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The End of Adani, The End of November
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President Ruto Cancels All Adani Deals
Late last week, President William Ruto cancelled all Adani deals, shortly after the indictment of entrepreneur Gautam Adani and seven other of the Indian conglomerate’s executives in New York on bribery charges.
In October, the billionaire’s power transmission unit, Adani Energy Solutions signed an agreement with the Kenya Electricity Transmission Company Limited (KETRACO) to develop, finance, and maintain key power infrastructure in Kenya.
Another proposed deal which was cancelled by Kenya’s high court in September would have seen Adani Group lease the country’s main airport (Jomo Kenyatta International Airport) for 30 years in exchange for expanding it.
The order to cancel all the Adani deals was met with jubilation in the House with both Senators and Members of Parliament immediately chanting the slogans of ‘Adani Must Go’ temporarily interupting the President’s State of the Nation address.
Stay updated on this and other stories on The Kenyan Wall Street.
“If all the economists were laid end to end, they’d never reach a conclusion.”
-George Bernard Shaw
The End of November
This is the last week of November 2024. It’s been a long year, not just in Kenya, but globally. With multiple interlocking economic shocks, political transitions that have tested global markets in multiple ways.
Here are some of our major stories from just the last week to get you all caught up:
Interview of the Week
Have a great week!