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Economic Growth
- 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 Uganda National Oil Company (UNOC) is directly importing petroleum products from Vitol Bahrain, aiming to reduce reliance on Kenyan firms and mitigate high fuel prices.
- UNOC’s direct importation and sale of fuel to OMCs in Tanzania and Uganda is a significant step towards fostering stronger regional ties, promoting economic growth, and ensuring energy security.
Uganda National Oil Company (UNOC) has started the sale of petroleum products to oil marketing companies in both Uganda and Tanzania.
This is part of a broader strategy to test the waters before UNOC embarks on a direct importation agreement with the global oil titan, Vitol Bahrain. This maneuver signals a new era in East Africa’s energy dynamics, especially following a cooling of relations between Uganda and Kenya over fuel supply mechanisms.
Breaking New Ground: Uganda National Oil Company Direct Importation Deal
For years, Uganda’s fuel supply chain was heavily dependent on Kenyan OMCs. However, …
- The joint development of the Green Giant Project will expedite the construction of the first 200MW phase of the investment.
- Mini-grids account for more than half of all new connections in DRC.
- The agreement represents a significant milestone in the collaborative efforts between SkyPower, AFC, and the DRC.
The Democratic Republic of Congo (DRC), Africa Finance Corporation (AFC) and SkyPower Global have entered into a joint development agreement for the first phase of SkyPower’s Green Giant project in the mineral-rich country.
The move is meant to promote the use of renewable energy in the Eastern African state. This 200MW Phase one is a crucial step towards achieving the landmark 1,000MW Solar Power Purchase Agreement (PPA) signed between SkyPower and the DRC’s state-owned utility, Société Nationale d’Electricité (SNEL).
The partnership brings together SkyPower’s extensive experience in developing large-scale solar projects and AFC’s successful track record of de-risking and funding well-structured power …
- EIB has committed EUR 95 million to support companies that were most affected by the COVID-19 pandemic in Rwanda
- Bank of Kigali and KCB Bank Rwanda have been picked to manage the funds
The European Investment Bank has announced that it will support companies that were most affected by the COVID-19 pandemic in Rwanda, to a tune of EUR 95 million.
In a statement, the bank said it had picked Bank of Kigali (BK) and KCB Bank Rwanda to manage the funds, as well as provide new credit lines for Rwandan companies.
Commenting on the development, the Minister of Finance and Economic Planning Uzziel Ndagijimana welcomed EIB’s latest private sector engagement in Rwanda and the launch of its EUR 175 million East Africa COVID-19 Response Facility in the country.
Rwanda becomes the first country in East Africa to benefit from the new streamlined financing programme that will provide long term …
In addition to the Best Bank CEO in Africa award to Muriuki, the EMEA Awards also awarded the Best Bank in Kenya Award to the Co-operative Bank, and the Best Asset Manager award to Co-opTrust Investment Services Limited, a wholly-owned subsidiary of Co-op Bank.
With Kshs 181billion in assets under management, Co-op Trust is one of the largest and most successful locally-owned asset management firms in Kenya.…
- The eight agreements cover broad areas of cooperation between Kenya and Malawi including politics, diplomacy, defence, fisheries and aquaculture among others
- Kenyatta said collaboration and consolidation of ties between the two countries would guarantee socioeconomic growth of their citizens
- Previously, Kenyan industrialists have said they are seeking trade linkages that will allow them to establish joint ventures with Malawians
Kenya and Malawi have entered into new bilateral relations by signing eight new agreements designed to strengthen socioeconomic bonds between the two nations.
The agreements were signed on October 22 at State House, Nairobi at the end of bilateral talks between Kenyan and Malawian delegations led by President Uhuru Kenyatta and his Southern Africa counterpart Lazarus Chakwera.
The eight agreements covered broad areas of cooperation between Kenya and Malawi in politics, diplomacy, defence, fisheries and aquaculture as well as cooperative development. Others are technical cooperation in health and tourism.
Earlier, President …
- Kenyatta said the interventions would help an economy that was already recording remarkable recovery
- The new programme targets the key product and service sectors in thirteen strategic intervention
Kenya’s President Uhuru Kenyatta has announced the rolling out of the country’s third financial stimulus programme, designed to accelerate the pace of economic growth and to sustain the gains already made.
Speaking during the Mashujaa Day celebrations on Wednesday, October 20, Kenyatta said the interventions would help an economy that was already recording remarkable recovery.
“This rebound is as a result of the gradual reopening of the economy especially the services sector coupled with stronger global demand. This recovery is reflected in the strong revenue performance for the Quarter ending September 2021,” he said.
The new programme, which will be effective 1st November 2021, targets the key product and service sectors in thirteen strategic interventions as listed below.
The first intervention is
…
At the same time, KEPSA said the initiative will provide a unique platform to facilitate U.S. and Kenyan SME partnerships.
It will also help in supporting women and youth to run Kenyan entrepreneurs as well as U.S. women, minority, and diaspora owned businesses, and help SMEs in both countries address the current challenges many faces to access the two markets.
The agreement was signed by CCA President & CEO Florizelle Liser and KEPSA CEO Carole Kariuki and witnessed by President Uhuru Kenyatta in New York, U.S.A.…
- Morocco’s car sales exceeded 160,000 units in 2021 and creating over 220,000 direct jobs
- The auto industry is also set to contribute as much as 24% to the Moroccan GDP by 2022
- Despite the consequences of the COVID-19 crisis, the industry has gradually recovered this year, selling around 400,000 cars to Europe
Morocco has surpassed South Africa as the biggest exporter of passenger cars on the continent with $7 billion (MAD 65.1 billion) exports made in the car industry at the end of 2018.
New data indicates that the country’s automotive industry is growing exponentially each year with car sales exceeding 160,000 units in 2021, and creating over 220,000 direct jobs.
According to several international experts, Morocco’s auto industry is set to contribute as much as 24% to the Moroccan GDP by 2022.
As of 2021, new passenger vehicles (PCs) recorded an increase of +10.77% with 115,611 units sold, transforming …
