TIRA, FSDT PARTNER TO PROMOTE MICROINSURANCE

TANZANIA Insurance Regulatory Authority (TIRA) and the Financial Sector Deepening Trust (FSDT) have signed funding agreement for promoting microinsurance. 

FSDT will release 180,000 US dollars (over 390m/-) to promote key microinsurance activities particularly addressing the problems of demand and supply and inhibiting environment.

The Commissioner of Insurance Dr Baghayo Saqware said in Dar es Salaam yesterday that the funding from FSDT is dedicated towards the implementation of the National Insurance Education Strategy (NIES) and policy facilitation over 18 months of the agreement. 

ATCL PLANS TO LAUNCH MORE REGIONAL ROUTES

The airline’s managing director, Mr Ladislaus Matindi, revealed the company’s plans here during the company workers’ congress, saying all routes will be active from the next financial year.

Morogoro. Plans are afoot for the national carrier, Air Tanzania Company Limited (ATCL), to start flying to Kenya, Uganda, Rwanda and Burundi.

The airline’s managing director, Mr Ladislaus Matindi, revealed the company’s plans here during the company workers’ congress, saying all routes will be active from the next financial year.

“There is a significant improvement since the government started reviving ATCL and what we are currently targeting is to improve delivery of services and increase the number of routes,” he said.

PIZZA HUT AFRICAN LITERACY PROJECT COMES TO TANZANIA

Pizza Hut Africa General Manager, Ewan Davenport (left) interacting with kids from Nzinga Primary School during the launch of the Pizza Hut African literacy project where they were provided with "Red Reading Boxes". The campaign is Pizza Hut Africa’s contribution to the company’s global initiative called Pizza Hut: The Literacy Project. Established in 2016, Pizza Hut: The Literacy Project was created to encourage literacy through providing reading resources and engaging customers to make a difference for the cause.

STANBIC BANK RELAUNCHES ITS BRANCH IN ARUSHA

Arusha Regional Commissioner, Hon. Mrisho Gambo launching Stanbic Bank's refurbished Arusha Branch recently. Looking on is Stanbic Bank Tanzania Chief Executive, Ken Cockerill (L), Themi Ward Councilor, Mr Melans Kinabo (L), Stanbic Bank Arusha Branch Manager, Arnold Mosha (2nd L) and the bank's board member, Mr Nada Margwe (C). 

Stanbic Bank Tanzania CEO, Ken Cockerill hands over the bank's appreciation gift to Arusha Regional Commissioner, Hon. Mrisho Gambo following the bank's launch of its Arusha branch. 

Arusha. Stanbic Bank Tanzania has renovated its universal full-service branch in Arusha, in order to offer best-in-class banking services to its clients.

Speaking during the launch event which was graced by the Arusha Regional Commissioner, Hon. Mrisho Gambo in the region over the weekend, Stanbic Bank Tanzania’s Chief Executive, Ken Cockerill, said “We recognize that in order to achieve our own growth aspirations, we need to empower the financial success of our clients and the communities in which we operate.”

ETIHAD AIRWAYS AND EGYPTAIR EXPAND SUCCESSFUL CODESHARE PARTNERSHIP

•      Etihad Airways customers now more connected to Africa than ever before
•          EGYPTAIR to provide its customers greater access to South Korea and Australia

Abu Dhabi, UNITED ARAB EMIRATES–Etihad Airways, the national airline of the UAE, and Egyptian national airline EGYPTAIR, have announced a significant expansion of their successful codeshare partnership, widening their horizons to cover more destinations in Africa, North Asia and Australia for the benefit and convenience of their customers. Sales on the expanded agreement will come into effect from today, for travel from 2 May.

The initial phase of the agreement was launched in March 2017 and saw both Etihad Airways and EGYPTAIR place their codes on each other’s flights operating between Abu Dhabi and Cairo. 

