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- Kenya, Tanzania braces for torrential floods as Cyclone Hidaya approaches
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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 …
The African Union will run the year 2021 under the theme: Arts, Culture, and Heritage: Levers for Building Africa We Want. The Theme’s focus is on the arts and creative industry’s transformative power.
This is in line with the theme of the United Nations. The year 2021 had been declared by the UN as the year of the creative industry. This comes in recognition of the power of the arts to bring people together and the earning potential within this industry.
The latest African Union summit held on saw a change at the helm of Africa’s coordinating organ. Replacing the South African president as the AU chair, the leader of the Democratic Republic of Congo will take over as the new chair of the African Union.
President Felix Tshisekedi will take the helm of the African Union for the year 2021. His focus will be on the artistic and creative …
Countries in sub-Saharan Africa are unprepared to equitably use, adopt and adapt to the ongoing technological revolution.…
African agriculture has remained resilient despite the recent health crisis occasioned by the Covid-19 pandemic.
Unlike food insecurity which has persisted on the continent for decades, the continent has been relatively successful at stemming the virus which has claimed millions worldwide. Unlike in other cases, the continent has- especially in West Africa- had particular success at stemming the rate of infection. There is no conclusive reason as to why this has been the case.
However, continent-wide, the virus that remains elusive at getting a cure is hunger.
Read: Ecosystem degradation costs Africa USD 68 billion yearly
Africa has the potential to become the breadbasket of the world yet it is spending an estimated US$ 35 billion a year importing food. With this reality, stakeholders are getting together to pull Africa out of this perennial inadequacy.
In January, more than 100 European and African actors signed a charter of commitment to …
Nigeria’s IROKO Partners Limited media company is working on plans to list on the London Stock Exchange (LSE) Alternative Investment Market.
Reports indicate that the Initial Public Offering (IPO) could be effected in the next 12 months. The company had earlier on announced plans to go public either on the London Stock Exchange or a local bourse on the continent but sought an international presence as this may enable further growth of the industry and the company itself.
About Nigeria’s IROKO Partners
The company was founded in 2011 by Jason Njoku and Bastian Gotter and boasts the largest online catalog of Nollywood film content globally.
The media company, according to reports, will raise between $20 million and $30 million, valuing the company at $80 million to $100 million.
While making the announcement in October 2019, the company’s CEO Mr Njoku, however, did not reveal the exact time …
Up to 50 million people around the world, including around five million smallholder farmers, depend on cocoa which is essential to their livelihoods.
Africa is the world’s major cocoa producer with West African nations—Côte d’Ivoire, Ghana, Nigeria, Cameroon and Togo—producing an estimated 70 per cent of the world’s cocoa on 1.5 million farms. The majority of the crop comes from small farms of between three to five hectares.
Producing cocoa is backbreaking for the cocoa farmers yet they do not earn enough from the product that is a global on-demand ingredient. Most farmers are unable to cover their basic needs despite the fact that the worldwide chocolate market is valued at US$103 billion.…
Kenya is the third-largest travel and tourism economy in Africa after South Africa and Nigeria.
According to statistics from the country’s Ministry of Tourism and Wildlife, the tourism sector is a major employer since it is inter-industry linked with other sectors such as energy, agriculture and manufacturing.
Data from the Tourism Research Institute (TRI) show that in 2019, over two million international visitors visited Kenya. This was an increase of 1.2 per cent over the 2018 arrivals.…
