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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 and the United Kingdom signed a new trade deal that guarantees duty-free access to the UK market for Kenyan exporters and vice versa.
The agreement will end the era of doing business through protocols of the European Union (EU) from which London will be exiting by the end of December 2020.
The agreement was titled: The Economic Partnership Agreement between Kenya, a Member of the East African Community, of the one part and the United Kingdom of Great Britain and Northern Ireland, of the other part. It was signed by Kenya’s Trade and Industrialisation Cabinet Secretary, Betty Maina and UK’s International Trade Minister Ranil Jayawardena in London.
“I am delighted that today we have signed a trade agreement with Kenya. This deal makes sure businesses have the certainty they need to continue trading as they do now, supporting jobs and livelihoods in both our countries. Today’s agreement is also …
Africa’s share in the global US$3.4 trillion dollar e-commerce ecosystem is only 1.3 per cent with a big percentage of Africans having no access to the internet.…
Diplomatic passport holders must obtain prior approval from Somalia’s foreign affairs ministry.…
Only about 43 per cent of Africa’s population has access to electricity, a number that is half the global access rate of 87 per cent…
How the digitalization of African trade will help realise the AfCFTA
The digitalisation of trade across the continent can significantly boost free trade in Africa, helping to realize the objectives of the Africa Continental Free Trade Agreement (AfCFTA).
To properly implement the AfCFTA, Africa will need digitalisation in the digital and virtual services and making it an enabler of trade in the different sectors.
By 2030, Africa’s population will have grown from the current 1.2 billion people to an estimated 1.7 billion. With this growth, the AfCFTA has to create an integrated African market for these consumers. The aggregated gross domestic product (GDP) from this market could see the market hit US$3.4 trillion after the opening up of the continent’s economic borders.
Read: Africa’s Cashless Payment Revolution
There are, however, various issues such as harmonising standards and improving the existing legal frameworks; enacting cybersecurity, consumer and data protection laws; and …
Ethiopia is incentivising investors developing minerals used in agriculture such and construction minerals.…
