Sharp Daily
No Result
View All Result
Friday, April 17, 2026
  • 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

Kenya in Saudi crosshairs to solidify oil dependence

Allan Lenkai by Allan Lenkai
November 30, 2023
in News
Reading Time: 2 mins read

Kenya has become a focal point in a strategic maneuver orchestrated by the Saudi Arabian government, as uncovered in an undercover investigation conducted by the Centre for Climate Reporting (CCR). The investigation reveals Saudi Arabia’s intentions to impede the reduction of fossil fuel usage in specific African nations, including Kenya, through its Oil Sustainability Programme (OSP).

Despite being presented as a climate change mitigation initiative, the investigation exposes the true motive behind the OSP—to solidify the dependence of these countries, including Kenya, on Saudi oil. Leveraging its substantial sovereign wealth fund, the Gulf State plans to finance the development of high carbon infrastructure, such as airports, roads, and ports, in Kenya and other African nations. This infrastructure is anticipated to exclusively rely on vehicles and machinery powered by Saudi oil.

A key element of this strategy involves collaboration with an undisclosed car manufacturer to produce and distribute affordable fuel-intensive vehicles in the targeted countries, mirroring tactics previously employed by China in extracting crucial resources from Africa and Asia for industrial growth.

Kenya’s recent strengthening ties with Saudi Arabia, evidenced by President William Ruto’s multiple visits to Riyadh, align with the vision of the OSP. The country is identified as a potential hub for both Liquefied Petroleum Gas (LPG) and solar energy projects, as disclosed in a presentation by OSP head Mohammad Al Tayar to the African Refiners and Distributors Association in Cape Town, South Africa.

RELATEDPOSTS

Betting on cities: Why Africa’s urban growth Is becoming an investor magnet

April 10, 2026
On December 9, 2025, the Central Bank of Kenya lowered its benchmark rate to 9.00 percent, its lowest since early 2023.

CBK holds base lending rate at 8.75 percent as global risks rise

April 9, 2026

The CCR’s investigative work, featuring undercover reporters posing as investors, secured vital documents outlining the 46 projects supported by Saudi Arabia under the OSP. These documents emphasize a reluctance towards electric vehicles, indicating a preference for internal combustion engine cars reliant on petrol or diesel—a stance seemingly in opposition to the global shift towards renewable energy sources.

While Kenya’s participation in the OSP has not been officially announced, it is evident in its engagements with Saudi Arabia. Last year, Kenya received USD 13.8 million from Saudi firms, including oil giants Saudi Aramco, for carbon credit auctions. President Ruto asserted that these funds were allocated to initiatives related to clean cooking and solar home systems, ostensibly aligning with OSP objectives.

These revelations unfold against the backdrop of the upcoming COP28 in Dubai, where global efforts to address climate change will be deliberated. The Paris Agreement, a significant outcome of COP21, aimed to limit the global temperature rise to 1.5 Celsius by 2100. The disclosed information raises crucial questions about Kenya’s dedication to global climate goals and the ethical considerations surrounding strategies reliant on fossil fuels.

Previous Post

Former KeRRA deputy director faces seizure of assets in corruption ruling

Next Post

Treasury eases IPO criteria to revitalize stock exchange

Allan Lenkai

Allan Lenkai

Related Posts

News

Corporate governance and business sustainability

April 16, 2026
News

Digital banking in Kenya and its growing impact

April 16, 2026
Analysis

NSE secondary bond market surges

April 16, 2026
Analysis

Fuel prices ease after tax cut

April 16, 2026
Business

CBK reassures on shilling stability

April 16, 2026
News

Kenya’s fuel subsidy under strain as rising import costs threaten price stability

April 16, 2026

LATEST STORIES

Bridging the gap between financial policy and practical use

April 16, 2026

Corporate governance and business sustainability

April 16, 2026

Digital banking in Kenya and its growing impact

April 16, 2026

NSE secondary bond market surges

April 16, 2026

Fuel prices ease after tax cut

April 16, 2026

CBK reassures on shilling stability

April 16, 2026

Kenya’s fuel subsidy under strain as rising import costs threaten price stability

April 16, 2026

Risk-return tradeoff in investment decision-making

April 16, 2026
  • 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