Saturday, July 13

Industry and Trade

Shelter Afrique
  • South African rating agency GCR has upgraded Shelter Afrique Development Bank’s global scale long issuer rating to B from B- and affirmed a stable outlook.
  • Additionally, GCR has upgraded the national scale issuer ratings for Kenya, Nigeria, and Mauritius, all with stable outlooks, while recognizing Shelter Afrique’s transition to a treaty-based entity and strategic efforts to address capital arrears.
  • This transformation has improved the bank’s operational and financial performance, enhanced governance, and solidified its legitimacy and confidence among members.

South African rating agency GCR, has upgraded Shelter Afrique Development Bank’s (ShafDB) international scale long issuer rating to B from B- and affirmed the short-term national scale issuer rating of B, with the outlook accorded as Stable.

At the same time, GCR has also upgraded the long and short-term national scale issuer ratings for Kenya to AA-(KE)/A1+(KE) from A+(KE)/ A1(KE); Nigerian to AA+(NG)/A1+(NG) from AA(NG) / A1+(NG); and Mauritian to BB+(MU)/B(MU) …

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2024 Grantmakers Summit
  • The Japanese paint company will use Kenya as its gateway to the regional market
  • NIPSEA Paint Kenya, the company will introduce products for automotive refinishing, car care, wood coating, and industrial coatings.
  • The rise in infrastructure projects, including residential, commercial, and industrial developments, has fueled the demand for a wide range of paint products.

Japanese paint company Nippon, the world’s fourth-largest paint company coatings group in Asia Pacific, has expanded into Kenya as it targets to grow market share.

Through its Kenyan subsidiary, NIPSEA Paint Kenya, the company will introduce products for automotive refinishing, car care, wood coating, and industrial coatings.

Working through a distributorship model, Nippon Paint is setting Nairobi as its regional hub, before setting up in-country operations in the respective East African countries.

“We are eager to establish our presence on the African continent through Nairobi and East Africa. Over the past two years, we have

Kenya's import business
  • In the first three months of this year, Asia remained the leading source of Kenya’s imports accounting for goods worth $3.4 billion, as the country’s import bill closed the quarter at $5.4 billion.
  • Kenyan traders and government imported goods worth $990.2 million from China, data by the Kenya National Bureau of Statistics (KNBS) shows, making it the biggest import source by country.
  • Unlike his predecessors, President Ruto is seen to lean more towards the West as he seeks financing and trade cooperation.

Kenya’s imports from Asian countries including China

China and India remained the top exporters to Kenya in the first quarter of this year, leading other Far East nations in retaining a firm grip on the East African economic powerhouse’s trade and investment space, which they have dominated for over a decade.

This trend continues despite President William Ruto’s heightened charm offensive to economies from the West, which is …

AIM Congress 2024
  • The Strategic Partner for the event is Saud Bahwan Group.
  • Moroccan Investment and Export Development Agency and Jordan’s Ministry of Investment are the Gold Partners.
  • Silver Sponsors for the event are the Ajman Chamber of Commerce and Industry, and Invest in Sharjah.

Key partners of the AIM Congress 2024 have backed the vision of the event as an exceptional platform for exploring new ways to enhance global economic and investment cooperation.

The 13th edition of the 2024 AIM Congress is supported by over 330+ international and global partners, who have affirmed that the summit has evolved into a global gathering of elite decision-makers, business leaders, investors, and government officials from across the world.

They come together to exchange expertise and ideas, stimulate global economic growth, and present the best investment opportunities to the global business community. Additionally, they recognize its role in enriching the economic landscape of Abu Dhabi and …

AIM Congress 2024
  • AIM Congress 2024 attendees were treated to a plethora of insights and strategies aimed at enhancing investment attraction and bolstering economic growth.
  • One of the standout sessions was “Digital Marketing Solutions: by WAVETEQ,” focusing on cost-effective digital marketing strategies.
  • The innovation and technology track showcased cutting-edge solutions to revolutionise urban planning, smart city development, and digitalization in various sectors.

