THE ENGLISH POINT MARINA

When complete the four billion shilling English point marina will be unrivalled all along the eastern seaboard of Africa from cape to Cairo and indeed the only one of its kind in sub-Saharan Africa. Targeted at the trend setting, high flying jet setter of the global jet set, the crème de la crème of global society, the English point marina will be a premium and high end destination for the yachting world.

I got to see it first hand and needless to say, I was toootally blown away. Right now though it is little more than graders and earth movers sitting on brown earth by the beach in Nyali staring at a glorious view of the old town of Mombasa. The whole project oozes potential.

And indeed here, there is tremendous potential; just 30 days ago, Microsoft co-founder Paul Allen was in Mombasa in his 416 foot or 127 meter yacht ‘the Octopus’ complete with a helicopter, mini submarine and two hummer SUVs’. But lacking a marina, the boat was forced to park right in the middle of the bay, dropping anchor in the creek just beyond fort Jesus. Its owner used a smaller boat to get into the town of Mombasa.

‘This just goes to show the enormous potential there is for this sort of thing,’ says Al Noor Kanji, the director of the project to sum up that situation for me. ‘We aim to provide a destination for this kind of global traveler.’

Were Allen to make the same trip two years down the road, he will definitely arrive to a very different destination.

The selling point of the project for which construction is already underway, is its breath taking view of the Mombasa skyline by night. A total of 96 apartments and two penthouses form the core of the project, with all of them facing towards fort jesus.

Salma Hussein sales manager for the project say there is now way of placing dollar value on the view, especially bearing in mind that the project is expected to cost about 4 billion Kenya shillings or about 50 million dollars

An apartment within the exclusive development is expected to cost the buyer about 40 million Kenya shillings, give or take some change, with two pent houses atop the development going for anything up to 150 million shillings….

So just what is special about the English point marina?

‘The skyline at night’, is the ready answer given by Al Noor, ‘ I own a beach property in the south coast, the pine wood beach, one of the finest in the world, award winning even, but at night , you go to the beach look out to sea and the ambience is zero.’

‘what is special about English point is the sight of the lights of the Mombasa old town at night, and fort Jesus and the developments of the new town rising behind it…’

English point has fascinated Al Noor for the last three years. Raised in Mombasa and going into the family business of hardware after studying in the United Kingdom, the middle aged self declared entrepreneur ventured into hospitality through his first property the Pine Wood Beach Resort in the south coast. He has owned English point for the last three years.

When complete the project is expected to house, a boutique hotel besides shops, the apartments, complete with under ground end to end parking, a board walk with a food court and bars, fountains, a pool and Jacuzzi, not to mention the international spa and gym.

The 88 berths for the yachts which give the marina its name is definitely the centre piece around which all else revolves. Marinas are just docks for boats to park next to, enabling them cut their engines and hookup to mains power to run their electrical equipment.

At English point the marina will afford a lifestyle which according to the owners can only be found in Dubai. The Marina is a lifestyle that has evolved around boats which enables the rich and famous to travel on their vessels to different parts of the world and live in comfort while accessing hospitality amenities like restaurants and bars, nearby.

According to Al Noor, when complete the project is expected to employ several thousand locals in many different job sets beside the knock on effect on the local economy for providing a much needed fusion of tourist currency at the high end of the market.

‘This is a lifestyle we are giving them…’ is the parting shop the developer leaves us with, with the promise of delivery of the conceptualized development with the given two year timeline..

