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Economic Growth
- 2024 Grantmakers Summit brought together 159 organisations from the East African region to explore innovative and strategic approaches in philanthropy.
- The summit, titled “Strategic Philanthropy in a Dynamic Era,” brought together grantmakers to discuss the future of philanthropy amid global changes.
- Kimani also emphasised the need for a holistic approach to philanthropy, integrating environmental, social, and economic dimensions to address root causes
Organisations in the Philanthropy space will have to explore new funding models, such as impact investing, blended finance, and social enterprises to remain relevant, industry players have revealed.
Experts at the 2024 Grantmakers Summit argued that these models offer new avenues for sustainable growth and enhance the resilience of philanthropic efforts.
They were speaking during the opening ceremony of the summit that brought together 159 organisations from the East African region to explore innovative and strategic approaches in philanthropy.
East Africa Philanthropy Network Board Chair Eric Kimani, said …
- Pullman Hotel Nairobi will begin operations in June 2024
- Kenya has 31 hotels with a total of 4,268 rooms in the pipeline with an average room size of approximately 138 square feet.
- Pullman Hotel Nairobi Upper Hill has similarly adopted the concept of “workspitality” under the co-working spaces brand WOJO.
French multinational hospitality group, Accor will unveil its first premium Pullman branded hotel in Kenya next month. This will add to Accor’s offering in the Kenyan market, which includes Fairmont the Nofolk and Mövenpick Hotel & Residences in Nairobi among others.
According to Pullman Hotels & Resorts Director of Sales and Marketing Susan Waringa, the Pullman Hotel Nairobi Upper Hill which is set to open its doors to guests in June this year will have 162 rooms offering premium hospitality.
“We’re excited about the opening of Pullman Hotel Nairobi Upper Hill, catering to the needs of the hyper-connected business and …
- New hotel room developments in Kenya have dropped.
- With continued signing activity (19 hotels with about 5,200 rooms in 2023) Egypt now accounts for 28 per cent of the total pipeline.
- When it comes to hotels under construction, Marriott International leads the way, with 138 hotels (15,011 rooms) currently being built.
Kenya has ranked seventh in Africa among the countries with the highest number of hotel room developments by international hotel chains, a drop from position five in 2022.
This is according to the latest survey by Lagos-based W Hospitality Group, in association with the Africa Hospitality Investment Forum (AHIF). From the survey, Kenya has 31 hotels with a total of 4,268 rooms on the pipeline with an average room size in these hotels is approximately 138 square feet.
North Africa continues to dominate the planned supply, with Morocco and Egypt together comprising almost 31 per cent of the …
- The World Bank attributes the downgrade to the recent conflict in the Middle East, which has heightened geopolitical risks and raised uncertainty in commodity markets.
- Growth for Sub-Saharan Africa is projected to accelerate to 3.8 per cent in 2024 and firm further to 4.1 per cent next year.
- The lender has upgraded Kenya’s GDP growth to 5.2 per cent due to easing inflation.
Global growth is projected to slow for the third consecutive year, decreasing from 2.6 per cent last year to 2.4 per cent this year, according to the World Bank.
In its January 2024 Global Economic Prospects report, the lender states that following a sharp slowdown in 2022 and a further decline last year, global output growth is set to decrease slightly this year.
This is occurring as global economic activity continues to soften due to the impacts of tight monetary policies, restrictive financial conditions, and weak growth …
The world of slot games is set for big changes by 2024. This is due to new tech, more online options, and more players worldwide. Slot games are very popular for gambling. They have changed a lot with cool new features that make them fun. There are great chances for companies in this growing industry.
Overview of the Slot Machines Market
The slot machines market has grown steadily over the last ten years. Its current estimated value exceeds $50 billion. This growth results from adopting digital tech, expanding online casinos, and gambling’s rising popularity as entertainment. The market includes physical slot machines in land-based casinos and digital slots from online casinos.
Key Factors Driving Growth
Several factors drive the slot machines market’s growth. New tech like AI and VR enhances gaming experiences, attracting more audiences. The legalization of gambling in various regions, combined with online casinos’ rise, expands market reach. …
The International Monetary Fund (IMF) has committed an additional $938 million to Kenya as part of a strategy to stabilise the country’s economy.…
- Kenya and Uganda agree to add 2,746 kilometers to the SGR, increasing overall cost of the project to over $19.4 billion.
- SGR extension is part of the larger $24.1 billion Lamu Port South Sudan-Ethiopia Transport (Lapsset) plan.
- Uganda will extend the SGR to its border with Rwanda, South Sudan, and the DRC.
Kenya and Uganda have jointly signed a communique on SGR extension financing, paving the way for an ambitious infrastructure project connecting the two economies. The initiative will guide the development of two significant railway projects, the Naivasha-Kisumu-Malaba and the Malaba-Kampala Standard Gauge Railway (SGR) links. Once the SGR extension financing is secured, the projects will be implemented in the respective countries.
The deal was formalized with the presence of Kenya’s Transport minister Kipchumba Murkomen and his Ugandan counterpart Edward Katumba-Wamala.
While Kenya has already signed commercial contracts for its SGR sections, Uganda is on track to finalize the …
- Civil unrest, electricity crisis and natural disasters in South Africa deal a body blow to the regional economy growth prospects.
- The 2023 Southern Africa Economic Outlook indicates that the Southern Africa region’s GDP growth barely reached 2.7 percent. This level is much lower than global and African averages of 3.4 percent and 3.8 percent respectively.
- According to the African Development Bank, Southern Africa region is now lagging behind its peers across the continent.
The Southern Africa zone has continued to experience a slowdown in economic growth in the past year largely driven by increasing challenges in regional powerhouse South Africa.
The south-most country on the continent has seen civil unrest, electricity crisis and natural disasters worsen the region’s economic slowdown. Neighbouring Zimbabwe, Zambia, Malawi, Madagascar, and São Tomé and Príncipe, have also experienced intense adverse weather events.
According to a report by the African Development Bank, climate change-related crisis has …
