Tunisia’s secular Nidaa Tounes party won a milestone parliamentary vote, defeating the Islamists who have dominated government since the 2011 revolution. Nidaa Tounes secured 83 seats compared to 68 for the Islamist Ennahda on the basis of an informal count at individual polling stations. Ennahda came to power after the 2011 uprising that toppled President Zine El Abidine Ben Ali and set off a wave of unrest in other Arab nations.

Saturday, 13 December 2014 15:08
Published in African Business News
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Somalia plans to begin producing oil and gas offshore for the first time within six years and is in talks with state governments about how revenue will be shared. Drillers are betting the country has geology similar to that of Yemen, which lies across the Gulf of Aden and has 2.7 billion barrels of proven oil reserves. Somalia’s oil deposits may amount to as much as 110 billion barrels, according to studies and will likely require investment well in excess of USD100 million. Saudi Arabia, the world’s biggest oil exporter, has 266 billion barrels of proven reserves, BP data shows.

Saturday, 13 December 2014 15:08
Published in African Business News
Read more... 24

Rwanda may sell its second Eurobond as early as next year and is planning to offer longer-dated local debt as the East African nation’s economy is set to grow faster than the regional average. Rwanda is transforming its debt market with more sales of local securities after the debut USD400 million international bonds last year. The Eurobond, due May 2023, returned 11Pct this year, compared with the 9.5Pct average among 57 emerging markets tracked by Bloomberg indexes.

Saturday, 13 December 2014 15:07
Published in African Business News
Read more... 23

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