Business highlights, May 7, 2018

Business highlights, May 7, 2018

Kenya to spend Ksh17.5 billion on weapons

Kenya will spend Ksh17.5 billion on weapons acquisition for the year to June 2019. The expenditure marks a regional arms race that saw Uganda overtake Kenya in arsenal spending last year. The allocation will be on top of the Ksh7.4 billion that Parliament approved last week as additional expenditure for arms purchase via a mini-budget.

NEMA, NCA to receive Ksh1.25 billion to cover budget shortfall

Kenya’s National Treasury will allocate Ksh1.25 billion for a budget shortfall to two agencies. The National Environment Management Authority (NEMA) will receive an additional Ksh462 million in the year starting July to cater for a shortfall in budget after it was stopped from charging environmental impact assessment fees. National Construction Authority will get Ksh795 million more to cover costs that were previously met by a 0.5% levy on the value of construction projects exceeding Ksh5 million.

Dubai firm Tronics Limited branches into Kenya

Tronics Limited, a Dubai-based firm, has branched into Kenya, seeking its own share of East Africa’s largest economy. The company will be looking to elbow out Chinese and Indian companies that currently dominate Kenya’s electronic goods market. The company has made inroads in Rwanda, Tanzania, Uganda, Malawi, and the Democratic Republic of Congo.

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