Browsing: Middle East

• Growth attributed to increase in Foreign Direct Investment (FDI), which increased by 11.6 per cent from $8.2 billion at the end of 2020, to $9.2 billion.
• The stock of Other Investment (OI) liabilities increased from $4.9 billion in 2020 to $6.2 billion in 2022. Similarly, Portfolio Investment (PI) rose from $253.4 million to $266.4 million in 2022.
• The OI liabilities accounted for 39.2 per cent of total foreign liabilities in 2022, and were mainly in the form of loans, and currency and deposits.

Kenya’s foreign liabilities

Europe and Africa account for the biggest share of Kenya’s foreign liabilities mainly Foreign Direct Investments (FDIs), an official government report shows, as the country continues to retain its East Africa’s economic power status.

This comes on the back of an increase in the stock of Kenya’s foreign liabilities, which went up by 17.9 per cent from $13.4 billion at the end …

• Remittance inflows amounted to $385.9 million in February, compared to $309.2 million in February 2023, an increase of 24.8 per cent.
• The cumulative inflows for the 12 months to February 2024 totaled $4.33 billion compared to $4.03 billion in a similar period in 2023, an increase of 7.5 per cent.
• The US remained the largest source of remittances to Kenya, accounting for 54 per cent in February 2024.

Remittances to Kenya continued on a growth trajectory in February, latest Central Bank of Kenya (CBK) data shows, as easing inflation in the United States saw the country maintain its position as the leading source of inflows.

This comes amid a positive projection for the year where World Bank has forecast a 2.5 per cent increase on inflows to Sub-Saharan Africa, with Nigeria, Ghana and Kenya as leading recipients in the continent.

Remittance inflows in Kenya amounted to $385.9 million in February, …

• Ransomware Attacks and backdoors are the leading threats Kenyans contend with
• According to the CAK, Kenya experienced 860 million cyberattacks in 2022–2023.
• Check Point Research has also identified ransomware Attacks among the first rising in Africa.

Kenya was the second most attacked country by cybercriminals in the Middle East, Turkey, and Africa region (META), according to new data released by cybersecurity solutions provider Kaspersky.

Only Turkey recorded the highest number of attacks among the 12 countries in the META region. The region comprises Bahrain, Egypt, Kenya, Kuwait, Nigeria, Qatar, South Africa, Saudi Arabia, Turkey, UAE, Oman, and Pakistan.keyvone lee jersey yeezy boost 350 v2 hyperspace sac eastpak custom youth hockey jerseys jock strap custom sublimated hockey jerseys jock strap johnny manziel jersey nike air jordan 1 elevate low brock purdy jersey brock bowers jersey college football jerseys air max 270 women custom youth hockey jerseys custom dallas stars …

A total of six banks from the Middle East and Asia have raised a combined $625 million in syndicated loan to finance Africa’s infrastructure under the African Finance Corporation (AFC). 

Through the AFC, Gulf Bank, National Bank of Ras Al-Khaimah, China CITIC Bank Corporation, Qatar National Bank, Doha Bank and Industrial Bank of Korea Limited joined the syndicate as first-time lenders throwing their weight behind the leading infrastructure solutions financier in Africa. …

• The Middle-East market is showing great potential as the period from January to March 2023 witnessed a 20 percent jump in arrivals. 
• Building on this positive trajectory, Kenya aims to expand the Middle-East market by 30 percent by June 2024. 
• Authorities are leveraging partnership with Kenya Airways, travel agents, and private sector players.

Tourist numbers from the Middle East are registering an impressive pattern in Kenya, pointing to a key emerging source of holidaymakers, a trajectory that could drive arrival numbers, shoring up the country’s forex earnings.

To drive international arrival numbers, the Kenya Tourism Board (KTB) is strategically positioning itself. The latest developments indicate KTB is harnessing recently-launched Mombasa and Dubai direct flights to woo tourists. With wide offerings for Mombasa-bound holidaymakers, Kenya could tap Middle-East market and boost inbound tourism.

Rising tourist numbers from the Middle East

The Middle East market is showing an immense potential on boosting …

Pyypl uses advanced Artificial Intelligence (AI) and Machine Learning (ML) for regulatory compliance, Anti Money Laundering (AML), and Counter-Terrorism Financing (CTF).

The platform also conducts real-time Politically Exposed Persons (PEP) and sanctions (both country and individual) screening against the latest and historical UNSC, USDT, FATF, OFAC, and EUCFSF records, as well as all local databases.

Fintech startups in Africa have continued to gain a lot of attention from investors who have been pouring billions of dollars to support the industry. …

The Middle East and Comesa have become the leading export markets for Ugandan goods, according to the Bank of Uganda(BoU) report for the year ended December 2019.

The two markets and others in East Africa, Europe and America saw a 10.1 increase in Uganda’s exports for the period under review.

During the period, the Comesa, Middle East and (Common Market for East and Southern Africa) each fetched earnings of $1.2 billion.

According to some experts, the increasing exports to the Middle East is mainly due to the growing gold exports, specifically to the United Arab Emirates.

Also Read: Uganda growth could lower and oil investment delays are part of it, IMF says

The report also added that the Middle East also received a good share of Uganda’s fruits, coffee and vegetable exports in the same period under review.

The report further indicates that Uganda’s exports receipts from Comesa mainly came …

The Saudi Fund for Development (SFD) has agreed to invest in Kenya’s Big Four projects, a boost to President Uhuru Kenyatta’s ambitious plan.

Investment by the fund will go a long way in helping realization of the Big 4 which incorporates revamping manufacturing sector, providing affordable housing, universal health care and food security for Kenyans.

READ ALSO:World Bank affirms support for Kenya’s Big 4 

The SFD has undertaken to rally similar organisations in the Middle East to invest in Kenya’s economy.

The announcement was made in a meeting between Treasury Cabinet Secretary Ukur Yattani and the Vice President and Managing Director of SFD, Dr Khalid Bin Sulaiman Alkhudairy.

Mr Alkhudairy said the Saudi Fund was keen in investing in Kenya’s affordable housing projects besides power, roads and education where it has already invested.

READ ALSO:Dubai owned bank expands network in Kenya

Alkhudairy said he appreciates that Kenya has …

The serene rural Tanzanian landscape has wowed more than 1000 tourists from Israel who have just concluded their week-long tour of the country, leaving them planning for more future visits to explore the beauty of the country further.

The visitors from the Middle East have also expressed their admiration of the friendly attitude shown by the Tanzanians who they said were easy to make acquaintance with, noting that Israel stands a good chance of investing in cultural tourism.

The tour guide and leader of the group, Hagit Geffen stated they were surprised by the Tanzanians way of life as most of them seem to live in rural areas far away from towns and cities, and still the government manages to reach out to all these places, providing electricity, water and other essential services.

One of the tourists in the group observed that while back home in Israel people live in …