Hashi Energy lands Sh14 billion supplies deal from Dubai venture firm
Posted on :Thursday , 6th October 2016
Hashi Energy Holdings has inked a lucrative Sh14.18 billion ($140 Million) partnership deal with Dubai's business group S.S. Lootah International.
It is targeting deals in supply of food and petrol, logistics and infrastructure in East and Central Africa.
Under the agreement, the two firms will collaborate to supply the United Nations' mission in the Democratic Republic of Congo with petroleum products, trucks for logistics, food, and financing facilities.
"The agreement is to start by almost $140 million. It will shortly double knowing the size of the African market and its potential to accommodate such growth and expansion," said SS Lootah chief executive Yahya Bin Saeed in Nairobi yesterday on the sideline of a forum between Kenya's and Dubai's chambers of commerce.
"This will be strengthened further by building the trust between all partners and utilising our combined expertise and professionalism ... to ensure utmost quality, timely delivery and uniqueness in execution."
Hashi Energy deals in fuel, transport, logistics, and food supply in Eastern and Central Africa, while SS Lootah is a Dubai family-owned business with ventures in different industry sectors globally.
"A strong physical presence in 12 countries allows us to ensure we meet our customers' demands," Hashi Energy chief executive Mohamed Adan said. "We are always looking to expand and this partnership is definitely a step in the right direction."
During the forum of the Kenya National Chamber of Commerce and Industry and her Dubai counterpart, investors cited concerns about poor storage facilities at airports. This, they said, was hindering growth of fresh produce exports to the Middle East.
The investors were asked to make use of opportunities to invest in mass transit, medical interventions and manufacturing, which offer room for business.
KNCCI chairman Kiprono Kittony said local exporters need to make use of cargo flights that come into Kenya full, but return to their home destinations empty. This is by ensuring that local products including tea, coffee, bananas, fruits, flowers and beef get to shelves of UAE markets.
He said counties can ensure that seasonal harvests that go to waste due to overproduction and lack of market can be repackaged for export to Middle East markets to give farmers value for their efforts, and to create new international business lines.
Ambassador of United Arab Emirates to Kenya Abdul Razak Mohamed had asked the Kenyan government to improve storage facilities in Eldoret and Mombasa International Airports to increase their capacity for perishable goods on transit.
“Kenya has the capacity to export different varieties of fresh fruits from counties throughout the year, because each season has something to offer from a different region in the country. That is an advantage that needs to be exploited,” he said yesterday.
Kenya exports avocadoes, black tea, cut flowers, carbonates of metals and sugar confectionary to the Middle East, according to government records.
The value of imports from the UAE in the month of June 2016 was Sh11.6 billion, up from Sh5 billion the previous month, the highest this year, says KNBS data.
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