TAXIFY INTRODUCES 7-SEATER VEHICLES IN DAR ES SALAAM

Dar es Salaam, 16 April, 2018: Taxify, Europe’s and Africa’s fastest-growing ride-sharing platform, introduces a new feature on the app dubbed ‘Taxify XL’.

The new feature addition in Taxify’s application is meant to simplify travel within and around Dar es Salaam.

Taxify XL (extra-large) is a tailor-made category for larger groups with a sitting capacity of 7 passengers. The move to bring these additional vehicle types on board as new application features arises from the need to cater for a more diverse customer base which now includes groups who wish to use the larger capacity vehicles such as vans.

AFRICAN DEVELOPMENT BANK LAUNCHES THE AFRICA INVESTMENT FORUM

The African Development Bank will officially launch the Africa Investment Forum (AIF) ‒Africa’s premier investment marketplace − on April 19, 2018 in Johannesburg, South Africa. 

The launch is a forerunner to the first-ever Africa Investment Forum, which will take place in Johannesburg from November 7-9, 2018. 

The African Development Bank’s Africa Economic Outlook 2018 indicates that Africa’s infrastructure requirements amount to US $130-170 billion a year. To address these challenges, the African Development Bank is championing the Africa Investment Forum as a platform to actively engage the private sector and to facilitate projects that have the capacity to transform the continent. AIF is designed to enhance private-sector cooperation and drive investment in sectors of strategic interest within Africa. 

FINANCE MINISTER, PHILIP MPANGO: DEBT OUTLOOK OKAY

Minister for Finance and Planning, Dr. Philip Mpango.

...Finance Minister says there are openings for borrowing from local and foreign lenders

The government reiterated yesterday that the domestic national debt which stands close to 50trl/- is still manageable at 34.4 per cent against Gross Domestic Product (GDP), meaning that the country still has openings for borrowing from local and foreign lenders. International standards require that for a national debt to be sustainable, it should not be above 56 per cent against the GDP of a respective country.

Speaking at a news conference yesterday, the Minister for Finance and Planning, Dr Philip Mpango, assured the public that the national debt was manageable and well below the required international standards. The statement by Dr Mpango comes in the wake of revelations by the Controller and Auditor General (CAG), Prof Mussa Assad, who had raised an alarm over what he described as “ballooning of the national debt.”

If you look at the national debt against the GDP, it is at 34.4 per cent, which means that it is still 22 per cent low compared to required international standards,” Dr Mpango, a former senior economist at the World Bank, stated yesterday. On sovereign debt, Dr Mpango explained that the amount stood at 13.3 per cent against the GDP and yet the required international standard was at 20 per cent.

UBER SIGNS NINE CONTRACTS TO OFFER DRIVERS MORE BENEFITS

Nairobi. Uber Kenya has signed partnership deals with nine firms in a move meant to make vital services quickly available to its partners and drivers.

Uber partner organisations include the National Transport and Safety Authority (NTSA), MP Shah Hospital, emergency services company Flare, car dealer Toyotsu, Huawei, Techno, Essilor, Kingsway, and Telkom Kenya.

Uber will host the businesses at its Greenlight Hub, a Nairobi-based resource centre that provides technical support to drivers using the app.

BARCLAYS MAKES 11.3BN/- PRE-TAX PROFIT

BARCLAYS Bank Tanzania has registered 215 per cent improvement of profit before tax to 11.3bn/- last year from a 9.8bn/- loss in 2016 largely due to revenue growth, decreasing loan loss impairment and stable cost base.

The bank’s income statement for the year ending December 2017 shows that revenue grew by 25 per cent to 83.5bn/-, driven by good performance in foreign dealings and bond trading income as well as balance sheet growth.

Net income after income tax improved to 9.2bn/- in the year under review from a loss position of 8.7bn/- in the previous year due to increase in net interest income to 51.18bn/- from 42.8bn/-.

ETIHAD AIRWAYS BOOSTS SERVICES TO MOROCCO

·         787 Dreamliner to Casablanca

·         Additional services to Rabat to meet seasonal demand

Abu Dhabi, UNITED ARAB EMIRATES–Etihad Airways, the national airline of the UAE, is boosting its popular services to Morocco to meet increased demand to and from its two gateways in the North African kingdom.

