The Editorial Team |

Africa Finance Corp plans maiden sukuk soon

LAGOS (Capital Markets in Africa) – Africa Finance Corp (AFC), a pan-African multilateral institution based in Nigeria, is likely to make a debut U.S. dollar sukuk issue by early February, banking sources close to the deal said on Wednesday. If AFC makes a final decision to go ahead with the proposed debt sale over coming days, the sukuk will be issued in two or three weeks through a private sale, a banking source familiar with the…

Global Growth Edges Up to 2.7 Percent Despite Weak Investment

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LAGOS (Capital Markets in Africa) – Global economic growth is forecast to accelerate moderately to 2.7 percent in 2017 after a post-crisis low last year as obstacles to activity recede among emerging market and developing economy commodity exporters, while domestic demand remains solid among emerging and developing commodity importers, the World Bank said in a report released on Tuesday. Growth in advanced economies is expected to edge up to 1.8 percent in 2017, the World…

Egypt Core Inflation Nears 12-Year High After Pound Slumps

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CAIRO (Capital Markets in Africa) – An Egyptian consumer price gauge that strips out volatile items rose the fastest in almost 12 years in December, after the central bank abandoned currency controls and triggered a slump in the pound. Annual core inflation climbed to 25.86 percent, its highest level since February 2005, according to data compiled by Bloomberg. Earlier, the state-run statistics agency reported that annual urban inflation accelerated to 23.3 percent in December, its highest since Bloomberg started…

Quantum Global’s Hotel Fund Acquires Mövenpick Ambassador Hotel Accra

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ACCRA (Capital Markets in Africa) – QG Africa Hotel LP, a Mauritius-based investment fund managed by Quantum Global Investments Africa Management Ltd., today announced the acquisition of the Movenpick Ambassador Hotel Accra from Kingdom Holding Company (KHC). The transaction which closed on 28 December 2016 marks the most sizable open-market hotel transaction in Sub-Saharan Africa to date. Complementing Quantum Global’s already significant African investment portfolio the value proposition of this transaction is underpinned by its…

Gold hits highest in over a month on Brexit, Trump concerns

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LONDON (Capital Markets in Africa) – Gold rallied to its highest level in more than a month on Tuesday as the dollar dipped ahead of a news conference on Wednesday by U.S. President-elect Donald Trump. The market is looking for more clues on Trump’s spending plans in the first speech since his shock win in November, pushing the dollar lower. The pound and stocks also slid on fears of a “hard” Brexit after British Prime Minister…

Marriott International Expands Presence in Algeria with Opening of Sheraton Annaba

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ALGIERS (Capital Markets in Africa) – Marriott International, Inc, today announced further expansion in Algeria with the opening of its seventh hotel in Algeria, Sheraton Annaba. The company already operates six hotels in Algeria including Constantine Marriott Hotel, Renaissance Tlemcen Hotel, Sheraton Club des Pins, Sheraton Oran, Le Meridien Oran and Four Points by Sheraton Oran amounting to 1580 rooms. With another six hotels under development, the company is set to double its footprint in…

Negative outlook for Sub-Saharan African sovereigns Amid Uncertainty

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LAGOS (Capital Markets in Africa) – The creditworthiness of sovereigns in Sub-Saharan Africa (SSA) has an overall negative outlook for 2017, reflecting the liquidity stress facing commodity-dependent countries, subdued economic growth, and persistent political risk, Moody’s Investors Service said in a report today. The report, “Sovereigns — Sub-Saharan Africa: Negative Outlook Amid Liquidity Stress, Low Growth, Political Risk”, is available on www.moodys.com. Moody’s subscribers can access the report using the link at the end of…

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