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October 5th, 2011, 10:51 AM
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#41 |
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Olduvai Gorge
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Precision Air shares up for sale Friday
Tuesday, 04 October 2011 21:54  Mr Michael Shirima By Alawi Masare The Citizen Reporter Dar es Salaam. All is set for Precision Air Services to offer its 58,841,750 shares for sale during the planned Initial Public Offering (IPO) scheduled to start on Friday.The company seeks to raise Sh27.9 billion to finance the company’s expansion plan, according to the chairman of the company board of directors, Mr Michael Shirima. The IPO would run from October 7 to 28 followed by announcement of offer results on November 11, this year. According to the company’s prospectus, 93.5 per cent of the net proceeds will be used as capital expenditure, while 6.5 per cent will be used as working capital enhancement. The IPO shares represent just 30 per cent of 193,856,750 current shares of the company. The company officially announced yesterday that the much awaited IPO and subsequent listing on the Dar es Salaam Stock Exchange (DSE), had received all requisite approvals to proceed. Every share will be sold at Sh475 and the minimum number of shares per application during the three weeks of IPO will be 200, Mr Shirima said when briefing reporters at the company offices yesterday. Reacting to some arguments that the shares in the IPO have been overpriced, Mr Shirima noted that the price was low as it has been discounted by 11 per cent from the value set by experts’ calculations. He invited the government, individuals and public institutions to contact registered stock brokers and some banks for the application forms, noting that people might buy the shares in any CRDB Bank branch or Stanbic Bank branches across the country. “It should not be surprising if the government buys shares and has partial ownership of the company. Precision Air is a Tanzanian airline and 51 per cent of the shares should be owned by the locals,” said Mr Shirima. The decision to launch the IPO and listing on the DSE was aimed at, among other reasons, raising capital in a short period for further expansion of the airline services. Mr Shirima also said it would enable Tanzanians to own part of the company and dispel wrong information that the airline is owned by foreigners. Some 49 per cent of the company are currently owned by Kenya Airways.As part of its expansion plan after the IPO, Precision Air eyes new routes to the Democratic Republic of Congo (DRC) and Angola. Speaking during the briefing, the Precision Air chief executive officer, Mr Alfonse Kioko, said talks with Angolan authorities were in final stages and they may start servicing the route early next year. “The fleet expansion plan includes the increase of the number of aircraft and launching of new routes. Talks on the Angola route is in its final stages and we expect to conclude the talks for possible commencement of services on the new route early next year. Source: http://www.thecitizen.co.tz/news/-/1...or-sale-friday
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October 5th, 2011, 02:11 PM
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#42 | |
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October 6th, 2011, 11:58 PM
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#43 | |
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I thought NSSF was supposed to undertake this project with Malaysians...I read somewhere Zitto Kabwe saying that |
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October 19th, 2011, 09:24 PM
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#44 |
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Olduvai Gorge
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Petrobras teams with Shell in oil and gas exploration in Tanzania
Wednesday, 19 October 2011 21:15 By The Citizen Reporter and Agencies Dar es Salaam. Petrobras recently entered into a Farm-Out Agreement with Shell Deepwater Tanzania BV in which the later has acquired granted 50 per cent of its interest in offshore Blocks 5 and 6 in Tanzania.Shell Deepwater Tanzania BV is an affiliate of Royal Dutch Shell. However, the financial terms of the deal were not disclosed. Located in the Indian Ocean, the depths of the wells range from 600 to 3,000 meters. According to reports, the Brazilian state-controlled company’s local unit, Petrobras Tanzania, which held 100 per cent interest in each of the blocks prior to the transaction, will continue to act as the operator of the field. The Tanzanian Petroleum Development Corporation, the state controlled oil company is the concessionaire of both the blocks. Petrobras ventured into the Tanzania oil sector with the signing of the agreement for  Block 5 with TPDC Two years later, Petrobras inked the deal for Block 6.Currently, the Zeta-1 well is being drilled in Block 5, which is expected to be completed by the end of the year, while 3D seismics interpretation work is currently being carried out for Block 6. Headquartered in Rio de Janeiro, Petrobras primarily engages in exploration, exploitation and production of oil from reservoir wells, shale and other rocks, in refining, processing, trade and transport of oil and oil products, natural gas and other fluid hydrocarbons as well as in other energy-related activities. According to analysts Petrobras has a very positive medium- to long-term outlook based on its encouraging portfolio of investments. The company has been able to successfully leverage its Brazilian deepwater expertise into exploring upstream opportunities overseas.However, Petrobras’ huge investment requirements, operational risks typical to an exploration and production company and tough competition from peers keep our optimism clouded.Unpredictable energy prices and government regulations also add to the negative sentiment. Source: www.thecitizen.co.tz