Effective 1 May, a three-class Boeing 787-9 Dreamliner will be introduced on the daily service from Abu Dhabi to Morocco’s commercial hub, Casablanca. The technologically advanced aircraft features 8 private First Suites, 28 Business Studios and 199 Economy Smart Seats.

INSURANCE CONGLOMERATE SANLAM HANDS OVER MULTI-MILLION SHILLINGS GRANT

Kondoa District Council Director, Falesy Mohamed Kibasa (left), and Sanlam life Chief Executive Officer, Khamis Suleiman, sign an agreement whereby Sanlam will fund the constructions of two classrooms of Lusangi Primary School in Kondoa. Looking on from third left are, Tanzania Insurance Regulatory Authority (TIRA) Director of Surveillance and Prudential Supervision, Elia Kajiba and Kondoa District Commissioner, Sezaria Veneranda Makota. A brief occasion was held in Kondoa, Dodoma region yesterday.

In commemoration of 100 years since its establishment, Sanlam Life and Sanlam General, has set a total of Tsh 147m aside annually for three years to finance community projects in Tanzania, with focus on construction of infrastructural facilities for government schools with special needs in various regions in the country.

The initiative was revealed by Chief Executive Officer of Sanlam Life Tanzania, Khamis Suleiman, during the launch of a building for two classes at Lusango Primary School in Kondoa District, Dodoma which earmarked to cost Tsh 49m.

The CEO noted that Sanlam, which is headquartered in South Africa and deals with life and general insurance, had set aside the money which is aimed to at shouldering the cost of erecting classrooms, toilets and other infrastructure due to their recognition of the importance of education to Tanzanians,as part of the company’s centenary celebrations.

ECOBANK PARTNERS WITH MTN TO DEEPEN FINANCIAL INCLUSION ACROSS AFRICA

LOME, Togo, April 10, 2018/ -- MTN (www.MTN.com) has announced a collaboration with Africa’s leading independent banking group, Ecobank Transnational Incorporated (ETI) (www.Ecobank.com), enabling both companies  to leverage each other’s assets that will ultimately offer more value to their respective customers across the continent. MTN’s large subscriber base, comprehensive distribution, innovative digital products and drive for mobile financial services are being linked with Ecobank’s trail blazing digital banking products to provide instant bank accounts and remittances through Africa’s largest bank by network.

The two entities, with an extensive footprint on the continent, have signed a Memorandum of Understanding to develop this partnership agreement, which will allow them to innovate and enhance access to affordable financial services via MTN Mobile Money and Ecobank Banking services.

This includes;

• Enabling Ecobank and MTN Mobile Money customers to transfer money between mobile money wallets and bank accounts.
• Leveraging of Ecobank and MTN’s assets to digitise international remittance, foster product innovation in the field of mobile saving and lending, and offer digital payment solutions to consumers, merchants and corporates.

VACANCY ANNOUNCEMENT AT UBL BANK TANZANIA - SPECIAL ASSET MANAGEMENT / CORPORATE RELATIONSHIP MANAGER

CURRENT VACANCIES AT THE AFRICAN DEVELOPMENT BANK

CLICK HERE FOR MORE DETAILS

CLYDE & CO UPDATER - BRELA REQUIRES COMPANIES TO UPDATE THEIR RECORDS IN ORDER TO ACCESS SERVICES

HOW FACEBOOK MAKES MONEY FROM YOUR DATA, IN MARK ZUCKERBERG'S WORDS

Facebook CEO Mark Zuckerberg testifies before a joint Senate Judiciary and Commerce Committees hearing.

You're forgiven if you didn't watch all five-plus hours of Facebook CEO Mark Zuckerberg answering questions during a joint Senate Judiciary and Commerce Committees hearing on Tuesday.

