The Editorial Team |

Egypt, Arabtec near agreement on $40 bln housing project: govt

Egypt’s housing ministry and Dubai’s Arabtec have agreed some of the terms for a $40 billion project to build one million homes across the country, and they will sign a final contract within 10 days, a ministry spokeswoman said on Tuesday. Earlier this month, the housing minister said he hoped to conclude a deal for the mega development – seen as part of economic and political support to the country by the United Arab Emirates…

Africa builds an appetite for Islamic finance, says IDB unit

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GENEVA (Reuters) – Nigeria and Ivory Coast are looking to emulate Senegal’s successful move into the market for Islamic bonds, the head of the Islamic Corporation for the Development of the Private Sector (ICD) told Reuters. Despite strong growth in the Middle East and Southeast Asia, Islamic finance has lagged in Africa, home to a quarter of the world’s Muslims, presenting an opportunity for ICD, the private sector arm of the Jeddah-based Islamic Development Bank….

Nigeria’s Dangote group expects $9 bln refinery to start by 2017

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CAPE TOWN (Reuters) – A new $9 billion oil refinery producing 500,000 barrels per day being developed by Africa’s richest man, Aliko Dangote, is expected to come onstream in Nigeria by 2017, a senior Dangote Group official said Tuesday. The refinery, to be located in Lagos, will cut reliance on international markets for Africa’s largest oil producer, which imports more than 80 percent of its fuel needs. The lack of sufficient refining capacity is a…

South Africa’s current account deficit narrows as exports pick up

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PRETORIA (Reuters) – The shortfall on South Africa’s current account deficit narrowed more than expected in the final quarter of 2014 as exports rose on reduced strike activity and improved conditions in some export destinations, the central bank said on Tuesday.In its latest quarterly bulletin, the South African Reserve Bank said the more competitive exchange value of the rand during the fourth quarter had also helped ease the deficit.The deficit shrank to 5.1 percent of…

Kenyan shilling flat, focus on possible central bank action

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NAIROBI (Reuters) – Kenya’s shilling was treading water at near 3-year lows on Tuesday, with pressure from a globally strong dollar offset by the possibility that the central bank may intervene for the second straight day to support the local currency.The shilling was trading at 92.05/15 against the dollar at 0720 GMT, unchanged from Monday’s close. The central bank sold an undisclosed amount of dollars on Monday when the shilling touched its lowest level since…

South Africa’s Q4 spending growth slows to annualised 0.3 pct

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PRETORIA (Reuters) – Spending in South Africa grew at an annualised 0.3 percent in the fourth quarter of 2014 after rising 3.2 percent in the prior quarter, with slowed government spending offsetting accelerated growth in household spending, the central bank said on Tuesday.The Reserve Bank said in its quarterly bulletin that spending by the government increased at an annualised 1.0 percent in the final quarter against 1.4 percent in the third quarter.However, household spending grew…

South Africa mining assets up for sale should go to local companies: minister

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LONDON (Reuters) – Anglo American and other companies looking to sell some of their mining assets in South Africa should sell to national champions, or companies owned by local communities and by their workers, South Africa’s mining minister said on Monday.Anglo American is looking at selling some of its coal assets in South Africa and has been considering options for its Rustenburg platinum mines.â€œAt the moment, for example, Anglo American is looking to dispose of…

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