Market News Page No. 95| Africa Business News

Construction of the Kenya Marsabit Stadium is resumed

Construction of the Marsabit Stadium has begun after almost three years of stalling. According to the County Development Implementation Coordinating Committee (CDICC) which toured the site, the work of the two contractors, Arid Lands and Benisa Limited, on the first phase of the project is amazing.The former was hired by the county government to build the VIP Pavilion at a cost of USD 0.7 Million, of which USD 0.4 million had already been paid..... Read more »

Posted on : Tuesday , 27th October 2020

Dar Leads East Africa on construction projects

In terms of infrastructure investments, Tanzania is leading the East African bloc in terms of value. The region, the second-largest economy in the EAC, according to the Africa Construction Trends Report 2019, reported a total project value of USD 60.3 billion last year. Tanzania's overall project share is 41.2 percent, the highest potion in East Africa's total investment valuation as recorded by the consulting company Deloitte last.... Read more »

Posted on : Tuesday , 27th October 2020

Engie And OffGridBox Provide Green Energy, Water And Wi-Fi In Kigali (Rwanda)

Engie Africa launched a pilot project earlier this month to provide purified water, power and Wi-Fi to off-grid communities in Kigali, Rwanda. The project is being developed through a partnership between Engie Energy Access and OffGridBox, a water and solar company founded in 2016 with offices in Rwanda and the United States. The project ultimately aims to supply 18% of households in Kigali that do not currently have access to power. The project.... Read more »

Posted on : Tuesday , 27th October 2020

UK’s Aminex Company Announces Successful Completion of Ruvuma Farm- Tanzania

Upstream oil and gas company Aminex, has declared completion of the Ruvuma farm-out through its entire subsidiary, Ndovu Resources, transferring 50% interest in, and operatorship of the Ruvuma PSA to ARA Petroleum Tanzania Limited.Over the past 12 months, the company has borrowed $3 million from ARA Petroleum which has now been compensated to ARA by means of US$5 million cash consideration payable to the company on completion of the farm-out.The.... Read more »

Posted on : Tuesday , 27th October 2020

KENYA: $28 million is raised by Komaza to expand forest plantations

The Komaza logging company has recently concluded a Class B fundraising campaign that raised USD 28 million. The money will be used to grow forest plantations for sustainable timber harvesting. Sustainable timber harvesting in Kenya could have a promising future. Such is the vision that underlies the financial activity that Komaza has recently concluded. The logging company raised USD 28 million to extend its activities in Kenya and.... Read more »

Posted on : Monday , 26th October 2020

Mahindra Commenced vehicle assembling in Kenya

Indian automaker Mahindra & Mahindra has started assembling two of its small commercial trucks in Kenya, becoming the latest global carmaker to start operations in East Africa's richest economy.Mahindra's entry follows that of French carmaker Peugeot SA and Germany's Volkswagen AG, both of which announced resumption of local assembly in 2017 and 2016 respectively, after decades-long absences.The interest in the local new vehicle market by.... Read more »

Posted on : Monday , 26th October 2020

Proton Dispatched Its First Batch of Proton Saga to Kenya

PROTON Holdings Bhd steps into Kenyan market by sending the first batch of cars to the republic.The cars, totalling 30 units of Proton Saga, were shipped as completely knocked down (CKD) kits and will be assembled by Simba Corp, a diversified conglomerate with a long history of sales and assembly experience in the automotive industry.Proton deputy CEO Datuk Radzaif Mohamed said “While strengthening Proton’s domestic position is critical to.... Read more »

Posted on : Monday , 26th October 2020

South Sudanese Oil Firm Introduces $10m Investments in Kenya

South Sudanese oil marketing giant Trinity Energy Ltd is set to inject $10 million worth of new investments in its Kenyan operations and also plans to build a $500 million crude oil refinery in South Sudan to aid the region with refined petroleum products.The firm, which controls close to 40% of the South Sudanese oil market, is studying 40,000 barrels per day (bpd) modular refinery at Paloch in the oil-rich Upper Nile State, with the potential.... Read more »

Posted on : Friday , 23rd October 2020

Tanzania talks with LNG energy investors to start soon - TPDC

Dr James Mataragio, Tanzania Petroleum Development Corporation's Managing Director, said in Dar es Salaam earlier that the host government agreement talks with the consortium of IOCs led by Royal Dutch Shell and Equinor will pave way for a final investment decision."We are making progress because we have just finished land acquisition after compensating all affected people in Lindi Region," Dr Mataragio noting that progress has been made with.... Read more »

Posted on : Tuesday , 20th October 2020

Construction of Koysha hydropower dam in Ethiopia 39% complete

The construction of 2,160MW Koysha hydropower dam in Ethiopia is 39 per cent complete. The dam is the fourth hydropower project under construction on Omo River.Dr Seleshi Bekele, Minister of Water, Irrigation and Energy, stated that the construction works at the dam are progressing well. "This project shows how our country Ethiopia is utilizing its water resources for a sustainable development and to improve the livelihoods of its citizens," he.... Read more »

Posted on : Tuesday , 20th October 2020

Lighting Africa an Expansion to Ethiopia and Tanzania

The large number of households in Sub-Saharan Africa relies on costly, inefficient and hazardous fossil-fuel based lighting, and buying the kerosene for lamps can consume up to 30% of total family incomes. Lighting Africa (LA) is a joint IFC/World Bank programme to accelerate the market for affordable and modern off-grid lighting solutions in the region. LA is mobilizing the private sector to provide 500,000 high quality lanterns by the.... Read more »

Posted on : Monday , 19th October 2020

China-Africa cooperation continues to flourish as FOCAC marks 20th anniversary

At the turn of the 21st century, China and Africa established what would become one of the world's most vibrant and successful multilateral platforms for international cooperation - the Forum on China-Africa Cooperation (FOCAC). As the forum marks its 20th anniversary this year, it has triumphed over naysayers' pessimism over China-Africa cooperation and carried forward the spirit of jointly building a China-Africa community with a shared.... Read more »

Posted on : Thursday , 15th October 2020