Author: Korir Issa

The Kenya Electricity Transmission Company Limited (KETRACO) has signed a Sh95.68 billion ($736 million) agreement with Adani Energy Solutions Limited to build and operate four electricity transmission lines and two substations in Kenya. The 30-year agreement aims to address the country’s persistent power outages and enhance its electricity infrastructure. Adani Energy Solutions will invest in the project and then transfer the assets to KETRACO after 30 years. “As part of this infrastructure development, the Project Company will raise all the funding in the form of debt and equity that will be repaid over the 30 years of the project agreement,”…

Kenya’s Ruth Chepngetich shattered the women’s world record in the Bank of America Chicago Marathon, finishing at 2:09:56 on Sunday. This marks her third victory in the race and a significant improvement on her previous best time of 2:14:18. John Korir secured the men’s title in 2:02:43, the second-fastest time ever recorded in Chicago. The race featured a strong Kenyan contingent, with three Kenyan runners claiming top positions. Chepngetich’s victory was characterized by her relentless pace throughout the race. She passed the halfway mark in an incredible 1:04:16, putting her on course for a sub-2:10 finish. “I feel so great.…

The Central Bank of Kenya (CBK) has revised its 2024 economic growth forecast downward to 5.1% from 5.4%, citing a slowdown in various sectors during the second quarter. Despite this, the CBK remains optimistic about the country’s overall economic performance, highlighting the continued strength of key service sectors, agriculture, and exports. “The resilience of key service sectors, robust performance in agriculture and improved exports are expected to continue supporting growth. This outlook is subject to risks including the escalation of geopolitical tensions,” said the CBK in an emailed statement Tuesday. Kenya 2024 Growth Projections No. Organization 2024 GDP Projections 1…

Superior Homes Kenya has unveiled Kofi Ridge, a new KSh 30 billion master-planned gated community in Ruiru, Kiambu County. Situated 12 kilometres from the Thika Superhighway, accessible via Kiganjo Road, Kofi Ridge offers three-bedroom townhouses, four and five-bedroom bungalows, and five-bedroom villas. The property features a security barrier gate, internet provision, paved roads, electricity and water supply, solar street lighting, 24-hour security, and open spaces. “As a company, we have been able to successfully deliver quality and unique real estate offerings to our investors. We ensure that we give attention to detail and this is evident in every aspect of…

Diamond Trust Bank (DTB) has announced a strong financial performance for the first half of 2024, with net profit increasing by 12% to Sh4.9 billion compared to the same period last year. Key Highlights DTB’s subsidiaries in Tanzania, Uganda, and Burundi contributed significantly to the improved profitability, with pre-tax profits increasing to 35% from 23%. The Group’s total assets grew to Sh585 billion, reflecting its expansion and growth. Operating income increased by 10% to Sh20.6 billion. Net interest income improved to Sh14.2 billion, driven by better interest margins and non-interest income revenues. Operating expenses rose to Sh10.6 billion due to…

Quickmart, a Kenyan retail chain, is set to leap into the digital realm by launching its new e-commerce platform, Q-soko. This strategic move positions Quickmart to tap into the rapidly growing online shopping market in Kenya. The retail chain aims to attract a substantial customer base of around 1 million monthly shoppers through Q-Soko, offering a convenient and efficient online shopping experience. “Right now as Quickmart we are serving an average of 5 million customers every month we will be looking to serve at least 20 per cent of these on the e-commerce,” retail chain chief marketing officer Betty Wamaitha…