Uganda's economy to grow at least 7% in 2025/26 fiscal year, says finance minister
(Reporting by Elias Biryabarema; Writing by Hereward Holland; Editing by Alexander Winning)
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Dubai Chamber of Commerce supports expansion of Al Sharqi Shipping company into Kenya, Uganda
Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has supported the expansion of Al Sharqi Shipping, a Dubai-based logistics company, into the Kenyan and Ugandan markets. The chamber's office in Kenya played a vital role in enabling Al Sharqi Shipping to establish its operations in both countries. The office provided valuable market insights, facilitated local partnerships, and offered strategic advice on navigating regulatory environments and fulfilling legal and administrative requirements. Salem Al Shamsi, Vice President of International Relations at Dubai Chambers, commented, 'We are committed to enabling local companies to expand globally by strengthening their ties with promising international markets and strategic partners. This supports sustainable business growth and underlines our continued commitment to strengthening the competitiveness of Dubai's private sector, enabling it to capitalise on high-potential opportunities both locally and internationally.' Kashif Rafiq, CEO of Al Sharqi Shipping and Board Member of Al Sharqi Holding, said, 'Al Sharqi Shipping has been connecting businesses with trade through logistics and freight solutions since 1989. With the UAE-Kenya Comprehensive Economic Partnership Agreement (CEPA) and the Dubai Chamber of Commerce's efforts to support international business growth, we are working to expand our presence in East Africa—strengthening regional ties and contributing to Dubai's wider trade aspirations.' Al Sharqi Shipping offers supply chain management, freight forwarding, and cargo consolidation services. By establishing offices in Kenya and Uganda, the company aims to expand the reach of its products and solutions across African markets, from customs clearance to investing in local trucking infrastructure. The move forms part of the company's broader strategy to diversify and grow its presence in key emerging markets.
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The $10bln mega-airport financing partnership between Ethiopian Airlines and African Development Bank takes off
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Lt General Yilma Merdessa, Malawi's Minister of Finance and Economic Affairs Simplex Chithyola, South Sudan's Ambassador to Ethiopia Boutros Thok Deng, the Democratic Republic of Congo's Chargé d'affaires in Ethiopia Exkael Kabongo, his Togolese counterpart Thomas Deji, and Zambia's Nawa Sibongo. Located 40 kilometers south of Addis Ababa, the new greenfield Bishoftu International Airport (BIA) will have an initial capacity of 60 million passengers, eventually expanding to 110 million, and transport 3.73 million tons of cargo annually. 'The African Development Bank is proud to partner with Ethiopia in its vision to expand the operational and fleet capacity of the Ethiopian Airlines,' Adesina said, praising Ethiopia for putting 'Africa at the top in global aviation.' 'With its 75 years of operational history, Ethiopian airlines is Africa's oldest and best airline. It is critical for regional economic integration, connecting capitals, people and markets, with its globally rated cargo facilities,' the Bank Group chief said. Ethiopian Airlines Group CEO Mesfin Tasew, who was represented at the signing ceremony by Chief Commercial Officer Yadecha said, 'The signing of this mandate letter marks a decisive step toward realizing a world-class pan-African gateway that will boost intra-African trade, regional integration, tourism, and global connectivity.' Groundworks are expected to begin late 2025, with Phase I expected to be completed by November 2029. The multi-billion-dollar project will include an airport city with facilities such as shopping malls, hotels, recreation areas, as well as direct rail and expressway links to Addis Ababa. Adesina, making his last official visit to Ethiopia, praised the 'visionary leadership' of Ethiopia's Prime Minister, Abiy Ahmed, who he noted is transforming the country 'every hour, every day, every week, at scale. Speed and scale are now the hallmarks of Ethiopia.' He summed up the financing partnership between Ethiopian Airlines and the Bank as a fitting one between Africa's largest airline—with an especially noteworthy record of supporting the global response to the Covid19 pandemic—and the continent's biggest infrastructure financier, to deliver a 'game changer' for African and global aviation. 'In the past ten years under my Presidency, the Bank has financed over $55 billion in infrastructure,' Adesina said, pledging to 'do all we can to support Ethiopia to achieve its dream.' He noted that the African Development Bank in 2016 extended a $160 million corporate loan to support the modernization and expansion of Ethiopian Airline's fleet. 