Even if you were watching, it's entirely likely that you missed a crucial, brief segment around the two-hour mark, where Senator John Cornyn asked Zuckerberg about how Facebook handles ex-user data.

Though somewhat unrelated to what Senator Cornyn asked, Zuckerberg's answer was a fascinating, concise look into how Facebook turns its vast quantity of user data into profit.

"There's a very common misperception about Facebook — that we sell data to advertisers," Zuckerberg said on Tuesday. "And we do not sell data to advertisers. We don't sell data to anyone."

Indeed, Facebook makes it money through advertising. Facebook doesn't provide data to advertisers — it does the work for them.

Here's Zuckerberg explaining it to Senator Cornyn on Tuesday's Senate hearing:

"What we allow is for advertisers to tell us who they want to reach, and then we do the placement. So, if an advertiser comes to us and says, 'All right, I am a ski shop and I want to sell skis to women,' then we might have some sense, because people shared skiing-related content, or said they were interested in that, they shared whether they're a woman, and then we can show the ads to the right people without that data ever changing hands and going to the advertiser."

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TRA COLLECTIONS HIT 12TRI/- IN NINE MONTHS

Tanzania Revenue Authority (TRA) has collected a total of 11.78tri/- in nine month from July to March of the 2017/18 Fiscal Year compared to 10.86tri/- gained in corresponding period of 2017/18.

The collection, according to Taxman’s report released today (Tuesday), is an increase of 8.45 per cent compared to the corresponding period

The data made available to Daily News Digital indicates that December last year, the collection soared by 15.58 per cent to 1.64tri/- compared to only 1.41tri/- in the corresponding period.

WIDER BASE, LATE RUSH TO HELP TRA CLOSE 5 TRILLION SHILLINGS REVENUE GAP

In Summary

• According to the 2017/18 budget, TRA is tasked with collecting Sh17.1 trillion to partly finance the government’s Sh31.7 trillion revenue and expenditure plan.

Dar es Salaam. The Tanzania Revenue Authority (TRA) is optimistic it will attain its 2017/18 target despite facing the daunting task of collecting Sh5.32 trillion in the remaining three months of the current financial year.

According to the 2017/18 budget, TRA is tasked with collecting Sh17.1 trillion to partly finance the government’s Sh31.7 trillion revenue and expenditure plan.

Revealing the actual tax collections for the third quarter of the current financial year, TRA taxpayer services and education director Richard Kayombo said a total of Sh11.78 trillion had been collected during the nine months between July 2017 and March 2018.

This suggests that, on average, the taxman has been collecting Sh1.31 trillion per month so far.

ACACIA GOLD PRODUCTION DOWN 55PC

Production results for Q1, 2018 published yesterday showed 120,981 ounces produced during the first three months of this year, lower than 219,620 ounces reported in Q1 2017. The fall was primarily driven by the company move to reduce operations at Bulyanhulu and to stockpile processing at Buzwagi.

Acacia Group reported 55 per cent decrease in gold production during the first quarter of this year, which the company says was in line with expectations.

Production results for Q1, 2018 published yesterday showed 120,981 ounces produced during the first three months of this year, lower than 219,620 ounces reported in Q1 2017. The fall was primarily driven by the company move to reduce operations at Bulyanhulu and to stockpile processing at Buzwagi.

PRUDENTIAL CAPITAL MARKET UPDATE AS AT 11 APRIL 2018

LEAVE OUR PREMISES, 14 LANDLORDS TELL NAKUMATT

Nakumatt Junction on Ngong Road in Nairobi. FILE PHOTO | NMG

In Summary

In a statement issued by 14 landlords, the owners say they do not wish to continue with Nakumatt as a tenant and they do not support the retailer’s recovery efforts by the court appointed administrator Peter Kahi.

Nairobi. Nakumatt landlords have rejected the retailer’s revival plan and want the supermarket out of their premises saying its stay is hurting their income and putting them at risk of being auctioned by banks.

