Foreign direct investment (FDI) in Africa declined from $47 billion in 2019 to $40 billion in 2020 due to the COVID-19 pandemic, with China's investments notably slowing.

However, FDI rebounded sharply in 2021, reaching a record $83 billion, more than doubling the previous year's figure.

Growth is projected to continue moderately, dependent on political stability and infrastructure improvements.

Europe is the largest FDI source, led by the UK ($65 billion) and France ($60 billion), while China restored investments to pre-pandemic levels at $45 billion in 2022.

Japan, Korea, India, and Saudi Arabia have also expanded investments in sectors like mining, infrastructure, manufacturing, and healthcare.

Regionally, South Africa received $40.9 billion in FDI in 2021, followed by Egypt and Mozambique at about $5.1 billion each.

Nigeria and Ethiopia attract significant investment, primarily in clean energy.

Regional blocs such as COMESA ($22 billion), SADC ($10 billion), WEMU ($5.2 billion), and the East African Community ($3.8 billion) account for substantial inflows.

Key sectors include renewable energy (highlighted by Morocco's $20 billion wind energy project), infrastructure, digital technology, and healthcare.

Major companies investing in Africa include Google, committing $1 billion to digital transformation.

UK firms focus on oil, gas, mining, financial services, fintech, and pharmaceuticals.

Indian companies like Dr Agarwal’s Eye Hospital expand healthcare services.

Chinese firms dominate minerals and infrastructure.

Saudi Aramco emphasizes sustainable mining investments with technology transfer and community development.

Recent partnerships span agriculture (French ventures in Angola), industrial cooperation (UAE, Jordan, Egypt, Bahrain), and health sectors, notably vaccine manufacturing initiatives aiming to raise local production from under 1% to 60% by 2040.

Programs like Nigeria’s FGN-ALAT Skillnovation support MSMEs and digital skills development.

Foreign direct investment (FDI) in Africa declined from $47 billion in 2019 to $40 billion in 2020 due to the COVID-19 pandemic, with China's investments notably slowing.

Title:

Content: Chairman of the Board of Directors and Editors
I'm sorry.
Mohamad Elbaz
Chairman of the Board of Directors and Editors
I'm sorry.
Mohamad Elbaz
It has reached $11 billion.
UN highlights doubling of foreign direct investment in Egypt
The United Nations Trade and Development Board (UNCTAD) said in its annual report on foreign direct investment flows for the year 2022, on Wednesday in Geneva, that Egypt witnessed an increase in foreign direct investment more than doubled to $11 billion as a result of increased cross-border M & A sales.
Investment flows to Africa fell to $45 billion in 2022 from a record $80 billion in 2021 and accounted for 3.5 percent of global foreign direct investment, the report said, adding that international project financing deals targeting Africa showed a 47 percent drop in value.
The report pointed out that the number of announcements of new projects increased by 39% to 766, and that six of the 15 largest new investment mega projects (those worth more than $10 billion) announced in 2022 were in Africa, stressing that Egypt witnessed an increase in foreign direct investment more than doubled to $11 billion as a result of increased cross-border M & A sales.
The number of new projects has more than doubled to 161, and the value of international project financing transactions has increased by two-thirds to $24 billion.
FDI inflows have risen over the past five years in four of the continent ’ s regional economic groupings, with FDI in the Common Market for Eastern and Southern Africa (COMESA) growing by 14% to $22 billion, and inflows also rising in the Southern African Development Community (SADC) (quadrupled to $10 billion) and the West African Economic and Monetary Union (WEMU) (doubled to $5.2 billion). East African Community (up 9% to $3.8 billion).
According to the report, the largest increase in 2022 was in new field projects announced in energy and gas supply (to $120 billion from $24 billion in 2021), and the value of projects in construction and extractive industries rose to $24 billion and $21 billion, respectively, while the information and communication sector recorded the largest number of projects.
European investors remain by far the largest owners of FDI in Africa, led by the United Kingdom ($60 billion), France ($54 billion) and the Netherlands ($54 billion).

However, FDI rebounded sharply in 2021, reaching a record $83 billion, more than doubling the previous year's figure.

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Content: FDI flows to North Africa down 5% in 2021
Foreign direct investment to North Africa fell 5 percent to $9.3 billion for the whole of 2021, according to a report on “Investing in the World ” released by the United Nations Conference on Trade and Development (UNCTAD) on June 9, 2022.
These investments, towards Tunisia, improved slightly from $652 million in 2020 to $660 million in 2021.
The same investment to Morocco increased by 52 percent to 2.2 billion dollars in 2021, compared with a 12 percent drop to 1.5 billion dollars in Egypt.
Despite the decline in these investments in Egypt, it remains the second country to benefit from the inflow of foreign direct investment in Africa.
According to the same report, the flow of foreign direct investment in Africa reached a record level of $83 billion for the whole of 2021, more than double the investment achieved for the whole of 2020.
Despite this significant growth, the flow of investment to Africa in 2021 represented only 5.2 percent of the global total, compared to 4.1 percent in 2020.
Most African countries saw a slight increase in foreign direct investment (FDI) in 2021.
These investments developed in South, East and West Africa, while they maintained their previous levels in Central Africa, while declining in North Africa.
Europeans remain the most important investors in Africa, led by investors from the United Kingdom ($65 billion) and France ($60 billion).
Increased investments in renewable energy
Despite the overall positive trend of foreign direct investment towards Africa, the announcement of new projects remained weak at $39 billion and shows only a weak recovery compared to $32 billion recorded in 2020 and less than $77 billion recorded in 2019.
In parallel, the number of international projects in the field of renewable energies in Africa increased to an estimated 71 projects, almost double the 36 projects completed in 2011.
Among these projects is a $20 billion project that aims to export wind energy to the UK from Morocco.
By laying 3,800 km of submarine cables.

Growth is projected to continue moderately, dependent on political stability and infrastructure improvements.

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Content: Partnership will work best with shared goal for growth and development

By Morkporkpor Anku

Accra, Aug. 25, GNA – Professor Hugh Aryee, the Vanuatu Trade Commissioner to Ghana, said any partnership, either big or small, will work best when there is a shared goal for growth and development.

He said developing value-aligned partnerships that focus on common goals and complementary strengths was key to ensuring successful outcomes for all.