KENGEN BOND HEADED FOR OVERSUBSCRIPTION

THE KENYA ELECTRICITY GENERATING COMPANY, KENGEN IS ALREADY EXPLORING THE GREENSHOE OPTION TO RAISE AN EXTRA 10 BILLION SHILLING FROM ITS 15 – BILLION, 10 - YEAR BOND ISSUE. KENGEN MANAGING DIRECTOR EDDIE NJOROGE SAYS ALL INDICATIONS ARE THAT THE BOND ISSUE WILL BE OVERSUBSRCRIBED, WITH THE FINAL OUTCOME EXPECTED ON TUESDAY, SEPTEMBER THE 29TH. THE BOND IS EXPECTED TO BE LISTED ON THE 9TH OF NOVEMBER, A EVENT THAT WILL COINCIDE THE AUTOMATION OF BOND TRADING AT THE NAIROBI STOCK EXCHANGE.
WITH THREE WORKING DAYS LEFT BEFORE THE KENGEN BOND INITIAL PUBLIC OFFER CLOSES THE COMPANY IS WAXING CONFIDENT OF AN OVERSUBSCRIPTION. IN FACT, KENGEN MD EDDIE NJOROGE IS SO OPTIMISTIC, THAT HE HAS CONFIRMED THAT ALL INDICATIONS SO FAR ARE THAT THE COMPANY WILL OPT FOR THE GREEN SHOE OPTION TO TAKE AN EXTRA TEN BILLION SHILLINGS OFF THE TABLE. THIS IS ON TOP OF THE 15 BILLION SHILLINGS THAT WILL HAVE ALREADY BEEN RAISED.
NJOROGE VIEWS THIS AS VINDICATION FOR THE DECISION TO PEG INTEREST ON THE BOND AT 12.5 PERCENT, A LEVEL WHICH HAD BEEN CRITICIZED FROM SOME QUARTERS AS TOO HIGH WHEN COMPARED TO SIMILAR INSTRUMENTS IN THE MARKET…

KENGEN SAYS THAT SHOULD ALL FACTORS REMAIN POSITIVE, IT WILL RETURN INTO THE MARKET WITH A MEDIUM TERM NOTE EARLY NEXT YEAR. THE 10 YEAR BOND IS EXPECTED TO LIST AT THE N-S-E ON THE 9TH OF NOVEMBER, BY WHICH TIME THE NEW AUTOMATED BOND TRADING SYSTEM AT THE N-S-E IS EXPECTED TO HAVE GONE LIVE.
HE SPOKE AT THE LAUNCH OF THE LISTING OF SHELTER AFRIQUE’S ONE BLLION SHILLING, FLOATING AND FIXED RATE MEDUIM TERM UNSECURED NOTES AT THE NAIROBI. SHELTER AFRICA IS A HOUSING COMPANY THAT HAS PROJECTS ALL OVER THE CONTIENNT. THIS IS SHELTER AFRIQUES THIRD NOTE SINCE THE YEAR 2000.

BUSINESS PROCESS OUTSOURCING /COMMUNICATIONS.

THE BUSINESS PROCESS OUTSOURCING SECTOR IS EXPECTED TO DOUBLE IN CAPACITY WITHIN THE NEXT TWELVE MONTHS, ON GAINS FROM THE ENTRY OF FIBRE OPTIC CABLE.  INFORMATION PERMANENT SECRETARY BITANGE NDEMO SAYS THAT THERE IS ALREADY CONSIDERABLE INVESTMENT IN THE SECTOR, WITH SEVERAL FIRMS OPENING UP EXPANSION PROGRAMS. THE MINISTRY OF IMMIGRATION HAS ALSO SAID THAT IT WILL EXPEDITE WORK PERMITS FOR SKILLED FOREIGNERS TO FACILLITATE TECHNOLGY AND SKILL TRANSFER IN THE SECTOR. WHILE KCB, THE BANK OPENED UP WHAT IT IS CALLING A CONTACT CENTRE  ON THE FOURTH FLOOR OF KENCOM IN NAIROBI, HORIZON, SAFARICOM AND OTHERS HAVE PUT UP CENTRES IN THE LAST FEW MONTHS. TODAY, THE P-S LAUNCHED THE KENTECH B-P-O WHICH IS 150 PAX. A DRIVE ALONG MOMBASA ROAD SHOULD SUFFICE TO ILLUSTRATE THE FURIOUS RATE OF CONSTRUCTION GOING ON AT THE SAMEER B-P-O COMPLEX…. KENTECH IS LOCATED AT TUFF STEEL NEXT TO TUSKYS HEADQUATERS ON MOMBASA ROAD. OH YEAH, AND BY THE WAY IF YOU HAVE AT LEAST A DIPLOMA, CAN SPEAK GOOD CLEAR ENGLISH, ARE COMPUTER LITERATE AND JOBLESS, THEY ARE HIRING…..

