East Africa grows its Space opportunity

By Conrad Onyango, bird story agency A futuristic solar-powered plane designed to fly between 60,000 and 80,000 feet above the earth, beyond regulated airspace, is set to take off in Kenya, adding to a growing number of high-altitude and space projects in East Africa. Aalto, a startup spun out by passenger aircraft giant Airbus in 2023, manufactures the solar-electric Zephyr HAPS aircraft and has indicated it will soon […]

July 18, 2024 17

Business / Economics

11-18 July 2024 Weekly Economics Wrap: Cross-Border Green Hydrogen Pipeline Feasibility Study Advances Amid Economic Shifts Across Southern Africa and Global Markets

Namibia-South Africa Green Hydrogen Pipeline Feasibility Study The Mines and Energy Ministry of Namibia has announced plans to conduct a N$5 million feasibility study for a cross-border green hydrogen pipeline linking Namibia and South Africa. This initiative, overseen by Namibia's Green Hydrogen Programme, follows the signing of a Memorandum of Understanding between the two nations at the May 2024 World Hydrogen Summit. South African Economic Highlights Rand Strengthens on U.S. […]

July 18, 2024 15

Business / Economics

18 July 2024 Morning Biz News Biz News Roundup: Key Financial Developments

Building Approvals Surge in Windhoek The City of Windhoek has approved 928 building plans in the first half of 2024, valued at N$921.9 million, as reported by The Brief. This represents a 1.4% increase in the number of plans and a substantial 30.0% increase in their value compared to the same period in 2023. However, IJG Securities highlighted a 16.3% decrease in the number of approvals and a marginal 0.1% […]

July 18, 2024 18

Business / Economics

IMF projects Namibia’s GDP growth to slow to 3.6% in 2024

The International Monetary Fund forecasts that real GDP growth in Namibia will slow to 3.6% in 2024, owing to global macroeconomic headwinds and tight monetary conditions. The fund released its World Economic Outlook Update on 16 July 2024. Similarly, the African Development Bank forecasts a decline in GDP to 3.3% for both 2024 and 2025, driven by weak global demand and a contraction in agriculture.

July 17, 2024 36

Business / Economics

Another big splash for China in water contracts

This story is republished with permission from The Tender Bulletin NamWater has awarded a tender for the construction of the Outapi water treatment works extension and upgrade to China Jiangxi International in joint venture with Homefin Properties for N$112-m, two months after the same partnership landed a N$91-m contract for the construction of Ondangwa – Oshali water pipeline. The Outapi water treatment construction contract was awarded directly by […]

July 17, 2024 79

1

Business / Economics

Namport Advances Concession Agreement for New Container Terminal at Port of Walvis Bay

Namibian Ports Authority is finalizing a 25-year concession agreement with Terminal Investment Limited to operate the new Container Terminal at the Port of Walvis Bay by the fourth quarter of 2024 according to The Brief's reports. TIL, a subsidiary of MSC Mediterranean Shipping Company, was selected to enhance efficiency and attract private investment. The agreement aims to boost operational capabilities, competitiveness, and employment opportunities amid changes in the shipping industry […]

July 17, 2024 72 1

Business / Economics

TransUnion Study Shows Financial Optimism Among Namibians Despite Current Challenges

A recent TransUnion Quarter 2 Consumer Pulse Study for this year reveals that while Namibian households continue to face financial difficulties, there is optimism about future income prospects. The study indicates that 38% of consumers experienced stagnant incomes and 34% faced decreases, while 28% reported increases. Despite high inflation averaging 5.9% in 2023, 81% of consumers, particularly younger generations, remain hopeful about their financial future.

July 17, 2024 25

Business / Economics

17 July 2024 Morning Biz News: “Namibia Economic Update: Kelp Blue License Secured, Rand Strengthens Amid Global Market Dynamics”

In recent developments impacting Namibia's economic landscape, several key indicators and business activities have emerged, reflecting both local and international market trends. Kelp Blue Namibia, led by Managing Director Fabian Shaanika, has secured a significant 15-year commercial license for cultivating Giant Kelp across a sprawling 6,400-hectare offshore site. This milestone not only promises substantial business expansion for Kelp Blue but also underscores its role in enhancing carbon sequestration efforts. On […]

July 17, 2024 20

Business / Economics

Namibia Ranks 9th in Africa for AI Readiness, IMF Report Reveals

According to the 2024 report by the International Monetary Fund, Namibia ranks 9th on the African continent in terms of preparedness for the adoption of Artificial Intelligence.Local Digital Expert Nrupesh Soni weighs in.

July 17, 2024 21

Business / Economics