The Vanuatu Trade Commissioner was speaking at the Vanuatu-Dr Congo-Ghana Global Business Fair 2023 dubbed “VACONGHA 2023” in Accra.

VACONGHA GLOBAL BUSINESS FAIR 2023 is an African-Global B2B Multi-Sectoral event that focuses on generating awareness of trade and investment opportunities in the global economy with special focus on Ghana, Vanuatu, DR Congo, and the Pacific economy.

It is to build a strong and sustainable partnership between key stakeholders by capitalizing on the ongoing initiatives by AU/AfCFTA for increased cooperation.

The Fair was aimed at improving knowledge transfer, identifying relevant investors, business partners and trade opportunities in the areas not limited to Energy, Power, Mining, Oil and Gas, Agribusiness, Manufacturing and General Trade.

The event was on the theme: “The Emergence of the Next Generation of African Entrepreneurs through Strategic Collaboration.”

He said working collaboratively with partners generated the kind of energy that fuels growth, innovation, and creativity.

“Everything is possible, and I believe that, and not everything is easy, or happens right away,” he said.

He said nothing good happened without teamwork, and collaboration guided by both capability and character, but when people collaborate well, guided by a worthy purpose, everything is possible.

The Trade Commissioner said harnessing the strengths and abilities of others from different corners of the ecosystem was one of the most strategic ways for businesses to scale their innovation and solve complex challenges.

“In today’s fast-paced environment, a “do-it-alone” approach is not the best strategy for growth,” he added.

He said companies needed to look for new ways to drive collaborative innovations that deliver what their customers need currently and in the future.

The Trade Commissioner said the reality of today’s business landscape was that partnerships were key to better serving customers by merging talent, expertise, technology, and purpose.

“Collaboration and strategic partnerships are fundamental to improving business outcomes,” he said.

The fair was on the theme: “The Emergence of the Next Generation of African Entrepreneurs, through Strategic collaborations.”

Dr Farzam Kamalabadi, Chairman & President Future Trends Group, said the rise of Africa, based on the vision of Future Trends, would be holistically on all levels.

This will include material, financial, mental, and psychological levels, and in a model and manner that was non-threatening.

He said the emergence of an Africa which was neither threatening nor threatened, rather in a state of perfect reciprocity, balanced union, and perpetual harmony internally and with the rest of the world.

“The geopolitics of Africa, can, must, and will move Africa into stability and order via these vortices of growth,” he added.

He said the rise of Africa would become possible and turn into reality only after the full universal restoration and gain of a supreme sense of mission and destiny, and the realization of self-belief, self-esteem, and dignity by all nations of Africa.

GNA

Europe is the largest FDI source, led by the UK ($65 billion) and France ($60 billion), while China restored investments to pre-pandemic levels at $45 billion in 2022.

Which European countries lead investment in Africa?

Which countries are actively investing in Africa besides China?

Japan, Korea, India, and Saudi Arabia have also expanded investments in sectors like mining, infrastructure, manufacturing, and healthcare.

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Content: During the past decades, African countries have suffered from Western colonialism, which changed their economic structures and became suppliers of raw materials cheaply for the development of other countries, mainly the old European continent.
In contrast, the continent relied to meet its consumption needs on the import of goods manufactured in Europe, which are manufactured using those African raw metals.
This forced "unequal exchange" of so-called "low-value" unprocessed raw materials in exchange for "high-value" manufactured goods has become the basic mechanism of unequal economic relations between Africa and the advanced industrial capitalist North, and a means of the continuous appropriation of its natural wealth.
Today, Saudi Arabia, as part of its global investment strategy, has entered into strategic partnerships with many African countries to explore and develop mineral resources with a different investment model from what African countries are used to previously based on the principle of everyone wins.
These partnerships include joint ventures, investment agreements and technical cooperation in various mining projects.
What distinguishes the Saudi mining investment model in Africa from the Western and even Chinese model is its entry into real partnerships with African countries represented in the transfer of mining technology and expertise to African countries through training and knowledge exchange programs, where Saudi Arabia seeks to strengthen the capacity of the African workforce and promote sustainable mining practices in Africa.
In addition, Saudi Arabia ’ s investments in the African mining sector include infrastructure development projects such as the construction of roads, railways, ports and power plants to support mining operations and facilitate logistics.
Saudi Arabia recognizes the importance of environmental sustainability in mining operations.
From this principle, it promotes responsible mining practices and integrates environmental considerations into its investments in the African mining sector, including compliance with environmental regulations, and support for conservation and rehabilitation initiatives.
Social responsibility is present in the Saudi mining agenda in Africa and includes supporting education through scholarships, building schools and educational facilities, improving healthcare services through building hospitals and clinics, and investing in community development projects such as clean water supply, sanitation and housing.
Support for African local content has not lost sight of Saudi investment.
To illustrate this, Saudi Arabia encourages the development of supply chains and African companies to participate in mining projects including obtaining goods and services from local suppliers, promoting entrepreneurship, and supporting the growth of local industries.
By integrating local companies into the mining value chain, Saudi investments contribute to sustainable African economic diversification.

Which countries are actively investing in Africa besides China?

Regionally, South Africa received $40.9 billion in FDI in 2021, followed by Egypt and Mozambique at about $5.1 billion each.

