Burundi and Tanzania have revealed they are aiming to raise US$1.9 billion for the construction of a railway line linking the two East African countries. The 190 km rail line will connect the Burundian city of Musongati to Isaka in Tanzania, opening up the potential for...
Uganda and Tanzania have signed a US$3.5 billion deal to build an oil pipeline which will transport crude from the former’s Lake Albert oil fields to the Tanzanian port of Tanga. The deal, signed on Sunday by Ugandan President Yoweri Museveni and Tanzanian President John Magufuli,...
Dangote Cement’s Pan-African operations performed well in the first half of 2020 and contributed positively to its Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA), the company said. The cement giant told Nigerian business news website Nairametrics that ‘the Pan-African business is not dragging the group...
Canadian engineering and construction firm SNC-Lavalin has entered into an agreement to sell its South African resources business as part of a corporate restructuring. Montreal-based SNC will sell the business, which has around 1,800 employees and primarily services construction and site maintenance clients, to local management...
Australian integrated engineering, project management and delivery group Aurecon will delist its African business from the wider group, following a proposal from the African unit to be independent. Aurecon’s CEO William Cox said the decision to delist the African business was motivated by a feeling that...
Kenya’s President Uhuru Kenyatta yesterday opened the second phase of Standard Gauge Railway (SGR) project – Kenya’s largest infrastructure project since independence. The US$1.5 billion railway, funded and built by Chinese companies, comprises a stretch of track running from capital city Nairobi to the Rift Valley...
ArcelorMittal South Africa has cautioned that more than 2,000 jobs may be cut after the steelmaker made a damaging headline loss in the first six months of 2019. The South African subsidiary said it expects to report a headline loss of at least R596 million for...
South African construction giant Group Five has placed three of its biggest subsidiaries up for sale as the company looks to salvage what it can from bankruptcy proceedings. David Lake, one of the Johannesburg-based company’s business rescue practitioners, said in an interview that Intertoll Europe, a...
Egyptian construction firm Hassan Allam has announced it will float up to 44.3% of its shares on the London Stock Exchange (LSE) and the Egyptian Exchange (EGX). The company said it intents to use the proceeds of the capital raise to develop a portfolio of solar...