Strategic collaborations and insightful discussions on global business are set to peak as AIM Congress 2024 begins Tuesday, May 7th, 2024. On the eve of the international forum, the premier global investment platform has concluded its series of pre-event workshops held at ADNEC in Abu Dhabi. These workshops have primed the attendees, setting the stage for strategic insights and collaborations.

Investment Track Highlights at AIM Congress 2024

In the investment track, attendees were treated to a plethora of insights and strategies to enhance investment attraction and bolster economic growth. One of …

Kenya's Inflation
  • The prices of key food commodities influenced Kenya’s Inflation drop.
  • KNBS says the food and non-alcoholic beverage index, which represents 32.9 per cent of inflation measurement, dropped by 0.1 per cent.
  • KNBS data adds that housing, water, electricity, gas, and other fuels’ index dropped by 1.3 per cent

Kenya’s inflation dropped to a record 24-month low in April, hitting five per cent, according to the latest data from the Kenya National Bureau of Statistics, as prices of key food commodities continued to fall.

This is the third month in a row that the index has dropped, from 6.9 per cent in January to 6.3 per cent in February 5.7 per cent in March, and now five per cent last month. (https://hummingbirddental.ca/)   The continued drop comes despite some price rises on some indices.

Major contributors to April’s year-on-year price rises included transport, food and non-alcoholic beverages, housing, water, electricity, …

DreamPlay 1 The Exchange Africa

We all know the emergence of blockchain technology has transformed the landscape of finance offering new opportunities for social and economic empowerment globally.  What we fail to realize is that this is especially important in the developing world, where millions are unbanked, unemployed and underserved, yet nothing is being done. In light of this, under the aegis of the Humanity Protocol, a new venture is surfacing that seeks to change this space. Known as the Dream Play, the initiative seeks to provide income opportunities for African and Asian entrepreneurs, setting a new standard for sustainable employment.

A New Horizon for Entrepreneurs

Originally known as the Africa Startup League, the rebranded Dream Play, represents a significant evolution. As a platform for showcasing entrepreneurial skills it has morphed into a comprehensive ecosystem where young innovators will access jobs and create substantial economic impact. This transformation aligns with the broader goals of …

Africa Private Capital Deals
  • Africa private capital deals fell to to 450 deals in the past one year.
  • The continent’s total private capital deal value stood at $5.9 billion, the fourth largest value on record since 2012.
  • Decline in Africa private capital deals marked the continent’s steepest year-over-year decline in volume in 12 years.

Africa recorded a 28 per cent year-over-year (YoY) decline in the total private capital deal volume for the first time since 2016, falling to 450 deals. This downturn is attributed to the global economic turmoil, which led to inflation spikes and the devaluation of continental currencies.

In Kenya and Nigeria for instance, the Shilling and the Naira plunged to historic lows in 2023, while in Egypt, a shortage in foreign currency led to increased controls over its usage in the country.

According to the 2023 African Private Capital Activity Report, the depreciation of local currencies and the depletion of foreign …

African food systems
  • The urgency to transform African food systems is not solely an agricultural or economic imperative but a moral, social, and ecological one.
  • Africa is confronted with a heavy crisis of malnutrition, poverty, inequality, and unemployment. Food affordability and access are unevenly distributed, and gaps widen even further.
  • Improving the performance of the food system is critical if we are to sustainably feed nearly 10 billion people by 2050 while raising farmer incomes, protecting them from climate change, and helping them to thrive.

Africa, a continent of great potential, stands at a crossroads. Africa has most of the world’s most fertile lands, immense resources, and a growing young population. However, it remains paradoxically entangled in the danger of food insecurity and malnutrition.

Challenges such as climate change, post-harvest losses, poor farming technologies, and inadequate supply chains persist. The urgency to change African food systems is not solely an agricultural or economic …

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