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Content: AFED: EGYPT RECEIVED $5.1 BILLION INVESTMENTS IN 2021
GDP growth is expected to rise to 4.4% this year
Abdulrahman Abu Al-Enein
6: 52 AM, Wednesday, 31 May 23
Recent data issued by the African Development Bank (AfDB) revealed that Egypt ranked second in terms of foreign direct investment flows in the continent in 2021 and attracted nearly $5.1 billion.
According to the Africa Economies Outlook 2023, South Africa was the largest recipient of foreign direct investment in 2021 with investments of more than $40.9 billion, nearly half of the total inflows to the continent in that year, followed by Egypt and Mozambique, which each attracted nearly $5.1 billion, representing about 6.2% of the total volume.
In the same context, the report expected Egypt ’ s GDP growth rate to decline to 4.4% this year from 6.6% estimated last year, and to rise to 5.1% next year.
The report pointed out that the inflation rate rose from 4.5% in the fiscal year 2020 / 2021 to 8.5% in the fiscal year 2021 / 2022 due to the rise in food and energy prices globally and the devaluation of the pound against the dollar.
He said that the current account deficit shrank to 3.5% of GDP in the fiscal year 2021 / 2022 compared to 4.4% in the previous fiscal year 2020 / 2021 due to the rise of tourism revenues to 10.7 billion dollars against 4.9 billion dollars, respectively.
The African Development Bank pointed out that the banking sector remains profitable and well capitalized, noting that the rate of non-performing loans reached 3.2% in June 2022, explaining that subsidies and social protection programs have reduced the impact of high food and energy prices on vulnerable families.
The Minister of Planning Hala Al-Said said in previous statements that despite the current effects of the Russian-Ukrainian crisis, which is likely to spread over the next year, the Egyptian economy is expected to grow by 4.2% by the end of the current fiscal year 2023-2022.
Al-Saeed said that with the development of inflationary trends in the Egyptian economy and despite the success of the state in curbing it and reducing it from very high levels (25% in 2017-2016) to less than 5% in 2021-2020, the rate increased to about 15% in 2022, and continued to rise, especially after the Russian-Ukrainian crisis.
Foreign direct investment in Mozambique increased by 68% in 2021, the report said, noting that these investments were largely directed to green projects in the energy sector.
Nigeria accounted for 5.8% of FDI inflows to Africa and Ethiopia 5.1% despite economic challenges.
The bulk of foreign direct investment in these countries is increasingly going to clean energy resource projects.
Mauritius and South Africa recorded the largest outflows in 2021, but a few countries recorded net inflows, including Egypt ($18 billion) and Nigeria ($5.9 billion).
The Bank estimates that capital flight through net investment outflows continued in 2022 at around $28 billion, which is close to the 2021 level due to higher interest rates linked to deflationary monetary policies in developed countries.
Official development assistance (ODA) to Africa stabilized at $65 billion in 2021 after the previous 28 percent jump in 2020.
The significant increase in such assistance since 2020 reflected the support provided by the international community to help African governments address the humanitarian, social and economic impacts of the coronavirus epidemic and the difficult global economic conditions.
The African countries that saw the largest increase in ODA in 2021 included Egypt (428%), Equatorial Guinea (115%), Angola (109%), Gabon (82%) and Sudan (60%).
The report pointed out that official development assistance to Egypt during 2021 amounted to about 8.2 billion dollars, Ethiopia 4 billion dollars, Sudan 3.8 billion dollars, the Democratic Republic of the Congo 3.5 billion dollars, Nigeria 3.4 billion dollars, and Kenya 3.1 billion dollars.
African countries need to leverage this external support to address existing vulnerabilities and build more resilient economies, given the risks that advanced economies are reallocating resources for reconstruction and humanitarian assistance in Ukraine at the expense of meeting the continent ’ s official development assistance commitments.
Ukraine received $16.1 billion in net official development assistance (ODA), equivalent to 7.8 percent of the total aid resources provided last year.
It is noteworthy that the report was launched in light of the annual meetings of the African Development Bank Group held under the auspices of President Abdel Fattah El Sisi in Sharm El Sheikh from 22 to 26 May.

Nigeria and Ethiopia attract significant investment, primarily in clean energy.

What trends are emerging for African startups in 2022?

Regional blocs such as COMESA ($22 billion), SADC ($10 billion), WEMU ($5.2 billion), and the East African Community ($3.8 billion) account for substantial inflows.

Key sectors include renewable energy (highlighted by Morocco's $20 billion wind energy project), infrastructure, digital technology, and healthcare.

Major companies investing in Africa include Google, committing $1 billion to digital transformation.

Title:

Content: Optimists talk about Africa as the next economic frontier

By 54m ago

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BY DELIA DE VILLIERS

For years Africa has been shrouded in controversy when it comes to its future potential. The optimists talk about Africa as the next economic frontier, while the sceptics point to a low growth rate, poverty and conflict as key challenges standing in the way of notable development.

Yet, the continent has grown its economy by around 5 percent a year over the past decade, is as urbanised as China and has as many cities as Europe with a population of more than one million, according to Future Agenda.

The World Bank reports that sub-Saharan Africa is “home to more than 1 billion people, half of whom will be under 25 years old by 2050”, suggesting that the workforce of the future is based here. They go on to say that Africa is a “diverse continent offering human and natural resources that have the potential to yield inclusive growth and eradicate poverty”.

While potential is not a measure of performance, what is productive is to consider the motivations of businesses opting either to enter the African market or expand operations on the continent. And that’s notwithstanding the challenges, or as Shaw Mabuto, partner at private equity firm Spear Capital, puts it: “While there are undoubtedly risks in Africa, they are well known and understood. Investors can mitigate for them.”

Spear Capital is particularly excited about the opportunities in the ESG (environmental, social, governance) space in Africa. “There are many businesses that have been able to thrive in spite of the prevailing environment and lack of government support. With the right backing, companies across the continent can grow successfully while at the same time making the world a better place and providing returns to their investors,” Mabuto says.

Google’s recent announcement of plans to invest $1 billion (R15.6bn) to support digital transformation in Africa is another very positive indicator of the potential of the continent. The investment, which was announced in October 2021, will be used to enable affordable internet access and building helpful products, for investments in entrepreneurship and technology, as well as to empower businesses as they continue or embark on their digital transformation.

This positive sentiment about Africa’s potential is echoed by a number of businesses who have chosen to expand their operations on the continent.

Picking your next market is key

When SweepSouth decided to scale their business across the African continent in 2020, they chose Kenya as the first territory to launch their on-demand home services model outside of South Africa’s borders. Three months ago they started operations in Nigeria, and plans are now afoot to expand further into Africa.

“There are so many factors that go into choosing a new market, so we decided to look at countries where people experience the same sort of home-care needs South Africans required when SweepSouth was started,” says Aisha Pandor, SweepSouth chief executive.

Kenya and Nigeria were obvious choices, representing big-market regions with a high growth opportunity, ever-increasing internet penetration and digital literacy, and the potential for positive impact on employment, education and economic growth via smart, scalable technology solutions.

“Kenya appealed to us because it felt like an in-between in terms of culture, market segment and dynamics, and also smartphone and internet penetration when compared with West Africa. And Nigeria is a really exciting new venture that we hope will serve as a base for further expansion into the West African region,” says Pandor.

West Africa, too, is increasingly recognised as an area of economic and growth interest for businesses looking to get a foothold on the continent.

