African Business du 02-12-2019

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The Best selling Pan-Af r ican Business Maga zine African BUSINESS An IC Publication | 53rd Year | N° 469 | December 2019/January 2020
THE RISE OF AFRICAN LUXURY
● ● ● ● ● ● ● ● Euro Zone €5.00 UK £4.00 USA $6.50 Algeria DA 500 Canada $6.50 CFA Zone CFA 2 900 Egypt E£ 60 Ethiopia R 150 Gambia GMD 200 Ghana GH¢ 20 Kenya KShs 350 Liberia $5 Mauritius MR 150 Morocco Dh 40 Oman OR 2.00 Qatar QR 20 Rwanda RWF 3000 ● ● ● ● ● ● ● ● ● ● ● ● Saudi Arabia Rls 20 Sierra Leone LE 40,000 Singapore $7.50 South Africa R40 (inc. tax) Other Southern African Countries R 35.10 (excl. tax) ● ● ● ● ● ● ● ● Sweden SKr 33 Switzerland SFr 8.70 Tanzania TShs 6,500 Tunisia DT 5 Turkey TL 10.000Y UAE Dh 20 Uganda USh 15,000 Zambia ZMW 50
Features De Beers set for crucial Botswana talks Vladimir Putin eyes closer Africa ties Uganda tax dispute threatens oil boom Egyptian startups search for capital Insurgency haunts Mozambique gas îelds
Interview Helios Towers CEO targets expansion
SPECIAL REPORT LEADERSHIP AND THE EMPLOYEE EXPERIENCE
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All pictures AFP unless indicated. Registered with the British Library. ISSN 0142-9345
©2019 IC Publications Ltd
C O N T E N T S Contents December 2019/January 2020 Issue Nº 467 www.icpublications.com
Cover storyBig spenders: The rise of African luxury
Business intelligence 4and deals News  from around Africa
Cover story 8Big spenders:  The rise of African luxury 13art market takes oF Africa’s
Opinion 17 Why we need a concerted  eFort to rebrand Africa 22Entrepreneurship is  key to achieving SDGs 25How should Africa  deal with Russia?
Features 28Scepticism follows Russia- Nigeria deal announcement 32Botswana seeks better  diamond contract with De Beers 36Insurgency haunts  Mozambique gas Ields 38Uganda’s long road to Irst oil 40Interview: Kash Pandya,  CEO, Helios Towers
44AIF attracts infrastructure  investment to Africa 48Egypt tech sector seeks capital 50Why CDC Group is investing  in Egypt
CountryIles 52Ghana goes paperless 54Could Ethiopia’s Nile dispute  with Egypt cause conict? 56Nigeria border closure causes  economic shock
Special report 59Talent Matters:  Bossing it – leadership  and the employee experience
Book review 72Exploring the quality  of growth in Africa
Last Word 74Local staF must  share expat privileges
4African BusinessDecember 2019/January 2020
Business IntelligenceNews
Africa experienced a 24% leap in infrastructure înancing in 2018, according to the Infrastructure Consortium for Africa (ICA). The ICA’s Infrastructure Financing Trends in Africa 2018 report shows that înancing of infrastructure in Africa reached a new high of $100.8bn in 2018, a jump of about a quarter on 2017 and 38% up on the 2015-17 average. The energy sector attracted $43.8bn of the total. The improved îgures were underpinned by a 65% and 33% increase in commitments over the previous three-year average by China and African governments respectively.
De Ruyter appointed CEO of Eskom The South African government has appointed Andre de Ruyter as CEO of Eskom, the troubled state-owned power utility. De Ruyter, who will vacate his role as CEO of Nampak, the South African plastics company, will be responsible for implementing the government’s controversial plan to split Eskom into separate units for generation, transmission and distribution. The plan is opposed by trade unions, who see the plan as a prelude to job cuts. Eskom has now had over 10 CEOs in a decade.
DRC and IMF agree Inancial assistance package The IMF and the Democratic Republic of Congo have agreed to the country’s îrst înancial assistance package since 2012. The two sides agreed on reforms that will lead to the deployment of the IMF’s Rapid Credit Facility, including improvements to governance, the business environment, and the management of natural resources and state-owned enterprises. The deal represents a reset of relations after the IMF cancelled a $500m loan programme in 2012 amid concerns around the sale of mining assets.
Africa’s infrastructure Inancing reaches new high
Financing of infrastructure in Africa reached $100.8bn in 2018 $100.8bn
IFAD funds Ethiopia climate resilience project The International Fund for Agricultural Development (IFAD) has signed an agreement with Ethiopia to co-fund a $451m project to increase the climate resilience of Ethiopia’s poorest regions. The Lowlands Livelihood Resilience Project will install small-scale irrigation technology to reduce dependence on erratic rains. It will also help smallholder farmers to invest in research systems for faster adaptation to climate change. The funding includes a $90m loan from IFAD and $350m from the International Development Association (80% loan and 20% grant).
6African BusinessDecember 2019/January 2020
Business IntelligenceDeals
African airlines have signed deals for new aircraft at the Dubai Airshow. Air Senegal signed a memorandum of understanding to purchase eight Airbus A220 aircraft to Ly routes to Europe and West Africa from 2021. Ghana signed a provisional order with Boeing for three 787-9 Dreamliners intended to serve a new 90% privately-owned airline in which the state will have a 10% stake, according to Ghana’s minister of aviation.
AfDB invests $50m in AFC The African Development Bank (AfDB) has invested $50m in the equity of the Africa Finance Corporation (AFC), which provides înance to fund infrastructure projects on the continent. The bank says that the investment in AFC will enable both institutions to accelerate infrastructure development and delivery by deepening co-înancing opportunities, joint implementation, knowledge transfer and capacity development. The AfDB will be represented on the board of the AFC as part of the deal.
African airlines order new planes
SMB-Winning Consortium wins Simadou iron ore tender A Chinese-led consortium has won the rights to develop the long-untapped Simandou iron ore project in Guinea. The SMB-Winning Consortium, whose investors include Chinese aluminium producer Shandong Weiqiao and the Yantaï Port Group, pledged to build a 650km railway and deepwater port as part of the $14bn tender. The strength of its commitment to the infrastructure project was seen by analysts as giving the consortium an edge over the Fortescue Metals Group to win the tender to develop blocks 1 and 2 of Simandou.
EU and EIB support upgrade of Malawi’s road infrastructure European institutions have provided €139m ($154m) towards the rehabilitation of Malawi’s transport network. A European Investment Bank (EIB) loan of €95.5m and a European Union (EU) grant of €43.1m will contribute to upgrading over 347km of the M1, the principal road across the landlocked country, improving links to Zambia and access to Dar es Salaam in Tanzania as part of the north-south regional transport corridor. The works are expected to reduce transport costs, cut travel time, facilitate exports and boost road safety.
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