Browsing: Tanzania

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Zanzibar open door policy to tourism investment

Investing

The Zanzibar government has issued express interest to rent out the more than 50 islets surrounding the main archipelago to investors in the marine tourism sectors as well as the catering and hospitality sectors to invest in eco-friendly investment on the islets without compromising on the safety of the ecosystem.

What is envisioned is an investment that will bring foreign exchange to the island yet maintain the pristineness of the environment.

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Destination Nowhere: Pandemic crunch claims millions of tourism jobs 

Industry and Trade

The Covid-19 pandemic has had a devastating toll on the global tourism sector and Tanzania along with the acclaimed tourist destination of Zanzibar are no exceptions. According to the latest EABC report on the impact of Covid-19 on selected sectors, the East African Community (EAC) tourism sector has lost a shocking two million jobs between last year and this year August.

The report looked at key sectors including the Tourism & Hospitality Industry and the results are shocking if not downright appalling and calling for some kind of drastic action to resolve the situation. So when the out of work tour guide says she has no job she is only one of 2 million people out of work from the tourism industry in the EAC.

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Islamic Banking survived pandemic-induced crash thus good for Africa

Banking

Moody’s points out that the “…good resilience of Islamic banks despite a difficult operating environment in many African countries, suggests that Sukuk issuance will continue to grow steadily and that these banks will continue to perform well.”

Places like South Africa where the First National Bank, the third-largest banking group in South Africa and the continent, associates its growth to “Islamic” deposits.  The South African Islamic bank Al Baraka enjoyed increased profits by 12.4% between January and June 2019 compared to the previous year.

NMB: Tanzania’s most profitable bank keeps growing

Business

NMB is also listed on the Dar es Salaam Stock Exchange (DSE) and has been tracking rather promising records. According to DSE daily market highlights, NMB’s closing price stood at TShs. 2,340 and the previous closing price was TShs. 2,340.

The bank’s largest shareholders are strategic partners Arise B.V with a 34.9 per cent shareholding and the government of Tanzania with a 31.8 per cent shareholding.

According to NMB, alongside its financial achievement, “the Bank has also received several awards, highlighting the growth trajectory of the institution. In 2020, NMB’s achievements led to internationally acclaimed recognition as the Safest Bank in Tanzania by Global Finance magazine, and being named Best Bank in Tanzania for 8th consecutive time by Euromoney magazine,”