New car sales hit record high on rising demand

 Rising demand for luxury cars and increased orders for commercial vehicles pushed new motor vehicles sales to a record high last year, reflecting wealthy Kenyans’ growing penchant for high-end goods and vibrant economic activity.   Data from the Kenya Motor Industry Association (KMI) shows that new vehicle dealers sold 17,499 units in 2014, marking a new high since the liberalisation of the local motor trade in the 1990s that allowed for import of used.... Read more »

Posted on : Thursday , 15th January 2015

East Africa:Moving towards Industrialization through trade & investment

 Today's Africa is one of the most sophisticated, diverse and promising emerging markets globally. Africa is a key investment location, both for the market opportunities that lie within its borders and as a gateway to the rest of the continent, a market of about1- billion people. East Africa is the economic powerhouse of Africa and forms part of the BRICS group of countries with Brazil, Russia, India and China. It has a favourable demographic profile and its rapidly expanding.... Read more »

Posted on : Wednesday , 14th January 2015

Africa, China strengthen trade ties

 Africa and China signed new strategic agreements after a meeting between President Jacob Zuma and his Chinese counterpart Xi Jinping in Beijing on Thursday, the Presidency said in a statement on Thursday. The agreements aim to strengthen bilateral relations, trade co-operation and create sustainable investment opportunities between the two countries. Zuma arrived in Beijing on Wednesday for a short state visit to China at Xi's invitation. One of the agreements was a five- to.... Read more »

Posted on : Wednesday , 14th January 2015

Boost investment in Africa's manufacturing Industry

 South Africa has approved guidelines for the new Medium and Heavy Commercial Vehicles-Automotive Investment Scheme (MHCV-AIS), expected to stimulate investment in the production of vehicles. The MHCV-AIS is a sub-component of the Automotive Investment Scheme, an incentive administered by the Department of Trade and Industry designed to grow and develop the automotive sector in South Africa. "The broadening of the scope of the AIS to include medium and heavy commercial.... Read more »

Posted on : Wednesday , 14th January 2015

Most developing countries will benefit from oil price slump – World Bank

 Gains from low oil prices can be substantial for developing-country importers if supported by stronger global growth, says a World Bank Group analysis of the oil price decline, contained in the latest edition of Global Economic Prospects.   The decline in oil prices reflects a confluence of factors, including several years of upward surprises in oil supply and downward surprises in demand, receding geopolitical risks in some areas of the world, a significant change in.... Read more »

Posted on : Wednesday , 14th January 2015

Kenya: Kenya Commercial Bank and housing firm Sandstone Development Company Limited have agreed a deal to bring new homes to the market.

The venture, called Impala Villas Rimpa in Ongata Rongai is part of wider plans to develop hundreds of new homes in the outskirts of the city. “By bringing together Sandstone’s development expertise with KCB’s financial might, we hope to transform the land which borders the Nairobi National Park to meet the housing needs of our people,” said Sandstone Development Company Chairman Edward Ndirangu. He said the agreement in which KCB would finance construction.... Read more »

Posted on : Wednesday , 14th January 2015

Continued growth expected for East African transmission and distribution industry

 Regional interconnections and oil discoveries are expected to drive the transmission and distribution industry’s (T&D’s) growth in East Africa, the second-fastest growing region in Africa, global growth consulting firm Frost & Sullivan said on Tuesday. The region’s power sector was currently highly underdeveloped and had the lowest electricity access rate on the continent, the firm stated while highlighting that East Africa’s electricity demand.... Read more »

Posted on : Tuesday , 13th January 2015

Africa: a development hotspot in 2015

 Content analyst at Infield Systems Limited, Catarina Podevyn, says Africa is expected to hold a 15% share of offshore capital expenditure over 2015, up 10%, led by developments offshore Angola. In West Africa, offshore Ghana and Congo will also see increasing expenditure, she adds. "Total's giant, the Egina development offshore Nigeria, is anticipated to be the single most capital intensive project offshore West Africa over 2015, acting to drive down Angola's leading,.... Read more »

Posted on : Tuesday , 13th January 2015

UK-based firm eyes Kenya oil supply

 Anglo Energy Refining Corporation, a UK-based petroleum firm, has set up base in Kenya with an eye on bulk importation of oil and possibly setting up a refinery.The UK firm’s debut makes Nairobi its African headquarters. The oil company in December received a licence to operate and import oil under the Open Tender System (OTS), the centralised oil distribution system, from the Energy ministry, and says it is ready to bid for tenders.“Our focus right now is on the.... Read more »

Posted on : Tuesday , 13th January 2015

Africa to focus on growing its economy

 President Jacob Zuma is, this month, October 2014, prioritising the economy and local government. In his State of the Nation address delivered in June 2014, Zuma said the economy would take centre stage this term and announced a target of 5% growth by 2019. He also announced that local government, the sphere of government closest to citizens, and the “engine of service delivery” would be revitalised and strongly supported. Kicking the initiatives off, on Friday 3.... Read more »

Posted on : Tuesday , 13th January 2015

Special economic zones 'to support industrialisation'

 The designation of special economic zones (SEZs) will support a broader-based industrialisation growth path in South Africa, while helping the country achieve the objectives of the National Development Plan (NDP), says Trade and Industry Minister Rob Davies. Speaking at the tabling of the Special Economic Zones Bill before the National Council of Provinces (NCOP) in Cape Town on Tuesday, Davies said the Bill aimed to support balanced regional industrial growth by fostering the.... Read more »

Posted on : Tuesday , 13th January 2015

Africa’s newest Industrial Development Zone

 The Dube TradePort in the South African port city of Durban is now officially an Industrial Development Zone (IDZ), joining three other similar economic zones spread out across the country. President Jacob Zuma on Tuesday, 7 October, handed over an IDZ operator licence to the Dube TradePort Corporation for the precinct, which has already attracted investments worth nearly R1-billion since it was opened in 2012. The Dube TradePort IDZ is the latest in the nationwide rollout of.... Read more »

Posted on : Tuesday , 13th January 2015