News & Updates | Business and Economy

  • Ethiopian Airlines will start constructing a new USD 5 billion airport later in 2020, its CEO was quoted as saying on Wednesday, as the rapidly expanding carrier outgrows capacity at its base in Addis Ababa.
  • State-owned Qatar Development Bank is organising a matchmaking event bringing together Kenyan and Qatari companies in Nairobi between 30 and 31 January. The Qatar business delegation will be led by Mr Hamad Salem Mejegheer, QDB’s executive director for export development and promotion.
  • Kenya risks liquidity problems due to the falling capacity of commercial banks to continue financing the large budget deficit with the removal of the rate cap also likely raising borrowing costs for the Treasury. Moody’s said in its 2020 outlook on Africa Treasuries that the borrowing cost will go up should the government fail to reduce its fiscal deficit, with banks already demanding higher yields in new lending to government given that customer lending is once again competitive due to the rate-cap repeal.
  • Morocco and Rwandan have agreed to establish a committee that will follow up on the implementation of the 30 bilateral cooperation agreements that the two countries have so far signed, an official statement indicates.
  • Ministers from Egypt, Ethiopia and Sudan have agreed to reconvene in Washington later this month to finalise an agreement on a giant hydropower dam on the Blue Nile that sparked a diplomatic crisis between Cairo and Addis Ababa.
  • South African Airways could have to suspend some flights and delay salary payments if the Government can’t come up with a plan soon to provide the ZAR 2 billion rand (approx. USD 139 million) it promised the airline last month, a trade union official said on Wednesday.
  • Egyptian investment bank, Beltone Financial Holding, plans to sell its 60 percent stake in New York-based brokerage Auerbach Grayson & Company to help stem losses, the bank’s chief executive said on Monday.
  • The logging moratorium is fuelling cooking gas uptake, generating a demand-driven enterprise across Kenya that saw 234,400 tonnes of Liquefied Petroleum Gas (LPG) imported in the first nine months of 2019. This was 27.5 percent or 50,601 tonnes more cooking gas imported to meet Kenya’s need for affordable and clean cooking fuel solution, where the government targets an annual LPG consumption of 10kg to 15kg per person. This is as opposed to the current two kilogramme per capita.
  • Investors in the housing subsector have been tipped to invest in Rwanda’s real estate. Investment firm Cytonn said there was a huge housing deficit in the East African country where affordable housing demand in Kigali, its capital, is high