Rick Taylor is one of Africa’s most experienced tourism strategists, with more than three decades of expertise in destination development and business events, also known as MICE (Meetings, Incentives, Conferences, Events and Exhibitions). As Founder and Chief Executive Officer of The Business Tourism Company, a Cape Town-based international consultancy, he has led more than 100 tourism advisory, strategy and training projects worldwide and has been the strategic architect of national destination strategies and Convention Bureau projects across Africa, including in South Africa, Namibia, Rwanda, Kenya, Tanzania, Ethiopia, Uganda, Senegal, Cameroon, Zambia, Togo and Mozambique.

Rick was the architect of Africa’s first Convention Bureau in Cape Town, which has maintained the #1 position in Africa in the International Congress and Convention Association (ICCA) city ranking for more than two decades. Since then, he has devoted his career to positioning business events as a strategic pillar of tourism, investment and socio-economic development across the continent.

The global business events sector has now surpassed pre-pandemic levels, reaching an estimated USD 1.5 trillion, yet Africa hosts only around 3% of the world’s association meetings. Rick has spent his career addressing this structural gap by helping countries build the strategies, institutions, infrastructure and international positioning required to compete for a greater share of the global business events economy.

A defining feature of Rick’s approach is what he calls “Lalibela thinking” — a 50- to 100-year perspective that sees MICE not simply as an events industry, but as long-term economic infrastructure capable of driving investment, tourism, job creation, skills development and poverty alleviation. His work has helped shape business events infrastructure, convention bureaus and national MICE strategies across Africa.

His appointment to the ACG Advisory Board reflects a core ACG conviction: that large-scale sport and entertainment districts must be conceived from the outset as integrated economic ecosystems spanning sport, entertainment, hospitality, tourism and business events. Convention Centres, conference facilities and other business events infrastructure are essential components of such districts. They can generate high-value activity on non-match and non-concert days, strengthen year-round hotel and hospitality demand, and connect the district to the wider tourism and business travel economy of its host country.

Rick therefore brings to ACG a rare combination of strategic and practical expertise: deep knowledge of African destination development; pan-continental relationships with tourism ministries, national tourism organisations and other public-sector stakeholders; hands-on experience in establishing Convention Bureaus and business events infrastructure; and a long-term perspective on the role of business events in African socio-economic development. These capabilities are directly relevant to ACG’s work in originating and structuring large-scale sport and entertainment district projects across the continent.

“Rick Taylor is one of the most respected voices in African business tourism, and his career has literally built the Convention Bureau architecture that powers business events across the continent. His appointment reflects a foundational conviction at ACG: that sport and entertainment districts are not stadiums and concert halls standing alone, but integrated ecosystems that generate value across sport, entertainment, hospitality and business events. Sport, entertainment and convention infrastructure is district infrastructure. His presence on our Advisory Board significantly strengthens ACG’s capacity to originate projects that combine these dimensions from the outset,” said Nicolas Pompigne-Mognard (www.Pompigne-Mognard.com), Founder and Executive Chairman of ACG.

The ACG Advisory Board provides strategic guidance as ACG originates and structures large-scale sport and entertainment district projects across the continent, aligning governments, development finance institutions (DFIs), investors, sport bodies and infrastructure partners to support the development of financially sustainable, mixed-use district ecosystems.

Africa’s sport economy is projected to reach $20 billion by 2035, yet the continent continues to lack the integrated district ecosystems required to support large-scale development. ACG addresses this gap by originating bankable sport and entertainment district projects, moving beyond single-venue development models towards mixed-use, revenue-generating and financially sustainable district ecosystems.

Through its collaborative model, ACG convenes governments, PPP authorities and regulators, development finance institutions, private investors, developers, designers and engineers, legal and transaction advisors, operators, sport federations and leagues, event promoters, media and broadcast partners, academic institutions and host communities, creating structured pathways from concept to feasibility, bankability and delivery.

Moody’s cited ICIEC’s strengthening standalone credit profile, including its role as a leading multilateral provider of Shariah-compliant export credit and investment insurance and reinsurance solutions. The agency highlighted improved underwriting performance supported by enhanced risk management, strong asset quality and liquidity, and strong capital adequacy. The Corporation’s preferred creditor status among its Member Countries further reinforces its financial strength and institutional standing.

The rating also benefits from the strong institutional and shareholder support of the IsDB and sovereign shareholders, including Kingdom of Saudi Arabia.

