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Recent Topicals

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Kenya Economic Review 2018

Nov 25, 2018

The year 2018 is shaping up to be a year of stable economic growth, with the economy recovering from the effects of the previous year that slowed down economic growth, including prolonged drought and the protracted electioneering period. Kenya is one of the fastest growing economies in the Sub-Saharan Africa region, with GDP growth expected to average 5.5% in 2018, an increase from the 4.9% GDP growth recorded in 2017. By contrast, the International Monetary Fund (IMF) estimates the Sub Saharan African average economic growth to average 3.8% in 2018, from 3.1% in 2017.The table below highlights the GDP growth expectations from different bodies; Kenya 2018 Annual GDP Growth Outlook No. Organization

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Nairobi Metropolitan Area Mixed-Use Developments (MUDs) Report 2018

Nov 18, 2018

Kenya’s real estate and construction market has grown over the last 8-years, with its contribution to GDP increasing from 12.6% in 2010 to 14.1% in 2017, as per statistics from Kenya National Bureau of Statistics (KNBS). The growth has been fuelled primarily by: Demand as a result of rapid population growth at 2.6% p.a compared to the global average growth rate of 1.2% as at 2017 according to the World Bank, High rate of urbanization at 4.4% p.a, compared to the global average of 2.1%, Infrastructural development in various parts of the country, which has opened up areas for development and improved the ease of doing business in the country, Entrance of multi-national firms such as Wrigley and Volkswagen & Swarovski, who demand institutional grade commercial and residential real estate, Relatively high real estate developer returns...

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Analysis of Kenya’s Doing Business Environment

Nov 11, 2018

The World Bank Group released the Doing Business 2019 Report, which investigates the regulations that enhance business activity in a country and those that constrain it. The report analyses survey results across 190 economies. The report covers regulations affecting 11 areas of the life of a business which include: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts, resolving insolvency, and labor market regulation. We have previously covered Ease of Doing Business in our Ease of Doing Business in Kenya , when we spoke about Kenya’s improved score, and concluded with the areas we expect the government to improv...

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Nairobi Metropolitan Area Infrastructure Report 2018

Oct 28, 2018

Infrastructure refers to the fundamental structure of an organization or system, which is necessary for its operation, and entails public water, energy, and systems for communication and transport. It is thus, considered the backbone of any country’s economic growth. Infrastructural improvements such as road and rail networks enhance a nation’s connectivity thus, unlocking the economic potential of a region by opening it up for trade and investments, as it allows for easy transport of labor, goods and services to where they are in demand. In real estate, infrastructure acts facilitate the sector’s growth as its availability, or lack thereof, determines the growth momentum of the real estate sector in a given location. Transport systems, for instance, enhance accessibility from home to the work place and vice versa, whereas utilities such as water, sewage disposal and electricity are essential for human living.  In the recent past, we have witnessed the...

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Unlocking New Listings on the Nairobi Bourse

Oct 21, 2018

The Nairobi Securities Exchange (NSE) has struggled to attract new listings, having only raised Kshs 4.2 bn in two initial public offers (IPO’s) in the last 5-years, with one each in 2014 and 2015 by NSE and Stanlib Investments, respectively. Currently the bourse has 64 listed stocks with a total market capitalization of Kshs 2.16 tn, of which Safaricom controls 44.0% market share. The Capital Markets Authority (CMA) has raised concerns that Kenya has been unable to achieve its projected listings targets as articulated in its Capital Markets Master Plan, which envisions at least four listings on the NSE every year. CMA has also noted that a few large cap stocks, namely Safaricom PLC, East African Breweries Ltd, Equity group Holdings and KCB Group Ltd, hold almost 75.0% of the total market capitalization, making the market volatile, due to the dependence on these few...

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