Integrated PR and marketing agency Irvine Partners recently opened an office in Ghana in response to an increasing number of their global clients needing support there. The agency already has wholly owned offices in South Africa, Kenya and Nigeria, and has realised the potential of this West African country.

“Most of our clients’ interest in the region stems from Ghana’s position as a tech hub within sub-Saharan Africa and its growing financial services industry, but we’re also seeing many other industries looking to invest in and expand into the country. Strategically, it makes a lot of sense for us to have a presence in the country and we’re optimistic about its potential,” says managing director Hayley van der Woude.

Beyond the obvious

Importantly, the interest in Africa extends beyond the traditionally popular economic areas such as Lagos, Nairobi and Accra, with Mauritius serving as a prime example of potential beyond the obvious. It is currently the top-ranked economy in sub-Saharan Africa, according to the World Bank’s Ease of Doing Index and is recognised for offering a sound political and economic environment that strongly encourages investment thanks to a sophisticated banking system, a favourable tax regime and low inflation.

These are among the main reasons.

The Business Exchange (TBE), a South African-launched serviced office offering, not only expanded operations to Mauritius but also designed an investment opportunity for others with their sectional title shared office investment that offers a safe and affordable way to get into this bustling market.

“Mauritius, in our view, is fast becoming one of the hottest investment hubs on the continent. Major international brands, including Samsung, Broll, Expedia and NBA (North America’s National Basketball Association), are based at our serviced office space there, which speaks to the interest in the location and offers an indication of its dynamism as a business destination,” says David Seinker, the founder and chief executive of TBE.

Embracing innovation

Lastly, but certainly very significantly, when it comes to businesses where customer-centricity is key, such as banking and telecoms, African players compete more effectively than their international counterparts, according to a finding in the Boston Consulting Group’s digital maturity index.

“It’s also hardly surprising that these are two sectors where Africa has led the world when it comes to technology-led innovation,” says Ngadi Job Goshi, the general manager at Liferay Africa. “Ultimately, while Africa may be less digitally mature than other markets, there can be no doubt that businesses on the continent are unafraid to embrace technology and innovation. And, in the customer-centric ways in which they’ve done so, despite facing adversity and strong headwinds, there are lessons for the rest of the world in the tenacity and ingenuity birthed and nurtured in the African soil.”

Delia de Villiers is the senior account manager, Irvine Partners.

BUSINESS REPORT

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What trends are emerging for African startups in 2022?

Which countries are actively investing in Africa besides China?

UK firms focus on oil, gas, mining, financial services, fintech, and pharmaceuticals.

Title:

Content: When asked for his views on diversification as a strategy for portfolio management, Warren Buffett responded, “diversification is protection against ignorance”. Instead of a diversified portfolio, the Oracle of Omaha famously prefers a concentrated one, composed of a few sectors he has rigorously studied.

The UK’s investment strategy for the African continent is seemingly straight out of the Buffett playbook. As of 2020, the UK holds $65bn in total foreign direct investment (FDI) stock in Africa, second only to China. The vast majority of the portfolio is in oil, gas, mining and financial services.

In 2022 five new oil and gas deals worth £2.1bn were struck at the UK-Africa summit. In stark contrast, just £161m (8% of the total summit commitments) were invested in clean energy. One may agree with the UK’s strategy, suggesting that there aren’t many other high-yield investments to be made other than in oil majors, legacy miners and grey-haired banks. And besides, who would disagree with Buffett’s dictum? He is the sixth-wealthiest person in the world after all.

The truth of the matter is that Buffett would not be as wealthy as he is without adapting to changes in market trends, technologies and geopolitics. In May he sold his remaining stake in chip manufacturer TSMC due to geopolitical considerations (TSMC is based in Taiwan). A concentrated portfolio does not mean a stagnant one. It is this insight that the UK is overlooking, setting itself up to miss opportunities in those new industries rapidly taking shape across the world’s youngest and most promising continent.

Two trends are shaping markets across the continent. One of these is the adoption of financial technologies and the other is increased demand for healthcare, a consequence of Africa’s population boom and rising standards of living.

Fintech sector

McKinsey, a consultancy, estimated that revenues in the African fintech sector could surge eight times their current value to $30bn by 2025. Between 2020 and 2021 alone, the number of tech start-ups tripled to 5,200 companies. In 2021, seven of the 10 newly minted African unicorns (private companies valued over $1bn) are fintechs. As more Africans get connected and as digital identification verification models mature, fintechs will scale and profits will follow.

The second sector is pharmaceuticals. As Africa’s population grows and incomes rise, more money will be spent on healthcare. Within this sector, the Covid-19 pandemic laid bare the worrisome state of Africa’s vaccine and therapeutic manufacturing capabilities. Estimates vary, but some assessments forecast vaccine demand to double in volume from about 1-billion doses now to more than 2.7-billion doses by 2040. Industries adjacent to pharmaceuticals such as logistics, packaging and protective equipment are likely to cash in on increased private and public healthcare expenditure.

There are some positive signs that the newly revamped British International Investment (BII), formally the Commonwealth Development Corporation, is adjusting its investments because of these market trends. In 2020, the BII made a $150m investment in Kelix bio, a pan-African pharmaceutical platform focusing on manufacturing and marketing. It also executed a $20m, four-year structured credit deal with Moove, a fintech company that provides customers with cheaper access to vehicles.

Risk premium

These steps are positive but they are small. Inward FDI for Africa remains pitiful. Last year set a record for the continent, bringing in $83bn. To put this in context, the City of London in 2020 hit $831bn in FDI (10 times that of a continent of 54 countries), according to the Office of National Statistics.

What to make of this all? At least two insights. First, the UK should look to new sectors, taking bold bets in companies leading the fintech and pharmaceutical sectors. The second insight is that Africa’s risk premium is overpriced. There is opportunity beyond the industries of the 20th century; one just needs to look for them.

• Nott works for a venture facility for public benefit and is based in London. He writes in his personal capacity. You can follow his writing on Twitter @TheAfricaBrief.

Picture: 123RF

Indian companies like Dr Agarwal’s Eye Hospital expand healthcare services.

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Content: Foreign brands strike gold as local rivals flounder

Dozens of multinational firms operating in Kenya are reporting sterling results in a complex market, buoyed by a growing army of consumers with enhanced spending power, a Financial Standard analysis shows.

