• $1 trillion in wealth expected to transfer across Middle East within five years, and a rising focus on strategic philanthropy

Dubai, UAE, – The Tony Elumelu Foundation (TEF), Africa’s leading philanthropy dedicated to empowering African entrepreneurs, has announced the appointment of His Excellency Badr Jafar, Special Envoy of the UAE Minister of Foreign Affairs for Business and Philanthropy, and CEO of Crescent Enterprises, to its Advisory Board. This appointment signifies TEF's commitment to fostering cross-regional collaborations that drive inclusive economic growth.

The Tony Elumelu Foundation is committed to catalysing inclusive economic growth, eradicating poverty, and expanding job creation across all 54 African countries. Since launching its flagship Entrepreneurship Programme in 2015, the TEF has empowered over 2.5 million young Africans with access to training via its digital hub, TEFConnect, and disbursed over $100 million in direct funding to more than 21,000 entrepreneurs. Collectively, these businesses have generated $4.2 billion in revenue and created more than 1.5 million direct and indirect jobs. Through its support for African entrepreneurs, TEF has lifted 2.1 million people out of poverty and championed gender parity, with 45% of supported entrepreneurs being African women.

The appointment of H.E. Badr Jafar further reflects the Foundation’s growing strategic engagement with the UAE and broader Middle East and North Africa (MENA) region. This deepening relationship is exemplified by TEF’s recent partnership with the UAE Office of Development Affairs and Khalifa Bin Zayed Al Nahyan Foundation, an affiliate of Erth Zayed.

Tony O. Elumelu, Founder of the Tony Elumelu Foundation, commented: “At the Tony Elumelu Foundation, we believe that entrepreneurship is the most sustainable solution to youth unemployment and economic transformation in Africa. We welcome His Excellency Badr Jafar to our Advisory Board – his experience in championing innovative solutions and strategic philanthropy will be instrumental as we scale our mission and bridge Africa with global partners who share our commitment to economic inclusion.”

H.E. Badr Jafar joins the TEF Advisory Board at a time of growing recognition of Africa’s entrepreneurial potential, and amid the UAE’s increasing role as a convening hub for capital, innovation, and expertise across emerging markets. Commenting on his appointment, Badr Jafar said: "I am honoured to support the important work of the Tony Elumelu Foundation at a time when Africa’s entrepreneurial drive is inspiring new approaches to sustainable development. The UAE has emerged as a global platform for cross-sector collaboration, and I look forward to helping build bridges between regions, sectors, and generations to drive sustainable impact at scale."

With over $1 trillion in wealth expected to transition in the Middle East over the next five years, and a rising focus on strategic philanthropy, the opportunity to align capital with purpose has never been more urgent. This appointment underscores a shared commitment to advancing youth opportunity, innovation, and inclusive prosperity, not only within Africa, but across the Global South.

Read the 2024 TEF Annual Report and the latest TEF Impact Report to see how Tony Elumelu Entrepreneurs are transforming Africa, one business at a time. To learn more, visit www.tonyelumelufoundation.org

About Crescent Enterprises

Crescent Enterprises is a multinational company based in the United Arab Emirates (UAE) with strategic investments across sectors. Established in 2007, the business comprises a diversified group of 57 subsidiaries, affiliates, and investments across 19 countries, and employs more than 1,600 people.

The corporate structure has four platforms: CE‑Operates, CE‑Invests, CE‑Ventures, and CE‑Creates. The platforms span various business sectors, including ports, logistics, food and beverages, healthcare, life sciences, and business aviation. They also include business verticals, such as private equity, venture capital, and business incubation.

Crescent Enterprises is a subsidiary of Crescent Group, a family-owned business shaping the MENA region’s economy for over 50 years. For further information, please visit:

www.crescententerprises.com

About the Tony Elumelu Foundation

The Tony Elumelu Foundation is the leading philanthropy empowering a new generation of African entrepreneurs, driving poverty eradication, catalysing job creation across all 54 African countries and ensuring inclusive economic empowerment.

Since the launch of the Tony Elumelu Foundation Entrepreneurship Programme in 2015, TEF has lifted over 2.1 million Africans out of poverty, provided 2.5 million young Africans with access to training on TEFConnect, and disbursed more than $100millon in direct funding to thousands of African entrepreneurs who have gone on to create over 1.5 million direct and indirect jobs and generate over $4.2 billion in revenue.

The Foundation’s mission is rooted in Africapitalism, which positions the private sector and, most importantly, entrepreneurs as the catalyst for the social and economic development of the African continent. The Foundation’s ability to fund, train, mentor, and network young African entrepreneurs has created a unique platform for catalysing growth across the African continent.

The robust ability of the Foundation to reach entrepreneurs across geographies and sectors has enabled it to conduct innovative partnerships with the European Union (EU), United Nations Development Programme (UNDP), the International Committee of the Red Cross (ICRC), the US Government via the United States African Development Foundation (USADF), the Organisation of African, Caribbean and Pacific States (OACPS), the French Development Agency (AFD), the German Development Finance Institution (DEG), the German Agency for International Cooperation (GIZ), the African Development Bank (AfDB), and Google, with bespoke programmes including targeting female empowerment and growth in fragile states.

Visit our digital platforms to learn more about our initiatives:
Website: www.TonyElumeluFoundation.org
LinkedIn: The Tony Elumelu Foundation
YouTube: The Tony Elumelu Foundation
Instagram: @TonyElumeluFoundation
X (formerly Twitter): @TonyElumeluFDN