Market News Page No. 60| Africa Business News

Ethiopia's new wood and forest industry has a bright future.

Millions of people can become wealthy by investing in forests. The opportunity is obvious: Over the next 20 years, Ethiopia's need for wood and forest products is predicted to rise by 27%. More than half of the nation's population, or an estimated 57 million people, work full- or part-time in the forest industry, which now contributes 12.9% of the nation's GDP. More than 11 million rural families rely nearly entirely on wood for their.... Read more »

Posted on : Tuesday , 27th September 2022

The Singida Mine of Shanta Gold is scheduled to open in 2023.

After announcing its interim results for the first half of 2022, Shanta Gold gave an update on the Singida Gold Mine, which will start producing in Q1 2023 and become the company's second functioning mine in Tanzania. Singida will be Shanta's second working mine in Tanzania when development on it begins in late 2020. The firm will become a +100,000 oz/pa producer owing to this activity, which will also diversify its resource base. Singida.... Read more »

Posted on : Monday , 26th September 2022

Midroc Ethiopia's Next Business Venture: A 1 billion USD residential town project

The Mahmadya Residential Village Project by MIDROC Ethiopia is anticipated to be the country's largest exclusively private real estate project. The largest company in Ethiopia and a division of Midroc International, Midroc Ethiopia, is starting a new operation in the country's real estate sector. The company said last week that it has started a 50 billion birr (USD 1 billion) housing village development project in the Ethiopian capital.... Read more »

Posted on : Monday , 26th September 2022

Kenya Plans to Become Manufacturing Base For US Companies

Kenya is looking to become a manufacturing hub for American companies that are to relocate or diversify out of China, the Business Daily newspaper reported. Kenya has long sought a free trade agreement with the US. Initial discussions started in August 2018 and in July 2020, the 2 countries formally launched negotiations for a free trade agreement. Industrialisation and Trade Cabinet Secretary Betty Maina said Nairobi will be.... Read more »

Posted on : Friday , 23rd September 2022

Nairobi Ranked 5th in Africa’s Dollar Millionaires

Kenyan capital, Nairobi has been ranked 5th in terms of the number of dollar millionaires in Africa in a report by research firm New World Wealth and Henley & Partners. The latest Henley Global Citizens Report, which tracks private wealth migration trends worldwide, shows Nairobi has 5,000 high net worth individuals (HNWI) with at least dollar 1 million. The report shows South Africa’s business hub Johannesburg has 15,200 dollar.... Read more »

Posted on : Friday , 23rd September 2022

Tanzania's Dodoma Stadium, the largest stadium in Africa

Pauline Gekul, the deputy minister for culture, arts, and sports, revealed that the government was ready to begin construction of the proposed Dodoma Stadium. Gekul made the revelation while responding to a question from Innocent Kalogeris, the MP for Morogoro South, in Dodoma. The Deputy Minister stated that currently, the government is looking for funding for the projects and that soon construction will begin. According to Gekul,.... Read more »

Posted on : Wednesday , 21st September 2022

Africa Oil Sees Progress Looming in Nigeria, Kenya

Africa Oil expects a number of developments in the next month or so, including the spud of the Gazania well, an extension to its licence in Nigeria and the signing of a Kenya deal. The company’s famously bullish CEO and president Keith Hill said the Island Innovator rig was 10 days out from arriving on location in South Africa. Block 2B, the site of the Gazania well, is in a rift basin where a previous well has found oil. “It’s.... Read more »

Posted on : Tuesday , 27th September 2022

Tanzania: Tanoil, Oman OQ to Partner in Petroleum Products Retail Business

PLANS are underway for Tanzania Petroleum Development Corporation (TPDC)'s subsidiary TANOIL to partner with an Omani conglomerate in oil and gas, Oman OQ to engage in retail business of petroleum products. This was revealed during a meeting between the Minister for Energy, Mr January Makamba, and the Ambassador of Oman in Tanzania, Mr Saud Hilal Al Shidhani. The 2 leaders also discussed partnership between TPDC and Oman OQ in whole.... Read more »

Posted on : Tuesday , 20th September 2022

Voltalia and Trina Complete the Installation of the Kesses Solar Power Plant

The French company Voltalia and the Chinese company Trina Solar are completing the construction of the Kesses solar PV power plant in Kenya. The 55.6 MWp project is being developed by the Spanish energy company Alten Energías Renovables. The construction phase of the Kesses solar PV power plant is now complete. The announcement was made by the Chinese company Trina Solar, which carried out the construction (EPC) of the plant in partnership.... Read more »

Posted on : Friday , 16th September 2022

Precise to manufacture 250,000 Solar Home Systems Locally

A solar energy access programme is being launched in Ethiopia. It is an initiative of Precise Consult, a consulting firm based in the capital Addis Ababa. The programme will first be rolled out in the Amhara and Oromia regions before expanding to other parts of the country. The programme aims to provide access to electricity. To achieve this, Precise Consult plans to manufacture 250,000 solar home systems locally for rural populations. This.... Read more »

Posted on : Friday , 16th September 2022

KenGen Signs Deal with Toshiba over Geothermal Partnership

Kenya Electricity Generation Company (KenGen) has partnered with Japan’s Toshiba Energy Systems & Solutions Corporation (Toshiba ESS). The deal is to collaborate on exploring geothermal energy in several countries. The agreement signed on the sidelines of the 8th Tokyo International Conference on African Development (Ticad-8) provides for an operation and maintenance (O&M) services partnership for geothermal power plants in.... Read more »

Posted on : Wednesday , 14th September 2022

ETHIOPIA: Marriott Secures Funding For Drilling At Two Geothermal Sites

UK-based Marriott Drilling Group is securing funding to support two geothermal projects it is developing in Ethiopia. The funds are being provided by the investment company NPIF-Mercia Debt Finance. UK-based Marriott Drilling Group is securing funding for its drilling contracts in Ethiopia. The Chesterfield, England-based Company has secured the funding from NPIF-Mercia Debt Finance, an investment company managed by Mercia and part of the.... Read more »

Posted on : Wednesday , 14th September 2022