In a notable economic shift, Tanzania witnessed a surge in its exports of goods and services, with figures reaching $12.76 billion in June 2023—a substantial leap from the $11.004 billion reported during the same timeframe in the previous year. This remarkable expansion can be attributed to the nation’s non-traditional exports, as highlighted in the Bank...
Commencement of the Phase Four of the Dar es Salaam Rapid Transit Agency (DART) Project is set for September this year, marking a significant step forward in the city’s transportation infrastructure. Tanzania Road Agency (TANROADS) Project Manager for BRT Projects, Engineer Barakael Mmari, unveiled this information on Tuesday during a joint inspection with experts from...
Noble Helium Limited is in the final stages of preparations to commence helium gas extraction at the North Rukwa project in Tanzania in the second half of September, as planned, following the rig’s departure from the UK. The Marriot Drillmec HH102 #16, originating from the UK, was loaded onto the MV Bohwa Tsingtao ship, which...
In June 2023, Tanzania’s balance of trade saw a shortfall of $4.86 billion, a notable contrast from the $3.398 billion deficit registered in the corresponding period of June 2022. The driving factor behind this discrepancy, as outlined in the Bank of Tanzania’s (BoT) Monthly Economic Review for June 2023, lies primarily in escalated import expenditures....
Tanzania’s Inspector General of Police (IGP), Camillus Wambura, has issued a stark caution against potential disturbances in the wake of a port investment dispute. The warning comes as tensions rise following a court ruling that upheld an investment contract involving DP World, a Dubai-based company, and a subsequent call for protests by some dissenting parties....
In the heart of Tanzania’s Kibaha district, a transformative endeavour is shaping up to redefine the nation’s economic landscape. The Industrial Park, known as the Sitotan Industrial Park, is poised to become the country’s largest industrial park, with the potential to generate over 600,000 jobs and catalyze growth across multiple sectors. Already attracting investments from...
Landmark Decision Dismisses Legal Challenge Against Tanzania’s Port Investment Deal. In a significant legal ruling today, August 10, 2023, the High Court of the Mbeya region in Tanzania has dismissed a case that contested the implementation of an investment agreement between the government of the United Republic of Tanzania and DP World, a company based...
Despite facing challenges such as tightened global financial conditions, climate-related concerns, the ongoing conflict in Ukraine, and the lingering impacts of the Covid-19 pandemic, a recent report underscores that Tanzania’s economy remains moderately exposed to risks. The Financial Stability Report, released by the Bank of Tanzania (BoT), attributes this moderate risk profile to a robust...
Tanzania and the Abu Dhabi Development Fund of the United Arab Emirates have signed a low-interest loan agreement of $30 million, equivalent to 70 billion Tanzanian shillings. This loan is intended to construct a 220 kV power transmission line from Benaco to Kyaka and expand the Kyaka Power Substation in the Kagera region. The signing...
In a press conference held yesterday in Uganda, Ugandan President Yoweri Kaguta Museveni expressed that Africa is tired of being last in everything, despite possessing a wealth of resources. President Museveni emphasised that Africa should no longer export raw materials but instead should add value to its products and sell them as manufactured goods. This...