

“From revolutionizing internet access to driving advancements in healthcare, manufacturing, and retail through AI and big data, these innovations are paving the way for a more connected, efficient, and intelligent future.”

Echoing this sentiment, Pramod Venkatesh, CEO of Solcon Capital, highlighted the partnership’s potential to reshape the regional deep tech landscape.

“This alliance will unlock significant investment opportunities and, by combining IFC’s experience with Solcon Capital’s expertise, catalyze the digital economies of both India and South Africa,” he said.

Andile Ngcaba, Chairman of Solcon Capital, emphasized the importance of fostering collaboration. “We are committed to accelerating the development of deep tech companies in both regions and facilitating cross-border collaboration to leverage diverse talents and markets,” he concluded.

PaySpace is set to become Deel’s exclusive payroll calculation engine, propelling Deel towards becoming the first Employer of Record (EOR) with a multi-country global payroll calculator.

Following the acquisition, PaySpace will operate as a subsidiary of Deel while retaining its team and commitment to existing services.

Founded in 2007, PaySpace boasts over 14,000 clients, including well-known brands like Heineken, Coca-Cola Beverages Africa, and Puma.

The company has experienced consistent growth, reportedly exceeding 30% in annual sales, and operates in 44 countries across various regions.

Prior to the acquisition, PaySpace already partnered with Deel, providing payroll services in approximately 10 African countries.

This strategic move further strengthens Deel’s presence in Africa and the Middle East, complementing its 2022 acquisition of PayGroup, an APAC-based payroll provider.

Deel, valued at $12 billion, assists businesses in over 70 countries with various HR functions, including hiring, payment processing, and process management.

The company counts prominent players like Reddit, Shopify, Nike, and Red Bull among its clients.

With this acquisition, Deel aims to leverage PaySpace’s expertise and extensive network in Africa and the Middle East, combined with PayGroup’s presence in the Asia-Pacific region, to achieve its global expansion and scaling goals.

“Global payroll is complex but crucial to get right,” said Deel co-founder and CEO Alex Bouaziz. “This acquisition ensures we can pay our clients’ teams compliantly and on time, anywhere in the world.”

The combined entity will offer unique solutions to Deel’s clients by integrating PaySpace’s payroll technology with Deel’s existing EOR services.