Market News Page No. 344| Africa Business News

UAE home to 36% of furniture factories in GCC, and controls significant imports in timber sector

Dubai WoodShow scheduled for April 2016 will see major expansion Dubai, UAE, January 2016: Organisers of the Dubai WoodShow, the largest exhibition in the Middle East for timber, machineries and tools, have revealed that the UAE is home to nearly 36% of the furniture factories of the GCC, reflecting the growth in the domestic furniture sector and increase in demand for imported timber from global and regional markets. Dawood Al Shezawi,.... Read more »

Posted on : Tuesday , 12th January 2016

China-Africa Industrial Capacity Cooperation Fund Starts Operation

A China-Africa industrial capacity cooperation fund, designed to aid Africa's development, is now active, China's central bank said Thursday. The fund, with an initial capital of 10 billion U.S. dollars, will mainly invest in sectors like manufacturing, hi-tech, agriculture, energy, infrastructure construction and finance in African countries, the People's Bank of China said in a statement on its website. The statement said.... Read more »

Posted on : Tuesday , 12th January 2016

More oil refineries in Africa to be constructed

More oil refineries in Africa to be constructed as part of the government efforts to ensure that the country refines substantial volume of its fuel demands, Dr. Ibe Kachikwu, the State Minister for Petroleum Resources has announced. The minister was speaking during an interactive session with the members of the National Assembly in Abuja. Where he further said that his ministry will work closely with the National Assembly to.... Read more »

Posted on : Tuesday , 12th January 2016

UK investors concentrate on Africa for high-level trade and investment

The government of Cameroon hosted a distinguished group of business leaders in Yaoundé for a high-level investment mission from 8-10 December 2015 PhilmonYang cameroonPhilémon Yang, Prime Minister of Cameroon. (Image source: DMA) The mission is being organised by DMA and provide a unique opportunity for investors and business leaders to deepen relationships in Cameroon. It will also allow them to secure new investments and.... Read more »

Posted on : Monday , 11th January 2016

Plans to implement nuclear build programme in Africa look promising

The department of energy has issued clarification to reports that the government and cabinet have made final the verdict to implement the nuclear build programme in South Africa. In a statement, the department said the move to go ahead developing the nuclear new build programme was initiated by the cabinet in June 2015 prompting South Africa to proceed with developing a programme for the procurement of nuclear power plants worth.... Read more »

Posted on : Monday , 11th January 2016

Construction industry in Kenya posts impressive growth

The construction industry in Kenya defied high interest rates to post impressive growth, a new report by Kenya National Bureau of Statistics (KNBS) reveals. Data released by KNBS, reveals that the sector grew by 14.1 per cent in the third quarter of 2015 compared to 8.8 per cent over a similar period in 2015. Construction loans to the sector grew by Sh22 billion (or 28 per cent) from Sh79 billion to Sh101 billion during.... Read more »

Posted on : Monday , 11th January 2016

Chinese-Built Roads Ease Travels in Kenya

Thanks to the Thika Superhighway completed by Chinese three years ago, travels have become much more comfortable. The 50 km road is Kenya's first superhighway and one of the most modern pieces of road infrastructure in East and Central Africa. The highway is seen as strategic to Kenya's economy as it connects Nairobi to the fertile central highlands. Ever since the opening of the highway, people like Muriuki.... Read more »

Posted on : Friday , 8th January 2016

Kenya looks to China for further infrastructure and financial development in 2016

As 2015 ends, Kenyans have a basketful of expectations in the coming year from the Chinese, who have touched their lives in different sectors. From infrastructure to technology, Kenyans expect the Chinese to continue investing in the country, and even do more projects than they did in 2015. Bernard Mositet, a government worker, noted Tuesday that the construction of the standard gauge railway by the Chinese brought hope.... Read more »

Posted on : Friday , 8th January 2016

Rosatom to officially begin constructing nuclear power plant in Africa

Russia’s national nuclear corporation Rosatom will commence the construction of first nuclear power plant in Egypt after signing an agreement. In the contract signed, the construction of the power plant in Egypt will begin early 2016. According to the press release given by the company the construction of the nuclear power plant will commence in the first quarter of 2016. “The plan will be actualized after the contract.... Read more »

Posted on : Friday , 8th January 2016

East Africa: Strengthening Banks to Enhance Trade, Investment

The introduction of banks in Ethiopia goes back hundred years. All along the road the so introduced banks have carried out a range of business transactions, contributing a lot to the country's socio-economic development. Strengthening these institutions is not only promoting trade and investment but it is also igniting both local and international business interactions. Apart form providing loans and deposit services, banks play a.... Read more »

Posted on : Thursday , 7th January 2016

Construction sector in East Africa to modernize

Ethiopia is seeking to modernize its construction sector by adopting technology. The country’s Ministry of Construction says it has embarked on a preparation plan to modernize Construction sector in Ethiopia in the GTP II period. The planning stage involves heads of regional bureaus and construction stakeholders. Minister of Construction Ambachew Mekonnen at the consultation said the plan is prepared to tackle the hurdles.... Read more »

Posted on : Thursday , 7th January 2016

US to fund the construction of an oil pipeline in Kenya

The Kenyan oil industry is set to receive a financial boost of US$1.3bn from the American Government as they have expressed interest in funding the construction of an oil pipeline in Kenya that will link the northern oil fields to Lamu. The US$ 2.3bn development is a positive and tremendous project as South Sudan and Ethiopia will be linked up to the Lamu port. The US Ambassador to Kenya, Mr. Robert Godec confirmed the reports and said.... Read more »

Posted on : Thursday , 7th January 2016