Undersecretary of the Ministry of Commerce and Industry H E Sultan bin Rashid Al Chapter met with Deputy Minister of Trade and Industrialization of the Republic of Kenya H E Lawrence Karanja during the latter’s current visit to Qatar. During the meeting, the officials touched on the bilateral relations between the 2 countries in the commercial, industrial and investment fields, as well as ways to enhance and develop them. Moreover, the.... Read more »

Posted on : Friday , 18th February 2022

Africa's Free Trade Area (AfCFTA) is expected to be a boon for the creative sector and generate jobs for the youth. On 1 January 2021, trading under the African Continental Free Trade Area (AfCFTA) kicked off. The trade pact, which seeks to create a single market for goods and services and promote cross-border movement of capital and people, should boost intra-African trade, currently at only 18 per cent and regional integration. It is.... Read more »

Posted on : Friday , 18th February 2022

On 28th December 2021, the President of Tanzania Samia Suluhu Hassan witnessed the signing of the agreement for the construction of the 3rd phase of the Standard Gauge Railway (SGR) connecting Makutupora to Tabora. The agreement was signed between the Tanzania Railways Corporation (TRC) and Yapi Merkezi of Turkey at a ceremony held at the State House in Dar es Salaam. The construction of the section includes 294 km of main rail and 74.... Read more »

Posted on : Tuesday , 18th January 2022

The Bank of Tanzania (BOT) Monthly Economic Review-December 2021 indicates that in the year ending November 2021 exports of goods and services amounted to US$ 9,789.9 million, higher than US$ 8,614.6 million in the corresponding period in 2020. The growth was driven by a rise in exports of non-traditional goods, travel receipts and transportation.   Tanzania Exports of Goods Year Ending November 2021 Exports of goods.... Read more »

Posted on : Tuesday , 18th January 2022

The economic recovery is gaining momentum as Tanzania has recorded an increase in exports of goods and services, as well as the provision of loans to finance economic activities by the private sector.  According to the Bank of Tanzania's monthly economic review, exports of goods and services amounted to $9.56 billion in the year to October 31, 2021, higher than the $8.63 billion in the corresponding period in 2020. This was driven.... Read more »

Posted on : Wednesday , 12th January 2022

Tanzanian President Samia Hassan inaugurated the 1st phase of Egypt's Elsewedy Industrial Complex in Tanzania, which includes investments totalling $35 million, Elsewedy Electric said in a statement on 6th Dec 2021. The president, accompanied with Egyptian and Tanzanian key officials, also laid the foundation stone of the Egyptian Industrial City (EIC) in the Kigamboni district of Dar Es Salaam. Built on 120,100 square metres, the.... Read more »

Posted on : Wednesday , 12th January 2022

Tetra Tech, a consulting and engineering service company, has been awarded by the U.S. Agency for International Development (USAID) a 5 year, US$ 25 million contract to support the Government of Tanzania in expanding and sustaining the delivery and management of water, sanitation, and hygiene (WASH) services in urban and rural settings. Through the USAID Tanzania Water and Sanitation Activity, Tetra Tech will provide engineering and.... Read more »

Posted on : Friday , 19th November 2021

The African Development Bank (AfDB) has recently released its East Africa Economic Outlook 2021 report, estimating that Tanzania’s GDP will grow by 2.8 per cent in year 2021, and projecting a strong rebound for year 2022 and 2023 with 4.9 per cent and 6.3 per cent economic growth respectively. The report reviews the economic performance of the 13 countries under the AfDB’s East Africa Regional Development and Business Delivery Office:.... Read more »

Posted on : Friday , 19th November 2021

Kenya and Barbados have signed 3 key bilateral agreements for cooperation in aviation, environmental conservation, trade and investment. President Uhuru Kenyatta and Prime Minister Mia Amor Mottley witnessed the signing of an air services agreement, a MoU on the development of the national botanical garden of Barbados, and another one on the establishment of a Joint Committee on Trade and Investment in Bridgetown, Barbados. President.... Read more »

Posted on : Friday , 22nd October 2021

Under the 3-year agreement, Swift Lab Limited, a Kenyan cargo drone company will manufacture and operate drones that can travel up to 70km and carry a payload of up to 4kg. “We want to invest in the production of drones, it is not only our obligation as government to invest in Kenyan technology, but we are also keen on clawing back our market position as the courier and logistics services provider of choice,” said Dan Kagwe, the CEO and.... Read more »

Posted on : Friday , 22nd October 2021

Britam Holdings Plc recorded a net profit of KSh 376.3 Million at the close of the 6 months ended on 30th June 2021 compared to a loss of KSh 1.6 Billion in the 1st half of last year. The Group also posted a pre-tax profit of KSh 647 Million at the end of 30th June 2021 compared to a pre-tax loss of KSh 2.3 Billion in H1, 2020. The Group's investment income was up 35 per cent to KSh 4.9 Million due to improved performance of equities.... Read more »

Posted on : Wednesday , 29th September 2021

NCBA has reported a 77 per cent increase in its half year net profit to KSh4.7 billion compared to KSh2.6 billion posted in the same period in 2020, due to increased lending activity. The bank's total interest income, which is the primary source of revenue, climbed by 9 per cent to KSh22.5 billion at the end of the half-year period from KSh20.7 billion in the same period last year. Total non-interest income grew to KSh10.7 billion in the.... Read more »

Posted on : Wednesday , 29th September 2021