Market News Page No. 127| Africa Business News

Tanzanian Government to Invest Heavily in Palm Oil Farming

The Prime Minister of Tanzania, Mr. Kassim Majaliwa recently stated that the government has allocated 4.3 million U.S dollars to boost the cultivation of palm oil as a part of its strategy to develop the crop so that its farmers are on the same level as growers of other cash crops. Majaliwa made this statement while speaking in western Tanzania's region of Kigoma soon after inspecting an oil palm farm of the National Service Department (JKT).... Read more »

Posted on : Tuesday , 19th February 2019

Construction of Kenya-Tanzania Power Interconnection Project Gears Up to Connect Southern Africa Power Pool

The Kenya-Tanzania Power Interconnection Project has been divided into several lots, with contractors on the Tanzanian side executing to set up a 510km 400kv transmission line and following substations in order to meet the 2020 completion deadline. The project is being achieved by the Tanzania Electric Supply Company (Tanesco) through a $258.82 million loan from the African Development Bank and the Japanese International Co-operation.... Read more »

Posted on : Tuesday , 19th February 2019

E-parking launched in Mombasa to boost revenues

Mombasa government brings out a major milestone as the county launches electronic vehicle parking (e-parking) to raise revenue collection. This is the commencement of a journey that will watch the Governor Hassan Joho-led administration digitise services in all its 10 departments.The automation of parking fees collection will promote efficiency and stanch revenue leaks, said Finance executive Mariam Mbaruk. Adding on to it she said,.... Read more »

Posted on : Tuesday , 19th February 2019

Oman Oil Marketing Company to expand its operations in Saudi Arabia and Tanzania

In 2018, OOMCO came up with its first mega station in Dammam, Saudi Arabia. The 40,000 square meter facility includes cafes, rest areas and five-star automated car washes. Oman Oil Marketing Company (OOMCO) has declared a plan to extend its operations in Saudi Arabia and Tanzania. The company plans to have four fully operational service stations in Saudi Arabia this year, its second site in the kingdom is scheduled to open by April and two.... Read more »

Posted on : Monday , 18th February 2019

Irish oil & gas explorer Aminex to boost up its work in Tanzania

Irish oil & gas explorer Aminex has raised £1.85m (€2m) in share capital to boost up its work in Tanzania. The company provided 127,226,781 ordinary new shares at a placing price of Stg 1.45p per share. Funds raised by the group will be used to speed up development over its Kiliwani development in Tanzania, as it takes advantage of debilitated market conditions in the service industry there. The net proceeds of the.... Read more »

Posted on : Friday , 15th February 2019

British Renewable Energy Firm BBOXX Raises Sh3.2bn To Enable Expansion in Kenya, Rwanda and Congo

British solar panel manufacturer gives a boost of £24.1m to expand into Kenya, Rwanda and the Democratic Republic of Congo.The British solar panel manufacturer has already expanded more than 150,000 solar systems, allowing nearly 1m people in 35 countries and made over £20m in sales in 2017. For people earlier off grid, it offers pay-as-you-go solar power that is cheaper and cleaner than kerosene. The deal between BBOXX, is.... Read more »

Posted on : Wednesday , 13th February 2019

Construction of Major 19 Solar-Powered Water Kiosks in Kenya by German Solar Company

A German solar company, Boreal Light GmbH, is in the process to build 19 water desalination and purification plants this year across Kenyan towns contending with water challenges.The firm, which has earlier installed such plants on Pate Island in the seaside town of Lamu and Kitengela, on the outskirts of Nairobi, is now gazing at other regions with its WaterKiosks powered by solar panels. The company co-founder and CEO, Hamed Beheshti, said.... Read more »

Posted on : Tuesday , 12th February 2019

African footwear industry likely to rise to $ 1 billion

The story behind Africa’s fashion crosses the complex designs of the continent’s culture, heritage, and her dress. The next big thing is to provide a solution to the potential of Africa to drive the future of Africa and slow economic growth due to rising youth unemployment and increased value of commodities. Sub-Saharan African clothing and footwear market is worth $ 31 billion US dollars. Growing creative ambition in.... Read more »

Posted on : Saturday , 9th February 2019

Spanish brand " Mango " to enter Kenyan market

Mango, a Spanish clothing chain, has opened a store in Kenya, joining international brands such as Lacoste, Cocolili, Pierre Cardin, Foschini, LC Waikiki, and others that have already pitched tent in mostly Karen, Westgate and Runda malls. The Nairobi store, which will be the largest in sub-Saharan Africa, will mainly stock urban contemporary designs. Christopher Joseph, one of the directors of Mango fashion brand said.... Read more »

Posted on : Saturday , 9th February 2019

East Africa - Leaders in Africa's Agricultural transformation

In implementing Africa's agricultural transformation policies, East African countries are leading. South Africa is second, according to a report on the Malabo declaration. The declaration is a set of agricultural objectives to be achieved by 2025 by the Heads of State at the African Union Summit in Malabo, Equatorial Guinea in June 2014. The Scorecard for African Agricultural Transformation tracks progress in government.... Read more »

Posted on : Saturday , 9th February 2019

EAST AFRICA: BEST INVESTMENT DESTINATION IN 2019

Report from Rand Merchant Bank (RMB) has forecasted that Kenya, Rwanda, Ethiopia and Tanzania will be among Africa’s most attractive investment destinations in 2019. East Africa being a performing region in last few years has recorded more than an average growth in the number of Foreign Direct Investment (FDI). Justifying to the report, Ethiopia being Africa’s fastest-growing economy, has successfully emerged to.... Read more »

Posted on : Friday , 8th February 2019

East Africa - The most attractive investment spot in the region

According to Africa’s Rand Merchant Bank (RMB), Investment Attractiveness index forecast Kenya, Rwanda and Tanzania will be among Africa’s most attractive investment spot in 2019. According to the report, Ethiopia, which is Africa’s fastest-growing economy, has successfully survived to foster its comparative advantage, especially in agriculture and manufacturing, and its demand for goods and services is increasing remarkably.... Read more »

Posted on : Friday , 8th February 2019