Category: Uncategorized

Chaim Zach-Managing Director and CEO-Agric International Technology and Trade; Kabiru Rabiu-Group Executive Director-BUA Group; and Aliyu Abbati Abdulhameed-Managing Director

Branching out: Strong regulatory framework underpins the expansion of sharia-compliant institutions

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The creation of Oman’s Islamic banking segment dates back to 2012, when the Central Bank of Oman (CBO) launched the Islamic Banking Regulatory Framework. The following year the regulator issued licences for the country’s first two sharia-compliant banks, alizz islamic bank and Bank Nizwa. Islamic windows have also been launched at six conventional banks: the Meethaq Islamic window at Bank Muscat; Muzn at the National Bank of Oman; Maisarah at Bank Dhofar; Al Yusr at Oman Arab Bank; Sohar Islamic at Bank Sohar; and Al Hilal at Ahlibank. (ultram) By the end of 2013 the combined assets of Islamic banks and banking windows had reached

Peter Wong-Deputy Chairman and Chief Executive-HSBC

Along the river: Reaffirming collaboration and resource sharing along the Nile

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The importance of the Nile River to Egypt cannot be overstated. The river provides around 90% of Egypt’s water supply for the population of nearly 90m, and as Egypt looks to power up its agriculture sector, the water source remains as important as ever. Trade As of 2013, Egypt’s Central Agency for Mobilisation and Statistics (CAPMAS) counted nine countries as “Nile Basin” states: Sudan, Ethiopia, Uganda, Congo, Kenya, Tanzania, Rwanda, Burundi and Eritrea. South Sudan became independent in 2011 and was recognised by Cairo. CAPMAS figures show that exports to the Nile Basin countries totalled LE7.2bn ($981.4m) in 2013, the last year for which statistics

Daouda Coulibaly-Managing Director-Société Ivoirienne de Banque

Shale future: Developments in the US shale industry poses a challenge for African oil producers

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The single largest structural shift in the last decade’s global energy markets, the emerging output of shale gas and oil in the US, is having its most disruptive effect on African oil producers. The US’s reliance on African exporters, which reached a peak of 20.34% of US oil imports in 2007, has sharply reversed as domestic sources of similar light sweet crude in Texas and North Dakota have come online. While the impact of these developments on Egypt has been fairly limited, the broader evolution of global energy markets is nonetheless affecting the country’s export dynamics. With Egypt’s exports to the US traditionally fairly small,

Improved supports: Efforts are under way to transform existing land regulation and increase transparency

Posted OBG AdminPosted in Uncategorized

The current administration has announced a number of initiatives to support the development of the real estate industry, as well as improve the provision of housing for the general populace. Land One of the biggest issues of the last half-decade has been land. Many of the leading developers have very substantial land holdings. According to the report “Industry Insight on the Real Estate Sector” by the American Chamber of Commerce (Amcham) in Egypt, as of June 2014, Talaat Moustafa Group had the largest land bank

Two-tiered demand: Demand is healthy at both the high-end and affordable housing segments of the real estate market

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With economic growth steadily picking up, real estate developers in Egypt are looking to opportunities at opposite ends of the real estate spectrum, with a range of both affordable and luxury housing projects in the pipeline. Affordable Demands Despite growth in supply in recent years, developers continue to see significant untapped demand in the market. “Residential demand is driven by very strong underlying demographics across all income segments,” Magued Sherif, managing director of developer SODIC, told OBG. “The accumulated housing gap is reported to be

Sheikh Ahmad Duaij Jaber Al Sabah-Chairman-Commercial Bank of Kuwait

Appetite for growth: The consumer food segment remains strong

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While the years since the 2011 Arab Spring have been difficult for many of Egypt’s industries, the fast-moving consumer goods (FMCG) segment has remained largely resilient. Although inflation has been a worry in terms of its effect on domestic sales, the majority of FMCG manufacturers have been experiencing robust growth. (Modafinil) Trending The long-term trends in the market look positive, with food and beverage processing is seen as a particularly promising. Food consumption has been increasing by more than 10% per year, and beverages have shown strong demand. In 2013, soft drink sales increased by 14.3%, while alcoholic beverages grew by 18.4%. These figures reflect

Mohammed El Etreby-Chairman-Banque Misr

In the zone: A new plan for SEZs should help to shake up the country’s offering for investors

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The pilot phase of Kenya’s special economic zones (SEZs) is expected to be in force in the first quarter of 2016, after President Uhuru Kenyatta signed the law in September 2015. The government aims to set up the first three zones in Kisumu, Mombasa and Lamu. In June 2015 Cabinet Secretary of the National Treasury Henry Rotich stated in his 2015/16 budget statement that the government had allocated KSh3bn ($33m) for industrial development, including SEZs. Diversifying manufacturing and creating jobs is core to the Vision 2030 national development strategy. Definition SEZs are designated areas with special laws and can include manufacturing, trade and services, and

Nhon Luc Ly-CEO-AIA Myanmar; Son Nguyen-Country President-Chubb Life Insurance Myanmar; Daw Zarchi Tin-CEO

Shifting gears: A new regulatory framework is bringing the sector further in line with international best practices

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Kenya is introducing a number of regulatory changes to its insurance sector, including a move towards risk-based capital, increased capital requirements, new guidelines for short-term business and takaful rules. Popular distrust has been a historical challenge for the sector, and insurance regulators in Kenya have been prioritising building confidence and cleaning up after several insurers closed in recent years, due to poor governance and insufficient oversight. Since then the emphasis has been on tightening legislation and regulations to root out abuses. Most countries in East

George Richani-CEO-Al Ahli Bank of Kuwait

Concrete surge: Despite high demand, profit margins in the cement industry are under pressure as competition ramps up

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Growth in the Kenyan construction sector – driven by major infrastructure projects such as the Nairobi-Mombasa railway and a push to expand housing supply – reached 13.1% year-on-year (y-o-y) in 2014, more than double the 2013 figures. Construction accounted for 4.8% of GDP in 2014, according to the “Economic Survey 2015” from the Kenya National Bureau of Statistics (KNBS). Rising activity has led to cement demand increasing at a rate of 21. (https://almomento.net/) 8% in 2014 to a total 5.2m tonnes, according to government figures,

George Richani-CEO-Al Ahli Bank of Kuwait

Hand in hand: The government has reached out to the private sector to help meet Kenya’s rapidly expanding educational needs

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The government’s push for greater educational access is creating a variety of issues surrounding funding and quality throughout the public education system. This has led to greater demand for private education. Given this situation, as well as the massive reform effort and shake up of the existing system, there are likely to be plenty of opportunities for private investors to enter the education market. New Institutions The current youth population burden is creating demand for services across Kenya and outside the main urban centres. “Universities