Platinum Insurance Brokers are this year’s grand award winners of the Resolution Insurance Brokers Awards that were held mid last month at Movenpick Hotel in Nairobi. Present during the award ceremony was Resolution Insurance Group CEO Mr. Peter Nduati, managing director Ms. Alice Mwai among other senior company officials. “As Resolution Insurance we believe in continuous growth and improvement in terms of the insurance solutions that we offer as well as in the people that we work with. That is why we, each year, reward those that have shown growth”, said Mr. Peter Nduati during the event. The ceremony brought…
Author: NBM CORRESPONDENT
Cytonn Investments, an alternative investment management firm with a focus on asset management, real estate, and private equity, has signed a Sh650 million loan facility with State Bank of Mauritius (SBM Bank Kenya) as it seeks to bring in long-term debt to complement its private markets funding, such as Cytonn High Yield Solutions (Cytonn HYS), and institutional funding such as from Taaleri of Finland. Cytonn Real Estate, the development affiliate of Cytonn Investments, will direct the loan facility towards completion of The Alma a Sh4 billion residential mixed-use development in Ruaka Town in Kiambu County. It comprises of 477 residential…
Shoprite, Africa’s largest retailer has opened its second supermarket at the Garden City mall in Nairobi. The Johannesburg bourse-listed South Africa retailer has already employed 120 workers amid plans by the firm to roll out two more outlets before the year ends. The retailer which just opened its first store in the country last year at the Westgate Mall, has further plans to open two more supermarkets at Nairobi’s Karen Waterfront Mall and Mombasa’s Nyali City according to Andrew Mweemba, Shoprite Kenya general manager. Mr Mweemba also says that the retailer has already entered into partnership agreements with 28 fresh…
Manufacturer of construction and mining equipment, Caterpillar (CAT) has unveiled a new state of art excavators christened “NEXGEN EXCAVATORS” in an aim to expand its portfolio in the building and construction industry in East Africa region. Machines sales manager for Mantrac, John Waikwa said their target market is construction companies engaged in roads, building and mining. Government, he added, is also a consumer of this type of excavator for cleaning ditches, water pans and opening up new water pans in the arid regions of Kenya. “All these sectors are looking for affordable equipment at acquisition and a strong after sales…
Travel & Tourism in Africa is booming, growing 5.6% in 2018 compared to the global average of 3.9% and the broader African economy rate of 3.2%. This places Africa as the second-fastest growing tourism region behind only Asia-Pacific. Such growth is partly explained by North Africa’s rebound from security crises as well as the development and implementation of policies that promote travel facilitation. For over 25 years, the World Travel & Tourism Council (WTTC), which represents the global private sector of Travel & Tourism, has produced the authoritative research on the economic contribution of the sector. In 2018, the research…
Kenya Airways, the country’s national carrier and Alitalia, the flag carrier of Italy, which are both partners in the SkyTeam Airline Alliance have signed a codeshare agreement to boost business travel and tourism between the two regions. The agreement will offer enhanced connections to Europe through Rome, to 16 domestic Italian destinations and 11 international destinations. The move will give tourists and businessmen more travel options through the two airlines’ hubs in Rome and Nairobi. Kenya Airways is set to inaugurate its four-weekly service between Jomo Kenyatta International Airport in Nairobi and Leonardo da Vinci International Airport in Fiumicino, Rome…
KCB Bank Kenya Limited has entered into an agreement with Attijariwafa Bank Group, Morocco’s royal family-owned lender in a move to drive cross-border trade and deepen financial inclusion. The memorandum of understanding (MoU) which was signed on the sidelines of the 6th International Forum Africa Development (FIAD 2019) held last month in Casablanca will see both banks share best practices in the banking sector in East and North Africa. According to Mohamed El Kettani, the Chairman and Chief Executive Officer of Attijariwafa, the MoU is important for the Attijariwafa Bank group. “It will help us to offer our economic operators…
RUBIKA & ADMI have signed a Memorandum of Understanding for the creation of a Createch animation and game school in Nairobi, to be financed by Agence Française de Développement (AFD). RUBIKA, ADMI and AFD share a vision to strengthen the animation and game industry in Africa by setting up a world-class facility in Nairobi, Kenya. They are collaborating to set up a Bachelors program in Game Design & Development and a short term certificate in 2D Animation to start later in the year. Based on the core philosophy shared by ADMI and RUBIKA, the project will take an ecosystem approach, supporting promising…
The case has always been that Kenya is an agricultural country. Agriculture, we have been told time and again, is the backbone of the economy. Indeed, a vast majority of the country’s land is fertile and produces enough food to sustain the population of over 40m. It is, therefore, an unanticipated reality to hear of people dying in Turkana because of hunger and many others starving in other parts of the country. What is disheartening even more and more is the fact that it happens every other year. There will be drought every year, people will die and the government…
BY MULEI MUTAVA MICHAEL Investors familiar with Wall Street lingo know the popular phrase, “Bulls make money, bears make money, pigs get slaughtered.” In effect, this phrase cautions against excessive greed and impatience in the market. Bulls make a kill when the market is on the rise while bears take their harvest when it’s on a decline. The success in both strategies is predicated on impeccable timing for jumping on and off the ship as it sets sail, the direction notwithstanding. A pig comes late to the party, stays long or misses it altogether whichever the case may be, and…