Kenya Breaking News, Business Information, Articles, Africa - kenyadetails

CHINA’S KEEN INTEREST IN THE AFRICAN AUTOMOTIVE MARKET

The global automotive business is in its most disruptive era since the advent of the industry over a century ago, creating an abundance of opportunities for new and established companies in the global automotive market. Analysts anticipate the market to grow by 2%, reaching 91 million new units sold in 2016.


The African economy has seen steady growth for the past decade and even with sustained low oil and commodity prices, the automotive industry is expected to grow considerably in most countries. Africa is forecast to grow between 3% and 3.7% in 2016 with East Africa retaining its position as the fastest growing region on the continent.

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AFRICA - THE NEXT GROWTH MARKET

Africa is currently home to five of the fastest growing economies in the world. According to a global study, the continent's economy is forecast to grow to $2.6 trillion in 2020 from $1.6 trillion in 2008, fuelled by booms in mining, agriculture and development of ports, roads and other infrastructure. This rapid economic growth is what is creating substantial new business opportunities in the region.

Over the past decade, Africa's real GDP grew by 4.7% a year, on average—twice the pace of its growth in the 1980s and 1990s. This growth was observed across all nations and sectors. By 2009, Africa's collective GDP of $1.6 trillion was roughly equal to Brazil's or Russia's, making the continent among the fastest-expanding economic regions in the world today.

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Turkish Exporters Target Africa

At a time when struggling Turkish exporters are looking for ways to diversify their target markets, Africa is poised to become the new frontier market for Turkish firms as they position themselves to become major stakeholders in the region’s rapidly growing industries.


Africa has recorded an annual growth rate of 5 percent over the last decade and is expected to continue this trend in the coming years. Six out of ten fastest growing economies in the world are now in Africa. Economic predictions indicate that Africa will be a $29 trillion economy in 2050, larger than the 2012 combined GDP of the US and Eurozone.

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Nairobi County to unveil project in response to housing crisis

Nairobi residents are set to benefit from a housing project to be rolled out by the county government to ease the city’s housing problems.

Speaking during Mashujaa Day celebrations marked at the Starehe Grounds, Nairobi County Secretary Robert Ayisi said the county will build 100,000 housing units starting November to accommodate approximately 650,000 residents.

Dr Ayisi said the project will cost Sh 3billion.

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