In a statement issued by 14 landlords, the owners say they do not wish to continue with Nakumatt as a tenant and they do not support the retailer’s recovery efforts by the court appointed administrator Peter Kahi.

ETIHAD AVIATION GROUP SUPPORTS WORLD AUTISM AWARENESS MONTH

A number of participants and audience at the autism awareness workshop, held in Etihad Training Academy.

Yousef and Kareem, who dream to become TV presenters, are presenting Etihad event.

Emirates Autism Society Children distribute pins and flyers on guests at Abu Dhabi International Airport.

Abu Dhabi, United Arab Emirates – Etihad Aviation Group, in cooperation with Emirates Autism Society, supported World Autism Awareness Month by organising a series of events and activities during the first week of April.

Highlighting the need for increased awareness and understanding of autism, Etihad hosted an awareness workshop at its Training Academy. The workshop featured an informative presentation by Sheena Kathleen Reynolds, an Occupational Therapist from the Wilson Centre for Child Development. A short documentary named “Lemonade” was also broadcast to the audience. The documentary highlighted the difficulties, hopes and aspirations of families of autistic adults.

PRUDENTIAL CAPITAL MARKET UPDATE AS AT 10 APRIL 2018

VODACOM BOSS IAN FERRAO TO LEAVE IN JUNE

Vodacom Tanzania's outgoing Managing Director, Ian Ferrao

In Summary

He will be succeeded Ms Sylvia Mulinge who currently works as director for consumer business at Safaricom in Kenya.

Dar es Salaam. Vodacom Tanzania PLC said yesterday, Monday, April 09, 2018 that the company’s managing director, Mr Ian Ferrao, will leave after the expiry of his three-year tenure which ends in June this year.

He will be succeeded Ms Sylvia Mulinge who currently works as director for consumer business at Safaricom in Kenya.

ETIHAD AIRWAYS TRIALS VIRTUAL REALITY TECHNOLOGY FOR FUTURE AIRPORT LOUNGE EXPERIENCE

Abu Dhabi, United Arab Emirates – Etihad Airways has started trialing SkyLights Aero Virtual Reality (VR) entertainment technology at its flagship First Class Lounge and Spa and Business Class Premium Lounge, at Abu Dhabi International Airport’s Terminal 3. The aim of the month-long trial is to gather customer feedback to determine the airline’s future lounge entertainment offering at Abu Dhabi’s state-of-the-art Midfield Terminal.

SkyLights is a leading provider of entertainment solutions, working closely with leading airline industry partners to leverage the latest cinematic VR technology to transform their inflight and ground experience. The company has offices in San Francisco, Paris and Toulouse.

BORROWERS WAITING FOR CHEAPER LOANS

Central bank governor Florens Luoga

In Summary

• The policy, which has been implemented for more than a year now, aims at ensuring that there is adequate liquidity within the banking industry to support growth of credit to the private sector.

Dar es Salaam. Despite the Bank of Tanzania (BoT) touting an “accommodative monetary policy”, recent reports have revealed that lending rates are actually going up.

The policy, which has been implemented for more than a year now, aims at ensuring that there is adequate liquidity within the banking industry to support growth of credit to the private sector.

PAYPAL, SAFARICOM AND TRANSFERTO ANNOUNCE COLLABORATION IN KENYA

PayPal and Safaricom announced a revolutionary collaboration that enables Kenyans to seamlessly move money between their M-PESA and PayPal accounts. The new service eliminates significant barriers that have hindered consumers and businesses in the country from taking full advantage of global eCommerce.

“PayPal’s collaboration with M-PESA is part of the company’s long-term strategy to enable eCommerce and democratize financial services on the African continent,” says Efi Dahan, General Manager for the Middle East, Africa and Russia, PayPal. “We are excited to bring the M-PESA mobile wallet and PayPal joint services to the Kenyan market, which makes it more convenient and secure for users to withdraw and add money to their accounts while participating in the global digital economy.”

