Ethiopia-born billionaire Mohammed Al-Amoudi’s net worth declines by $850 million in 53 days
Al-Amoudi’s net worth has dropped from $7.56 billion to $7.54 billion since the start of the year.
Horn of Africa
Kenya Revenue Authority revisits $13-million tax dispute against multimillionaire Rai family
The Rai family owns Rai Group, a closely held family conglomerate founded by their patriarch, Tarlochan Singh Rai.
Shares of Kenyan investment banker Jimnah Mbaru in Britam gain $1 million
The gains are the result of an upward trend in the group’s shares on the Nairobi Stock Exchange.
Ugandan businessman Abid Alam’s Kassanda Sugar Factory slated to launch production on Sept. 1
The factory will have a capacity of 1,500 tonnes per day.
Tanzanian mogul Ketan Patel’s stake in Shanta Gold surges by $3.14 million
Shanta Gold is an East Africa-focused gold producer based in Tanzania.
Equity Group Managing Director James Mwangi sees stake rise by $8.9 million
The surge follows a rise in the company’s shares on the Nairobi Stock Exchange.
Moi family of Kenya to pocket $380,000 Standard Chartered Bank dividend
The family of the late Kenyan President Daniel arap Moi will pocket $380,000 in dividends from Standard Chartered Bank.
Safaricom shares rise to all-time high amid Ethiopia license bid
Investors rallied around the company as news spread that it is close to securing a license in Ethiopia.
Tabitha Karanja tells Kenya Revenue Authority it could earn $92.7 million in annual revenue from Keroche Breweries
Kenyan tycoon and CEO of Keroche Breweries Tabitha Karanja has revealed that a new expansion strategy could see the Kenya Revenue Authority generate over Ksh1 billion ($92.7 million) annually.
Kenyan authorities seek to prosecute Humphrey Kariuki for tax evasion
The Kenya Revenue Authority is investigating embattled businessman Humphrey Kariuki for tax evasion.
IFC partners with Gideon Muriuki’s Co-operative bank and Philips on COVID health funding deal
The International Finance Corporation has partnered with Gideon Muriuki’s Co-operative Bank and Philips in a $300-million deal to fund small- and medium-sized businesses in the fight against COVID-19.
Kenyan advertising tycoon Bharat Thakrar resigns from WPP Scangroup
Scangroup announced that its founder has resigned.
James Mwangi’s Equity Group receives $100 million facility from European development banks
Equity Group is collaborating on the facility with leading European development banks.
Nearly 1,000 Kenyans lose HNWI status due to weak oil prices, COVID-19
It has been a difficult year for Kenya’s wealthy, as 900 lose HNWI status.