Trending
- Agribusiness could drive Africa’s economic prosperity
- Dawood Al Shezawi: Why AIM Congress 2024 is the epicenter of global economic and cultural dialogues
- d.light’s 600,000 cookstoves project verified as top source of quality carbon credits
- Artificial intelligence (AI) could create a turning point for financial inclusion in Africa
- AIM Congress 2024: Catalysing global investments with awards
- Kenya’s economic resurgence in 2024
- The most stressful cities to live in 2024 exposed
- Tech ventures can now apply for the Africa Tech Summit London Investment Showcase
East Africa
- Tanzania has offered the Uganda National Oil Company (Unoc) to use the Dar es Salaam port for oil importation.
- This presents a strategic alternative amid the ongoing importation stalemate between Uganda and Kenya.
- The legal dispute between Uganda and Kenya over oil importation policies is pending before the East African Court of Justice (EACJ), with indications that Uganda may withdraw the case.
Tanzania has stepped forward with an enticing proposition that Kampala finds hard to ignore, especially regarding the ongoing deadlock in Nairobi-Kampala oil imports.
Tanzania has extended an offer to the Uganda National Oil Company (Unoc) to utilise the Dar es Salaam port for its fuel importation needs. This development comes as Uganda explores alternatives in response to Kenya’s steadfast position on Kampala’s oil importation demands.
Uganda’s grievance at the East African Court of Justice (EACJ) remains pending amid these unfolding events, casting a shadow of uncertainty over …
- In the three months to March 2023, Group’s total assets rose by 39.8 percent to close at $11.8 billion buoyed by DRC subsidiary TMB.
- Revenue increased by 26.9 percent to $267.4 million mainly driven by the non-funded income from customer transactions across the Group.
- This is the Group’s newest subsidiary in the Democratic Republic of Congo.
- It demonstrated the range and diversified income streams across the group’s businesses, adequate to cover the elevated operating and funding costs.
Regional lender KCB Group Plc posted $68.8 million in profit after tax for the first quarter 2023, a marginal drop attributable to acquisition and consolidation costs of its newest subsidiary, Trust Merchant Bank (TMB), in the Democratic Republic of Congo.
In the quarter, however, the Group recorded a strong balance sheet growth with total assets hitting $11.8 billion, with TMB contributing 14 percent to the Group’s total assets. The bank said this was …
- Insurance industry paid claims worth $400Mn in three months from October 2022 to December 2022 representing a 3percent increase compared to the third Quarter of 2022 that paid claims worth $391Mn.
- Latest statistics from the Insurance Regulatory Authority (IRA) indicate that the number of claims reported to the insurers were 2,040,600, a 12.6 percent increase compared to 1,811,141 claims reported in Q3,2022.
- General liability claims paid went up by 16.8 percent to 14,085 claims worth $42Mn from 12,055 claims paid worth $40Mn billion in the previous quarter. Non – Liability claims paid hit 1,714,723 claims worth $170Mn representing a 1.8 percent from 1,684,698 claims worth $160.31Mn reported in Q3 2022.
Insurance industry paid claims worth $400Mn in three months from October 2022 to December 2022 representing a 3 percent increase compared to the third Quarter of 2022 that paid claims worth $391Mn.
According to the Quarter 4 of 2022 claims …
- The region had drawn a number of important lessons from the pandemic especially in relation to the economic sectors that were hard hit such as tourism
- EAC citizens should be charged local rates while entering public tourist sites such as national parks and reserves that are distributed across the region
- EAC Partner States should also diversify their tourism products by developing other products
East African Community Partner States lost 92% of revenues in the tourism sector due to the COVID-19 pandemic, with arrivals to the region falling from 6.98 million arrivals before the pandemic to 2.25 million arrivals occasioning the losses.
EAC Secretary General Hon. (Dr.) Peter Mathuki however noted that the region was now open again for business, and urged EAC Partner States governments and other stakeholders to work together to market the region’s tourist attractions and products as part of efforts to ensure speedy recovery for the sector.…
- The private sector in the community has been urged to drive the buy and build East Africa initiative
- Foreign Direct Investments (FDI) in the EAC dropped by 43% to USD. 4.9 billion in 2020
- Jobs declined by 2%, wiping out the gains made in previous year
Trade between East Africa Community countries dropped by 5.5% to USD. 5.9 billion in 2020 due to COVID-19 while exports from the bloc to the world hit 16.2 billion in 2020 a 3% boost in comparison to 2019.
This is according to the East Africa Business Council CEO John Bosco Kalisa who urged the private sector in the community to drive the buy East African, build East Africa narrative.
He added that the campaign is central in driving the economic recovery agenda for the EAC bloc amid COVID-19 pandemic.
He spoke during a webinar on EAC Trade & Investment Recovery amidst COVID-19 organized by …
A recent report by Save the children has revealed that Kenyan children born over the past year will on average face 4.6 times more drought during their lives than their grandparents.
According to the research, the risk is significantly higher in many low- and middle-income countries, particularly in Asia and Africa. Compared to 60-year-olds, newborns in Afghanistan will confront 5.3 times more drought in their lifetimes.
“In Tanzania and Kenya, children will face 2.8 and 4.6 times the exposure to drought, respectively,” it read in part.
The organisation also noted that the children will be the most affected because they are at a greater risk of battling waterborne diseases, hunger and death due to drought and floods.
“Some children might even be hit by several disasters simultaneously or in quick successions such as drought, floods and fires,” it added.
According to an analysis by the International Federation of Red Cross …
The AfCFTA is the largest trade agreement, by composition of countries enjoined, since the formation of the World Trade Organization. Currently, 54 out of the 55 African countries have signed the AfCFTA, with 41 having ratified it.
The agreement is set to ultimately open up the African market to trade freely, will boost intra-African trade and trigger structural transformation with the goal of reducing poverty.…
- The AfCFTA agreement will boost East Africa’s manufactured exports to the rest of Africa
- Textiles & clothing exports will increase by 100% under the agreement
- Experts have recommended the rolling out of private sector sensitization campaigns on the AfCFTA
East African Community (EAC) partner states have been urged to finalize and submit tariff offers under the African Continental Free Trade Area agreement (AfCFTA) to enable the bloc to tap into the 1.3 billion continental markets with a Gross Domestic Product of USD 3 trillion.
In a statement, the East African Business Council Vice Chairman Denis said the AfCFTA is set to boost East Africa’s manufactured exports to the rest of Africa.
In particular, textiles & clothing exports will increase by 100%, heavy manufacturing by 63%, light manufacturing by 61%, processed food by 54% while livestock & meat products by 39%.
Karera said that the political will to duly implement the …
- Carrefour only had two stores before the takeover
- Shoprite, the previous owner of the space, has exited Uganda after 21 years of operations
- Majid Al Futtaim is currently on an expansion spree in East Africa
French retailer Carrefour has entered into an agreement with Shoprite Checkers Uganda Limited to take over its Shoprite franchise in the country.
Under the deal, Shoprite will transfer six of its Ugandan stores’ leases to Majid Al Futtaim, Carrefour’s parent company, by end of year.
Majid Al Futtaim currently operates two stores in Uganda, under the Carrefour banner.
Following the implementation of the agreement, Majid Al Futtaim will expand its footprint to eight Carrefour stores.
Commenting on the deal, Hani Weiss, CEO of Majid Al Futtaim Retail said: “We welcome the opportunity to bring our unique Carrefour offering of unbeatable value range, international standards to more customers across Uganda.
He added that the agreement represents …
