The Kenya Airport Authority (KAA) has closed Terminal 1E at the country’s main international airport following a non-injury fire incident linked to an electrical fault.

KAA said response teams contained the fire at the Jomo Kenyatta International Airport (JKIA) and no casualties were reported.

It moved all flight operations on the affected Terminal to Terminal 1A for continuity.

“To mitigate any inconvenience this may cause, all flight arrival operations have been redirected to Terminal 1A until further notice,” KAA stated in an update on Monday morning.

The agency assured passengers using the airport of their safety and convenience as it works to restore operations at Terminal 1E which serves all international arrivals by non-SkyTeam airlines.

“KAA is dedicated to ensuring the safety and security of all passengers, staff, and stakeholders at our facilities and is taking all necessary steps to minimize disruptions and return to normal operations as swiftly as possible.”

The agency did not however give timelines for restoration of operations at Terminal 1E. Capital News

Kenya has overtaken Nigeria as the country that got the highest private equity deals in Africa last year, according to a new report by DealMakers Africa. 

The report by the South African-based firm which tracks Mergers and acquisitions (M&A) and corporate finance activity across the continent shows that Kenya and Nigeria which are the powerhouses of their regions recorded the most local deals with 95 ($600.3 million) and 82 ($493.1 million) respectively.

Further analysis revealed that both countries recorded a year-on-year decline in private equity deals. In 2022, Africa’s biggest economy attracted 135 deals while Kenya had 123 deals.

“Private equity investment, which for some years now has provided the momentum for M&A activity growth on the continent, was subdued in 2023. This is not surprising, given the higher interest rates and the fact that private equity firms rely on borrowing to part-fund deals,” the report said.

The nalysis shows that, as a percentage of the total deal value, private equity transactions continue to increase and have, for the past few years, constituted 50 percent of the deal flow.

“The value of deal activity recorded was $11.2 billion, a 36 percent decline on the previous year, and 28 percent down on the pre-COVID numbers of 2019. East Africa edged its way back to the top to claim the most activity per region, recording 144 deals, followed by West Africa (136 deals) and North Africa (107 deals),” the report added.

In terms of deal value, Southern Africa which stood out, and more specifically, Zimbabwe, with total deals valued at $5.8 billion, reflecting the size of several mining transactions announced during the year.

While recessionary fears haven’t vanished, they have lessened, supported by the recent forecast by the African Development Bank in its latest Macroeconomic Performance Outlook, which projects that Africa’s GDP will grow 3.8 percent in 2024, and 4.2 percent in 2025, according to authors of the report.

“This feeds into the narrative that consumption will be the driver of investor activity on the continent, with sectors most likely to attract sizeable M&A activity being energy and natural resources, telecommunications and technology, consumer goods and retail, and infrastructure development,” they said.

They added that of the top 10 deals by value for 2023, eight involved targets in the energy or resources sectors, and these were predominantly located in Southern Africa. By Bunmi Bailey, Business Day

The Extraordinary Organ Troika Summit, Plus SADC Troika, concluded with member states reiterating their regional commitment to the SADC mutual defense pact, wherein an armed attack against one member shall be considered a threat to regional peace and security.

In a communique released by SADC Executive Secretary Elias Magosi, the summit reaffirmed SADC’s dedication to solidarity, self-determination, and regional cooperation. Reports from ZANIS highlighted that Magosi further emphasized the summit’s focus on the peace and security situations in the Democratic Republic of Congo (DRC) and Mozambique.

The summit received updates on the ongoing challenges in the DRC and Mozambique, underscoring regional support towards achieving lasting peace, stability, and security in these nations. Magosi stressed the unwavering commitment to provide both diplomatic and military support to the government and people of the DRC to address the conflict in Eastern DRC.

Additionally, there was a collective pledge to intensify public diplomacy efforts to showcase the successes of SADC Peace Support Missions and counter any negative external narratives that could undermine their effectiveness. The summit expressed support for political and diplomatic processes, including the Luanda Process and the Nairobi Process, aimed at promoting peace and reconciliation in Africa.

Regarding recent correspondence from Rwanda to the United Nations and the African Union Commission regarding support for SAMIDRC, the summit expressed disapproval. However, gratitude was extended to the African Union Commission and the United Nations Security Council for their solidarity and support towards SAMIDRC, which complements ongoing diplomatic and political efforts in the DRC.

President Hakainde Hichilema, Chairperson of the SADC Organ, was commended for convening the Extraordinary Organ Summit and for his leadership in fostering regional cooperation for peace, security, and stability. President Hichilema emphasized the importance of global collaboration with international and regional bodies to address environmental challenges that threaten peace and stability.

He stressed the need for a more stable region to optimize resources towards improving livelihoods, especially in light of climate change exacerbating resource constraints. President Hichilema highlighted the continent’s agenda to mobilize capital, technology, and partnerships for joint ventures, focusing on beneficiation, value addition, job creation, and economic growth.

The remarks were made during the official closing of the extraordinary Summit, which also addressed contributions to SADC missions in the DRC and Mozambique. The summit concluded with a resounding commitment to regional peace, security, and prosperity, emphasizing cooperation and collective action to address challenges and promote sustainable development across the SADC region. Lusaka Times