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November 3rd, 2011, 06:39 AM
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#45 |
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Trade between Tanzania, Turkey to hit USD200m
The trade volume between Tanzania and Turkey is expected to reach USD200m this year after both imports and exports surged up in the recent past. This was said on Friday by Defence and National Service minister Dr Hussein Mwinyi at the occasion to celebrate the 88th anniversary of the Turkish Day which was held in the city. Turkey has become a strong and dynamic economy producing world class quality goods and services, particularly textiles, construction mataerials and agricultural, tourism, mineral and energy products. “Following the tremendous achievement it has, I believe that Tanzania would benefit a great deal by increasing and diversifying commercial contacts as well as foster more cooperation with Turkey,” he said. “In the same spirit, I wish to encourage Turkish businessmen to explore investment opportunities in our country so that we can strengthen the business links that already exist and strengthen the long relationship that happily exist between our two countries and people,” he said. He said although the geographical distance between Tanzania and Turkey remains big, the two countries have always maintained cordial and brotherly relations. “As we join you to celebrate this national day, I wish to commend the Turkish Government and its people for the tremendous achievements they have made over the years,” he said. “It is my hope that within the coming years our relations will grow to new heights and that we will broaden the scope of our cooperation to include other fields such as defence and security, trade as well as industrialisation,” he said. “The Tanzanian government is very much aware that a joint permanent commission is an important way of enhancing cooperation between the two countries,” he said. “As a result our two countries are in the process of establishing a joint permanent commission to further guide the growth of our relations and I believe that this would bolster the growing economic activity between our two countries,” he noted. Emphasising on Turkish support to Tanzania, he said that Turkey has generously assisted Tanzanian’s developments in terms of security and education. On education, he said the Turkish government has been providing an increasing number of scholarships to Tanzanian students. “In 2010 more than 70 Tanzanian students were been awarded scholarships by the Turkish government and Turkish universities. I believe that this is an important contribution by the Turkish government to our country,” he said. On the other hand, the Turkish foundation that has one of the most successful primary and secondary schools in Tanzania also plans to establish a university in Tanzania, he said. On security, he said cooperation between Turkey and Tanzania has been strengthening, adding that the former has been training the latter country’s police on how to prevent organised crime. These training programmes have helped to enhance the capacity of our security forces, he said. “I believe that cooperation with the Turkish Armed Forces, one of the strongest armies in the world will help us to create a stronger and modern Tanzanian Army,” he noted, adding that only last year Chief of Defence Forces General, Davis Mwamunyange visited Turkey upon invitation by his counterpart Gen. Ilker Basbug. Mwinyi said on behalf of the government “I wish to express condolences to you and the bereaved families and relative after the recent earthquake that killed several people in Turkey.” For his part, Turkish Ambassador to Tanzania, Sander Gurbuz said that the friendship and relations between Tanzania and Turkey will continue to strengthen saying all was a result of the good relations that the two countries have, the courageous embassy staff and his good family. SOURCE: THE GUARDIAN
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November 3rd, 2011, 06:45 AM
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#46 |
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Tanzania opens up capital account to ease trade
Tanzania has opened up its capital account to enable its citizens to invest in East African markets as the bloc enters the Common Market protocol this week. This significant policy move, which was part of the member states’ obligation under the EAC Common Market Protocol to allow free movement of capital, is expected to benefit Tanzania and boost capital flows within the region. It will allow Tanzania retail investors, insurance companies and pension funds to fully take part in the ongoing $188 million KCB rights issue. Soon, investors in other member states will also be able to buy into Barrick Gold’s initial public share offering. Bank of Tanzanian economic policy director Joseph Massawe told The EastAfrican that the procedures are ready and will be used under the EAC protocol only. “We’ll set the timeline to remove all obstacles in the next two years,” Dr Massawe said. http://www.theeastafrican.co.ke/news...z/-/index.html
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November 5th, 2011, 06:52 PM
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#47 | |
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November 14th, 2011, 11:16 AM
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#48 |
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Olduvai Gorge
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TZ economy to surpass Kenya, forecast shows
