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• Norfund invested US$32 million in Kenya in 2022 and plans to further increase financing to local enterprises seeking growth support in 2023
• The fund said it would continue to invest in the region, focusing on profitable enterprises with the potential to contribute to economic and social development
• Norfund is owned and funded by the Norwegian Government and has a portfolio of US$372 million invested in Kenya across various sectors of the economy

The Norwegian Investment Fund (Norfund) invested US$32 million in Kenya in 2022 and plans to further increase financing to local enterprises seeking growth support in 2023.

On February 9, 2023, Norfund said it would continue to invest in the region, focusing on profitable enterprises with the potential to contribute to economic and social development.

Norfund helps build sustainable businesses that would not otherwise be developed because of the high risks involved by providing equity and other risk capital …

• The infrastructure sector in Kenya has made major progress in the last six months, with activity reaching an all-time high
• The second phase of the expansion of Mombasa Port was completed in June 2022, with the government reverting port activities into the port in September 2022 from Naivasha
• Kenol-Marua Road is a section of Africa’s Great North Road, and its expansion is expected to improve bilateral trade between Kenya and landlocked Ethiopia
• Improvements to Terminal 1B of Jomo Kenyatta International Airport were completed during the review period

Kenya’s infrastructure sector has made major progress in the last six months, with activity reaching an all-time high.

For starters, the second phase of the expansion of Mombasa Port was completed in June 2022. As a result, the government reverted port activities to the Port of Mombasa in September 2022 from Naivasha.

According to the Kenya Market Update report by Knight Frank, the …

• Most prime retail destinations in Kenya, comprising primarily malls, had an occupancy rate of 90% in the second half of 2022
• Naivas, Quickmart, Chandarana, and Carrefour continued to expand with Naivas leading with seven stores during the period 
• Malls that opened during the period are Broadwalk, a mixed-use development along Ojijo Road in Westlands, and Greenwood Mall in Meru, with both malls being anchored by Naivas
• Knight Frank, however, warned that the general performance and supply of malls in Kenya has declined, with the focus shifting to convenience centres closer to residential neighbourhoods

A new report shows that most prime retail destinations in Kenya, comprising primarily malls, had an occupancy rate of 90% in the second half of 2022.

In its Kenya Market Update report, Knight Frank found that prime retail properties attracted a rent of $5.00 per square foot per month.

At the same time, the report observed that …

• A HassConsult report shows that land prices in Nairobi suburbs remained static in the last quarter of 2022
• The perfomance is a result of the spillover effect from the previous quarter, when activity slowed down across the general economy
• Property prices also recorded a 2.2% drop driven by price declines across the board

A new report by HassConsult shows that land prices in Nairobi suburbs remained static in the last quarter of 2022.

The land prices indices show that land in the areas grew by a marginal 0.2% during the period under review.

The performance of land prices in Nairobi over the last three months of 2022 is a result of the spillover effect from the previous quarter, when activity generally slowed down across the general economy.

HassConsult observed that some suburbs are benefiting from the ripple effect of Westlands’ increasing commercialisation.

Loresho was the best-performing suburb over the quarter, …

• TradeMark East Africa has rebranded to TradeMark Africa (TMA) and simultaneously officially launched its West Africa operations
• The organisation now has a presence in fourteen countries in sub-Saharan Africa (SSA), including Kenya, Uganda, Tanzania, Rwanda, Burundi, Malawi, Zambia, Mozambique, and Ghana 
• TradeMark has made cumulative investments of over $1.3 billion since 2010 to reduce the time and costs of trading across borders, and to improve the export competitiveness of African businesses

TradeMark East Africa has rebranded to TradeMark Africa (TMA) and simultaneously officially launched its West Africa operations.

Founded in 2010 in Kenya, TMA marks an expansion from its previous core operational area of East Africa and the Horn of Africa to also support countries in West and Southern Africa.

