Hotels at the Kenyan Coast Increasingly Losing International Visitors to Zanzibar

By Soko Directory Team / March 17, 2017

Nairobi Hotels See Declining Performance in 2017 - Report

Kenyan President Uhuru Kenyatta said he’ll rectify a decline in bank lending to businesses caused by his decision in August to impose a limit on commercial lending rates.

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Equity Group Holdings Ltd posted its first-ever drop in annual profit, missing analysts’ expectations for an increase, as non-performing loans at Kenya’s biggest bank by market value more than doubled. The stock head for it’s biggest fall in six months.

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Google Inc. is scaling up investment in Africa by laying fiber optic cable, easing access to cheaper Android phones and training a workforce in digital skills as the U.S. technology giant seeks to expand on the continent.

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Hotels at the Kenyan Coast are increasingly losing international visitors who arrive by charter flights to Zanzibar. Following terrorism attacks which hit the country in 2014, a  large number of tourists chose the Tanzanian archipelago and have since been making return visits giving Diani, Malindi and Watamu a wide berth.

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US-based Symbion Power has taken Tanzania Electric Supply Company (Tanesco) to the International Court of Arbitration in Paris seeking $561 million settlement (KSh53.7 billion) for breach of contract.

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Written by Amina Martha.

 



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