Market News Page No. 155| Africa Business News

Kenya is capable of driving the Safari Rally back onto the WRC, Todt

Todt was received by Kenya Motorsports Federation (KMSF) President Phineas Kimathi upon his arrival on Monday for the 2 days visit. Kenya is competent of driving the Safari Rally back onto the World Rally Championship, says International Automobile Federation (FIA) President, Jean Todt. He further added organizers in Kenya should meet all the guidelines as provided by the FIA. “I am your friend but you must deliver. I would want a good.... Read more »

Posted on : Thursday , 1st March 2018

Asella Malt Receives USD 48.8 Million Offer

A huge bid of USD 48.8 million has been accepted for the Asella Malt Factory after it was made available for purchase by the Ministry of Public Enterprises (MoPE). This move was a part of the present privatization drive ongoing in Ethiopia. The Asella Malt Factory, now joins a list of highest offer companies, following the USD 944 million offer made to acquire the National Tobacco Enterprise (NTE) by Japan Tobacco International and the USD.... Read more »

Posted on : Wednesday , 18th April 2018

Hardee's Set to Launch Third Outlet in Kenya

American fast-food heavyweights Hardee's is all set to open its third branch at the Two Rivers Mall this March. This comes soon after the launch of Hardee's second restaurant in Kenya on Westlands Road. Rohit Gambhir, General Manager of Hardee's Kenya said that the Two Rivers outlet will focus on the large number of customers that visit the shopping mall on a daily basis, while the Westlands branch will target the industries in the.... Read more »

Posted on : Wednesday , 18th April 2018

Kenya- Oserian Seeks Approval to Produce Solar Power

Exporter and flower grower Oserian Development Company has applied for variation of its two megawatts (MW) geothermal power generation license to include harnessing of solar energy. The firm, which uses geothermal steam to power business—from lighting hundreds of staff houses to heating its greenhouses at night—plans to utilize roofs for laying solar panels. It plans to submit its variation request in a.... Read more »

Posted on : Monday , 26th February 2018

Kenya- European Investment Bank To Fund Two Solar Plants

For the construction of two solar plants this year the European Investment Bank will offer a Sh7.5 billion loan, underlining the growing interest by global organizations in financing Kenyan green projects. The €60 million (Sh7.5 billion) credit line would go to Eldosol Energy and Radiant Energy, which are owned by same developers and whose solar projects are located next to each other in Eldoret. The capacity of the two solar.... Read more »

Posted on : Tuesday , 13th February 2018

Kenya- Total�s Entry into Oil and Gas

Kenya and East Africa as a whole have followed a long path in the exploration of oil and gas resources. On the back of soaring crude oil prices between 2004 and 2014, there was a rush of exploration interest in the region. As promising exploration results were announced, the Big Oil players started to move in. Statoil, Shell (also in Kenya), Petrobras and ExxonMobil are in Tanzania while ENI is established in.... Read more »

Posted on : Monday , 12th February 2018

Cheaper Gas Cylinders on Governments Agenda

The government of Kenya will soon rollout a gas cylinder programme to facilitate the affordability of the product to its citizens. Speaking at the Energy Parliamentary Committee meeting at English Point Marina in Mombasa, Energy Cabinet Secretary Charles Keter said the programme would be rolled out in May. Andrew Kamau, Petroleum Principal Secretary said the government will introduce a 6kg Liquid Petroleum Gas cylinder.... Read more »

Posted on : Monday , 12th February 2018

Tallest residential apartments in Africa - 88 Nairobi Condominium Rising

Lordship Africa a prominent real estate development company has broken ground on what is planned to be the tallest private residential building in sub-Saharan Africa. itting on a two-acre piece of land on the corner of Bishop’s Road and 4th Ngong Avenue, the landmark residential development will have 44 floors. According to the developer, the 88 Nairobi Condominium in Upper Hill area features a 44-floor, high-end, dedicated residential.... Read more »

Posted on : Friday , 9th February 2018

Tanzania paints a bright outlook for 2018

State-run National Bureau of Statistics (NBS) said that faster growth in mining, natural gas and construction activities propelled Tanzania’s economy higher in the third quarter of 2017. East Africa’s third-biggest economy grew 6.8 per cent year-on-year in the third quarter compared with 6.2 per cent in the same quarter in 2016. According to the NBS, Economic activities that have been boosted at significant rates were mining and.... Read more »

Posted on : Wednesday , 22nd August 2018

Rwanda and Tanzania agree on joint construction of the SGR from Isaka to Kigali

In a meeting of finance ministers from Rwanda and Tanzania on Monday in Dar es Salaam, Tanzania, consideration was given the finance matters regarding accomplishment of the two countries’ US $2.5bn joint 521 km Isaka-Kigali SGR (Standard Gauge Railway) project. Amb. Claver Gatete, the Rwandan Minister for Finance and Economic Planning, and his delegation including the Permanent Secretary and Secretary to the Treasury,.... Read more »

Posted on : Monday , 5th February 2018

Kenya- Drilling On Longonot Geothermal Project to Start June 2018

African Geothermal International Limited (AGIL) is said to be planning to start drilling for its Longonot geothermal project this June. The company is linked to the Chairman of Kenya’s National Bank, Mohamed Hassan, who is the co-director of AGIL. This announcement comes after a delay of about 5 years. Drilling for one well is said to cost around $5 million at a depth of around 3,500m, with a target of up to.... Read more »

Posted on : Thursday , 1st February 2018

President Kenyatta Encourages More Private Sector Investment in Power Projects

The President, Uhuru Kenyatta said Africa has a huge potential for green energy generation and transmission that the private sector should take advantage of for good returns while at the same time boosting people's access to energy. President Kenyatta was speaking in Addis Ababa during a roundtable meeting as he wrapped up his official visit to Ethiopia that saw him attend the 30thOrdinary Session of the African Union.... Read more »

Posted on : Thursday , 1st February 2018