World Business News

A whopping US$ 38m is set to be spent on the construction of a massive factory in Nairobi , Kenya by the giant Chinese firm- China Wu Yi as it seeks to enhance its exposure in the real estate in Kenya.

The board of Director of the company approved the decision that its local subsidiary China Wu Yi Kenya Ltd will construct the building.

“The investment has already been signed out to the Kenya subsidiary China Wu Yi (Kenya) Ltd in Nairobi for the construction and building of the project,” the company said in a statement.

A new five-star hotel will open at Al Forsan Village in Abu Dhabi later this year.

The 400-room Marriott Al Forsan Hotel will be located adjacent to the Al Forsan International Sports Resort, which will provide guests with sporting activities during their stay.

The Federal Government of Nigeria has finalized signing a Memorandum of Understanding (MoU) with a consortium of independent power producers (IPPs) for the construction of a 300MW solar plant in Nigeria.

South Africa’s Volt Renewables and Nigeria’s Nigus Greenergy have formed the consortium whereby an agreement worth US$600m of investment towards the construction of the solar plant in Nigeria has been concluded. The signed agreement has been facilitated by the Nigerian Investment Promotion Commission.

LTi ReEnergy, a German based company will be responsible for supplying to the projects its central inverters which are already under development and are expected to be completed by next year.

Construction of a Tazara flyover at the junction of the Nelson Mandela Expressway and Nyerere Road in Tanzania capital Dar es Salaam will begin in earnest October, resident Engineer from Oriental Consultants Global, Kiyokazu Tsuji, has said.

He said the contractor is preparing diversion roads before the actual construction work kicks off.The flyover is meant to reduce congestion in the city of Dar es Salaam. Additionally the flyover is expected to reduce the rising number of accidents in the area.

“The construction of the flyover will begin on October and we will ensure that its completed within the set time to avoid inconveniences ” he added.