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Da’Realty revamps Sea Point shopping centre

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The Adelphi Centre in Sea Point, Cape Town, is currently undergoing extensive renovations. Once complete, it will offer a galleria-style shopping centre, renamed Artem, that combines art and shopping in the retail experience. The revamp is being undertaken by property development owners Da’Realty.

Black and white marble throughout, Italian lighting, hand-crafted brass balustrades, a lobby entrance with a doorman, and valet parking are examples of what visitors to the new galleria can expect.

Set for completion in February 2018, the centre’s new name means “to conceal art in its original form”. The Artem will house a mix of international retail brands, boutiques and lifestyle shops, artisanal eateries, as well as the Artem Gallery. Art pieces will also be exhibited throughout the building in the public spaces.

Inspired by nature

“Deriving inspiration from elements of nature and using Da’Realty’s signature details, we have challenged the artistic angle within the Artem development,” explains Ahsan Darvesh, president of Da’Realty.

“Hand-crafted by artisans in Italy, a pure 18ct gold logo done in mosaics will present itself upon entry to Artem. All of the lighting is soft mood lighting which has been carefully designed to enhance the exclusive shopping ambience. The sanitary ware in the public restrooms is all solid brass and manufactured by artisans, as is the travertine marble – which is the same quality as used by five-star hotels worldwide.”

Darvesh goes on to further explain that the balustrades in Artem will all be solid brass and are being hand-crafted by a local artisan. “We will also be installing 1000m2 of beautiful herringbone patterned paving, which will wrap around the front of the building to create an appealing visual effect and further frame the beautiful Artem building when complete.”

“A combination of soft awnings and black metal awnings running along the entire Artem street front will transform the strip into a blend of Rodeo Drive meets the Champs Elysees – in the heart of Cape Town.”

Showcasing emerging artists

The parking area at Artem, which features 150 parking bays, will undergo a special overhaul by up-and-coming township-based street artists who have been commissioned to create “graffiti” art on all the walls. “The idea is to also help promote the work of emerging artists in this beautiful new galleria. The Artem parking lot will serve as an exhibition space for these street artists whose art is woven into Cape Town’s landscape,” says Darvesh.

Lily Eskandari, COO of Da’Realty, goes on to explain that Artem will feature landscaping within the building that is extremely waterwise. “We have given the directive to install a combination of real and silk plants and greenery throughout Artem. Bringing elements of nature into our developments is key, however with water usage being such a critical point in the Western Cape, we chose to predominantly go with synthetic landscaping of the top-most quality.”

Vale, partner Mitsui ink $2.7bn Nacala coal corridor funding

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Brazil’s largest diversified miner Vale has announced that it, together with its Japanese partner Mitsui & Co, has signed a $2.73-billion funding deal to finance the Nacala Logistics Corridor (NLC), that will connect the Mozambique-based Moatize coal mine, to the Nacala port.

Vale said in a press release that the deal included a loan of $1.03-billion from Japan Bank for International Cooperation and another $1-billion from a syndicate of financial institutions.

Export Credit Insurance of South Africa will also pitch in $400-million, drawing on lending partners Absa Bank, Investec Bank, Rand Merchant Bank and The Standard Bank of South Africa, while the African Development Bank will also provide $300-million for the railway project, a 237 km section of which crosses Malawi.

Vale said that financing for the 912 km project will be repaid over 14 years, through a tariff on the coal transportation services and from general cargo services provided by the NLC.

Following about three years of negotiations, Mitsui bought a 15% interest in Vale’s 95% share in the Moatize coal mine in March. It also bought half of Vale’s 70% stake in the NLC.

“Vale wishes that the Nacala project finance becomes a postcard and a benchmark for the attraction of other large-scale investments in both countries (Mozambique and Malawi),” it said in a statement.

South32 okays R4.3bn project, eyes JSE for rejigged energy coal

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South32 CEO Graham Kerr

Diversified mining and metals company South32 on Monday approved the R4.3-billion, 20-year Klipspruit life extension project at South Africa Energy Coal (SAEC), and at the same time set out to turn its South African energy coalbusiness into a standalone entity, earmarked for further empowerment and a possible separate listing on the Johannesburg Stock Exchange (JSE).