The firms, which include, mining companies, consumer goods firms, electronic giants, fast-food chains and financial institutions, are striking gold in various segments of the economy even as their local rivals falter amid tough economic times.

Backed by deep knowledge of global consumer markets, well-organised value chains and deep pockets from their parent firms, the companies are changing the common narrative that Kenya is a hard market to crack for foreign companies.

The new development comes at a time several Kenyan firms have presented gloomy growth projections marked by salary hike freezes and delays, losses and profit warnings and job cuts in some cases.

Among the companies that have struck it big over the last 12 months are foreign-owned retail chain Carrefour Kenya; Stanbic Bank Kenya, a subsidiary of South Africa’s Standard Bank Group; Australian miner Base Resources, which operates titanium mines at the Coast; Mauritian conglomerate IBL Group; French fuel supplier Rubis and a raft of Indian Health care chains.

Chinese phone giants like Xiaomi and Techo are also riding on a growing Kenyan middle class, keen on acquiring the latest electronic devices and gadgets.

Buoyed by the runaway success, the firms have in recent years announced rosy growth plans and are among the several major foreign brands that have ventured into the Kenyan market with hopes of increasing their global revenues.

Analysts who spoke to Financial Standard said the firms have defied commonly perceived issues that are said to make the local business environment difficult, including government red-tape and corruption.

Some foreign businesses have also stumbled due to a lack of understanding of local culture, social norms, and most importantly consumer preferences.

Among the outliers is Carrefour Kenya, which shrugged off the effects of inflation and tough economic conditions in the country to post growth in sales last year by nearly Sh3 billion to Sh40 billion (1.14 billion Emirati dirham).

Majid Al Futtaim, the exclusive holder of Carrefour’s franchise in Kenya, said recently the revenue had increased from Sh37.2 billion (one billion dirhams) recorded the year before as it opened more branches and attracted more customers to its stores concentrated in Nairobi.

The supermarket operator’s sales growth of eight per cent bucks the trend of poor performance by its foreign peers and Kenyan counterparts that have recently either exited the market, reduced their footprint or collapsed altogether, citing losses.

“Overall, Majid Al Futtaim delivered balanced growth through 2022. Positive contributions from across our portfolio, bolstered by the inherent strength of the UAE economy, have enabled the Group to achieve double-digit revenue growth despite the ongoing macroeconomic challenges,” said Majid Al Futtaim Holding Chief Executive Ahmed Galal Ismail last week.

Carrefour opened its first store in Kenya in 2016 and now has 19 outlets. It has been aggressively growing its online shopping arm in Kenya, riding on the rise of e-commerce, which it sees as a bright spot.

It has been conducting aggressive promotions and online sales to attract shoppers, putting pressure on other retailers to follow suit.

Carrefour announced the record sales as troubled Tuskys recently announced the closure of its Kenyatta Avenue branch in Nairobi, one of the three that were still operational.

“Due to unavoidable circumstances, we have had to close this branch. Kindly support our Tom Mboya street branch, which remains operational,” Tuskys said, dealing a blow to any hopes of revival of the erstwhile giant retailer.

Homegrown retailers Naivas, and QuickMart, which rose to fill the void left by Tuskys, Uchumi and Nakumatt, have recently turned to deep-pocketed private equity (PE) firms for their expansion agenda.

The two have grown to become two of Kenya’s largest retail companies by sales and employment, avoiding the missteps of their predecessors for now.

Carefour’s 19 stores are located in Nairobi, Kisumu and Mombasa. Local businesses are confronting a tough business climate as hard-pressed Kenyans contend with a worsening cost of living crisis by cutting back on spending.

Surging inflation is driving up costs for businesses and hampering consumers’ purchasing power.

Away from the retail market, French Oil major Rubis has been on a successful expansion spree after its successful takeover of delisted marketer KenolKobil in 2019.

The oil marketer had a great year in 2021 from its Kenyan fuel and LPG distribution business. Buoyed by this performance, it plans to keep investing in Kenya by buying independent suppliers across the country.

Base Titanium, the Australian company extracting titanium minerals in Kwale County, on the other hand, paid a record dividend of Sh10.7 billion to its Australian parent firm Base Resources in the year ended June 2022 when its net income grew threefold, underlining its newfound fortunes in Kenya.

Its Kwale operation has over the years become more profitable, helped by steady production and a surge in the price of the titanium minerals ilmenite, rutile and zircon in the global markets.

“We have completed another operationally strong year and, with the continued improvement in mineral sand prices throughout the period, we were able to achieve record financial outcomes. This, and our disciplined management of costs, has enabled the continuation of robust returns to shareholders,” said Base Resources Managing Director Tim Carstens at the time.

The miner’s sales jumped 39.8 per cent to Sh33.3 billion in the year ended June 2022. Titanium is an important pigment for industrial, domestic, and artistic applications. It is also a choice material for joint replacement, tooth implants, and body piercing.

And in the banking sector, Stanbic Holdings, a subsidiary of South Africa’s Standard Bank Group last week announced a record dividend payout totalling Sh4.9 billion on the back of increased revenues in the year ended December 2022, underlining a bright spot for a foreign-owned lender.

The payout of Sh12.6 per share is 40 per cent is higher than the aggregate Sh3.5 billion or Sh9 per share dividend paid out the previous year by the Nairobi Securities Exchange-listed firm.

Stanbic, which is the Kenyan unit of Africa’s largest lender by assets, Standard Bank, announced the higher cash distribution after it posted a 25 per cent jump in net income in the year to December 2022 to Sh9 billion, riding on higher interest and non-funded income.

The lender said the higher dividend payout signalled it is more optimistic about the future of the battered economy despite multiple headwinds such as stubbornly high inflation, a weakening shilling, and political uncertainty following the vow by the opposition to push ahead with mass rallies.

It added the improved profitability placed it in a position to pay the larger dividend while remaining well-capitalised to pursue growth. “Whenever there is excess capital, we pay it out,” said Stanbic Holdings Regional Chief Executive Patrick Mweheire.

“The operating environment is characterised by currency depreciation and rising inflation. However, we remain well positioned to navigate these challenges,” said Mr Mweheire at an investor briefing in Nairobi last week.

Stanbic is the first lender to announce its full year’s results. The lender’s operating expenses also recorded a jump by Sh2.2 billion or 17 per cent to Sh14.9 billion eating into the bottom line.