Sunday, 13 November 2011 22:44  Former East Africa Community secretary general, Mr Juma Mwapachu, By peter Nyanje The Citizen Reporter Dar es Salaam. Tanzania is set to overtake Kenya as East Africa’s biggest economy by 2030 if the current Gross Domestic Product (GDP) growth rate remains the same, according to Standard Chartered Bank forecast. Currently, at GDP value of $36 billion, Kenya is the largest economy in East Africa and it ranks as sixth in Africa, according to Razia Khan, the Standard Chartered Bank regional head of research in Africa, who also projected Kenya’s GDP growth rate at 6 per cent. At the same time, Ms Khan shows in her presentation that Tanzania is the second largest economy in the region and ninth in the continent with its GDP measuring $23 billion. With a GDP growth rate of seven per cent, Ms Khan’s projections put Tanzania in the sixth largest economy in the continent and first in East Africa at $230 billion. By then, Kenya would have retarded to seventh position in Africa, one position behind Tanzania, with $217 billion GDP, Ms Khan’s projections show. While in 2011, South Africa leads as the strongest economy in the continent with its GDP at $555 billion, but come 2030, with constant GDP growth rates, Nigeria, which holds second position currently, would overtake it. By then, Nigeria, whose current GDP is estimated at $415 billion and growth rate of 7.5 per cent would lead the continent economically with a GDP of $1,640 billion followed by South Africa with $974 billion. In his quick reactions, the minister for Finance and Economic Affairs told The Citizen yesterday that the projections were true, noting that the economic figures in Tanzania would be much better than projected by the bank. “In fact, our projections put Tanzania at a mid income economy between 2010 and 2025. Currently, Tanzania is the fifth fastest growing economy in the region. There is no way we are going to take all those years to 2030 to achieve what the bank projects. We are going to achieve it before that time,” said Mr Mkulo. Asked how the government was going to ensure that the plans are implemented effectively, Mr Mkolo said in June this year the government baled the five years economic plan, which puts priorities on what should be done to spur the economic growth. “And the plan is only at its first phase of the 15-year economic plan. We would continue to ensure that we capitalise on the economic gains to make the economy even stronger... what the bank says about Tanzania’s growth is true but tell them that our data is much better than what they project,” the minister said. Commenting on the revelations, the shadow minister for Finance and Economic Affairs, Mr Zitto Kabwe, said it was possible for Tanzania to beat Kenya economically if the country focuses on three sectors, which are agriculture, mining and energy. “Agriculture in Tanzania forms 26 per cent of the whole economy while almost 70 per cent of the population depends on it for a living. This makes agriculture a crucial sector for poverty reduction,” he said. However, Mr Zitto, who is the Kigoma North MP (Chadema), said that for agriculture to act as a basis for a robust economic growth in the country, it must grow at 6 per cent annually for the economic growth of 8 per cent. He noted that if economic growth is to be at 10 per cent, the country must ensure that agriculture grows at the rate of 8 per cent. “All these are achievable. It requires a strong leadership and commitment. Investment into the rural economy in rural energy, rural water supply, rural roads and rural social services like education and health would spur growth and integrate the rural economy with the rest of the economy,” stressed the shadow Finance minister. But a leading local entrepreneur, Mr Ali Mufuruki of Infotech group, warned that double digit economic growth is not going to happen simply because people wish it. “We need to work hard, very hard and most importantly, we would require a very strong leadership,” he said when responding to Mr Zitto’s comments online. He noted that implementation of Kenya’s Vision 2030, which was already underway, shows that the country might exceed their own very ambitious expectations. “If you go to Kenya today and see the amounts and quality of works being rolled out be it in IT (information technology) infrastructure, roads, ports, airports, industrial parks, tourism infrastructure, shopping malls, horticulture, large scale farming, commodities and securities markets, human resource, etc, you will understand that theirs is not just a story or rhetoric as is commonly the case with us. They will attain the 10 per cent GDP growth long before we up ours to 7seven,” he stated adding: “We need to drastically up our act as a nation and we are looking up to leaders like Mr Zitto to take us to that promised land of Tanzania.” The online comments also attracted the immediate former East Africa Community secretary general, Mr Juma Mwapachu, who noted that attaining the Standard Chartered bank’s projections need committed leadership. He said that Tanzania needed a ‘mindset’ that can embrace the Vision 2025 and implement it. Source: www.thecitizen.co.tz
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December 5th, 2011, 07:56 AM
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#49 |
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How multinationals conduct big rip-offs
Dar es Salaam. Tanzania is losing billions of shillings annually due to tax dodging and capital flight by wealthy individuals, profits laundering by companies and to untaxed activities in the grey economy, The Citizen has learnt. Experts say the government’s otherwise well-intended tax incentive regime has availed to multinational companies like banks, mining, brewing and telecom firms, loopholes for engaging in illicit capital flow, denying the Treasury a substantial chunk of revenue.They said the money was enough to finance several key development projects such as infrastructure as well as delivery of basic social services.
