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- Adani JKIA deal comes to a screeching halt.
Adani JKIA deal comes to a screeching halt.
Your daily dose of Kenyan business & finance news
Kenyan Wall Street
September 26, 2024
🛫🛑 KAA’s deal with Adani comes to a halt
Shut-up! That’s what the National Assembly just told the Kenya Aviation Authority (KAA) - demanding that conversations with the embattled Adani cease immediately until a forensic audit on the deal concludes. The Public Investments Committee on Commercial Affairs & Energy will meet in 14 days to discuss the Attorney General’s audit of the PIP deal. The audit seeks to answer questions the public has raised regarding KAA staff employment, collaboration with Kenya Airways, along with a host of other issues. There’s always more to the story.
💲🆘 GoK and its agencies are largest SACCO defaulters
KShs 2.59B. That’s the total amount of money owed to Regulated SACCOs in 2023. Public universities and tertiary colleges owe the largest portion making up 37% of the total bill while county governments follow in close second owing over 33% of the total. 82 different Regulated SACCOs reaching over 57,000 members nationwide are affected by this failure to pay what is owed. Despite this, Deposit-Taking SACCOs increased their core capital last year by 7.14% while Non-Withdrawable Deposit-Taking SACCOs increased capital by 35.44% last year. Where’s the money at?
🔌🚗 Chinese EVs are hitting Nairobi’s streets
Karibu! China’s leading EV manufacturer - BYD - is coming to Kenya. Earlier today, the manufacturer announced a partnership with a CFAO subsidiary to sell 3 of its models in Kenya, exclusively. Your next question may ask, ‘does Kenya have enough charging infrastructure?’ The short answer is “no,” however the firm will work closely with Knight Energies to expand charging capacity and infrastructure in anticipation of increasing demand by drivers. EPRA reports that there are around 5,000 EVs in Kenya and that figure is expected to increase 3x by 2030. Do you see yourself driving an EV?
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