NAIROBI (Reuters) – Africa’s richest man, Nigerian Aliko Dangote, plans to invest $400 million in a cement plant in Kenya, the east African nation’s president’s office said.
Dangote owns various businesses under the umbrella company of Dangote Group, among them, Dangote Cement (DANGCEM.LG: Quote, Profile, Research, Stock Buzz), which said in May it was investing $5 billion to build cement plants on the African continent.
NAIROBI, Sept 3 (Reuters) – Kenya’s central bank held its
key lending rate at 8.50 percent on Tuesday, in
line with market expectation, saying inflation was within an
acceptable margin of its medium target.
A Reuters poll ahead of the decision had forecast Kenyan
policymakers would leave the bank’s benchmark rate unchanged
until at least the end of the year to help counter inflationary
pressures and a bearish currency.
NAIROBI, Aug 29 (Reuters) – Kenya Commercial Bank (KCB)
said it would focus on increasing the contribution of
existing East African regional subsidiaries this year to reach
15 percent of pretax profits before it expands into other
Kenya’s largest bank, measured by assets, also operates in
Tanzania, Rwanda, Uganda, South Sudan and Burundi.
NAIROBI, Aug 19 (Reuters) – Seychelles and Mauritius plan to
jointly explore for petroleum in an area in the Indian Ocean
that they both own.
East Africa has become a focal point for exploration after
oil discoveries in Uganda and Kenya and natural gas deposits in
Tanzania and Mozambique.
NAIROBI, Aug 15 (Reuters) – Kenya expects a temporary
passenger terminal to be ready at Nairobi airport in eight weeks
after fire gutted the arrivals building and will accelerate work
on a new terminal already under construction, officials said on
Passengers using makeshift marquees still face long delays
and cancellations after the blaze at Africa’s fourth-busiest
airport last week.
NAIROBI, June 19 (Reuters) – Uganda is aiming for commercial
output of oil by 2016 at the earliest, as the landlocked east
African nation seeks cheaper energy and funds for infrastructure
Explorers struck oil in east Africa’s third largest economy
in 2006 and Uganda estimates its crude reserves at 3.5 billion
barrels, but wrangling over taxes and the viability of a local
refinery have stalled production.
NAIROBI (Reuters) – An intensive drilling campaign with partners this year should bring Africa Oil Corp (AOI.V: Quote, Profile, Research, Stock Buzz) much closer to confirming that Kenya has commercial quantities of oil, it said on Monday.
Chief Executive Keith Hill, whose Canadian-listed firm has interests in its 12 blocks covering 250,000 sq km in the region, told Reuters about $468 million would be spent in 2013 to drill at least 10 wells in Kenya and other locations in east Africa.
DAR ES SALAAM (Reuters) – China’s new president told Africans on Monday he wanted a relationship of equals that would help the continent develop, responding to concerns that Beijing is only interested in shipping out its raw materials.
On the first stop on an African tour that will include a BRICS summit of major emerging economies, Xi Jinping told Tanzanian President Jakaya Kikwete that China’s involvement in Africa would help the continent grow richer.
DAR ES SALAAM, March 25 (Reuters) – China’s trade ties with
Africa will be under the spotlight on Monday when President Xi
Jinping outlines his country’s relationship with the continent,
which Beijing is increasingly turning to for both its resources
and as a market place.
Xi’s tour of Africa on his first overseas trip is seen as a
reflection of the strategic importance of Africa’s oil and
mineral resources to the world’s second biggest economy.
DAR ES SALAAM, March 24 (Reuters) – African dancers and a
21-gun salute welcomed Chinese President Xi Jinping in Dar es
Salaam on Sunday at the start of an African tour that underlines
the continent’s strategic importance for China both for its
resources and as a marketplace.
Visiting, Tanzania, South Africa and Republic of Congo on
his first trip abroad as president, Xi will aim to build on
expanding economic relations that many Africans see as a healthy
counterbalance to the influence of the West.