However, efforts to get comments from the government in the last two weeks were unsuccessful.Speaking at a policy forum’s breakfast debate on “Tax and Development and Capital Flight” late last week, the executive director of Agenda Participation 2000, Mr Moses Kulaba, said that fuelled by the flawed tax regime, the country’s wealth was swindled immensely through illicit financial flows. “Due to poor tax regime, we are seeing an increasing trend of multinational companies that carry transactions through tax havens solely to avoid tax, with little or no basis in the country where they operate,” he said.Tanzania’s tax incentive regime is characterised by both fiscal and non-fiscal incentives as elaborated in the Tanzania Investment Act 1997 and the Zanzibar Investment Act 2004 and supported by specific Acts like the Mining Act, the Wildlife Act and Hotels Act. The fiscal incentives include VAT exemptions on deemed capital goods. However, in addition to more recently enacted incentives, Mr Kulaba said, the revenue lost in 2009/10 was estimated at Sh695 billion, equivalent to the health sector budget in the same period. Revenue lost in the mining or extractive sector alone was estimated at $132.5mln (Sh224 billion) between 1999 and 2003 and over $200 million (Sh340 billion) between 2003 and 2006. According to him, the non-tax incentives have allowed prevalence of corporate ‘game tactics’ such as multiple sale of Sheraton Hotel and change of name from Celtel to Zain and Airtel, in which the government lost billions of shillings due to lack of capital gains tax. Worse still was the amount of billions of shillings that are transferred to offshore accounts every year by the tax evading companies and criminal individuals perpetrating corruption and other forms of embezzlement. Available data shows that about $2.5 billion (Sh4.2 trillion) is estimated to have been transferred out of Tanzania between 2000 and 2008 through illicit financial flows. The arrangement provides a huge benefit to many multinationals by allowing them to reduce their taxes on profits from exports by channeling sales through foreign sales corporations based in offshore tax havens.However, according to Dr Attiya Waris from the Tax Justice Network, the amount represented little estimates due to difficulty in getting actual figures hidden by international bank’s secrecy provisions. She said in many developing countries, it has become a common practice for multinationals and some criminals to siphon off money - that could be spent in economic development and job creating undertaking - to countries that provide haven for tax dodgers. “It is very sad that every moment a child is born in a developing country, he or she has an automatic debt of about $500 as part of the nation’s loan…and yet over $160 billion tax revenue is lost every year because of two forms of illicit capital flight (mispricing and force invoicing) in these countries.” According to Dr Waris, who also lecturers at the University of Nairobi, the siphoned off money was four times higher than the total amount that the developing countries are missing for them to reach the Millennium Development Goals (about $40 billion). The discussants called for cooperation among poor countries in reviewing their tax regimes and enforcing of strict anti-money laundering, so as to curb the outflow of billions in money and resources, while leaving them heavily indebted. By Al-amani Mutarubukwa http://thecitizen.co.tz/component/co...-rip-offs.html |
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December 14th, 2011, 08:36 AM
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NSSF’s 150MW power project changes focus
The National Social Security Fund (NSSF) power project has been broadened from an emergency plan to a long-term undertaking, The Citizen has learnt.The NSSF director for Planning, Investment and Projects, Mr Yacoub Kidula, told this paper yesterday that the shift has been occasioned by the fact that the emergency aspect has ceased to be as pressing as it was when the Fund drew the original plan.
