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Dubai investors plan Sh8bn Juja ‘mini city’

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Dubai-based investors have inked a new deal for construction of a mini city at Mang’u in Juja, Kiambu County, on the Nairobi-Thika road at Sh8 billion.

Speaking on his return to Kenya from Abu Dhabi in the United Arab Emirates, Capitaland East Africa chief executive Rogers Obure said the investors had agreed to form a joint venture with local owners to have the project dubbed ‘Artstone Valley’ implemented within the next 40 months.

A key partner in the project, Luxury Homes developer and Costa Homes founder Constantine Mwadime, said inclusion of a mall, hospital, primary and nursery schools were value-adds aimed at making the property attractive for Nairobi workers seeking an out-of-town location to shop, seek treatment or take children to school.

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“Several saccos have expressed interest in taking up housing units for onward sale to their members off-plan to be paid over a period of time,” he said.

The deal is between Capitaland East Africa, Abu Dhabi Investment and Housing, Emirate Homes Group and Royal Investment Group.

Currently, Capitaland is overseeing reconstruction of several hospitals and schools in Bangui, Central African Republic — also funded by the same investors — and has been selected to oversee construction of a five-star hotel in Mombasa to be named Black Pearl Beach Resort.

The 25-acre Juja project designed by Nairobi architect Salman Mruttu consists of seven blocks of eight-storeyed flats that will host 160 units of three bedroomed apartments with domestic servant quarters, 800 units of three-bedroomed apartments, 480 units of two-bedroomed apartments and 60 one-bedroomed apartments.



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Flat or pitched? Why your roof style matters

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Although land prices have remained stagnant last year due to the effects of Covid-19, there is the optimism of a rebound in the real estate sector.

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Lami Technologies closes $1.8 million seed funding to accelerate growth of digital insurance in Africa

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NAIROBI, Kenya May 5 – Lami Technologies, a Kenyan insurance technology (insurtech) company that aims to democratize insurance products and services for low-income Kenyans, announced today it has raised $1.8 million in seed funding.

The round was led by Accion Venture Lab’s seed-stage investment initiative that provides capital and extensive support to innovative fintech startups that are improving the reach, quality, and affordability of financial services for the underserved.

Founded by Jihan Abass in 2018, Lami is a digital insurance platform that enables partner businesses – including banks, tech companies, and other entities to easily and seamlessly offer digital insurance products to their users via its API. Lami can also be used by partner businesses to manage their own insurance needs.

Lami connects partner organizations, such as e-commerce platform Jumia, with underwriters and allows them to offer a superior customer journey. Through its API, users can get a quotation for motor, medical, or other tailored insurance products in seconds, then customize the benefits and adjust the premium to suit their needs, get their policy documents instantly, and claims are paid in record time.

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Lami’s services are enabled by its flexible insurance rating engine and direct integration with several parties and insurance companies. Lami co-designs innovative products with its underwriting partners to enable businesses to offer unique insurance products to their underlying customer base, with flexible options that meet their needs and cash flows, such as monthly medical policies for startup employees.

Jihan Abass, CEO, Lami, said: “This funding will allow us to invest in hiring more people, improving our technology, and growing our presence across Africa as we can continue to address the persistent insurance gap. At Lami, our vision is to help improve the financial resilience of millions by making insurance products more accessible and affordable for underserved populations. By enabling our business partners to offer customized insurance solutions, we are helping them provide more value to their customers, while enabling large volumes of users to access insurance, often for the first time.”

Africa’s insurance market currently stands at a 3 percent penetration rate, expect for South Africa, and is facing modernization and innovation challenges. Most insurance providers on the continent fail to offer flexible, affordable and tailored insurance coverage that can provide a safety net for the African consumer. Low insurance uptake is partly due to the traditional distribution and administration of policies, which mainly still relies on brick-and-mortar channels where policies are sold and processed.

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safaricom share price declines lowering NSE activity

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Safaricom Plc, the most capitalized at the Nairobi Securities Exchange(NSE), had its share price dip by 0.16%, bring down turnover at the bourse by 50% to KSh 249.4 Million.

Figures from the bourse indicate that Safaricom was the top mover at the bourse with a volume of 4.58 Million shares, followed by KCB( 838,100), Kenya Re(461,300), Centum (255,300) and NSE( 227,700).
Eveready E. A was the top gainer with a 9% gain to KSh 1.09, followed by Sasini, which was up 7.37% to KSh 18.95, Carbacid Plc which gained 5.50% to KSh 11.50, Home Afrika, which gained 5.26% to KSh 0.40 and Housing Finance which appreciated 4.72% to KSh 3.90.

The worst performing counters were led by Centum, followed by I&M, Longhorn, Safaricom and Absa Bank.

Eveready E. A Plc was the top price gainer at the lacklustre Nairobi Securities Exchange(NSE), its share price rising 9% and closing at KSh 1.09.

The listed firm began the year with a share price of KSh 1.20 but has since lost 9.17% off that price valuation, ranking it 50th on the NSE in terms of year-to-date performance.

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Turnover at the NSE dropped to KSh 249.4 Million with a total of 7,540,900 shares in 955 deals traded.

Eveready was followed by Sasini Plc (7.37%), Carbacid Plc(5.5%)and Home Afrika Plc(5.26%).

Compared with the Tuesday, May 4th 2021 trading day, today’s data shows a 47% decline in volume, a 50% decline in turnover, and a 3% decline in deals.

Centum Investment Plc was the worst performer, its share price falling 3.22% to KSh 15.05 per share. Others were I&M Holdings Plc which declined (0.7%), Longhorn Publishers Plc(0.66%) and Safaricom Plc (0.61%).

The benchmark NSE All-Share Index [NASI] declined 0.38 points to close at 169.69. The NSE 20 Share Index gained 16.68 points to close at 1862.07. The NSE 25 Share Index fell 0.23 points to close at 3685.10

The derivatives market had 32 single stock futures contracts valued at KSh 1.58 Million concluded, compared to the 70 SSF contracts valued at KSh 2.76 Million ended during the previous session.

The secondary bond market had bonds worth KSh 2.97 Billion transacted in 61 deals than the KSh 5.42 billion worth of bonds achieved in 137 deals in the preceding session.

ALSO READ: Safaricom’s Bid for Ethiopian Telecom license excites Investors

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