The company said that development activity at the Klipspruit extension project was expected to begin this quarter, with first coal from the opencast operation in 2019, and the standalone management of SAEC heading for an April start.

The Klipspruit life extension project extends the life of Klipspruit colliery to 2037 and the new SAEC requires ongoing investment to sustain production and meet its take-or-pay rail and domestic supply obligations.

The ASX- and JSE-listed company, headed by CEO Graham Kerr, said approval of the Klipspruit project would ensure employment for 740 people and create 4 000 jobs during construction.

The company said that the investment was expected to generate an internal rate of return of 20%-plus, by releasing 616-million tonnes of coal resource at the Klipspruit South and Weltevreden deposits, as well as fulfilling half of the company’s current rail obligations with State rail enterprise Transnet.

The aim of the creation of the standalone SAEC was to improve its financial performance, with the restructured entity having separately tailored functional support, systemsand governance processes.

The creation of the standalone SAEC would not only simplify global portfolio management but would also open the way for greater transformation potential by providing scope to broaden black economic empowerment, employee and community ownership, and possibly leading to SAEC’s listing on the JSE.

In the meantime, SAEC would continue to be consolidated in South32’s financial statements on a 100% basis until there was a change in control.

Kerr said in a release to Creamer Media’s Mining Weekly Online that establishing the standalone SAEC would  allow South32 to improve the operation’s competitiveness and ensure its ongoing sustainability.

“We’ll also seek to increase the local ownership,” he said.

South32 also mines manganese in South Africa and produces aluminium in both South Africa and neighbouring Mozambique.

 

Finnfund backs Jumo with $6 million

Finnfund, a Finnish development finance company, has invested $6m in Jumo, a financial services platform providing mobile financial services in emerging markets.

Finnfund’s investment, which takes the form of a debt instrument, will support Jumo’s expansion in Africa and Asia and the development of its platform in order to provide new services for SMEs, small and medium-sized enterprises.

This investment is part of an overall $24m loan facility, which was arranged by Gemcorp Capital, an independent emerging markets investment management firm based in London and an early investor in Jumo.

Jaakko Kangasniemi, Managing Director of Finnfund, said: “We are keen to provide funding for Jumo’s expansion and further development.”

“Financial inclusion is very important for development; people need to be able to access quality financial services. It gives them security, enables them to plan their lives more effectively and often gives them an opportunity to start or grow their own business and improve their livelihoods,” he said.

Jumo is a multi-sided platform for mobile network operators and financial service providers.

To date, Jumo has served over 5 million people in Africa and Asia using behavioural data from mobile usage.

Users are able to create a financial identity and gain access to affordable, real-time, financial services fitted to their specific needs.

The services are benefitting broad segments of customers including people with low incomes and those who own micro, small and medium enterprises (MSMEs) who have previously been excluded from traditional banking services.

Jumo‘s big data analytics capability allows cost-efficient provision of loans, currently from as low as 1 Euro to 400 Euros or much larger amounts for larger businesses.

The loans are facilitated by Jumo’s predictive technology and are funded by Jumo itself or banks and other financial services partners.

More than a third of adults in the world have limited or no access to formal financial services.

The majority of these people are concentrated in emerging markets such as Sub-Saharan Africa and Asia, where Jumo operates.

In the majority of these markets, nearly 80% of its customers have never accessed formal financial services before.

The recent growth of mobile money services lays a foundation for greater financial inclusion in these markets.

Jumo developed its model through extensive ground work in financial services in Africa, launching the first mobile product in 2014 and has granted more than 20 million loans.

Currently, the company employs over 300 people, who are mostly based in South Africa. The main markets include Tanzania, Uganda, Zambia, Kenya, Rwanda, Ghana and Pakistan.

“As an investor, Finnfund brings a sharp focus to achieving meaningful social impact with sustainable profit. That aligns well with our mission,” said Andrew Watkins-Ball, founder and CEO of Jumo.

“Having proven our model, we are now expanding our footprint to reach millions more people who are excluded from the formal financial system. With Finnfund we have an investor who supports our view that inequality is unacceptable,” he added.

Senegal’s new $575 million airport opens after 10-year saga

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The largest airport in Senegal will open its doors on December 7, after more than a decade of development and delays.