“Since other players are already producing electricity that meets that need, we have decided to refocus to generation that is tied to the government’s long-term supply assurance plan,” elaborated Mr Kidula over the phone yesterday. He said the tendering process for the project was in an advanced stage, and that NSSF might announce the winning bidder in a week. Mr Kidula said the winner would procure turbines that would be installed in Mkuranga, Coast Region, and be connected to the national power grid managed by the Tanzania Electric Supply Company (Tanesco). Initially, the plan was to install the turbines at the Ubungo facility on the outskirts of Dar es Salaam city, but it was shelved due to inadequate space there.Tanesco Public Relations Manager, Ms Badra Masoud, confirmed that the two entities had agreed on the new location for the turbines. “Yes, we have agreed that the machines should be installed in Mkuranga. We are currently in talks with them on how we can connect the power to the national grid,” she said. It has transpired that space had been earmarked at Ubungo on which NSSF would mount turbines, but it was re-located to to Aggreko, an independent power producer contracted to generate electricity for Tanesco. NSSF was initially in a list of institutions that had been tasked to produce power on an emergency basis, to ease countrywide crippling shortages for a good part of this year. Four companies had submitted bids for the tender to produce 150MW. BGR Energy (Siemens Machines) led the quartet at $183,520,000. The others were Megawatt (Rolls Royce machine): $155, 273,820); Megawatt (GE machine): $177,901,620; and Isolux Corsan: $143,987,200. Opening the tender at the NSSF headquarters in Dar es Salaam last month, the tender board chairman, Mr Ludovick Mrosso, thanked all the companies for showing interest in working with NSSF in its 150 MW project. The government enlisted NSSF in its emergency power rescue plan because the sector was on its future investment list. Last year, the Parliamentary Committee on Public Organisations Accounts (POAC) appealed to pension funds to consider investing in the power sector to help the government in its efforts to ensure sustainable availability of electricity. In Parliament in August this year, the government unveiled its plans to raise Sh1.24 trillion for emergency power generation to save the country from lengthy power rationing schedules. The plan, made public in Parliament by Energy and Minerals minister William Ngeleja, included importation of 205MW by Symbion Power and 100MW by Aggreko International. The two firms are privately owned with the former having bought off the controversial Dowans company. They have discharged their obligations since then, and have substantially helped to ease the problem. According to the minister, NSSF was supposed to import generators with a capacity of 150MW at a cost of $162 million (over Sh243 billion). The generators were initially scheduled to land in the country by last month. Additionally, the generation at the existing Symbion Power plant, formerly owned by Dowans, will be pushed to its maximum of 112MW from the then 75MW because of natural gas shortage. This was planned to be effected by the use of Jet A-1 fuel. Mr Ngeleja outlined the rescue measures when presenting the emergency plan as part of his ministry’s budget, in response to bitter protests by furious MPs, over round-the-clock power cuts and lack of clear strategies to raise electricity connectivity. “The above interventions will ensure a steady supply of 572MW between now and December, above the 300MW that was our initial target for the emergency period,” said Mr Ngeleja. He said the surplus of 272MW will come in handy for increased demand and declining hydro generation in case rains do not fall soon. He explained that the additional Symbion Power generators will be installed in three phases; Dar es Salaam in September (45MW), Dodoma in October (110MW) and Arusha in December (50MW). The company has already installed the Dodoma turbines as well. http://www.thecitizen.co.tz/componen...ges-focus.html |
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January 22nd, 2012, 12:07 PM
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#51 |
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WB: Tanzania’s 6.4pc growth among the fastest in Africa
Sunday, 22 January 2012 10:44  Tourists inside the Ngorongoro Crater. The Euro area recession will negatively affect merchandise exports, tourism revenue, commodity prices, foreign direct investment and remittances. ***PHOTO | FILE By The Citizen Reporter Dar es Salaam. Tanzania was one of the fastest growing economies in sub-Saharan Africa (SSA) last year, according to a new World Bank report.The report, however, warns of economic shocks in 2012 that will be more severe than those experienced during the previous global financial and economic crisis. It lists the other fastest growing SSA economies as Ghana, Rwanda, Eritrea, Ethiopia, Mozambique, Nigeria, Angola, DR Congo, Zambia and Botswana. Warning of a possible slump in global economic growth this year, the Bretton Woods institution has called on all developing economies to prepare for