ADD-ONS ATTACHED TO LUKU UNIT PURCHASE VIA M-PESA

VODACOM customers will have an additional charge of 1.1 per cent on their LUKU unit purchase via M-Pesa after the migration of LUKU sales into the Government E-Payment Gateway (GePG). Vodacom said in a statement that incremental service had been negotiated by government to be passed on to the consumer during the migration.

ECOBANK APP REACHES 4M USERS

In Summary

• The app builds on the core functionality that saw the original version applauded as a game changer for African banking by using digital technology to combat many of the financial inclusion barriers faced by those on the continent. This includes the dearth of rural branches, affordability of products, high transaction costs and minimum opening balance requirements.

Lome. The upgraded version of Ecobank’s revolutionary mobile app has attracted 3 million new customers in just 6 months, taking the total number of users to 4 million, the bank said in a statement.

The app builds on the core functionality that saw the original version applauded as a game changer for African banking by using digital technology to combat many of the financial inclusion barriers faced by those on the continent. 

This includes the dearth of rural branches, affordability of products, high transaction costs and minimum opening balance requirements.

ETIHAD AIRWAYS AND AEROPORTI DI ROMA CELEBRATE SECOND DAILY FLIGHT BETWEEN ROME AND ABU DHABI

Antonella Cataldi, Etihad Airways General Manager Italy and Federico Scriboni, AdR Head of Airline Traffic Development, flanked by Etihad Airways cabin crew.

Abu Dhabi, UNITED ARAB EMIRATES - Etihad Airways, the national airline of the United Arab Emirates and Aeroporti di Roma (AdR), celebrated the introduction of a second daily flight between Abu Dhabi and the Italian capital. The inauguration ceremony took place at the innovative E boarding area for international flights at Leonardo Da Vinci International Airport Fiumicino.

Flight EY 85 was greeted with a welcoming cake cutting ceremony by representatives of Etihad Airways and AdR upon arrival in Rome Fiumicino.

CAREER OPPORTUNITY AT DIAMOND TRUST BANK

MORTGAGE FINANCE TRAINING COURSE FOR COMMERCIAL BANKS IN TANZANIA

Duration: 5 days, 9-13 April 2018

OVERVIEW OF THE MORTGAGE MARKET IN TANZANIA

Mortgage lending is the major mechanism used in many countries to finance private ownership of residential and commercial properties. Development of real estate sector has not become evident in many towns and cities in Tanzania. The mortgage market in Tanzania has been growing steadily as the pace of housing investment picks up. In the same line, the use of mortgage loans for developing private homes or commercial properties is now gaining popularity in banking institutions and other stakeholders. Tanzania has witnessed many Commercial Banks coming up with mortgage lending product. 

Following the growth of mortgage lending, the Tanzania Institute of Bankers in collaboration with Tanzania Mortgage Refinance Company (TMRC) will organize training programmes on Mortgage Finance for Commercial Banks with the objective of ensuring standardization and uniform processing of mortgage finance operations in Tanzania.

BUILDING THE BUSINESS CASE FOR HOUSING MICROFINANCE IN SUB-SAHARAN AFRICA

Six-year study with 47,000 households demonstrates how housing microfinance can be win-win for poor people and financial institutions

NAIROBI, Kenya, April 5, 2018/ -- A new study from Habitat for Humanity (www.Habitat.org) says that housing microfinance can and should become a mainstream offering for financial institutions in Sub-Saharan Africa as they respond to growing housing needs in the region, particularly from poor people. The business case study, released today, is entitled “Building the Business Case for Housing Microfinance in Sub-Saharan Africa” (https://goo.gl/vN5uag). It builds on a project carried out over six years in Kenya and Uganda called “Building Assets Unlocking Access”. The project was a partnership between Habitat’s Terwilliger Center for Innovation in Shelter and the Mastercard Foundation (www.MastercardFdn.org). So far, the project has reached over 47,000 households and mobilized more than US$43 million in capital to benefit over 237,000 individuals. To download the case study “Building the Business Case for Housing Microfinance in Sub-Saharan Africa” click here: https://goo.gl/QmYUWT The business case study argues that housing microfinance, small non-mortgage backed loans for short terms, can become a mainstream offering in the market to address growing housing needs in the region, incremental building patterns, and the land tenure realities of low-income households.