IN OTHER NEWS, ZAIN HAS DRASTICALLY CUT INTERNET COSTS BY UP TO 90 PERCENT(SO THEY CLAIM) AFTER CONNECTING TO THE SEACOM FIBRE SYSTEM. THE MOBILE OPERATOR LAUNCHED TWO FLAT-RATE ACCESS PACKAGES WITH 250 SHILLINGS FOR ONE DAY UNLIMITED ACCESS, OR 3,250 SHILLINGS FOR 30 DAYS UNLIMITED BROWSING. CUSTOMERS WILL BUY A MODEM FOR THREE THOUSAND SHILLINGS;

safaricom

THE REMOTE AREA OF KACHELIBA IN WEST POKOT DISTRICT FINALLY HAS A MOBILE PHONE NETWORK SIGNAL AFTER MOBILE PHONE OPERATOR SAFARICOM INSTALLED A BASE TRANSMISSION STATION, OR B-T-S THERETHE FIRM SAYS PUTTING UP THE B-T-S COST IT 23 MILLION SHILLINGS AND IT WILL ALSO BE USED TO GENERATE ELECTRICITY FOR A LOCAL SCHOOL. THE OPERATOR SAYS IT WAS PLEASED WITH THE ARRANGEMENT THAT COMBINES COMMERCIAL OBJECTIVES WITH CORPORATE GIVING. SAFARICOM HAS OVER 2,000 B-T-S’S IN THE COUNTRY AND PLANS TO PUT UP 477 MORE THIS YEAR TO CONNECT MORE PEOPLE TO ITS NETWORK OF ABOUT 14 MILLION SUBSCRIBERS. KACHELIBA ALSO HAPPENS TO BE INFORMATION MINISTER SAMUEL POGHISIO’S CONSTITUENCY AND HAS NOT HAD A COMMUNICATION SIGNAL ALL ALONG.

sugar woes.. ict.. kengen

THE MINISTRY OF AGRICULTURE EXPECTS SUGAR PRICES TO START COMING DOWN WITHIN THE NEXT 14 DAYS AS STOCKS FROM MANUFUCTURERS, WHO HAVE RE-OPENED AFTER SHUTTING DOWN FOR ROUTINE MAINTENANCE ARE RELEASED INTO THE MARKET. MINISTER WILLIAM RUTO SAYS BESIDES SUGAR FROM THE COMESA QUOTA, WHICH IS EXPECTED TO START TRICKLING INTO THE COUNTRY, THE GOVERNMENT WAS ALSO EXPLORING IMPORTING MORE SUGAR FROM NON-COMESA MEMBERS UNDER A CONCESSONARY DUTY REGIME.

BEGINNING TOMORROW, BOTH RETAIL AND INSTITUTIONAL INVESTORS HAVE ANOTHER OPPORTUNITY TO PARTICIPATE IN KENYA’S INFRASTRUCTURAL DEVELOPMENT.
THE TEN – YEAR KENGEN INFRASTRUCTURE BOND ISSUE, THROUGH WHICH THE COUNTRY’S MAIN ELECTRICITY PRODUCER HOPES TO RAISE 15 BILLION SHILLINGS TO FUND SEVERAL POWER GENERATION PROJECTS GOES ON SALE FROM SEPTEMBER THE 8TH – THAT IS TOMORROW, TO CLOSE ON SEPTEMBER THE 29TH. IT ATTRACTS INTEREST AT THE RATE OF 12.5 PERCENT PER ANNUM, PAYABLE SEMI-ANNUALLY WITH A TWO – YEAR GRACE PERIOD. RETAIL INVESTORS, PREVIOUSLY LOCKED OUT OF THE FIXED INCOME SECURITIES MARKET CAN INVEST AS LITTLE AS 100,000 SHILLINGS IN THE BOND. 20 PERCENT, OR THREE BILLION SHILLINGS OF THE TOTAL VALUE OF THE BOND HAS BEEN SET ASIDE FOR RETAIL INVESTORS, WHILE THE REMAINING 80 PERCENT OR 12 BILLION SHILLINGS HAS BEEN RESERVED FOR INSTITUTIONAL INVESTORS. SIX COMMERCIAL BANKS, BROKERS AND INVESTMENT BANKS WILL ACT AS AGENTS FOR THE OFFER, WITH STANDARD INVESTMENT BANK LEADING THE PROCESS. PROCEEDS FROM THE BOND ARE TO FINANCE PART OF KENGEN’S FIVE – YEAR STRATEGY, WHOSE KEY PLANK IS TO INCREASE CAPACITY BY 500 MEGAWATTS TO STABILISE THE ERRATIC POWER SITUATION IN KENYA. EARLIER IN THE YEAR, THE GOVERNMENT SUCCESSFULLY RAISED 18.5 BILLION SHILLINGS THROUGH AN INFRASTRUCTURE BOND THAT WAS OVERSUBSCRIBED BY 45 PERCENT.

