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Business
- In the past two years, short-term rentals in Nairobi have been the new trend.
- Hospitality has bounced back remarkably after the challenges posed by the COVID-19 pandemic, emerging as one of the best-performing asset classes in 2023.
- Trappler highlights that hospitality is a key economic driver, employment creator, and focal property type in regions throughout East Africa.
Hospitality has bounced back remarkably after the challenges posed by the COVID-19 pandemic, emerging as one of the best-performing asset classes in 2023. This resurgence is particularly notable in Nairobi, especially with the renewed demand for short-term rentals.
The strategic position of Kenya’s capital city serves as an East African hub for various industries, including corporate, government, MICE (Meetings, Incentives, Conferences, and Exhibitions), embassies, and tourism, which makes it an attractive destination for hospitality and residence brands.
The increasing and diversifying demand for accommodation creates meaningful opportunities for market expansion and business growth.…
- The partnership will enable Kenya and South Korea to strengthen legal services and networks for African companies.
- G&A has built a strong reputation in Africa, delivering on transformational projects like the recent Eurobond
- In February last year, the two countries pledged to continue to nurture and expand ties
A law firm in Nairobi is championing a plan to see Kenya and South Korea strengthen legal services for companies in Africa. Kenya’s G&A Advocates LLP has signed a partnership agreement with South Korea-based law firm Jipyong ahead of the Korea-African Summit. The partnership will enable Kenya and South Korea to strengthen legal services and networks for African companies.
The Korean African Summit is set to take place between June 4 and June 5 in Seoul, South Korea, under the theme: “The Future We Make Together, Shared Growth, Sustainability and Solidarity.”
The summit, which will be the first-ever, aims to strengthen the …
- The upcoming US-Africa green and sustainable financing forum in Côte d’Ivoire aims to mobilize funding for infrastructure projects across Africa.
- Set for March 19–20, the workshop will feature industry leaders, US technical experts, and key financiers.
- The event highlights the critical need for renewable energy funding models, financing mechanisms, and regulatory and policy reforms to facilitate the growth of green and sustainable infrastructure.
To foster sustainable development in Africa, the United States Trade and Development Agency (USTDA) is joining forces with the African Development Bank Group to host the US-Africa Green and Sustainable Financing Workshop.
Set to go down in Abidjan, Côte d’Ivoire, on March 19–20, 2024, this event is poised to bring to the forefront the pressing need for green and sustainable infrastructure projects across the continent.
The workshop, a convergence of industry leaders, explores innovative financing models that can support Africa’s journey towards a resilient and sustainable future.…
The Africa Wealth Report 2022, released by Henley & Partners in partnership with New World Wealth, ranked the wealthiest cities in Africa by total wealth.
Listed in the report are the richest cities using total private wealth held by all the individuals living in each city.
The parameters measured were assets, cash, equities and business interests. Henley’s survey indicated the top two wealthiest cities on the continent are in South Africa. Johannesburg topped, followed by Cape Town.…
- Most business executives in Kenya expect a stable economy after the August 9 general elections to support higher industry business growth
- Business executives also expressed optimism about hiring additional full-time employees in the next six months, which will translate to increased business operations
- Overall, the current CEOs Business Confidence Index by KEPSA stands at 61 points
As Kenya heads to the polls on August 9, 2022, the Kenya Private Sector Alliance (KEPSA) has launched the CEOs Business Confidence Index Report 2022, showing that most business executives expect a stable economy after elections to support higher industry business growth.
According to the index, the current CEOs Business Confidence Index stands at 61 points overall. Business executives also expressed optimism about hiring additional full-time employees in the next six months, which will translate to increased business operations.
KEPSA CEO Carole Kariuki said the report’s findings come when the ongoing war in Ukraine …
- CIC Insurance’s gross profit hit KSh 464 million in the first six months of 2022, compared to a pre-tax profit of KSh 337 million posted in a similar period in 2021.
- CIC said the performance was driven by strong growth in the gross written premium and improved performance on the underwriting results
- CIC’s gross written premium grew by 23 per cent to KSh 13.2 billion from KSh 10.7 billion, driven by growth in all its businesses in Kenya and the regional countries
- The company’s total assets increased by 10 per cent from KSh 41 Billion as of 30th June 2021 to KSh 45.8 billion as of 30th June 2022 as investments continued to grow
CIC Insurance’s gross profit hit KSh 464 million in the first six months of 2022, compared to a pre-tax profit of KSh 337 million posted in a similar period in 2021. The performance represents a 38 …
- Kenya’s government has been urged to address challenges manufacturers face amid the implementation of the Africa Continental Free Trade Area (AfCFTA)
- The government is yet to put in place mechanisms to ensure the country takes full advantage of the benefits of AfCFTA to manufacturers
- Dwindling country competitiveness and lack of product competitiveness
The government of Kenya has been urged to address challenges manufacturers face amid the implementation of the Africa Continental Free Trade Area (AfCFTA).
Kenya Association of Manufacturers (KAM) Acting CEO Tobias Alando noted that whereas the trade agreement provides the best opportunity to realise the regional, national and business goals, Kenya is yet to put in place mechanisms to ensure the country takes full advantage of the benefits of AfCFTA to manufacturers.
Challenges facing manufacturers in Kenya
Alando noted that the export market in Africa is expected to increase with the full implementation of AfCFTA. However, if unaddressed,
- The Insurance Regulatory Authority has revealed that claims paid in the general insurance business hit KSh 16.85 billion ($142 million) in the first quarter of 2022
- The report further revealed that medical, motor private, and motor commercial had the highest amounts of paid claims at 46.3 per cent, 25.9 per cent and 19.5 per cent, respectively
- Claims incurred in the general insurance business amounted to KSh 18.43 billion during the period under review
- The high premium volume classes of the general insurance business – medical, motor private and motor commercial, contributed the largest proportions of incurred claims
A new report by the Insurance Regulatory Authority has revealed that claims paid in the general insurance business hit KSh 16.85 billion in the first quarter of 2022, marking a 13.3 per cent increase compared to the same period last year when insurers paid claims worth KSh 14.88 billion.
The report further revealed …
- Land prices in Nairobi’s satellite towns hit all-time highs in the second quarter of 2022 because of continued investor demand for new land for development and investment
- Overall land prices in the satellite towns improved by 4.1 per cent over the quarter, with all 14 suburbs tracked by the index posting positive returns
- Tigoni emerged as the best performing town with prices increasing by 6.65 per cent over the quarter, while Juja recorded a 20.91 per cent annual increase
Land prices in Nairobi’s satellite towns hit all-time highs in the second quarter of 2022, a new report by property experts HassConsult has found.
The company attributed the performance to continuous investor demand for new land for development and investment.
Overall land prices in the satellite towns improved by 4.1 per cent over the quarter, with all 14 suburbs tracked by the index posting positive returns. Limuru and Athi River were …
