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Recent Topicals

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A Review of Kenya’s Proposed Sovereign Wealth Fund

Nov 9, 2025

Kenya’s 2012 discovery of oil reserves in Northern Kenya and the subsequent establishment of a Sovereign Wealth Fund (SWF) mark a pivotal moment in the country’s fiscal and economic trajectory. As global commodity markets remain volatile and debt servicing pressures intensify, the need for structured, transparent, and forward-looking management of oil revenues has never been more urgent. Sovereign wealth funds are used globally to stabilize economies and finance strategic development. Sovereign funds offer countries like Kenya a unique opportunity to transform finite natural resources into long-term prosperity. Yet, despite its significance, Kenya’s SWF remains under-explored in public discourse. This topical aims to demystify the fund’s structure, legal framework, and macroeconomic rationale, while benchmarking it against...

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Kenya’s Balance of Payments Report

Oct 26, 2025

In pursuit of a stable and sustainable economic future, the Kenyan government prioritizes balancing its economic policies, especially regarding the Balance of Payments. Achieving this balance is essential to ensuring stable trade relations, managing capital inflows and outflows, addressing inflationary pressures, and maintaining a favourable exchange rate system. These efforts are geared towards fostering economic growth, creating employment opportunities, and implementing strategic commercial policies, all of which play pivotal roles in Kenya's pursuit of a robust and sustainable economic trajectory. In light of this, we saw it fit to focus on Kenya’s balance of payments to analyse the current state and what can be done to improve it. We have previously tacked the subject of balance of payments in our topical titled Kenya’s Balance of Payments - released in October 2024, we explored the country's balan...

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Nairobi Metropolitan Area (NMA) Industrial Report 2025

Oct 19, 2025

Industrial Real Estate often receives less attention compared to dominant segments like residential, commercial office, and retail Real Estate. However, in recent years, the government has actively promoted industrial activities through initiatives such as the Special Economic Zones (SEZs) and Export Processing Zones (EPZs) under the Ministry of Investments Trade and Industry (MITI). Additionally, Kenya's growing population has led to an increasing demand for commodities, fueling a rise in industrial activity. While industrial Real Estate in Kenya is often associated with manufacturing facilities and warehouses, it also includes other classes like slaughterhouses and emerging classes such as data centers, which are reshaping the sector. Given these developments, we find it prudent to analyze the Industrial Real Estate sector, with a particular focus on the Nairobi Metropolitan Area (NMA); In analyzing the Industrial Nairobi Metropolitan Area (NMA) we discuss the following;

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Kenya Listed Insurance H1’2025 Report

Oct 12, 2025

Following the release of the H1’2025 results by Kenyan insurance firms, the Cytonn Financial Services Research Team undertook an analysis on the financial performance of the listed insurance companies and the key factors that drove the performance of the sector. In this report, we assess the main trends in the sector, and areas that will be crucial for growth and stability going forward, seeking to give a view on which insurance firms are the most attractive and stable for investment. As a result, we shall address the following: Insurance Penetration in Kenya, Key Themes that Shaped the Insurance Sector in H1’2025, Interest rates Industry Highlights and Challenges, Performance of The Listed Insurance Sector in H1’2025, and, Conclusion & Outlook of the Insurance Sector. Section I: Insurance Penetration in Kenya Insurance...

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Sectoral Market Performance

Oct 5, 2025

Industry Report During the quarter, the following industry reports were released, and the key take-outs were as follows; GDP report Q2’2025 During the week, the Kenya National Bureau of Statistics (KNBS) released the Quarterly Gross Domestic Product Report that outlined the performance of various sectors to the GDP and below are the key take-outs related to the Real Estate sector: Steady growth in the Real Estate Sector - The Real Estate sector posted steady growth of 5.5% in Q2’2025, which is 0.4% points slower than the 5.9% growth registered in Q2’202...

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