Blaise Diagne International (AIBD) will have initial capacity for three million passengers per year, rising to 10 million per year, making it one of the highest-capacity airports in Africa.
Blaise Diagne will take over services from Senegal’s current flagship airport Léopold Sédar Senghor International in capital city Dakar, which will cease operations.
The $575 million megaproject is envisioned as the centerpiece of an ambitious new development program.
Dakar’s existing international airport has been affected by heavy traffic congestion.

South Africa: Droppa plans 2018 expansion

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Droppa, a South African on-demand logistics startup, revealed on Monday 27 November 2017 that it is planning to expand to Cape Town and Durban in 2018 having established a decent foothold in Johannesburg, Tshwane and Ekurhuleni since its launch in April 2016.

Droppa aims to make it easier and safer to transport household goods and furniture, with customers accessing its screened drivers through its website and mobile apps.

The start up was founded by Khathu Mufamadi, who previously ran a bakkie for hire business in Gauteng, and soon came to realise that people were having trouble connecting with drivers when it came to moving home or buying and transporting large household items.

“They had no idea who is going to do the transport. They no longer have to panic. Droppa reduces the time and hassle of getting quotes and references,” he said.

Using his own funds to launch Droppa, Mufamadi’s has since seen his startup receive funding from the Innovation Hub and it has been incubated at Softstart BTI.

The platform has more than 250 registered users, and 50 registered and vetted driver who undertake an average of five deliveries per week. Slow but solid progress, but Mufamadi plans to speed up uptake with rollouts in Cape Town and Durban in 2018.

“Droppa does not own any truck or bakkie, but for each transaction that takes place we will get 15 per cent commission,” he said.

Namibia’s President Geingob elected leader of ruling SWAPO party

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Namibia’s ruling SWAPO party elected Hage Geingob as its president at the weekend, the party said on Monday. He has previously been its acting president.

Geingob, president of Namibia since 2015 but acting president of the ruling party, won 574 out of 766 votes at the elective congress, said Sisa Namandje, a lawyer who presided over the voting.

Secretary General of SWAPO in a statement said the party was keen to entrench its place as ““a mass based political party born and steeled in the crucible of a popular and heroic struggle for national independence aimed at uniting people of Namibia, irrespective of race, religion, sex or ethnic origin into a democratic, vibrant and peace loving nation”.

President Geingob until now was vice-president of the party with its president being Hifikepunye Pohamba – a former president of the country.

Namibia’s founding father, Sam Nujoma and Pohamba, did not attend the congress because the two had travelled to neighbouring Zimbabwe to witness the swearing in of new president Emmerson Mnangagwa.

SWAPO started out as an independence liberation movement formed in 1960. It has been Namibia’s only governing party since independence in 1990.

The party won the last general elections in November 2014 winning 86.73% of votes and 77 out of 96 legislative seats.

What will Africa’s Future Energy Mix Look Like?

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Gradual economic growth, changing lifestyles and the need for reliable modern energy access is expected to require actual energy supply to be at least doubled by 2030. For electricity it might even have to triple.

Affordable energy remains a central feature of human development goals and its linkage to water, food, security, health and well-being is as strong as it is pervasive, according to Affordable Energy for Humanity (AE4H) Global Change Initiative, which is an international collaboration between the world’s leading scientists, technology developers and practitioners on the topic of universal energy access.

The Initiative experts argue that today it’s a moral obligation and a matter of global conscience to help alleviate the burden of nearly 2.5 billion people in the world without reliable access to electricity or basic energy services.

Today the access to low cost energy is a fundamental requirement for comprehensive development. Unfortunately, energy and poverty remains a barrier to economic well-being for such a large proportion of humanity that the rationale for action now is compelling.

For instance, in 2030 there will still be 655 million people in Africa without access to power, and nearly 850 million without clean cooking facilities, depriving the majority of the population of the opportunity to pursue a healthy and productive life.

Africa is richly endowed with sustainable energy sources. However, a continued reliance on oil and gas along with traditional biomass combustion for energy will bring considerable social, economic and environmental constraints. And in 21th century the time is ripe for planning eco-friendly energy mixes.

Today it is important today to shoot two birds at the same time – to achieve a low carbon energy mix at the same time meeting the requirement of affordable energy for in need.

