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Tag Archives: Kenya

Kenya, Iran eye increase in import-export trade ties

NAIROBI: Kenya and Iran will look to build their trade portfolio in agro processing, textiles, leather, management and technical services and materials, oil, gas, mining and constructive materials. Speaking during a Kenyan-Iranian bilateral trade meeting in Nairobi, the Cabinet Secretary, Ministry of Industry, Trade and Cooperatives, Adan Mohamed confirmed the Iranian delegation led by the Iranian Minister of  Trade, Mining ... Read More »

Kenya, Norway seeks to close business ties to support economic growth

NAIROBI: Kenya and Norway are seeking close business ties to strengthen economic growth and create jobs in the two countries. A high-powered business delegation from Norway is in the country led by the nation’s Minister of Trade and Industry Monica Maeland to seek available business opportunities in Kenya. According to Kenya’s ministry of Foreign Affairs and International Trade, the volume ... Read More »

Kenya, Uganda to signs agreement on oil pipeline costing almost $4b

NAIROBI: Kenya and Uganda ended months of debate in August to sign an agreement on an oil pipeline costing almost $4 billion. Finding the money to build it and companies to start pumping crude may be a harder task. The 1,500-kilometer (930-mile) pipeline is key for exporting the region’s crude when production finally begins — 2018 in Uganda’s case. With ... Read More »

Uganda, Kenya set meeting to resolve dispute over sugar deal

NAIROBI: Uganda and Kenya have set a meeting on September 9-10 to resolve the dispute over the sugar deal allowing Uganda to export her sugar to Kenya.According to a statement by the Uganda Revenue Authority (URA), the meeting to be held in Kampala will be attended by the Uganda and Kenya Revenue Authorities, sugar producers across the two countries and ... Read More »

Kenya, Japan seeking direct flights to help ease travel

NAIROBI:  Kenya and Japan are seeking direct flights between Nairobi and Tokyo to help ease travel between the two capitals. The matter was among issues discussed during the Kenya -Japan Business Forum that was held in Kenya last week with a view to broaden and deepen partnership between the two countries. During the forum Kenya urged Japan to make more investments ... Read More »

Kenya, SkyPower plan to signs agreement to develop 1-gigawatt of solar power

NAIROBI: Kenya’s Energy Ministry and SkyPower Global Ltd. plan to sign an agreement Sunday that paves the way for the Toronto-based company to develop 1-gigawatt of solar power in East Africa’s biggest economy. The developments will take place over five years in a deal that SkyPower values at $2.2 billion, the company said Friday in a statement. Kenya currently gets ... Read More »

Kenya signs $350m loan for refined products pipeline, Kenya Pipeline Company

NAIROBI: Kenya will sign a $350 million loan with six commercial banks on Wednesday to help finance a refined products pipeline between Mombasa and Nairobi, the Kenya Pipeline Company (KPC) has told local newspapers. The state-run company awarded construction of the 450-km pipeline to Lebanon’s Zakhem International which started work in July 2014. The pipeline is separate from an oil ... Read More »

Kenya, Tanzania seeks potential bidders for construction of approximately 510km of 400kV power lines

NAIROBI: Kenya and Tanzania are seeking potential bidders for the construction of approximately 510km of 400kV power lines to enable power trade between the countries. Comprising construction of several substations, the Kenya-Tanzania power interconnection project aims to enhance supply, reliability and affordability of electricity through cross-border exchanges of cheap and cleaner surplus power from neighboring countries. The bidders are expected ... Read More »

Kenya, Zambia agrees to find tangible solutions to issues affecting two countries trade volumes

NAIROBI: Zambia and Kenya have agreed to find tangible solutions to issues affecting the two countries trade volumes. The trade volume for Zambia into Kenya currently stands at 50 million U.S dollars while exports from Kenya to Zambia are at 70m U.S dollars. Foreign Affairs Minister Harry Kalaba says Zambia is currently finding it hard to export its sugar to ... Read More »

Maersk eyes ports in Nigeria, Kenya

Cape Town: AP Moeller-Maersk A/S, owner of the world’s largest shipping container line, is seeking to win contracts to build and upgrade ports in Nigeria and Kenya as the Danish company expands its African operations. Maersk is awaiting a final sign-off on a contract to help build a new port in Badagry in Nigeria’s southern Lagos state, according to Lars ... Read More »

