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Watamu skyscraper to unseat The Pinnacle as tallest building

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Before the dust settles on news of the ongoing construction of Africa’s tallest building in Upper Hill, Nairobi, something is happening at the Kenyan coast. A new skyscraper proposed for Watamu in Malindi threatens to unseat The Pinnacle even before its completion.

Standing 61 stories high, the Palm Exotjca, the designers say the building will be the tallest tower in all of Kenya and by extension, Africa. At an overtowering height of 370m high, the tower is set to be the ultimate mark of the coastal skyline, adding to the coastal towns increasing clout as a luxury tourism hub.

A multipurpose superstructure, the Palm Exotjca will serve the commercial, residential as well as recreational interests of its inhabitants par excellence. The building will be well equipped for corporates with premium commercial space consisting of sophisticated private offices, group facilities and a convention centre.

In addition, the tower boasts a spectacular observatory, exhibition centre, VIP lounge and a cyber centre.

Designed to be an exclusive mixed use development, the building will also contain tastefully furnished residential suites, eclectic restaurants and a vibrant 24-hour casino, a good feature for coastal entertainment.

Crafted to invoke and emphasize sustainability from its surroundings, the impressive address will give its companions uninterrupted views of vivid ocean colours and the picturesque Watamu panorama.

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The architectural design borrows from simple traditionally crafted art pieces of Kenya’s rich culture from the coast.

Among its repertoire of luxuries will be 180 luxury serviced residences to choose from, studios, presidential suites, exclusive sky apartments and penthouse apartments fitted with modern appliances and tasteful furniture.

Residents will also have the choice to help themselves to a host of offerings including a casino, retail mall, night club, theatre and cinema, state-of-the art fitness centre, wellness spa, children’s play area and a lavishly facilitated 270 5-star hotel operated by an international hotel chain operator.

The development will be located moments from the pristine Watamu beach and the lush Marine National Park. It is also strategically located 20 minute drive from Malindi airport, 90 minutes fro Mombasa and 45 minutes from Vipingo Ridge Golf Club. The structure will also have access to a helipad, a private beach and skyway.

Designed by Italian architect Lorenzo Pagnini, Palm Exotjca will be the sole high-rise building of its kind at the coast and a playground for all ages, personalities and choices. The project has the potential to transform Malindi into an international tourism hub.

Some of the projects backers are from New York, South Africa and Italian billionaire Franco Rosco is also said to be interested.

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World Bank pushes G-20 to extend debt relief to 2021

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World Bank Group President David Malpass has urged the Group of 20 rich countries to extend the time frame of the Debt Service Suspension Initiative(DSSI) through the end of 2021, calling it one of the key factors in strengthening global recovery.

“I urge you to extend the time frame of the DSSI through the end of 2021 and commit to giving the initiative as broad a scope as possible,” said Malpass.

He made these remarks at last week’s virtual G20 Finance Ministers and Central Bank Governors Meeting.

The World Bank Chief said the COVID-19 pandemic has triggered the deepest global recession in decades and what may turn out to be one of the most unequal in terms of impact.

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People in developing countries are particularly hard hit by capital outflows, declines in remittances, the collapse of informal labor markets, and social safety nets that are much less robust than in the advanced economies.

For the poorest countries, poverty is rising rapidly, median incomes are falling and growth is deeply negative.

Debt burdens, already unsustainable for many countries, are rising to crisis levels.

“The situation in developing countries is increasingly desperate. Time is short. We need to take action quickly on debt suspension, debt reduction, debt resolution mechanisms and debt transparency,” said Malpass.

ALSO READ:Global Economy Plunges into Worst Recession – World Bank

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Kenya’s Central Bank Drafts New Laws to Regulate Non-Bank Digital Loans

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The Central Bank of Kenya (CBK) will regulate interest rates charged on mobile loans by digital lending platforms if amendments on the Central bank of Kenya Act pass to law. The amendments will require digital lenders to seek approval from CBK before launching new products or changing interest rates on loans among other charges, just like commercial banks.

“The principal objective of this bill is to amend the Central bank of Kenya Act to regulate the conduct of providers of digital financial products and services,” reads a notice on the bill. “CBK will have an obligation of ensuring that there is fair and non-discriminatory marketplace access to credit.”

According to Business Daily, the legislation will also enable the Central Bank to monitor non-performing loans, capping the limit at not twice the amount of the defaulted loan while protecting consumers from predatory lending by digital loan platforms.

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Tighter Reins on Platforms for Mobile Loans

The legislation will boost efforts to protect customers, building upon a previous gazette notice that blocked lenders from blacklisting non-performing loans below Ksh 1000. The CBK also withdrew submissions of unregulated mobile loan platforms into Credit Reference Bureau. The withdrawal came after complaints of misuse over data in the Credit Information Sharing (CIS) System available for lenders.

Last year, Kenya had over 49 platforms providing mobile loans, taking advantage of regulation gaps to charge obscene rates as high as 150% a year. While most platforms allow borrowers to prepay within a month, creditors still pay the full amount plus interest.

Amendments in the CBK Act will help shield consumers from high-interest rates as well as offer transparency on terms of digital loans.

SEE ALSO: Central Bank Unveils Measures to Tame Unregulated Digital Lenders

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Scope Markets Kenya customers to have instant access to global financial markets

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NAIROBI, Kenya, Jul 20 – Clients trading through the Scope Markets Kenya trading platform will get instant access to global financial markets and wider investment options. 

This follows the launch of a new Scope Markets app, available on both the Google PlayStore and IOS Apple Store.

The Scope Markets app offers clients over 500 investment opportunities across global financial markets.

The Scope Markets app has a brand new user interface that is very user friendly, following feedback from customers.

The application offers real-time quotes; newsfeeds; research facilities, and a chat feature which enables a customer to make direct contact with the Customer Service Team during trading days (Monday to Friday).

The platform also offers an enhanced client interface including catering for those who trade at night.

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The client will get instant access to several asset classes in the global financial markets including; Single Stocks CFDs (US, UK, EU) such as Facebook, Amazon, Apple, Netflix and Google, BP, Carrefour;  Indices (Nasdaq, FTSE UK), Metals (Gold, Silver); Currencies (60+ Pairs), Commodities (Oil, Natural Gas).

The launch is part of Scope Markets Kenya strategy of enriching the customer experience while offering clients access to global trading opportunities.

Scope Markets Kenya CEO, Kevin Ng’ang’a observed, “the Sope Markets app is very easy to use especially when executing trades. Customers are at the heart of everything we do. We designed the Scope Markets app with the customer experience in mind as we seek to respond to feedback from our customers.”

He added that enhancing the client experience builds upon the robust trading platform, Meta Trader 5, unveiled in 2019, enabling Scope Markets Kenya to broaden the asset classes available on the trading platform.

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