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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 …
Kenya’s Capital Markets Authority (CMA) has issued the first set of licenses to five coffee brokers in line with the Capital Markets (Coffee Exchange) Regulations, 2020.
In a statement, the Authority says the licenses will allow the brokers to carry out the role of coffee brokerage services at the Nairobi Coffee Exchange (NCE) with effect from 1 July 2021.
Meru County Coffee Marketing Agency Limited has been granted a full coffee broker licence, while others, which include Kipkelion Brokerage Company Limited, and Murang’a County Coffee Dealers Company have been granted conditional licences.
According to the Authority, they are expected to come into full compliance with the requirements of the Coffee Exchange Regulations within the next three months.
“The Authority is mandated to regulate the spot commodity markets in Kenya and in particular, the coffee commodity market according to Section 11(3) of the Capital Markets Act,” CMA said in a statement.…
In the years from 2014 and 2018, China was Africa’s biggest FDI source estimated at 16 per cent of all FDI into the continent. The Chinese represented the main source of FDI into the continent with the United States and France holding eight per cent of the total FDI.
With Covid-19 hitting the continent in March 2020, the cascading health and economic challenges on the continent has significantly affected FDI inflows.…
Kenya’s first Eurobond valued at US$2 billion was issued in June 2014 and it matures in less than five years in 2024.
According to PwC Kenya Senior Manager, Francis Nzau, Kenya’s public debt has been swelling and the risk of a debt crisis (where the Government is unable to repay what it owes) continues to increase every day.…
NAIROBI, Kenya, Jun 17 – The African Development Bank has announced new rounds of funding for Zambia and Egypt.
In Zambia, AfDB has approved a $1.4 million grant from the Global Agriculture and Food Security Program to reduce malnutrition among the Southern African nation’s most vulnerable households.
The grant will be directed into the Mitigating Impacts of Covid-19 on Household Food Security Project and is expected to create about 150 permanent skilled or semi-skilled positions and 40 part-time unskilled jobs in crop, livestock, and fisheries value chains.
AfDB says the project will also supply inputs for crops, livestock, and aquaculture enterprises to promote good agricultural practices and increase food production, as well as a capacity-building component.
Commenting on the Zambian funding, AfDB’s Director of Agriculture and Agro-industry Martin Fregene said increased food supply resulting from additional grant funds will lead to more jobs, improved quality of life, and reduction of …
NAIROBI, Kenya, Jun 10 – The governments of Kenya and Ethiopia have this week announced the operationalization of the One-Stop Border Post (OSBP) located at the Moyale Border in Kenya’s Marsabit County.
An OSBP is a trade facilitation tool applied at land borders between two adjoining States.
It refers to the simplified and harmonised legal and institutional framework, facilities, and associated coordinated procedures and processes.
According to officials from both governments, the post is expected to enhance free movement of people and goods between the two countries, a move that will also contribute to boosting trade volumes.
Data from the statistics office indicates that Kenya’s exports to Ethiopia in 2019 were valued at USD 67 million, while Ethiopia’s exports to Kenya were valued at US$ 52.05 million.
Moyale is the only gazetted border crossing point between Ethiopia and Kenya.
Officials from Kenya and Ethiopia also expect the post to reduce …
Consider everything you have heard about Africa is wrong and start on a quest to know and understand the continent better when it comes to the opportunities it has to offer.
For anyone giving investing in Africa a wide berth, it is because of what they have heard and rarely due to what they have experienced. This will lead to missing the myriad opportunities the continent has in the different sectors where investment is badly needed.
For starters, Africa is not only the fastest-growing continent on the planet but it is also fuelled by a young and rapidly urbanizing population which will drive demand for a long time to come.…
