Super rich Kenyans hold 30pc of their property portfolio abroad, says report

Wealthy Kenyans are investing significant amounts of their wealth outside the country with Britain being their preferred destination for property purchases. Ultra-high net worth individuals in the country, each with wealth amounting to more than Sh2.8 billion or $30 million, prefer to put the rest (70 per cent of total) of their investments in the local real estate sector. Kenya’s real estate has recorded a rally in the last decade, riding on improving infrastructure which has attracted investors seeking high returns. Kenya has 115 super-wealthy individuals, 32 of who are centa-millionaires (have more than Sh9.1 billion or $100 million) with only one dollar billionaire [...]

CMC to launch Ford Mustang brand in Kenya

CMC Holdings is set to launch the Ford Mustang sports car in the Kenyan market early next year, targeting the growing demand for high performance cars among rich and middle class motor enthusiasts. Ford Mustang is expected to step up competition for German car manufacturer Porsche, which reported strong sales of its sporty models since launching operations last year. The Mustang is among five new Ford models that CMC will be launching starting this year, with the dealer racing to boost its product range in the competitive new vehicles market. The firm, which is now private after it was acquired by Dubai-based Al-Futtaim Group, will also ship in Ford Focus, Fusion and updated versions of Ford Everest and Ranger [...]

WHO OWNS KENYA SERIES

1. MOI & FAMILY

This family is regarded not just the wealthiest in Kenya but in the whole of East and Central Africa. Their wealth is distributed in different parts of the World. The last born of the former President for example, has interests in Maritime, Sielei properties Ltd, Kent ship, Giant Forex Bureu, Revak Ltd, Sudbury Ltd, Giant Holdings, Sudbury Ltd, Metsipo Services Ltd, Homestead Enterprises and Westfield International. In addition, he has two properties in London, which are held in trust, and several in South Africa. The family also has interests in Chemusian Compoany, Fresh Porduce Ltd, Signion Freight, CAAR Track Kenya Lt., Eagle Airlines, American Bank and Equitorial Bank. Other sources also report that the Moi family also owns Asian Roses, Mugoya construction, Equity Stock Brokers, First Force Security Company, Safariland Club, Regent Management, Giro Bank, Taurino Enterprises, and Paradise Holdings. And that is not the end to the list, Moi also owns Gateway Properties Inc., Sheraton Holdings, Hahuru Investors, Ectar Kenya Ltd, Concord Holdings and Tiger Farm Ltd. Furthermore, Moi has investments in the education sector with interests in Kabarak University and Moi High School. In terms of ownership of land, Moi takes the second place after the Kenyatta family.

2. NICHOLAS BIWOTT

A close friend to the former President Moi with the nick-name of ‘Total man’, Nicolas Biwott is one of the top wealthiest men in Kenya. He is an avid business person who has been able to generate investments on also all sectors of the country’s economy, for instance, tourism, mining, air transport, real estate, telecommunications, construction, agriculture and energy. He is mostly involved in importation and sale of fuel to local distributors. He owns one of the biggest hotels in Israel named Tel Aviv and owns the largest ranch in Australia covering 1000 ha.