Author: Muindi

President William Ruto’s cabinet has approved the merger of 42 state-owned enterprises (SOEs) into 20, aiming to reduce costs and improve operational efficiency. During a Cabinet meeting by President William Ruto at the Kakamega State Lodge on Tuesday, the government agreed to dissolve nine corporations and divest 16 others. 𝗖𝗔𝗕𝗜𝗡𝗘𝗧 𝗥𝗘𝗦𝗢𝗟𝗨𝗧𝗜𝗢𝗡 President @WilliamsRuto chaired the first Cabinet meeting of 2025 at State Lodge, Kakamega, urging his Cabinet to seize the unique opportunity presented by the broad-based government to drive transformative change in Kenya. -… pic.twitter.com/5zg1M2MND5 — State House Kenya (@StateHouseKenya) January 21, 2025 “In an effort to streamline government operations,…

Safaricom (NSE: SCOM), in partnership with fund managers Standard Investment Bank (SIB) and ALA Capital Limited, has launched Ziidi MMF, a money market fund that leverages the convenience of M-PESA to provide customers with a simple, fast, and efficient investment platform. Ziidi MMF is a unit trust that allows customers to earn interest by investing funds directly from their M-PESA wallets. Interest earned is accrued daily to the Ziidi wallet, enabling investors to generate consistent returns. Since its public launch in December 2024, Ziidi MMF has attracted over 450,000 users and amassed over KES 2.85 billion in assets under management.…

Kenya’s Mumias Sugar has issued a Ksh150 million bonus to cane farmers, a significant step in the company’s recovery. This move coincided with calls from regional leaders for the government to expedite reforms in the sugar industry to safeguard Kenya from reliance on sugar imports. Mumias Sugar, which resumed full operations a year ago, has faced numerous legal challenges, primarily from West Kenya Sugar Company Chairman Jaswant Singh Rai, who opposed the lease of Mumias Sugar to his brother Sarbi Singh Rai of Sarrai Group. Recent reforms include the Sugar Act 2022, which re-established the Kenya Sugar Board, created the…

China Square has expanded its presence in Kenya with the recent opening of new stores at Two Rivers Mall and the upcoming launch at Greenspan Mall. This expansion follows the retailer’s successful entry into the Kenyan market in 2022 and reflects its strategic growth plans within the country. The new store adds to China Square’s growing network of outlets, which already includes locations in Kenyatta University’s Unicity Mall, The Waterfront, Karen Mall, Lang’ata Hyper Mall, and two outside Nairobi: Nyali Bazaar Mall in Mombasa and Kisumu’s Mega City Mall. “We see a lot of potential in this mall due to…

CMC Motors Group has decided to exit the Kenyan, Ugandan, and Tanzanian markets due to significant economic headwinds. The company cited economic pressures, currency depreciation, and rising operational costs as key factors in this difficult decision. “CMC Motors Group has decided to gradually wind down operations in full compliance with local regulations and distributorship agreements,” said the company in a statement. “This decision follows a thorough evaluation of the business in light of sustained market challenges, including economic pressures, currency depreciation, and rising operational costs,” the statement read in part. “Over the past 40 years, CMC Motors Group has played…

Following China’s withdrawal of funding, Kenya is exploring a partnership with the United Arab Emirates (UAE) to secure financing for the completion of its Standard Gauge Railway (SGR) extension. The original SGR project, initiated under China’s Belt and Road Initiative, stalled in 2019, ending 468 kilometres at the Malaba border. President William Ruto announced the pursuit of UAE financing, stating, “We are exploring a partnership agreement with the UAE to extend the SGR… We have agreed to conduct a feasibility study…” President Ruto was speaking in Abu Dhabi, following talks with UAE Investment Minister Mohamed Hassan Alsuwaidi. We are exploring…