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Attijariwafa Bank to acquire majority stake in Société Générale Ghana

Morocco’s Attijariwafa Bank has agreed to acquire a 55.22 percent stake in Société Générale Ghana, expanding the North African lender’s presence in English speaking Africa.

Under the agreement with Société Générale Group, Ghana’s Social Security and National Insurance Trust will acquire a further five percent stake. The transaction remains subject to regulatory and stock market approvals, after which Attijariwafa Bank will take control of the Ghanaian lender.

Société Générale Ghana, based in Accra, has more than 500 employees and operates about 40 branches across 24 cities.

Attijariwafa Bank said the deal forms part of its expansion strategy and its ambition to strengthen its presence in English speaking African markets. The Moroccan lender said it also reflects its preference for working with institutions that have established positions in their local markets.

Mohamed El Kettani, chairman and CEO of Attijariwafa Bank, said the agreement reflected the group’s confidence in Ghana’s economic prospects and in the quality of Société Générale Ghana.

‘The signing of this agreement reflects our confidence in Ghana’s development prospects and the quality of Société Générale Ghana,’ El Kettani said.

He said the transaction was aligned with the group’s African expansion strategy and demonstrated its long term commitment to supporting the economies of countries where it operates.

El Kettani added that Attijariwafa Bank’s experience integrating acquired banks would help develop Société Générale Ghana for the benefit of its customers, employees and other partners.

The acquisition would give Attijariwafa Bank a stronger foothold in Ghana as it seeks to broaden its operations across Africa. The group currently serves about 12 million individual, corporate and institutional customers and employs more than 20,900 people across 26 countries in Africa, Europe and the Middle East.

He said the transaction was aligned with the group’s African expansion strategy and demonstrated its long term commitment to supporting the economies of countries where it operates.

El Kettani added that Attijariwafa Bank’s experience integrating acquired banks would help develop Société Générale Ghana for the benefit of its customers, employees and other partners.

Inundation reduces hotel bookings

More than 5,400 room nights were cancelled or postponed between Sept 27 and Oct 4 nationwide, according to the Thai Hotels Association (THA), due to severe floods in Bangkok and the central and eastern regions, resulting in weak tourism confidence.

The THA surveyed its hotel members on the flooding impact, which reported 5,433 room nights were cancelled or postponed, including among 35 hotels in Bangkok and 10 hotels in Chon Buri.

Thienprasit Chaiyapatranun, the THA president, said hotel operators are worried about a slowdown in new bookings in the coming weeks as the high season approaches.

Sluggish demand stems from weak confidence following the floods. The situation was exacerbated by Thai Airways’ mismanagement, creating a baggage backlog and flight disruptions that still have not been fully resolved.

In Bangkok and Chon Buri, 1,389 and 875 room nights were cancelled or postponed, respectively, between Sept 27-29. These two provinces reported cancellations or postponements for Sept 28-Oct 4 totalling 651 and 353 room nights, respectively.

However, the association noted these numbers might also include cancellations for other reasons, due to flexible booking policies among online travel agents.

“The fourth quarter may be weaker than last year due to the recent flood and high airfares resulting from the Middle East conflict,” he said.

“Those who haven’t booked their trips yet could delay visiting Thailand or choose other destinations.”

Mr Thienprasit said the first priority to mitigate the flood impact is to restore the national carrier’s operations to normal as soon as possible.

The government should also consider reducing the cost burden for hotel operators, possibly through tax reductions, and postpone the plan to collect the 450-baht foreign tourist fee as it could worsen travel confidence, he said.

Watcharapong Khunpluem, presi-dent of the THA’s eastern chapter, said hotels in the eastern region, including Chon Buri, Rayong and Chanthaburi, reported roughly 50% room cancellations since last week, affecting both leisure tourists and meeting groups.

Hotels are offering guests the option of postponing their trips without an additional fee.

Mr Watcharapong said many hotels in Rayong and Chanthaburi are unable to resume operations as the main roads remained inundated.

In Bang Saen, the motorways to Chon Buri are accessible, but hotels cannot fully operate because some rooms need to be renovated following flood damage.

