Sharp Daily
No Result
View All Result
Wednesday, June 4, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

Amazon To Set up A shop In Nairobi

Benson Muriithi by Benson Muriithi
March 31, 2023
in News
Reading Time: 1 min read
[Photo/Courtesy]

[Photo/Courtesy]

A US tech giant, Amazon, has agreed to set up a shop in Nairobi, Kenya, on the condition that Ruto scraps the policy requiring 30% of telecoms ownership to be local. This timely move comes at a time when Airtel Kenya was forcibly trying to sell a third of its stake to local investors.

President William Ruto, while addressing a regional business summit for investors in Nairobi yesterday, reckoned the rule saying that it had become a hurdle for large tech firms to operate in Kenya. Referring to Amazon, the president argued that hindering such big firms to operate in the country is equally denying skilled IT youths job opportunities.

Notably, Airtel Kenya will stand to gain hugely from the reckoning of the rule as it was struggling seeking Kenya investors to purchase 30.0% stake. This difficulty is attributed to the company’s loss making history given the mismatch between the company’s valuation and local investors’ assessment of its worth.

Read: Carrefour Introduces A Self-Service Checkout System

RELATEDPOSTS

Economic reforms are costly

June 3, 2025

Cytonn Income Drawdown Fund (CIDDF)

June 3, 2025

“This position is untenable and has made it impossible for large corporations to invest in Kenya. We will review this position and remove this requirement to facilitate greater investment in our ICT sector,” said Dr Ruto.

The president added that he had been persuaded by a gentleman in Amazon Web Services that it would be impossible for large companies like Amazon to cede only 30.0% equity to any business they had no relationship with.

Kenya is set to benefit from foreign investors led by Microsoft, Amazon and Google who are willing to invest in growing economies on favorable terms.

Email your news TIPS to editor@thesharpdaily.com

Previous Post

Tax Raids Targeting the Middle Class in Kenya

Next Post

Rise in Interbank Rates Fuels the Cost of Borrowing

Benson Muriithi

Benson Muriithi

Related Posts

News

Co-op Bank posts KES 6.9 billion profit in Q1’2025

May 16, 2025
Agriculture And Economy
News

Lets get Kenya out of FATF list

May 9, 2025
News

The downside of Impact Investing

May 2, 2025
News

Leadership challenges at the University of Nairobi

April 24, 2025
News

Easter eggs and earnings: Growing your nest egg with CMMF

April 16, 2025
News

Geoffrey Ruku declares KES 377M net worth during CS vetting

April 15, 2025

LATEST STORIES

Economic reforms are costly

June 3, 2025

Cytonn Income Drawdown Fund (CIDDF)

June 3, 2025

Navigating the money market and fixed income funds landscape

June 3, 2025

Best investments for Kenyan seniors: Secure, predictable & low-risk

May 30, 2025

Why June is the Secret Sweet Spot for Travel

May 30, 2025

Strategies to elevate more women to corporate leadership

May 30, 2025

Tap on Kenya’s 2025 tech revolution

May 30, 2025

How CURBS supports employers and employees

May 30, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024