Market News Page No. 58| Africa Business News

Kenyan Community Projects that Save Forests and Livelihoods

More than 63 percent of people in Africa, according to the Center for International Forestry Research (CIFOR), have no alternative to wood and rely on it as their major energy source. In Africa, almost 90% of the wood harvested is utilised for fuel. Because cleaner alternatives or sustainable fuels remain out of reach, the International Energy Agency's regional energy forecast cautions that wood fuel will remain vital to Africa's future as.... Read more »

Posted on : Thursday , 28th April 2022

Ethiopia aims to increase large-scale Domestic Investment in the Mining Sector

Ethiopia has attempted to increase local investor engagement in the country's private sector – through the establishment of new rules and frameworks – in order to promote the industry, strengthen the economy, and drive socioeconomic development. Various economists, including Amanyhun Reda, a trade and investment counsellor, and Yared Haile-Meskel, Managing Director of YHM Consulting, have stated that the government's involvement will.... Read more »

Posted on : Wednesday , 27th April 2022

Ethiopia's USD 5 billion Grand Renaissance Dam Project Gets an Update

Ethiopia has begun concrete construction on the Grand Ethiopian Renaissance Dam's body, notably on the western side, in preparation for the third filling, according to sources. During the previous two years, the first and second fills have totalled eight billion cubic metres of storage. Water continued to flow through one of the two drainage holes on April 14, making turbine No. 10 operational. Insufficient storage resulted in the formation.... Read more »

Posted on : Wednesday , 27th April 2022

Nissan intends to sell 400-500 automobiles in Tanzania

NISSAN Motors Tanzania expects to sell up to 500 cars in the Tanzanian market this year, as part of its commitment to assisting Tanzania's economic growth by offering flexible and all-terrain transportation requirements. According to Nissan Tanzania Sales and Marketing Manager Alfred Minja, the Covid-19pandemic had a significant impact on the automobile sector by disrupting worldwide production and sales. This year, we want to sell.... Read more »

Posted on : Tuesday , 26th April 2022

Egyptian firm to set up vehicle assembly in Kenya

Ghabbour Auto (GB Auto), Egypt's publicly traded auto dealer, intends to form a joint venture in Kenya to produce and market passenger automobiles. The declaration was made last week during a board meeting, according to a regulatory filing to the Egyptian Exchange (EGX). The corporation, which sells automobiles, buses, lorries, and motorbikes, said that its board of directors had approved participation in the foundation of a company in.... Read more »

Posted on : Monday , 25th April 2022

Global Wholesale E-commerce Platform Launches in Tanzania

UAE logistics company DP World recently announced the launch of its wholesale e-commerce platform Dubuy.com in Tanzania. The online marketplace will give Tanzanian businesses access to international markets and provide a secure and reliable supply chain through DP World’s worldwide ports and logistics network, the company explains. The new platform enables Tanzanian businesses to buy wholesale products across a variety of.... Read more »

Posted on : Monday , 25th April 2022

Tanzania, US Sign Investment Agreements Worth Sh11.7 Trillion

Tanzania and the US have on April 22, signed 7 agreements for business projects which are set to be implemented in Tanzania by investors and companies from the United States of America. The signing of the agreement was witnessed by President Samia Suluhu Hassan who is in the United States for a 2 week official trip. According to a statement issued by the directorate of presidential communications, the deals with key private sector.... Read more »

Posted on : Monday , 25th April 2022

KENYA: Solarise Connects 1.8 MW Solar System to United Aryan’s Roof

The recently commissioned plant on the roof of United Aryan’s textile factory in Kenya is equipped with 3,334 solar panels. The plant, which has a capacity of 1.8 MW, was built (EPC) by Premier Solar Solutions. The Kenyan subsidiary of Starsight Premier Energy Group carried out the project on behalf of Solarise Africa, a provider of solar energy to commercial and industrial (C&I) customers. The Sandton, South Africa-based company.... Read more »

Posted on : Friday , 22nd April 2022

Totalenergies Launches First Solarised Station in Tanzania

TotalEnergies Marketing Tanzania in March launched its new global identity in Dar es Salaam as part of its ongoing transformation plan. The company also launched its 1st solarised service station at the TotalEnergies Samora service station in the city in an effort to give users an opportunity to enjoy products and services powered by solar energy. The company introduced its TotalEnergies image in Tanzania in May 2021 in its ambitious.... Read more »

Posted on : Friday , 22nd April 2022

Sirocco Energy Reports Progress on Both Assets in Tanzania

Scirocco Energy PLC (AIM:SCIR) said partner APT has set a target date of November 2022 to spud the Chikumbi-1 well at Ruvuma in Tanzania. Seismic data collection is underway with contracts for all long lead items for the well in place, the statement added.Scirocco has a 25% non-operated interest in the Ruvuma PSA. APT has already published a revised estimate of risked prospective gas in place for the Ntorya accumulation at Ruvuma of.... Read more »

Posted on : Thursday , 21st April 2022

East Africa: Uganda, Tanzania to Become Oil Economies

Tanzania and Uganda are gearing up to become the region's oil economies with the latter signing a mega oil pipeline deal to transport Uganda's oil to its port of Dar es Salaam. The East African Community (EAC) is one of the fastest-growing economic blocs in the World. The pre-Covid-19 period saw the Economic Commission for Africa note that East Africa was actually the fastest growing economy compared to other regions on the.... Read more »

Posted on : Thursday , 21st April 2022

KENYA: Olkaria I Geothermal Power Plant Unit 6 (83 Mwe) Testing Begins

Kenya Electricity Generating Company (KenGen), the largest geothermal power producer on the African continent, has announced the completion of the Olkaria I geothermal power plant unit 6. Kenya is still ahead of the game in exploiting its geothermal potential. The East African country’s geothermal power generation capacity is increasing by 83.3 MWe. This is thanks to Unit 6 of the Olkaria I geothermal power plant, which is about to come.... Read more »

Posted on : Monday , 18th April 2022