THE MEDIA COULD BE INDIRECTLY CONRIBUTING TO THE HIGH COST OF INTERNET IN THE COUNTRY THROUGH ADVERSE REPORTING. INFORMATION PERMANENT SECRETARY BITANGE NDEMO SAYS, WHILE ITS IS TRUE THAT THE EXPECTED FALL IN THE COST OF BANDWIDTH HAS NOT COME TO FRUITION, IT COULD BE BECAUSE THE MEDIA HAS MADE THE PUBLIC BELIEVE THAT SERVICE UPTAKE WAS LOW, LEADING COMPANIES INTO HIGH PRICING AS THEY SEEK TO BREAK EVEN. THE P-S WAS ADDRESSING THE EAST AFRICA INTERNET GOVERNANCE FORUM WHICH IS IN SESSION HERE IN NAIROBI. IT AIMS TO STRIKE A COMMON POSITION TO BE PRESENTED AT THE WORLD FORUM WHICH IS BEING HELD IN EGYPT IN NOVEMBER.

this and that in business....

NORTH AMERICA STILL ACCOUNTS FOR MORE THAN HALF OF TOTAL REMITTANCES FROM KENYANS LIVING ABROAD. THE CENTRAL BANK SAYS KENYANS LIVING IN FOREIGN COUNTRIES SENT HOME 8.7 PERCENT MORE IN JULY THIS YEAR THAN THE SAME MONTH LAST YEAR.
THAT JULY FIGURE IS 50.4 MILLION DOLLARS, OR ABOUT 3.8 BILLION SHILLINGS, UP FROM 46.3 MILLION DOLLARS IN JUNE THIS YEAR. COMPARATIVELY HOWEVER, TOTAL REMITTANCES FROM JANUARY TO JULY THIS YEAR WERE DOWN 8.4 PERCENT TO 342.3 MILLION DOLLARS, COMPARED TO 373.3 MILLION DOLLARS IN THE SAME PERIOD LAST YEAR. THE CBK EXPLAINS THE DIP FROM LAST YEAR’S LEVEL AS ARISING FROM EXTRA MONEY SENT HOME AFTER THE POST-ELECTION VIOLENCE AND ALSO TO CASH IN ON THE SAFARICOM INITIAL SHARE LISTING. GLOBALLY, REMITTANCES GENERALLY RISE WHEN THE RECIPIENT COUNTRY SUFFERS AN ECONOMIC DOWNTURN, OR IS EXPOSED TO SHOCKS SUCH AS NATURAL DISASTERS AND POLITICAL CONFLICT. REMITTANCES ARE MAJOR SOURCES OF FOREIGN EXCHANGE FOR DEVELOPING COUNTRIES, A BIG PORTION ALSO GOING TO SAVINGS, CREDIT MOBILIZATION AND INVESTMENT.

KENYAN INVESTORS MAY SOON FIND IT EASIER TO INVEST IN THE TANZANIAN CAPITAL MARKETS. VISITING TANZANIAN PRIME MINISTER PETER PINDA SAYS THE FELLOW EAST AFRICAN COMMUNITY MEMBER STATE WAS KEEN TO LIFT STRINGENT CONDITIONS THAT LIMIT KENYAN INVESTMENTS IN THAT COUNTRY. ON A TOUR OF THE NAIROBI STOCK EXCHANGE, THE PRIME MINISTER EXPRESSED OPTIMISM THAT INITIAL FEARS OVER THE INTENTIONS OF THE KENYAN INVESTOR IN TANZANIA WERE EBBING AWAY, BUILDING THE NECESSARY TRUST REQUIRED TO FACILITATE FASTER INTEGRATION OF REGIONAL STOCK EXCHANGES AND POLITICAL BLOCS.