By VICTOR JUMA Muscat-based Oman Trading International (OTI) is set to acquire a 40 per cent stake in Kenyan oil marketer Hass Petroleum, marking the latest deal in the retail business. Hass says transaction, whose value was not disclosed, will help the company expand in the region including by opening more service stations and participating...
October 7, 2026
Category: Market Bazaar
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Kenya to Lower Growth Forecast as Drought Cuts Food Output
by Felix Njini and Paul Richardson June Kenya will cut its growth forecast to reflect the impact of a drought that slashed agricultural output in East Africa’s biggest economy and left the country short of its staple food, Treasury Secretary Henry Rotich said. Economic growth will probably be 5.7 percent this year, compared with an...
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Chinese-Built Railroad Speeds Growth in East Africa Region
By Song Shiqing A 480-kilometer, Chinese-built railway that could reshape East Africa’s economy by linking Kenya’s port of Mombasa to its capital Nairobi has officially opened. The project to build the $3.8 billion railway, dubbed the Madaraka Express, was Kenya’s largest infrastructure initiative in more than 40 years. And the completed line is being touted as...
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DP World to invest half a billion in Somaliland port
Dubai-based port operator DP World has announced plans to spend $442m on the expansion of its port at Berbera in Somaliland. The investment – which is about the same as the annual GDP of Somaliland – follows the official opening of its Doraleh Multipurpose port in Djibouti last week. The money will be spent on...
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Dubai Chamber, KNCCI sign MoU to boost ties
Dubai: The Dubai Chamber of Commerce and Industry and the Kenya National Chamber of Commerce and Industry (KNCCI) signed on Wednesday a memorandum of understanding (MoU) that established a practical framework for enhancing economic cooperation and strengthening trade ties between Kenya and the emirate. The MoU was signed during the Kenya Business Briefing which the...
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Nairobi’s Pinnacle Towers to be Africa’s Tallest Building
By John Wanjoh Work on what will be Africa’s tallest building has kicked off after the laying of the foundation of a 70-floor mixed-use twin tower development in Nairobi’s Upper Hill area. Hass petroleum in collaboration with White Lotus project will be developing the Sh20 billion Pinnacle Towers, which will include a 45-floor Hilton hotel....
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Djibouti opens new port as part of $7 bln/year free-trade zone plan
NAIROBI, (Reuters) – Djibouti has formally opened one of four new ports designed to cement the tiny Horn of Africa nation’s position as a continental hub, a statement from the ports authority said on Wednesday. Doraleh Multipurpose Port has been substantially upgraded as part of a Chinese-backed plan to establish Africa’s largest free-trade zone that...
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Volvo trucks on big expansion in East Africa
Nairobi — Volvo AB’s trucks division is seeking to boost market share in Kenya, Uganda and Tanzania to as much as 18% from about 2%, as the East African region’s economic growth outpaces the sub-Saharan Africa average. The Swedish maker of vehicles and construction equipment agreed to partner with Kenyan car dealer NECST Motors to...
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Kenya Set to Gain From China’s Infrastructure Projects
By PSCU Beijing — Kenya expects to get significant funding from China for major infrastructure projects, which are part of the Silk Road Economic Belt and the 21st Century Maritime Silk Road initiative. The hopes of Kenya and other nations were raised when Chinese President Xi Jinping announced that his country will cobble together a...
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President Mohamed reaches out to global financial agencies
Somalia’s President Mohamed Abdullahi Mohamed has appealed to foreign banks to ease restrictions on the country’s financial institutions to help it rebuild its economy. He said financial institutions in the country are struggling to access their external counterparts due to barriers set by the international community, despite the strides the country has made in ensuring...