Cytonn Investments Management PLC has opened CySuites Apartment Hotel, the latest offering under its Private Equity arm. Cysuites is a serviced apartment complex with 32 two- bedroom apartments, 6 one- bedroom apartments and two penthouses that offer contemporary living and working spaces. “Our foray into serviced apartment hotels is backed by thorough market research. Demand for serviced apartments continues to grow, evidenced by occupancy rates of up to 88%, according to our latest research data,” said Edwin H. Dande, CEO Cytton. Serviced apartments, he said, command very strong rental yields of about 12%, compared to residential yields, which stand at…
Author: Nairobi Business Monthly Reporter
IFC, a member of the World Bank Group, and IFHA-II Coöperatief U.A, a private equity fund focused on health care in Sub-Saharan Africa, have launched a $115m (Sh11.7b) holding company to acquire and integrate targeted health care service businesses in East and Southern Africa. The project will boost access to quality health care services to help improve lives and achieve universal health coverage across the region. IFC is investing $22m (Sh2.25b) in the Hospital Holdings Investment (HHI) holding company, an investment platform set up by IFHA-II, which is also supported by the European development finance organizations Swedfund, Proparco, Finnfund and…
Little Cab, Kenya’s ride-hailing company, has launched its Boda Boda and Car products in Nakuru. The launch comes only three weeks after a successful launch of LittleBODA product in Mombasa.It is in line with Little’s bigger plans of expanding its operations across the country in the short term and across the continent in the long term, thereby cementing it’s vision of being the Pan African mobility company. The company already has a presence in Uganda, Tanzania, and Zambia as well.Nakuru residents will be spoilt for choice with the introduction of two products simultaneously which gives them an opportunity to choose…
China Aerospace Construction Group (CACG) is partnering up with Kenya’s Ministry of Energy to construct the 40-km 400kV Isinya-Konza power transmission line, which will not only power Konza City but Kajiado, Makueni, and Machakos counties as well. The power project, which is to be completed within 30 months, will include the construction of four 250km high voltage power transmission and distribution lines. The project will also include the expansion of eight power transformation stations and will be funded by the China Exim Bank. According to Li Naihong, China Aerospace’s deputy general manager, the project is in line with their goals.…
The Central Bank of Kenya (CBK) through its Monetary Policy Committee (MPC) has reduced the Central Bank Rate (CBR) to 8.5% from 9% for the first time in 17 months. According to the CBK, the reduction is due to the economy operating below potential. With the recent repeal of the interest rate cap, the CBK decided to lower the rate with the aim of compelling commercial banks to reduce their lending rates. The economy has been struggling as job layoffs increase as well as more businesses continue closing down due to high operating costs. In lowering the CBR rate, access…
Kenyans, Nigerians and South Africans have an overwhelmingly positive view on how their household situation would change over the next year. They consider themselves to be prosperous, even though their incomes are less than what is seen to be the average. This is according to PayU’s global survey on financial prosperity, the world’s first financial prosperity barometer. The survery investigated the concept of prosperity across multiple markets and global regions, focusing on the relationship between financial services and prosperity in high-growth markets. The report, which target Kenya, Nigeria and South Africa gathered insights from these high-growth African markets and established…
BY JULIEN FOURIOT Even though economic growth is slowing globally, technology innovation is unlocking unparalleled opportunities for countries all over the world. Nowhere is this more evident than in Africa where developing economies are in a prime position to harness the potential of the Fourth Industrial Revolution (4IR) and leapfrog other more advanced nations. Thanks to the availability of sophisticated technology solutions at affordable rates, Africa can more effectively address some of the key challenges that have proven to be both its biggest bugbear and greatest opportunity. Things like infrastructure development, better education, improved healthcare, the list goes on. All…
Cardiff’s first black lord mayor, Dan De’Ath, says he is routinely mistaken for a security guard. This kind of racial bias is common for those of us in public service, says Labour MP Dawn Butle Iwas not surprised to hear that Cardiff’s first black lord mayor, Dan De’Ath, is often mistaken at official events for a security guard or a wine waiter. I experience this all the time, both in the House of Commons and outside. My white, male office manager is sometimes mistaken for the MP Dawn Butler. He goes really red and has to say: “I’m here with Dawn,…
BY BRENDA VIOLA Music speaks to the heart and perhaps the soul. It is a universal language that successfully unites those of different cultural and social backgrounds. Growing up, my parents listened to sounds of Oliver Mtukudzi, Tina Turner, Michael Jackson, Bon Jovi, Billia Bell, Tabu Ley Rochereau, Brenda Fassie, the list was endless. With the changing times, music changed too. A few years back and arguably even today, majority of the Kenyan population still prefer to listen to music by other artists as opposed to the local ones. Despite this disheartening truth, the Kenyan artists are yet to deter…
BY CYNTHIA WAIRIMU …Continued from last Issue Bleaching This is essentially the removal of colour using chemicals. It is more of concealing hair than removing it and is best used for the face area including side burns. It should be kept away from intimate areas as it can cause serious burns. Bleaching requires time and patience. The risk would be the chemicals irritating sensitive skin, other than that, it is painless and lasts up to two weeks. Electrolysis Here, a needle is used to blast an electric current into the hair follicle. This has to be done one follicle at…