Commenting on the rating affirmation, Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, stated: “This affirmation is a strong endorsement of ICIEC’s financial resilience and our ability to manage risks effectively in an increasingly complex global environment. It strengthens our position as a trusted multilateral partner, enabling us to expand our reach, mobilise investment and deliver meaningful development impact across our Member Countries through innovative Shariah-compliant insurance solutions.”

The Stable Outlook primarily reflects expected ongoing shareholder support, alongside expectations of continued risk management improvements and strong financial fundamentals as ICIEC expands and diversifies its operations while maintaining prudent underwriting discipline. Moody’s also identified ICIEC’s exposure to geopolitical risks and its smaller operational scale relative to peers as moderating factors.

• Helios to acquire a significant minority stake in Merec Industries, Mozambique’s largest flour milling company
• Partnership combines Invictus Investment’s sector knowledge and operational capabilities with Helios’ extensive experience across Africa to support Merec Industries’ growth in Mozambique and the wider region
• Transaction expected to close by the end of 2026, subject to customary closing conditions, including regulatory approvals

Invictus Investment (ADX: INVICTUS) (https://InvictusInvestment.ae), a leading holding company specialised in agro-food commodities across the Middle East and Africa, and Helios Investment Partners (“Helios”), a leading Africa-focused private investment firm, today announced that Helios Fund V (“Helios V”) has entered into an agreement to acquire up to a 49% interest in Stratton Africa Holdings Limited, the Mauritius-incorporated holding company of Merec Industries (“Merec”), from Invictus Investment.

The transaction is expected to close by the end of 2026, subject to customary closing conditions, including regulatory approvals, after which Invictus Investment will remain the majority shareholder.

Founded in 1998, Merec is Mozambique’s largest flour milling company, processing wheat and corn into an integrated product portfolio spanning flour, pasta, biscuits and animal feed. Its mills, production facilities and silos are strategically located in each of Mozambique’s three principal port regions: Beira, Maputo and Nacala – making it the only miller with manufacturing facilities in all three. Merec also owns a grain terminal at the port of Maputo. This footprint supports a nationwide distribution network serving wholesalers, retailers, bakeries, feed producers and distributors, underlining Merec’s important role in the production and supply of essential food products across Mozambique.

Invictus Investment acquired Merec in January 2025 through the purchase of its holding company, Stratton Africa Holdings Limited, as part of its strategy to expand its agro-food business in high-potential African markets and strengthen its capabilities across the value chain. Since the acquisition, Merec’s operating performance has improved significantly, and this has prompted a more ambitious growth strategy to expand the business beyond its core operations into new food categories in Mozambique and across the wider Southern African Development Community (“SADC”) region.

The new partnership will support these plans by combining Invictus Investment’s expertise across the agro-food value chain with Helios’ track record of investing in and supporting market-leading businesses across Africa. Together, the shareholders will also work on furthering Merec’s governance framework, leadership capabilities, ESG practices and broader development impact.

Commenting on the announcement, Amir Daoud Abdellatif, CEO of Invictus Investment, said: “We welcome Helios, one of Africa’s leading private equity investors, as our partner in the expansion of Merec. With its strong focus on high-growth sectors across the continent, Helios’ regional expertise will be instrumental in accelerating Merec’s next phase of growth. Since Invictus Investment’s acquisition of Merec, its position as Mozambique’s largest flour milling company has been strengthened and consolidated, and now, our shared ambition with Helios is to build on the business’s contribution to food security and local employment in Mozambique and develop it into a regional food platform for Southern Africa. This partnership aligns perfectly with our strategic approach to acquisitions, which has always been to build strong businesses alongside high-calibre partners that support our long-term vision of building a fully integrated agro-food enterprise.”

Tope Lawani, Co-Founder and Managing Partner of Helios Investment Partners, added: “Merec has built a distinctive position in Mozambique, with a nationwide footprint, strong brands and an important role in the country’s staple foods market. The consumer non-discretionary sector is a key strategic focus for Helios, and we bring a proven track record of investing in and scaling resilient businesses that serve essential consumer needs across Africa. We see significant opportunity to build on Merec’s strengths and are pleased to partner with Invictus Investment and the management team to support the company’s next phase of growth.”

Akin Gump Strauss Hauer & Feld is acting as legal counsel to Helios, with GDA Advogados as Mozambican counsel. Freshfields is acting as legal counsel to Invictus Investment.