harsher consequences than the 2008 crisis. Figures in the 2012 Global Economic Prospects report show that Tanzania recorded the second fastest growth of 6.4 per cent in the EAC last year and the 11th most brisk in SSA. Rwanda led the EAC pack with a growth rate of 8.8 per cent, which was the second fastest in SSA after Ghana’s 13.6 per cent. The World Bank projects Tanzania’s economy to grow by 6.7 per cent this year, while Rwanda’s will expand by 7.6 per cent. The two growth leaders in East Africa are expected to grow by 6.9 per cent and seven per cent, respectively. “Growth in Sub-Saharan Africa remained robust in 2011 at 4.9 per cent. Excluding South Africa, which accounts for over a third of the region’s GDP, growth in the rest of the region was even stronger at 5.9 per cent in 2011, making it one of the fastest growing developing regions,” reads part of the report. “Increased investment flows, rising consumer spending, and the coming on stream of new mineral exports in a number of countries should accelerate Sub-Saharan Africa’s growth to 5.3 per cent in 2012 and 5.6 per cent in 2013. Nonetheless, merchandise exports, tourism receipts, commodity prices, foreign direct investment and remittances are all susceptible to a Euro Area recession,” it further notes. Last week, President Kikwete said in a statement that the national economy would expand by seven per cent this year. Treasury had forecast the economy to grow by 6.8 per cent last year, and Finance and Economic Affairs minister Mustafa Mkulo has been upbeat about it. “The government has a strong view that the revised six per cent GDP growth projection for 2011 would be achieved and most likely surpassed,” Mr Mkulo informed the International Monetary Fund (IMF) in a fiscal and monetary operations letter last December, noting that the economy will grow by 7.2 per cent this year. In its Global Focus – 2012 report, Standard Chartered Bank says Tanzania’s economy grew by 6.1 per cent and will expand by 6.7 per cent in 2012. It predicts the country’s gross domestic product (GDP) to improve from next year at 7.5 per cent and slacken a bit to 7.3 per cent in 2014. According to the document, 2012 should see an acceleration of GDP growth in the country, thanks to a recovery from drought, lower inflation, resumption of regional food exports and ongoing momentum in mining, gas, construction and agricultural sectors. The British bank further notes that despite the robust trend growth of a low base, Tanzania’s economic prospects are constrained by a substantial infrastructure deficit (poor roads, port congestion and intermittent power supply) and a halting approach to liberalisation... “Developing countries should prepare for further downside risks, as Euro Area debt problems and weakening growth in several big emerging economies are dimming global growth prospects, says the World Bank in the Global Economic Prospects report. The international financial institution has lowered its growth forecast for 2012 to 5.4 per cent for developing countries and 1.4 per cent for high-income countries (-0.3 per cent for the Euro Area), down from its June estimates of 6.2 and 2.7 per cent (1.8 per cent for the Euro Area), respectively. Global growth is now projected at 2.5 and 3.1per cent for 2012 and 2013, respectively. Slower growth is already visible in weakening global trade and commodity prices. Global exports of goods and services expanded an estimated 6.6 per cent in 2011 (down from 12.4 per cent in 2010), and are projected to rise by only 4.7 per cent in 2012. “Developing countries need to evaluate their vulnerabilities and prepare for further shocks, while there is still time,” said Mr Justin Yifu Lin, the World Bank’s chief economist and senior vice president for Development Economics. Developing countries have less fiscal and monetary space for remedial measures than they did in 2008/09. As a result, their ability to respond may be constrained if international finance dries up and global conditions deteriorate sharply. To prepare for that possibility, Mr Hans Timmer, director of Development Prospects at the World Bank, said: “Developing countries should pre-finance budget deficits, prioritize spending on social safety nets and infrastructure, and stress-test domestic banks.” http://www.thecitizen.co.tz/sunday-c...test-in-africa |
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January 30th, 2012, 05:31 AM
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#52 | |
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TRA unveils data gathering tool to boost mining sector revenues Quote:
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February 8th, 2012, 11:49 AM
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#53 |
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Infographic: Mobile and Internet in Tanzania
  
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February 10th, 2012, 02:34 AM
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Maajar to lead another US business group to Tanzania
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Tanzania mobile phone subscriptions climb by 10pc: TCRA http://www.thecitizen.co.tz/business...b-by-10pc-tcra Quote:
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February 11th, 2012, 09:36 PM
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Last edited by u.g boy; February 11th, 2012 at 09:43 PM. |
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February 12th, 2012, 11:52 AM
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At times i laugh when i read the East African news! I don't know where r their figures coming from? Is it cause they lost in that market (bitter looser)? i.e. too much competition from the likes of Woolworths? local fashion and design industry? How comes Woolworths is expanding and this Deacon is hiding behind the market lacks a significant middle class? If the likes of Sabmiller are having 4 Breweries plus a malt plant, likes of Serengeti Breweries (3 breweries) that are both expanding and the likes of booming cement manufacturers! BTW here are the lists of shopping malls apart from Mlimani City and Quality Center
Shopper Plaza-Msasani Shoppers plaza-Masaki Mayfair plaza Haidery plaza Seacliff village Slipway Market & Sea Cliff Village Aside many others small O'bay Shoping Centre,JM Mall,Tevi etc. What made Deacons go out of business is Boutique invisible compatition from Groceries stores that do attires and are several within Dar probably every street whereas in Kampala,Lusaka,Nairobi,Kigali there are no such mini-stores. Have time to read this from a sister media of the east African Uganda registers fastest retail business growth in EA Kampala: Uganda has the highest rate of retail business growth in East Africa, according to research commissioned by the W-Stores, a clothing retail business based in Tanzania. Statistics provided by Mr Ali Mufuluki, the W-Stores chairman and managing director, indicates that Uganda’s retail business space has in the last five years been growing at a rate of 20 per cent compared to Tanzania's 15 per cent, and Kenya’s less than 15 per cent. Rwanda and Burundi are growing at between 10 and 5 per cent. In a recent telephone interview, Mr Mufuruki, the founder of W-Stores, the legal franchise owners of Woolworth’s stores in Tanzania and Uganda told this newspaper that Uganda is the ideal retail business destination due to a fast rate of the market segment and relative ease of setting up businesses within its boundaries. He said: “This year has in particular not been good for Ugandans, given the harsh economic times but more businessmen have continued to invest in the country, a mark of confidence in the country’s market potential.” Uganda has in the last five years seen a rapid growth in retail businesses including; supermarkets, clothing lines, eateries and restaurants, boosted by an improved economic environment that has silently led the expansion of the country’s middle class that is desirous of quality consumables. Reacting to the growth, Mr Tom Buringuriza, the acting executive director of Uganda Investment Authority, said: "It is true our retail sector is the fastest growing in the region.” He said: “We are also more liberalised than any other in the region and our economy has been growing, a situation that has not been sudden but a reaction to several years of growth.” In a separate interview, Mr Gideon Badagawa, the executive director of Private Sector Foundation Uganda, said: “The growth could be true because Uganda is known to be enterprising and demand driven.” However, he added Uganda’s business growth is usually haphazard with no clear plan and guiding policies. “The lack of guiding principles and policies eventually could lead businesses to close shop, thus wasting millions in unfruitful investments,” he said. http://www.monitor.co.ug/Business/-/...00/-/4u0vcw/-/ Last edited by Geza Ulole; February 12th, 2012 at 12:43 PM. |
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February 12th, 2012, 12:45 PM
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#57 | |
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Last edited by u.g boy; February 12th, 2012 at 12:54 PM. |
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February 12th, 2012, 12:57 PM
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#58 | |
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Last edited by Geza Ulole; February 12th, 2012 at 01:03 PM. |
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February 12th, 2012, 01:11 PM
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February 12th, 2012, 01:28 PM
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Can u explain Uganda customers behavior esp. on clothing? BTW here is the definition of those two terminologies!
From an architect's point of view my understanding is that a mall is a large physically joined building with a variety of shops each made to enter from the inside or "belly" of the building. A plaza however sometimes may be as big as, or even larger but with entrances on the outside of the building. Also a physically joined building accommodating a variety of shops. Read more: http://wiki.answers.com/Q/What_is_th...#ixzz1mAaMbnhw And mind u, Tanzania economic disparity is the lowest in the region! I will be happy to get the details of those data in the East African! |
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