African counties can deploy a sustainable mix of nuclear and renewable energy sources to eliminate power shortages, bring electricity and development opportunities to rural villages that have never enjoyed those benefits, boost industrial growth, create entrepreneurs, and support increased prosperity across the continent.

According to the new report of International Energy Agency both nuclear and renewable energy sources are perceived as important pillars to guarantee world’s growing energy needs with a view of limiting CO2 emissions and average temperature growth.

In this case nuclear energy coupled with hydropower and renewables can become a pillar of new clean and low-carbon global energy mix. As for today, nuclear power sources have proven their technological advantages and readiness for immediate deployment to guarantee sustainable and affordable baseload energy supply.

Solar, wind, hydro and nuclear power can work in harmony to become the base for the world’s future carbon-free energy mix.

Jatin Nathwani, Professor and Ontario Research Chair in Public Policy for Sustainable Energy, Faculty of Engineering, Faculty of Environment at University of Waterloo, believes that nuclear energy has a positive role to play on two fronts, because it is a low carbon source of energy and can be produced reliably and at a reasonable cost. Cost is important because the provision of “affordable energy” for those with little access is just as important to improving the quality of life of every citizen of the world. I am a strong believer in the power of scientific and technological innovations to make a positive contribution to our collective well being. We need to move away from highly “politicised” positions on energy technology options.

Indeed, as mentions Ben Heard, head of NGO Bright New World, “We need power that’s stable, that’s reliable, not just low-cost, but that actually provides necessary stability in the system, so we don’t have events like serious blackouts. And options that are low-carbon and bring all those characteristics are very thin on the ground. And so the best option that brings those characteristics is nuclear technology and if we can come up with the right mix of nuclear and renewable technologies, then we can have the electricity system and an energy system that is completely decarbonized, not just partly decarbonized. And completely decarbonized is what we desperately need for the environment”.

While renewables are growing at an impressive pace since recently, nuclear energy is currently still the largest zero carbon source of energy. Given their ‘green character’ nuclear and renewables are crucial parts of future energy system, capable of providing clean and secure power. In an ‘integrated’ energy mix, nuclear power will be able to provide affordable and secure energy for industry-intensive spheres and hubs, while renewables can cover local demands.

The electricity production from the plants can be lowered when good wind and solar resources are available and cranked up when the demand is high. The flexible character of an integrated energy mix has the potential to make integrated energy systems more responsive to changing market dynamics.

Global Business Forum on Africa 2017 calls for an investment boost in Trade, Finance, Logistics and Tourism

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The 4th Global Business Forum on Africa, organised by the Dubai Chamber of Commerce and Industry, has called for increase in investment flows between the UAE and Africa in several key sectors, including trade, financial services, logistics, and tourism.

A poll conducted during the two-day forum revealed that 48% of delegates considered trade to be the most promising sector for investment, followed by financial services (24%), and 14% for both logistics and tourism sectors.
Participants labeled the above sectors as key areas where Dubai can offer its expertise and investment to boost African economies.

Over the last five years, Dubai Chamber of Commerce and Industry has stepped up its efforts aimed at strengthening economic ties between Dubai and Africa by opening four representative offices on the continent and organising the Global Business Forum on Africa in Dubai.

There are different sectors that investor from different part of the world look at in Africa and infrastructure is one of the very important sector.

The Chamber recently announced that it has invested about $27.7 million to raise awareness of trade and investment opportunities in Africa, and promote Dubai as an attractive business hub for companies on the continent.

Other activities carried out by the Chamber in recent years include organising frequent trade missions to African countries, conducting specialised research and studies, and developing the Africa Gateway app to expand is members’ access to opportunities opening up in the fast-growing market.

President and CEO of Dubai Chamber, Hamad Buamim explained that these efforts have given a major boost to UAE-Africa trade ties by facilitating cooperation between businesses and investors on both sides.

He noted that the Global Business Forum on Africa was launched in 2013 with the intention of establishing an ideal platform to explore business potential in Africa, adding that participation in the forum has increased significantly in recent years.

He revealed that Dubai’s non-oil trade with Africa has grown to exceed AED 700 billion in the last five years, while 10,000 African companies have joined Dubai Chamber over the same period, bring the total number of African businesses registered with the Chamber to over 17,000 today.

