Africa’s rich are about to get richer, thanks to tech: As African businesses ramp up their use of technology to raise efficiency, the wealth of business owners is also set to climb, according to Bloomberg. The tech-savvy second generation of family-owned firms are driving wealth accumulation as they take over management. "There’ll be a boom of ultra high net worth individuals in Africa over the next five to 10 years," said Faizal Bhana, the director for the Middle East, Africa and India at Jersey Finance. "They’re still farming, they’re still doing infrastructure projects, but increasingly using technology."

Domino’s in high demand in Saudi: Shares offered in the USD 325 mn Saudi IPO of Alamar Foods, which operates the Middle East Domino's Pizza franchise, were fully booked within hours of subscription opening, Bloomberg reports.

THE CLOSING BELL-

The EGX30 rose 0.2% at yesterday’s close on turnover of EGP 642 mn (23.3% below the 90-day average). Foreign investors were net sellers. The index is down 18.9% YTD.

In the green: Heliopolis Housing (+4.7%), e-Finance (+2.2%) and Housing and Development Bank (+2.2%).

In the red: Abu Dhabi Islamic Bank Egypt (-4.0%), Telecom Egypt (-3.0%) and Eastern Company (-1.7%).

Asian markets are checkered in early trading this morning, while futures suggest the major European and US benchmarks are set to open in the red later on today.