Stanbic Bank Kenya and South Sudan Chief Executive Joshua Oigara, who took the helm about 100 days after leaving KCB Bank, said the lender will bet on revamping its lending products to target micro, small and medium enterprises (MSMEs) and its existing large corporate customers.

He projected the banking sector to remain resilient amid domestic and global headwinds. “We are quite bullish about 2023. There is always an opportunity even in difficult times,” said Mr Oigara.

Mauritian conglomerate IBL Group is also among a host of foreign players moving aggressively to expand locally after seeing the potential of the local economy.

IBL last year acquired a minority stake in supermarket chain Naivas and is currently in the process of taking majority stakes in a solar firm and a pharmaceutical distributor, whose identities have not yet been disclosed.

Recently, IBL said it will grow into Kenya’s construction, agrochemicals, consumer goods distribution and reinsurance industries, adding to a string of acquisitions it is implementing in the local market.

The multinational plans to enter the local distribution of fast-moving consumer goods through its subsidiary BrandActiv.

It is also eyeing the agrochemicals sector through its subsidiary Blychem, reinsurance through Ellgeo Re and electrical and construction through CMH.

And Zimbabwe’s largest fast-food restaurant operator Simbisa Brands has been on a spirited expansion spree within Kenya, expanding its outlets by the dozen each year. It had targeted to expand to 245 outlets from 190 by mid-last year.

The company - which operates quick-service restaurants, including Chicken Inn, Pizza Inn, Bakers Inn and Creamy Inn - said it targeted to open an additional 55 restaurants amid increased competition from big players in the fast-food industry.

“Expansion of Simbisa’s footprint in Kenya remains a priority and in the six months to December 31, 2021, 26 new counters were opened in the market to close the period with 190 counters,” it said in an earlier regulatory filing. “The business is on track to achieve the pipeline target of 55 new store openings in the financial year 2022.”

In the health sector, India-based Dr Agarwal’s Eye Hospital, which handles complicated eye cases, said recently it plans to expand its Kenya operations after opening its first eye unit in Nairobi four years ago.

The eye care chain announced that it has set aside Sh1.19 billion for the new eye clinics in Kenya, Tanzania, and Nigeria.

The over 60-year-old Bombay Stock Exchange-listed eye care chain said the new proposed facilities in Kenya and Tanzania would target patients from the wider East Africa region. “As part of our expansion strategy, we will open 35 more hospitals in India and one each in Tanzania, Kenya and Nigeria,” said Chief Executive Adil Agarwal in an interview with the Indian media.

The firm follows in the footsteps of several Indian giant chains, which have established a footprint in Kenya to capitalise on the huge demand for India’s specialist medical services.

For instance, Healthcare Global Enterprises Ltd (HCG) - one of India’s largest cancer treatment hospital chains—earlier announced it had agreed to buy a majority stake in a Kenyan cancer care centre.

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Which sectors received the most foreign investment?

Chinese firms dominate minerals and infrastructure.

Title:

Content: Go to contents
Leaving the “Chinese capital ” of the West in search of resources, turning to Southeast Asia, South America and the Middle East Beijing = Resident Journalist
Leaving the “Chinese capital ” of the West in search of resources, turning to Southeast Asia, South America and the Middle East Beijing = Resident Journalist
Posted July.
25, 2023 07: 57
Updated July.
25, 2023 07: 57
한국어
“Chinese money, ” which has invested aggressively in the United States and Europe for more than a decade, is turning its back.
The “global money ” that has been pouring into China, which sees high development possibilities, is also leaving.
Some analysts believe that due to the all-around intensification of the contradictions between the United States and China, both sides are unwilling to invest, and both countries are caught in the loss of the "subtraction" game.
"China will not increase investment in developed countries"
The US “Wall Street Journal ” reported on the 23rd, citing data from the United Nations Conference on Trade and Development, that China ’ s overseas direct investment last year was $147 billion (about 189.3360 trillion won), down 18% from the previous year.
25% decrease compared to the most in 2016 ($1961 billion).
In particular, Chinese capital outflows from Western developed countries such as the United States and Europe.
According to the American Enterprise Institute, a think tank, and the Heritage Foundation, there were 120 acquisitions made by Chinese companies in the seven major industrial countries (G7) in the West in 2016, but only 13 last year.
In the same year, US $84 billion (107.6712 trillion won) of all overseas investment by Chinese companies was concentrated in the seven Western countries, but last year it was only US $7.4 billion (9.4779 trillion won), accounting for 18%.
In addition, in 2017, China Hainan Airlines Group purchased the Landmark Park Avenue Building in Manhattan, New York, United States. A few years ago, Chinese capital was still buying large real estate in major developed countries, but it is difficult to see such an investment in the future.
In other words, amid the growing U.S.-China conflict, U.S. real estate and corporations are no longer attractive places to invest in Chinese capital.
"(Chinese President) Xi Jinping will not return to 2016, when China's overseas investment peaked," predicts Derek Sezer, a senior researcher at the Enterprise Research Institute.
China is turning its attention to emerging markets such as Southeast Asia, the Middle East and Africa.
In order to take the lead in future industries such as renewable energy and electric vehicle batteries, the large consumer markets and resource-rich resources in these regions are mainly considered.
The Wall Street Journal explained: “China spends a lot of money setting up factories in Southeast Asia or buying South American mines.
This is to strengthen ties with emerging countries and ensure access to key resources (rare metals, etc.). ”
Last year, Chinese companies invested $24.5 billion (31.5241 trillion won) in these emerging markets, up 13% from 2021.
In Indonesia, which has the world ’ s largest reserves of nickel, the core raw material for electric vehicle batteries, the proportion of investment is 17%, which is invested in Chinese funds flowing out of the West.
China National Offshore Oil Corporation (CNOOC), a state-owned oil company, has invested US $1.9 billion (KRW 2444.7 billion) in Brazil, and electric vehicle company BYD has invested in Thailand.
Western capital has also set off a “fever ” to break away from China.
Western capital is turning its back on China.
According to the Ministry of Commerce, foreign direct investment in China in the first quarter of this year (January-March) was US $20 billion (25.61 trillion won), down to only one-fifth of US $100 billion (128.500 trillion won) in the same period last year.
Despite efforts to attract overseas capital, the Chinese government, which has designated this year as the “Year of China Investment ”, also saw a 2.7% decrease in foreign direct investment in the second quarter (April-June) compared with the same period last year.
The Financial Times pointed out that the Chinese authorities ’ high pressure social controls, including the anti-espionage law, and the Biden administration ’ s measures to restrict investment in China by cutting-edge industries have made foreigners hesitant about Chinese investment.
According to the Financial Times, Bain, a global consulting firm, informed new employees in China that “work will not begin until 2025. ” That is, there are no jobs in China.
It is reported that about half of the staff of another consulting company, Mackenzie China, also gave up their business because they did not have a job, and the Boston Consulting Group China Branch recently held a strategic meeting for the job.
Kim Kee-long, Kim Paula Reporter kky @ donga.com, purple @ donga.com

Saudi Aramco emphasizes sustainable mining investments with technology transfer and community development.