Maersk seeks to build new port in Nigeria, Kenya

CAPE TOWN: AP Moeller-Maersk A/S, owner of the world’s largest shipping container line, is seeking to win contracts to build and upgrade ports in Nigeria and Kenya as the Danish company expands its African operations. Maersk is awaiting a final sign-off on a contract to help build a new port in Badagry in Nigeria’s southern Lagos state, according to Lars ... Read More »

Kenya improves on network readiness grade by six points

NAIROBI: Kenya has improved on network readiness index climbing six points to position 86. Key countries in Africa such as Nigeria, South Africa and Egypt dropped in the same ranking. Nigeria went down seven places and now ranks 119th position while South Africa dropped five places and now ranks 75th , Egypt dropped three places and now ranks 94th. The ... Read More »

Kenya: CMA wants issuers of Real Estate Investment Trusts cushioned from tax

NAIROBI: The Capital Markets Authority is hopeful its proposal to have issuers of Real Estate Investment Trusts and Asset Backed Securities exempted from taxation will be approved in the forthcoming budget. The authority has asked the National Treasury to cushion fund managers, pension funds, insurance funds – among other trustees – from value added tax, capital gains and stamp duty ... Read More »

Kenya: Stanchart slips in profit race among top tier banks

NAIROBI: Standard Chartered Bank slipped to fifth position in profitability in March from third position in December in a tight race that saw it overtaken by Co-operative and Barclays. The publicly traded lender, owned 74 per cent by parent Standard Chartered Group of UK, reported a 27.9 per cent drop in post tax profit to Sh1.81 billion in three months ... Read More »

Kenya: KRA suspends official over Sh570m illegal ivory shipment

NAIROBI: A Kenya Revenue Authority officer who handled the Sh570 million illegal ivory shipment seized in Singapore was yesterday suspended. KRA Commissioner General John Njiraini said in a statement the directors of the exporting company that handled the cargo and the driver of a truck used to ferry the two 20-foot containers containing the wildlife trophy are being sought. “So far, ... Read More »

Kenya: KRA suspends official over Sh570m illegal ivory shipment

NAIROBI: A Kenya Revenue Authority officer who handled the Sh570 million illegal ivory shipment seized in Singapore was yesterday suspended. KRA Commissioner General John Njiraini said in a statement the directors of the exporting company that handled the cargo and the driver of a truck used to ferry the two 20-foot containers containing the wildlife trophy are being sought. “So far, ... Read More »

Kenya: Diamond Trust Bank to open branches in Madagascar and DRC

NAIROBI: Kenya’s Diamond Trust Bank (DTB) has announced interests in extending operation in Africa. Ranked Kenya’s seventh biggest bank by assets is planning to use part of proceeds from a rights issue done last year to open up new branches on the island Madagascar and the Democratic Republic of Congo (DRC), reported on Monday Kenyan newspapers, citing Abdul Samji, the ... Read More »

Kenya to sell five state-owned firms

NAIROBI: Kenya would offer five state-owned sugar companies for sale to private investors over the next year after writing off 59 billion shillings (R7.1 billion) of debt, the Privatisation Commission said recently. The government planned to sell its stakes in Nzoia Sugar, South Nyanza Sugar, Chemelil Sugar, Muhoroni Sugar and Miwani Sugar to make the industry “more viable”, the commission ... Read More »

Kenya to sell five state-owned firms

NAIROBI: Kenya would offer five state-owned sugar companies for sale to private investors over the next year after writing off 59 billion shillings (R7.1 billion) of debt, the Privatisation Commission said recently. The government planned to sell its stakes in Nzoia Sugar, South Nyanza Sugar, Chemelil Sugar, Muhoroni Sugar and Miwani Sugar to make the industry “more viable”, the commission ... Read More »

Kenya: Diamond Trust Bank to open branches in Madagascar and DRC

NAIROBI: Kenya’s Diamond Trust Bank (DTB) has announced interests in extending operation in Africa. Ranked Kenya’s seventh biggest bank by assets is planning to use part of proceeds from a rights issue done last year to open up new branches on the island Madagascar and the Democratic Republic of Congo (DRC), reported on Monday Kenyan newspapers, citing Abdul Samji, the ... Read More »