“There are different sectors that investor from different part of the world look at in Africa and infrastructure is one of the very important sector, we see construction as an opportunity for businesses in our part of the world because of the experience we have in developing infrastructure in Dubai and the Gulf region,” he said.

According to a number of Africa-based entrepreneurs, African countries have come a long way in terms of connectivity, by expanding digital infrastructure and opening up their economies to new growth opportunities.

Emirate the world’s fourth largest airline and the largest in the Gulf with a 6 percent passenger growth in Africa in 2017 recently announced an increase of more destinations in Africa as a means of improving business integration with the continent.

The Senior Vice president, commercial operations for Africa, Emirates, Orhan Abbas said they have a hub in Dubai that caters to all the connectivities in each point in Africa”

“As you know the African continent is large and huge from the north to the south, many hours of flying and off course any flight you take on Emirate stop at the hub in Dubai. We operate in 22 countries in Africa, if a passenger is coming out from Morocco, and stop over at Dubai, they have a choice of four flights a day from Johannesburg or three flights a day to Cape Town or Durban,” he added.

The Chief executive officer, Dubia Corporation for Tourism, Issam Kazim noted that they are leveraging on the social media and the digital spaces as well to hit the mass audience within Africa.

“I think for us, it was important, we had a very good experience working with one of the movie stars in Nigeria and Africa as well, which is the wedding party. We participated in the award ceremony, and we had an amazing reaction from the market, so that gave us the incentive to actually work with the same producers to shoot their sequence in Dubai. It encourages people to really get an experience of these celebrities that they are familiar with what they are doing in Dubai and how they experience Dubai as well,” Kazim said.

The Global Business Forum on Africa, organised by Dubai Chamber, is the largest event of its kind that is hosted outside of the continent, while it remains one of the most high-profile international forums dedicated to exploring investment opportunities in fast-growing African markets.

This year’s forum, held under the theme “Next Generation Africa”, examined the role of young African entrepreneurs who are stimulating economic growth, and building relationships and partnerships with companies around the world. In addition, sessions focused on how technology and digitalisation are reshaping African economies and meeting the demand of a growing middle class.

Kenyan-based Private Equity Firm Fusion Capital Urges the African States to Invest in Modernizing their Agriculture Sectors

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Fusion Capital, a Kenyan-based private equity firm with a focus on property and real estate, has urged African governments and private sector stakeholders to invest in modernizing agriculture in order to ensure economic growth across the region.

The company has noted that in the last few years, African economies have registered unprecedented economic growth as well as rapid urbanization.

“However unlike a few Asian countries, this growth hasn’t led to a shift of occupations from agriculture to urban-based industries such as manufacturing,” Fusion Capital said in one of its latest reports.

The report, which was compiled by Fusion Investment Management, one of the firm’s subsidiaries, indicates that the agrarian nature of African economies has held out real hope of getting rid of poverty, unemployment, and hunger, and driving economic growth.

“Urbanization and globalization have changed the dietary habits of people, who are now shifting to a more urban-based diet that meet quality and food safety criteria,” said the company’s researchers.

This kind of urbanization without industrialization limits sustainability and economic growth. Fusion Capital’s analysts argue that it is therefore important to modernize agriculture so as to benefit from its significant contribution to the economy. The experts say these changes have created an opportunity for African economies to grow not just in agribusinesses, but in the entire food system.

Africa spends $35 billion annually on food imports. This number is expected to rise to $110 billion by 2025.

In September 2017, agribusiness deals, amounting to more than $6 million, were signed across the region. Fusion Capital notes that new partnerships are emerging, including a deal known as the multi-million dollar Partnership for Inclusive Agricultural Transformation in Africa (PIATA), which aims to increase income and improve food security for 30 million smallholder farm households across Africa by 2021.

Fusion Capital believes that a boost to smallholder farmers and SMEs will help in alleviating poverty and hunger in the region. The firm’s research team states that public-private partnerships can be formed to provide aid with financial services, insurance, and marketing to smallholder farmers. Setting up of training institutions for entrepreneurship and agribusiness can help in the establishment and operations of SMEs.

Michael Kimondo Head of Treasury Operations at Fusion Capital, warns, however, that country’s like Kenya will need fiscal reforms in order to maintain economic growth.

“Agriculture is the road to alleviating poverty and hunger, and establishing robust economic growth will give a boost to agriculture,” stated the report.

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