'I wish to assure you that the African Development Bank will deliver, so that this project can be delivered by Ethiopia for its people,' said Adesina. The Ethiopian Airlines Group and the African Development Bank signed a Letter of Intent on 24 March 2025 to partner for the financing of this flagship project. The Bank has a track record of responsibly structuring and mobilizing financing from commercial banks, development finance institutions, and institutional investors for structured projects across the continent. It supports several transformative infrastructure projects as a mandated lead arranger, including the Aysha Wind Power Project in Ethiopia and the Tanzania-Burundi-DR Congo Standard Gauge Railway Project. Over the years, the Bank has successfully executed debt-raise mandates for limited-recourse infrastructure projects as well as state-owned transport companies such as Transnet, Portos e Caminhos de Ferro de Moçambique, and Ghana Airports Company. The Bishoftu International Airport will serve international passenger and cargo traffic, complementing Bole International Airport, which will retain Ethiopian's domestic operations. Ethiopian Airlines hub-and-spoke network, with subregional hubs, is driving connectivity across Africa and with the rest of the world. With the planned airport, the speed, frequency and scale of connections for people, goods, and services is set to increase significantly. The expansion is also in line with one of the African Development Bank's High 5 priorities, which is to Integrate Africa by breaking down barriers, building cross-border links, and enabling African economies to trade, travel, and thrive together in a globally competitive environment. Ethiopian Airlines Group, Africa's most successful airline, with more than 75 years of operational history, is the seven-time consecutive winner of Skytrax's 'Best Airline' in Africa' award. In the fiscal year ending 30 June 2025, the airline reported record revenues of $7.6 billion, reflecting an 8% year-on-year growth. It transported 19.0 million passengers, with 15.1 million on international routes and 3.9 million within the country. The company has allocated a total of $350 million for livelihood restoration and resettlement of communities that will be affected by the construction. To read President Adesina's speech, click here ( Distributed by APO Group on behalf of African Development Bank Group (AfDB). Media contact: Christin Roby Regional Communication Officer for East Africa Email: media@ About the African Development Bank Group: The African Development Bank Group is Africa's premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: SOURCE: African Development Bank Group (AfDB)
Zawya
an hour ago
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Sarwa Life joins forces with Al Ahly Momken to broaden insurance policies premiums payment options
Cairo: As part of Contact Financial Holding's overarching vision to revolutionize Egypt's financial and insurance landscape by driving digital transformation and forging impactful strategic partnerships, Sarwa Life Insurance, the Group's life insurance arm, has announced a strategic collaboration with Al Ahly Momken, a key player in e-payment solutions and financial services. Under this agreement, Sarwa Life clients across Egypt will be able to seamlessly settle their insurance policy premium through Al Ahly Momken's extensive payment network. This step represents an extension of a successful partnership, reflecting the two companies' shared commitment to facilitating insurance policies premium for Sarwa Life clients via multiple channels, including branches, e-wallets, ATMs, the mobile app, and Al Ahly Momken's nationwide POS network, which serves over 5.5 million users. This initiative aligns with Sarwa Life's strategy to enhance customer experience while boosting operational efficiency. 'Our strategic alliance with Al Ahly Momken marks a significant milestone in our journey toward delivering a fully integrated digital insurance experience. This collaboration allows us to offer flexible, secure payment options that fit seamlessly into our customers' lifestyles, making it easier than ever for them to manage their policies. At its core, this partnership goes beyond technical integration, it reflects a joint commitment to empowering individuals and ensuring that insurance protection extends to all segments of society'. Stated Rimah Asaad, Managing Director of Sarwa Life. 'At Al Ahly Momkn, we are committed to the strategic expansion of our footprint in the insurance sector. Our collaboration with Sarwa Life represents a continued expansion of our portfolio, building on a track record of successful partnerships. Leveraging our nationwide network of over 150,000 points of sale, we provide customers with secure, convenient, and accessible channels to pay their insurance premiums anytime, anywhere. This agreement reinforces our commitment to delivering innovative payment solutions that advance digital transformation and support the evolving needs of the financial and insurance sectors." Said Mohab Gamal, Deputy CEO and Chief Business Officer at Al Ahly Momkn. It is noteworthy that this agreement builds on the proven success of the previous partnership between Contact Pay, the Group's electronic payments arm, and Al Ahly Momken in delivering advanced payment solutions. It marks a new chapter in our cooperation, expanding into the settlement of life insurance premiums and integrating financial and insurance services with cutting-edge digital payment technologies. This step not only advances financial inclusion but also aligns seamlessly with Contact Financial Holding's vision of fostering a more inclusive and sustainable digital financial ecosystem.