EU LAUNCHES THREE NEW WILDLIFE CROSS-BORDER PROJECTS IN EAST AFRICA

BARCLAYS BANK SUPPORTS ORPHANS GIRLS SCHOOL IN DAR

Barclays Tanzania Head of Branch Operations and Control, Msungu Mwilongo, explains about financial and life skills to some students of Bethsaida Secondary School for orphans girls, at Mpiji Magoe in Dar es Salaam. The bank also donated a variety of food, stationery and sanitary items as part of the Banks ongoing citizenship activities.

Barclays Tanzania Product Development Manager, Ivuro Reuben, explains about financial and life skills to some students of Bethsaida Secondary School for orphans girls, at Mpiji Magoe in Dar es Salaam.

Barclays Tanzania Business and Performance Analyst, Nassoro Hamisi, explains about financial and life skills to some students of Bethsaida Secondary School for orphans girls, at Mpiji Magoe in Dar es Salaam. The bank also donated variety of food, stationery and sanitary items as part of BBT ongoing citizenship activities.

Barclays Bank Digital Channels Leader, Emmanuel Wangle talks to the students during the visit.

Barclays Bank Retail Administrator, Mercy Mwakajungu talks to some of the Bethsaida Secondary School students during the visit.

Barclays Bank Head of Branch Operations and Control, Msungu Mwilongo (fourth left), hands over a variety of food, stationery and sanitary items to girls of Bethsaida Secondary School in Dar es Salaam recently.

TANZANIA - UAE BUSINESS & INVESTMENT FORUM

PRUDENTIAL CAPITAL MARKET UPDATE AS AT 5 APRIL 2018

LENDERS STRIVE TO TACKLE BAD LOANS

In Summary

• High NPLs in the industry, according to stakeholders, were precipitated by clients’ failure to repay them in the wake of a change in the management of the economy. 

Dar es Salaam. Lenders are striving to reduce rates of non-performing loans (NPLs), which averaged 12.52 per cent as at September 30 last year.

High NPLs in the industry, according to stakeholders, were precipitated by clients’ failure to repay them in the wake of a change in the management of the economy.

Banks now target groups and retired public servants for lending.

Some banks are worried about lending money to contractors working with the government due to the latter’s delays in paying the former.

ETIHAD AIRWAYS INAUGURATES ECO RESIDENCE FOR CABIN CREW IN MASDAR CITY ABU DHABI

(From left to right) Flanked by Etihad Airways Cabin Crew - Yousef Baselaib, Executive Director, Sustainable Real Estate, Masdar; Mohamed Jameel Al Ramahi, CEO, Masdar; Tony Douglas, Group CEO, Etihad Aviation Group; Khaled Al Qubaisi, CEO, Aerospace, Renewables & Information Communication Technology, Mubadala; Mana Mohamed Saeed Al Mulla, Group Chief Support Services Officer, Etihad Aviation Group; Abdulla Balalaa, Director, Real Estate Development, Masdar.

Abu Dhabi, United Arab Emirates–Etihad Airways has officially opened its Etihad Eco Residence, Abu Dhabi’s first purpose-built, sustainable Leadership in Energy and Environmental Design (LEED) Platinum rated cabin crew accommodation. The project is the result of a unique partnership between the UAE’s national airline and the Abu Dhabi Future Energy Company, Masdar.

The Etihad Eco Residence was inaugurated in the presence of Khaled Al Qubaisi, Chief Executive Officer, Aerospace, Renewables & Information Communications Technology (ICT) for Mubadala, by Tony Douglas, Group Chief Executive Officer, Etihad Aviation Group. Also present was Mohamed Jameel Al Ramahi, Chief Executive Officer for Masdar, alongside senior executives from Etihad Airways and Masdar.