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Business
- In the past two years, short-term rentals in Nairobi have been the new trend.
- Hospitality has bounced back remarkably after the challenges posed by the COVID-19 pandemic, emerging as one of the best-performing asset classes in 2023.
- Trappler highlights that hospitality is a key economic driver, employment creator, and focal property type in regions throughout East Africa.
Hospitality has bounced back remarkably after the challenges posed by the COVID-19 pandemic, emerging as one of the best-performing asset classes in 2023. This resurgence is particularly notable in Nairobi, especially with the renewed demand for short-term rentals.
The strategic position of Kenya’s capital city serves as an East African hub for various industries, including corporate, government, MICE (Meetings, Incentives, Conferences, and Exhibitions), embassies, and tourism, which makes it an attractive destination for hospitality and residence brands.
The increasing and diversifying demand for accommodation creates meaningful opportunities for market expansion and business growth.…
- The partnership will enable Kenya and South Korea to strengthen legal services and networks for African companies.
- G&A has built a strong reputation in Africa, delivering on transformational projects like the recent Eurobond
- In February last year, the two countries pledged to continue to nurture and expand ties
A law firm in Nairobi is championing a plan to see Kenya and South Korea strengthen legal services for companies in Africa. Kenya’s G&A Advocates LLP has signed a partnership agreement with South Korea-based law firm Jipyong ahead of the Korea-African Summit. The partnership will enable Kenya and South Korea to strengthen legal services and networks for African companies.
The Korean African Summit is set to take place between June 4 and June 5 in Seoul, South Korea, under the theme: “The Future We Make Together, Shared Growth, Sustainability and Solidarity.”
The summit, which will be the first-ever, aims to strengthen the …
- The upcoming US-Africa green and sustainable financing forum in Côte d’Ivoire aims to mobilize funding for infrastructure projects across Africa.
- Set for March 19–20, the workshop will feature industry leaders, US technical experts, and key financiers.
- The event highlights the critical need for renewable energy funding models, financing mechanisms, and regulatory and policy reforms to facilitate the growth of green and sustainable infrastructure.
To foster sustainable development in Africa, the United States Trade and Development Agency (USTDA) is joining forces with the African Development Bank Group to host the US-Africa Green and Sustainable Financing Workshop.
Set to go down in Abidjan, Côte d’Ivoire, on March 19–20, 2024, this event is poised to bring to the forefront the pressing need for green and sustainable infrastructure projects across the continent.
The workshop, a convergence of industry leaders, explores innovative financing models that can support Africa’s journey towards a resilient and sustainable future.…
- Bolt receives its largest-ever funding round, amounting to €628 million (US$716 million) to fast-track the mission to have cities move in more affordable and sustainable ways
- The company said part of the funds will speed up the expansion of its new and existing mobility and delivery products across Eastern African markets
- The investments will also boost ride-hailing services in Kenya, with emphasis on enhancing the safety features on the platform for drivers and passengers
Bolt receives funding for expansion
On-demand transport firm Bolt receives its largest-ever funding round for expansion, amounting to €628 million (US$716 million) to fast-track the mission to have cities move in more affordable and sustainable ways.
In a statement, the company said part of the funds will speed up the expansion of its new and existing mobility and delivery products across Eastern African markets.
The investments will also boost ride-hailing services in Kenya, with emphasis on …
- The High Court in Kenya has suspended a planned move by local insurance firms to hike motor vehicle insurance covers
- The court told insurance companies not to implement the hike, following a petition by the Kenya Human Rights Commission (KHRC)
- Justice James Makau also suspended the firms from refusing to offer comprehensive cover for older vehicles
- The ruling comes after the commission took the country’s insurance regulator to court for not protecting Kenyans
High Court vehicle insurance cover
The Kenyan High Court has suspended a planned move by local insurance firms to hike motor vehicle insurance cover by 50%.
On Wednesday, January 12, 2022, the court told insurance companies not to implement the hike, following a petition by the Kenya Human Rights Commission (KHRC).
Justice James Makau also suspended the firms from refusing to offer comprehensive cover for older vehicles.
Insurance companies had planned to decline, offering comprehensive covers to …
- To ease the truck traffic snarl-up at the Busia, Malaba border, Uganda has committed to conducting free COVID-19 tests
- Uganda’s move follows a joint multi-sectoral virtual meeting of the Ministers responsible for EAC Affairs, Health and Transport convened by the EAC Secretariat
- There have been over 4,500 trucks have stalled at the border posts, because of the mandatory Covid-19 testing requirement introduced by Uganda on 20th December 2021
Uganda COVID-19 border tests
Uganda says it will conduct free COVID-19 rapid tests at the Kenya-Uganda border points of Busia and Malaba for seven days, to ease the truck traffic snarl-up that has disrupted intra-EAC trade on the Northern Transit Corridor.
According to the EAC Secretariate, the move follows a joint multi-sectoral virtual meeting of the Ministers responsible for EAC Affairs, Health and Transport convened by the EAC Secretariat.
The secretariate further revealed that there were over 4,500 trucks have stalled at …
- United Nations Secretary-General António Guterres formalized his prior announcement that Amina J. Mohammed would continue in her role during his second term
- Guterres said Mohammed’s leadership has helped advance the conceptual shift from the UN that the Member States called for in adopting the Sustainable Development Goals (SDGs)
- Prior to first assuming her role as Deputy Secretary-General in January 2017, Mohammed served as Minister of Environment of the Federal Republic of Nigeria and Special Adviser to Secretary-General Ban Ki-moon on Post-2015 Development Planning
UN Secretary General retained
Nigeria’s Amina J. Mohammed retained UN Deputy Secretary-General of the United Nations. The United Nations Secretary-General António Guterres formalized his prior announcement that Mohammed would continue in her role during his second term.
According to Guterres, Mohammed’s leadership has helped advance the conceptual shift from the UN that the Member States called for in adopting the Sustainable Development Goals (SDGs).
The Secretary-General …
- Equity Group has been given a life insurance license through its Equity Life Assurance (Kenya) Ltd
- The group said it will use the license to provide life insurance solutions to an underserved market
- Kenya’s insurance industry has continued to witness steady growth over the years, with the insurance market premiums currently being valued at approximately KSh 235 billion
Equity Group joins insurance sector
The Insurance Regulatory Authority (IRA) has issued a license to Equity Group to joins the insurance sector business under Equity Life Assurance (Kenya) Limited (ELAK).
Equity Group said the license will enable it to provide life insurance solutions to the underserved market and contribute towards the vision of Equity Group to transform lives and expand opportunities for wealth creation.
IRA said the new business entity is a fully-fledged business with separate structures and commercial arrangements in line with its regulations.
The Commissioner of Insurance and …
In a report by GSMA released earlier this year, mobile money accounts grew to 1.2 billion with 43% of new users all from Africa.
Inferring from this growth rate in just one year, it’s clear that the market size for offline payments is significantly larger than online payments. In coming years, we’ll be focusing on this space even as we continue to grow in online payments.
In sub-Saharan Africa alone, there are 44 million micro, small and medium enterprises providing the majority of jobs effectively serving as the backbone of the economy in their countries. …