TradeMark Africa now has a presence in fourteen countries in sub-Saharan Africa (SSA): Kenya, Uganda, Tanzania, Rwanda, Burundi, the Democratic Republic of Congo (DRC), South Sudan, Ethiopia, Somaliland, Djibouti, Malawi, …

• KQ Cargo has entered into a codesharing agreement with Astral Aviation to boost trade between Africa and the Middle East
• The codesharing deal is the first of its kind in Africa, and it would boost trade and commodity movement from the Middle East into Africa by leveraging the strengths of the two cargo operators 
• Kenya Airways and Astral Aviation have had a commercial and interline cooperation for cargo for the past 20 years

Kenya Airways cargo unit (KQ Cargo) has entered into a codesharing agreement with Astral Aviation to boost trade between Africa and the Middle East. The codesharing deal is the first of its kind in Africa.

KQ said it would put its codeshare flight numbers on Astral Aviation flights originating from Dubai in the United Arab Emirates into Nairobi for onward distribution within Africa.

The agreement by the two leading cargo operators on the African continent is expected …

• East African Breweries PLC (EABL) has reported a profit of KSh 8.7 billion for the half year ended on December 31, 2022, at the back of the rising cost of operations, including an increase in taxes
• The company reported KSh 57.3 billion in net sales during the period, representing a 4 per cent growth compared to the same period in 2021
• The EABL Board has recommended an interim dividend of KSh 3.75 per share, similar to 2021’s period

East African Breweries PLC (EABL) has reported a profit of KSh 8.7 billion for the half year ended on December 31, 2022, on the back of the rising cost of operations, including an increase in taxes.

During the period under review, EABL reported KSh 57.3 billion in net sales during the period, representing a 4 per cent growth compared to the same period in 2021.

The group’s volumes declined by 4 per …

• Tullow Oil has reiterated its commitment to scale up the development of Project Oil Kenya in 2023
• The global independent oil and gas exploration and production firm said it plans to invest KSh 1.24 billion (US$10 million) in Project Oil Kenya
• Tullow and its Joint Venture partners (Africa Oil and Total Energies) are also working closely with the local government agencies seeking to finalise the firm’s field development plan (FDP)

Tullow Oil Plc has reiterated its commitment to scale up the development of Project Oil Kenya in 2023. The global independent oil and gas exploration and production firm said it plans to invest KSh 1.24 billion (US$10 million) in Project Oil Kenya appraisal engagements focusing on fine-tuning the Field Development Plan (FDP) and related local operations.

A trading statement and operational update issued by the London Stock Exchange (LSE) listed firm confirms that efforts to secure a strategic partner for …

• The 2022 Ibrahim Index of African Governance (IIAG) by the Mo Ibrahim Foundation has ranked Kenya 13th for Overall Governance across Africa
• The East African nation’s overall governance score has improved over the last decade (2012-2021), but the pace of improvement has slowed over the most recent five years (2017-2021)
• Kenya has deteriorated in security and the rule of law, driven by a decline in the sub-categories of security & and safety, accountability & transparency
• African Governance reported that African governance has flatlined since 2019 because of factors including disruptions caused by a combination of the COVID-19 pandemic and increased insecurity

The 2022 Ibrahim Index of African Governance (IIAG) by the Mo Ibrahim Foundation has ranked Kenya 13th for Overall Governance across Africa.

According to the index, the East African nation’s overall governance score has improved over the last decade (2012-2021), but the pace of improvement has slowed over the …

• Kenyan Small and Medium Enterprise (SME) Cake City has opened a new branch along Kiambu Road as part of its proactive expansion strategy
• The new outlet is located at EBC Centre within Shell Petrol Station near Evergreen Centre and now brings Cake City’s total operating outlets to nine, and it is the first store to be opened in 2023
• Cake City CEO Mohamed Zahir said the decision to expand along Kiambu Road was also supported by rapid development and expansion activities being witnessed in the area

Cake City, an award-winning small and medium enterprise in Kenya, has opened a new branch along Kiambu Road as part of its proactive expansion strategy.

The new outlet is located at EBC Centre within Shell Petrol Station near Evergreen Centre and now brings Cake City’s total operating outlets to nine, and is the first store to be opened in 2023. The company has branches …