Recent partnerships span agriculture (French ventures in Angola), industrial cooperation (UAE, Jordan, Egypt, Bahrain), and health sectors, notably vaccine manufacturing initiatives aiming to raise local production from under 1% to 60% by 2040.

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Content: Africa's Vaccine Production Push Reshapes Global Health Landscape

4 December 2023

Lusaka, Zambia — The novel coronavirus pandemic laid bare the stark disparities in global access to essential medicines. The world's most vulnerable populations were often left behind in the scramble for life-saving vaccines, diagnostics, and therapeutics. This underscored the urgent need for a paradigm shift in global health security and local production as a pivotal step towards bolstering healthcare resilience and accessibility worldwide.

In February 2021, UN Secretary-General Antonio Guterres described vaccine equity as the "biggest moral test before the global community."

Despite the challenges, Africa's vaccine manufacturing future is looking more promising.

A new era of vaccine production is dawning

At the International Conference on Public Health in Africa (CPHIA) held in Lusaka, Zambia, high-level delegates and experts assembled to explore the pressing need for accelerated local vaccine manufacturing across the continent, aiming to address vaccine shortages and promote self-reliance.

In Africa, less than 1% of vaccines used are locally produced, with the vast majority being imported from private sector suppliers around the globe. However, over the past two years, Africa has made significant strides in the production of medical commodities, with a particular focus on vaccines. The African Union, Africa CDC, and various international partners have been involved in supporting infrastructure and capacity in vaccine delivery, as well as in facilitating engagement with the private sector and international organizations to expand vaccine manufacturing in Africa.

This continent-wide effort has the potential to reshape the relationship between local communities in Africa and the global health sector.

More than 30 new vaccine manufacturing initiatives are currently underway in Africa, signaling a significant expansion of the continent's vaccine production capacity. This effort is aimed at safeguarding Africa against future pandemics and disease outbreaks, as well as reducing the delays and challenges faced in accessing vaccines, as experienced during the COVID-19 pandemic.

Africa CDC Director General Dr. Jean Kaseya pointed to the critical role of local vaccine manufacturing in safeguarding the health and well-being of Africa's citizens. He added that achieving self-sufficiency in vaccine production is a cornerstone of the continent's journey towards comprehensive healthcare security. The Partnerships for African Vaccine Manufacturing (PAVM) is spearheading this ambitious endeavor, which recently received a significant boost with the backing of the global vaccines platform, Gavi," said Kaseya.

Dr. Kaseya said that the African Union, along with its members and partners, set an ambitious goal in 2021 to achieve at least 60% local production of vaccines by 2040. This initiative, driven by the COVID-19 pandemic, has underscored the urgent need to strengthen Africa's pharmaceutical manufacturing capabilities.

He acknowledged that Africa has faced challenges in the past, particularly in terms of infrastructure, logistics, and production capacity. However, he expressed his determination to overcome these obstacles and create a robust ecosystem for manufacturing vaccines and other medical products.

To address these challenges and advance the local manufacturing agenda, Dr. Kaseya announced the establishment of a Platform for Harmonised Africa Health Products Manufacturing (PHAHM).

"Therefore, I have decided to create a directorate that will lead this agenda and in a few days, I hope most African people will have the opportunity to send applications for all of the positions we are creating starting with the position to lead the platform that we are talking about," he said.

He urged all African citizens to apply for positions within the newly created directory that will oversee all aspects of local manufacturing.

Africa's pursuit of diagnostic and manufacturing self-reliance

Professor Abderrahmane Maaroufi, the Director of the Institut Pasteur Maroc (National Public Health Institute) added that Africa is steadily progressing towards self-sufficiency in diagnostics and manufacturing, with notable advancements achieved in recent years. The African Union has spearheaded several initiatives to foster local production of essential health products, and there is a burgeoning commitment among African nations to invest in this domain.

"Initiatives like the African Collaborative for Advanced Manufacturing of Vaccines and the establishment of Centers of Excellence are commendable," he said. "However, challenges persist, such as limited technology and distribution barriers hindering local manufacturing's full potential."

Maaroufi said that the advantages of local manufacturing of diagnostics and therapeutics are that it is both more cost-effective and efficient. He noted that Africa currently manufactures less than 2% of its required diagnostics and therapeutics, with a staggering 97% being imported from outside the continent. This reliance on external sources can hinder Africa's ability to effectively combat diseases.

Vaccine development and pandemic preparedness

Frederick Kristensen, the Deputy CEO of the Coalition for Epidemic Preparedness Innovations (CEPI), said that as we grapple with the lingering impacts of COVID-19 and confront other devastating outbreaks, the need for robust health security has never been more evident.

"We've witnessed devastating outbreaks, emphasizing the urgency of investing in health security. Climate change further complicates accessibility, amplifying the need for rapid response," he added.

"We're at a historic juncture where science, technology, finance, and political will converge, offering an unprecedented opportunity to enhance pandemic preparedness. African countries, through initiatives like the Africa CDC, are tackling these challenges collectively. Our contributions include supporting vaccine manufacturing capacity in Senegal and South Africa and aiding volunteers in developing an mRNA-based vaccine."

"The 100-Day Mission, endorsed by parties like the G7, aims to have vaccines ready within a hundred days of identifying threats," he said. "This shift from preparedness response necessitates global, locally-driven manufacturing for swift, top-quality vaccine production. Focusing on crucial factors among the myriad of infectious diseases could significantly expedite responses."

