An ironic twist in Nigeria’s economic story has presented itself with Renaissance Capital’s report that flags manufacturing as the major driver of economic growth in Nigeria. This is ironic because the country has been ridden with crippling power challenges that have historically been a key impediment to the development of manufacturing in the country. Apparently, the transformation agenda of the Federal Government is making a direct impact on manufacturing in Nigeria.
Updated 5 Years ago

In the heart of Victoria Island, Lagos Nigeria, will soon stand an 18 Storey residential tower with seven 3-bedroom, thirteen four bedroom and two duplex penthouse apartments. Known as Ramzi Towers, the structure is designed to give 360 degree panoramic views from 5 Cowries Creek and the Lagoon beyond, to downtown Lagos and across the Gulf of Guinea to the Atlantic Ocean, its designers –SPARK Architects –revealed. The project, managed by WT Partnership UK and engineered by Battle McCarthy UK, is been developed for Athena Capital Limited.
Updated 5 Years ago

State owned Zambia Railways Limited (ZRL) says it needs $50 million to expand its production by constructing new railway lines meant to link mining plants in the southern African nation. “Currently, the total inter-mine network in existence is 167 km. However, Zambia Railways intends to expand its railway network by connecting the new production centres in the mining plants to its network,” ZRL said in a statement.
Updated 5 Years ago

Nigeria’s aviation industry loses $15 billion to international airlines annually in cargo and passenger flights, according to the Airline Operators of Nigeria (AON). The huge capital flight, the association noted, had made it impossible for any indigenous airline to contribute significantly to the country’s GDP.
Updated 5 Years ago

Emirates is set to operate its first scheduled A380 service to Mumbai on Monday evening. EK500 will depart Dubai International Terminal 3 at 2155 and arrive in the west coast metropolis at 0230 local time. The return flight departs Mumbai 0430 and arrives in Dubai 0600. These upgraded services were previously operated by B777-300 aircraft. The A380 will feature 14 first class suites, 76 business class fully-flat seats and 399 seats in economy.
Updated 5 Years ago

Saudi Telecom Co (STC), the Gulf’s biggest telecommunications operator by market value, reported a 96 per cent surge in second-quarter profit on Monday, beating analysts’ estimates because of a change in the valuation of an Asian divestment. The firm, which competes domestically with Etihad Etisalat (Mobily) and Zain Saudi, made a net profit of SAR2.80 billion ($747 million) in the three months to June 30, up from SAR1.43 billion in the prior-year period.
Updated 5 Years ago

A total of 10 IPOs were issued in the GCC during the first half of this year, and together raised $2.26 billion, according to a report by EY. The figures represent a 67 per cent rise in volumes and a 14 per cent hike in values as compared to the same period last year. Saudi Arabia led the GCC activity with four IPOs, followed by the UAE with three, Oman with two and Qatar with one.
Updated 5 Years ago

Medical tourism, once the exclusive preserve of the rich, is growing and changing as hospitals and clinics offer farflung patients advantages hard to come by at home－whether it be high-tech therapy, less-expensive care or alternative treatments. In China, home to a growing number of traveling patients, more foreign medical tourists are seeking care either to save money or for such treatments as traditional Chinese medicine.
Updated 5 Years ago

The renminbi is on track to become the third-largest international currency behind the US dollar and the euro within five years as China accelerates its promotion of the yuan, said a Renmin University of China report released on Sunday. Last year, RMB cross-border trade settlement amounted to 4.63 trillion yuan ($746 billion), up 57.5 percent from 2012. It accounted for 2.5 percent of cross-border trade settlement worldwide, the report said.
Updated 5 Years ago

The market share for Japanese carmakers in China has recovered slightly from the low point it hit two years ago in the wake of a diplomatic row. According to statistics from automotive news portal auto.gasgoo.com, Japanese brands sold about 1.46 million cars in the first half, up 15.5 percent from the same period last year.
Updated 5 Years ago