Kenya leads EAC in attracting the highest amount in Hospitality investments

According to EY’s Africa Attractiveness Survey, the African hotel and tourism sector was forecasted to grow by almost 17 percent, with accommodation demand increasing from the business travelers connecting to big African cities and many other African commercial capitals, as a reflection of strong economic growth.

In terms of the number of investments, they are largely focused on the southern region of the continent, with South Africa absorbing the highest amount of investments. Kenya attracts the highest amount of hotel investments in the East Africa region, followed by Uganda, as the countries are offering diverse opportunities for tourism development and therefore large capacity of absorbing hospitality investments.

Related: Tourism in East Africa: Top Ten Tourist Destinations and why Revival in the Sector is Needed 

West Africa is also a key target for several investors, with Nigeria the top priority, followed by Côte d’Ivoire and Ghana. Read More:  

Nairobi Counts on empty malls and tall skyscrapers to fuel its economic ambitions

Ambitious infrastructural projects in the city and its outskirts are helping fuel construction. In early June, President Uhuru Kenyatta launched a $3.2 billion rail line—the country’s largest infrastructure project since independence—connecting Nairobi to the port city of Mombasa. Kenya is also investing in air transport, opening a new $93 million terminal at its international airport to accommodate the surge in passengers.

Laid the foundation stone of the Pinnacle Tower and Hilton Hotel in Upper Hill, Nairobi. pic.twitter.com/iWm2iIM9d7

— Uhuru Kenyatta (@UKenyatta) May 23, 2017

Upgraded roads and new superhighways are also fueling property values; land prices increased between 1.3% and 3.4% in suburbs and towns neighboring Nairobi in the first quarter of 2017, according to real estate company Hass Consult.   Read More:

Singapore searches for growth in 10 promising African countries

Africa’s total population of 1.2b with a youthful median age of 19.5 years presents huge market for financing, logistics, trading and other services.

“Africa, unlike most of the world, is growing – and growing at a fast clip,” he said. The region is projected to grow at 4.5 per cent over the next few years, a rate much faster than most other regions outside Asia, G Jayakrishnan, group director for Middle East and Africa at International Enterprise Singapore (IE). Read More 

Powering Africa’s Transformation

Africa has a bright future ahead of it. Productivity and growth will improve as African economies continue to place more emphasis on services and manufacturing, pursue commodity production, and achieve quick gains in agriculture and light industry.

But African countries’ success presupposes that they generate and manage energy sustainably to keep up with increasing demand. In the next 35 years, Africa’s population will continue to rise, with a projected 800 million people across the continent moving to cities.  

Dr. Carlos Lopes, Aliko Dangote and Tony Elumelu share their expert views on how Africa’s growth must be powered through sustainable, efficient energy consumption. Read More.