"Strengthening regulatory agencies and improving clinical trial protocols are essential to safely and efficiently evaluate countermeasures. Achieving this requires building capacity sustainably, leveraging existing research infrastructure, and fostering local expertise," he said. "In a significant step forward, we have partnered with the Medical Research Council of the Gambia and the International Vaccine Initiative to enhance clinical research capacity in West Africa. This initiative is already gaining momentum, and we aim to expand it to other regions, such as East Africa."

Global health architecture and partnerships

Echoing the sentiments of her fellow delegates, Heidy Rombouts, the Belgian Director General for Development Cooperation and Humanitarian Aid at the Belgian Ministry of Foreign Affairs acknowledged the glaring deficiencies exposed by the COVID-19 pandemic in global health systems, emphasizing the urgent need for a comprehensive overhaul of the international health landscape.

"The theme of 'Repositioning Africa in the Global Health Architecture' is undeniably compelling," she asserted. "It should resonate far beyond the continent, engaging the global community in a concerted effort. But what does this repositioning entail for us, as partners engaging with Africa and preparing for the next pandemic?"

Rombouts announced that Belgium would hold the EU presidency from January 1st for six months. "I have come to this conference with an open mind, eager to listen and learn more about what 'repositioning' means for us - for Europe, for the European Union, and our partnership with Africa," she remarked.

To strengthen partnerships in the health sector, Rombouts advocated for expanding collaboration to encompass a broader range of actors, including regulatory bodies, primary healthcare providers, market analysts, and market intelligence providers. She acknowledged that this may necessitate stepping out of comfort zones, forging new networks, and cultivating collaborative relationships with diverse communities. In addition, she emphasized the importance of enhancing communication strategies to effectively demonstrate how development finance institutions can support market initiatives and leverage investments in primary healthcare.

"Partnerships must extend beyond a single level," Rombouts asserted, echoing the adage "No one is safe until everyone is safe."

"We must engage at all levels, from local to regional, sub-regional, continental, and global. Technology can play a pivotal role in consolidating local information for faster decision-making at regional and sub-regional levels," she explained.

"Partnerships will be multi-layered," Rombouts said, citing Belgium's collaboration with Senegal and Rwanda to strengthen local health systems and regulatory bodies within the Team Europe approach as an exemplary model. This initiative aims to boost local manufacturing of vaccines, medicines, and health technologies in Africa, with a focus on creating an enabling environment for sustainable production and strengthening regulatory structures."

"Engaging in a mutual learning process and facilitating two-way learning through twinning arrangements are key aspects of this journey," she said.

 AllAfrica's reporting from CPHIA2023 is supported by the African Union and Africa CDC

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Which European countries lead investment in Africa?

Programs like Nigeria’s FGN-ALAT Skillnovation support MSMEs and digital skills development.

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Content: Shares

Africa is often hailed as the birthplace of some of the world’s most exciting tech startups. From Cape to Cairo, small businesses across the continent have become catalysts for change, helping to drive economic prosperity and leaving their mark on local society.

Having produced several industry shakers in the fintech space, it’s perhaps not surprising that the continent has become a very attractive option for startup investment. According to Boston Consulting Group, the rate of growth in the number of African startups receiving financial backing between 2015 and 2022 was nearly six times faster than the global average. And during the first nine months of 2023 alone, these tech ventures raised around $1.4 billion.

With SMEs already accounting for up to 90 percent of businesses in Sub-Saharan Africa, much focus is placed on supporting this vital sector of the economy to reach the levels of success we’ve come to associate with Africa’s tenacious startup culture.

The question is – how do we empower the small business down the road to rise to the ranks of a Flutterwave in Nigeria or M-KOPA in Kenya?

Much of the answer lies in providing these enterprises with the technology they need to drive operational efficiencies and scale their operations. Cloud technology has, for example, played an important part over the years in supporting Flutterwave’s core operations. Kenyan startup, M-KOPA, which provides digital financial services to underbanked consumers, also relies heavily on the computing capacity of the cloud. Its ability to process 500 payments per minute makes it possible for the startup to provide 3 million people across Africa with access to essential services such as solar power systems, digital loans, health insurance and smartphones.

Beyond fintech, small businesses are having a transformative impact on other key sectors such as healthcare. And as with Flutterwave and M-KOPA, many of these enterprises have something important in common – the backing of powerful technology.

In South Africa, Omnisient is helping to elevate crucial decision-making across healthcare systems through a recent partnership with Altron HealthTech. The startup has created a platform that facilitates data collaboration across records and datasets and can securely match anonymised patient information in a safe environment for analysis. This allows Altron’s healthcare partners more insight into disease patterns and can improve treatments and medication efficacy.

Another startup leaving its mark in the healthcare space, Zen Dawa, is helping to reimagine pharmaceutical operations across both rural and urban areas of East Africa by creating online access to pharmaceutical offerings as well as financing solutions for small businesses and pharmacy shops. By making use of Microsoft’s robust AI platform built on Azure, the startup is helping to contribute positively to the availability of essential medicines across East Africa.

However, there are still many challenges to be addressed when it comes to drawing a larger number of the continent’s SMEs into the digital economy. Africa is still behind other regions in the world when it comes to digital infrastructure coverage, access, and quality. We are also still battling a shortage of skills and inadequate regulatory policy environments. With just 22 percent of the population online, Sub-Saharan Africa is still the world’s least connected region.

Addressing these issues will rely in no small part on the development of strategic alliances across both public and private sectors. These collaborations are pivotal to the development of comprehensive solutions to the multi-faceted challenges faced by small businesses in Africa. The FGN-ALAT digital Skillnovation Programme is a great example of this. A partnership between the Federal Government of Nigeria, Wema Bank, Get Funded Africa and Microsoft, the programme aims to train and equip one million micro, small and medium enterprises (MSMEs) across the country by the end of June 2024. Already 350, 000 MSMEs have been impacted.

Beyond skills, these businesses require business mentorship and access to market and finance opportunities – through effective collaboration the initiative aims to address all these needs in a holistic manner, facilitating opportunities, for example, to receive debt financing, equity investment and grants.

The more Africa can produce successful collaborations such as these, the more we’ll start to see a greater number of small businesses emerge as powerful economic contributors. These strategic partnerships hold the key to unlocking immense potential across sectors, empowering entrepreneurial ventures to drive new digital solutions to long-standing challenges and creating a ripple effect that reverberates throughout the continent.

By Gerald Maithya – General Manager, Microsoft Africa Transformation Office

Which African countries are driving the venture capital ecosystem?