Old Mutual PLC Friday said it is buying a 23.3% stake in Kenya-based UAP Holdings Ltd, an East and Central African financial services company, for KES8.88 billion, or about USD97.6 million, part of its strategy to expand in Africa. The acquisition comes as the FTSE 100 investment, savings, insurance and banking group looks to grow customer numbers in Africa, excluding South Africa, to 10 million by the end of the decade. In a statement,.... Read more »

Posted on : Wednesday , 21st January 2015

 Kenya Commercial Bank is still the biggest bank in the region, with Tier 1 capital of $567m, up from $479m last year, followed by another six Kenyan banks. The country has one of the most developed banking sectors in Africa but it is also one of the most competitive, with a very developed mobile banking sector as well as traditional, banks with a physical presence. Diamond Trust chairman Abdul Samji said: “The biggest challenge now.... Read more »

Posted on : Monday , 19th January 2015

 MSCSA is a leading supplier of value-added steel products and arguably one of the country’s largest privately owned businesses, which has been in operation since 1904 and supplies the full range of carbon steel, special steel, stainless steel, aluminium products and value-added steel processes to more than 10 000 customers in various industry sectors across sub-Saharan Africa.   The proposed transaction comes more than a year.... Read more »

Posted on : Monday , 19th January 2015

International businesses are still not very aware of Africa’s investment opportunities. Information costs are high: Africa is fragmented into many different countries, and even in aggregate the continent is a fairly small economy. For several decades, investor ignorance did not matter: with few exceptions Africa’s economies were too badly run for there to be many opportunities for firms of integrity. But there has been a sea.... Read more »

Posted on : Saturday , 17th January 2015

 DARES SALAAM: A bilateral project supported by Finland in Tanzania is diversifying to hardware development business starting this year. The project implemented through Tanzania Science and Technology ( Tanzict) is taking giant leap into ambitious three - dimensional ( 3D) printer development at its innovation hub based in Dar es salaam. Confirming the new developments, co-manager at Tanzict, Brian Paul says the venture into hardware will.... Read more »

Posted on : Saturday , 17th January 2015

 In the wake of the global economic crisis, Kenya’s exports grew rapidly, rising from KSh344.9bn ($3.9bn) in 2009 to KSh409.8bn ($4.6bn) in 2010, a jump of 18.8%, according to the Kenya National Bureau of Statistics. Even amidst the slowdown in eurozone demand, overseas sales continued to increase over the following year, climbing 24.7% to hit KSh511bn ($5.8bn) in 2011. The pace of expansion has slowed since then and, in 2012, exports.... Read more »

Posted on : Friday , 16th January 2015

 Kenya’s government is currently considering the final iteration of a bill that would establish three special economic zones (SEZs) within the country. The SEZs will allow lower levels of taxation and fewer regulatory hurdles, and will focus primarily on industrial activity, in particular textile production. The SEZ bill is part of a broader initiative to boost the manufacturing sector, diversify the country’s exports and.... Read more »

Posted on : Friday , 16th January 2015

 UK Export Finance (UKEF), the UK's export credit agency, has announced that it is making enhanced cover available to UK exporters competing for business in Rwanda. Enhancing the cover available means that, for the first time, UKEF will be able to provide guarantees for repayments to banks financing UK capital goods and services, as well as projects involving UK exporters. UKEF is also able to provide insurance to UK exporters against the.... Read more »

Posted on : Thursday , 15th January 2015

 Oromia is conducting a study which could lead to the establishment of an autonomous body that will be fully in charge of industrial development in the region, instead of the Industry & Urban Development Bureau as is the case now. This follows from Addis Abeba, which set up the Industry Development Bureau in November 2014, taking it out of Trade and Industry Bureau. This bureau, currently recruiting staff, could open its doors in less.... Read more »

Posted on : Thursday , 15th January 2015

 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.... Read more »

Posted on : Wednesday , 14th January 2015

 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.... Read more »

Posted on : Wednesday , 14th January 2015

 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.... Read more »

Posted on : Wednesday , 14th January 2015