Iranian President Ebrahim Raisi (L) and Ugandan President Yoweri Museveni (R) shake hands at the State House in Entebbe, Uganda, on July 12, 2023. Photo/AFP By The East African Uganda has successfully landed Iran’s help to develop its energy sector, especially oil and nuclear, through either sharing of technology or direct financing of projects. Faced

By Reuters Turkey expects Gulf countries to make direct investments of about $10 billion initially in domestic assets as part of President Tayyip Erdogan’s trip to the region in two weeks, according to two senior Turkish officials. Erdogan is scheduled to visit leaders in Saudi Arabia, Qatar and the United Arab Emirates on July 17-19,

By Reuters OPEC+, a group comprising the Organization of the Petroleum Exporting Countries and allies including Russia that pumps around 40% of the world’s crude, has been cutting oil output since November in the face of flagging prices. Members Saudi Arabia and Russia, the world’s biggest oil exporters, deepened oil supply cuts on Monday in

The rising burden of debt servicing costs on Kenyan taxpayers is a reflection of increased borrowing during the previous administration. Photo/Shutterstock By Business Daily Africa Aggressive interest rate increases by central banks in rich countries amid sustained weakening of the shilling have seen Kenya pay 7.5 percent more in foreign debt repayments, the Treasury has

By Anadolu Agency Russia’s crude oil and diesel exports are at higher volumes than in the pre-war period with the emergence of new export destinations, particularly China and India, for crude exports and a good range of buyers for diesel exports, according to Vortexa data compiled by Anadolu. Russia’s crude oil exports plummeted to the

Uganda has emerged as the fastest-growing source of diaspora dollars flowing into Kenya. File Photo Shutterstock By Business Daily Africa Uganda has emerged as the fastest growing source of diaspora dollars flowing into Kenya at a time the remittances from top global sources are slowing down on inflationary pressures squeezing earnings for citizens working abroad.

A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. Reuters/Alexander Manzyuk/File Photo By Reuters Oil prices were roughly unchanged on Monday as concerns about global macroeconomic headwinds and possible further interest rate hikes from the U.S. Federal Reserve offset forecasts of tighter supplies amid OPEC+ cuts. Brent

Dar es Salaam Port, Tanzania. Photo| Rob Beechey | World Bank By The East African Inefficiencies and lack of capacity to manage port facilities amid growing business has forced Kenya and Tanzania to seek the help of DP World, the Emirati logistics major which has a firm grip on the African market. The Dubai-based company

By Reuters Uganda National Oil Co expects to start oil production from the Tilenga project in the first half of 2025, the company’s CEO said on Wednesday. “The drill kits have been put up and the drilling has started,” Uganda National Oil Co CEO Proscovia Nabbanja told Reuters on the sidelines of an Energy Asia

EAC Budget Day (L-R): Finance ministers Njuguna Ndung’u of Kenya, Tanzania’s Mwigulu Nchemba, Matia Kasaija of Uganda and Uzziel Ndagijimana of Rwanda display budget briefcase on June 15, 2023 ahead of presenting them in their respective parliaments By The East African In his budget speech, Prof Njuguna Ndung’u, Kenya’s Treasury Cabinet Secretary, said: “Weare truly