He said although new bookings are returning for this weekend, driven by the school holidays, hotels are unable to sell all of their rooms.

In October, the average occupancy rate may drop by 5-10% year-on-year, despite expectations of a rise in foreign tourist numbers, as many locals hesitate to spend on travel, said Mr Watcharapong.

Bangkok housing market weathers structural shift

The Greater Bangkok housing market is entering a structural shift, with developers cutting new supply while condo sales recover and accumulated unsold inventory declines, according to the Real Estate Information Center (REIC).

Siddhipen Siddharthapong, acting assistant director-general of REIC, said accumulated remaining supply in Greater Bangkok fell 10.2% year-on-year to 202,414 units in the second quarter, while new sales increased 2.6%.

The recovery was led by condos, with new sales rising 19.5%. Their average absorption rate tallied 2.4% a month, leaving about 39 months of remaining supply.

By comparison, new sales of low-rise housing fell 11.4%, with absorption at 1.4% a month. At that pace, developers would need about 67 months to clear the remaining supply.

“Developers were limiting new launches as the market moved towards a new balance,” Ms Siddhipen said.

Total supply was 214,083 units, down 9.6% year-on-year, while new supply declined 15.6%. New launches of low-rise housing fell 28.6%, while their value dropped 51.9%.

“The figures suggest developers are adjusting their product mix towards more affordable price points, particularly as purchasing power remains constrained and mortgage rejection rates continue to pressure the mass market,” she said.

In Bangkok, total supply fell 6% year-on-year to 88,528 units, while new sales increased 3.8%. Condominium sales rose 14.7%, contrasting with an 18.4% decline in low-rise home sales.

LOWER PRICES

Bangkok’s new supply increased 77.2% in unit terms, but its value fell 35.2%, with the average price per unit dropping from 20 million baht to 7.3 million baht.

“The market is being reshaped by changing urban patterns, higher land and construction costs, and the expansion of mass transit networks beyond central Bangkok,” Ms Siddhipen said.

Bangkok is developing into a network city, with growth spreading into multiple sub-centres rather than remaining concentrated in the central business district, she noted.

The new hotspots are being driven by mass transit access, proximity to employment, shopping centres and hospitals, as well as amenities that match changing lifestyles, said Ms Siddhipen.

REIC identified Rama 9-Ratchada as a new central business district, supported by premium offices and condos, while Bang Na-Suvarnabhumi-Eastern Economic Corridor is emerging as an eastern business district. The latter is supported by industrial, logistics and megaproject development, making it a potential location for luxury detached homes, according to the centre.

Purchasing power is increasingly split between high-end and mass market segments, with luxury demand supported by larger homes, prime locations, health-related innovations and enhanced security.

The mass market faces greater pressure from mortgage rejections, requiring developers to align locations and price points more closely with household incomes and changing consumer behaviour.

REIC also highlighted growing interest in smart homes, artificial intelligence and environmental, social and governance features as developers adapt to new consumer preferences.

Within Bangkok, Sukhumvit condos recorded a 139% year-on-year increase in new sales, with absorption reaching 5.2% a month and remaining supply equivalent to about 16 months.

However, high-priced low-rise housing remains challenging in some locations, including Phra Khanong-Bang Na and Sukhumvit, where newly launched homes priced greater than 10 million baht have recorded weak sales.

“The data indicate Bangkok’s housing market is not recovering evenly, undergoing a shift in product type, affordability, location and consumer demand as developers seek a new market equilibrium,” Ms Siddhipen said.

Zelensky: Good results on EU 2026, 2027 support

Ukrainian President Volodymyr Zelensky said on Thursday that talks with the European Union had produced “good results” in addressing Ukraine’s financial and defense needs for 2026 and 2027.

“We have agreed on the format, timeline, and steps needed to ensure full coverage. Going forward, we will coordinate this work and align our actions every month, ensuring continuous coordination,” he said.

European Commission President Ursula von der Leyen said earlier that EU and Ukrainian teams had identified means to cover Ukraine’s budget and defense needs for those years.

How the Middle Corridor meets North-South in Azerbaijan’s new trade strategy

A few years ago, talk about Eurasian transport corridors mostly came down to finding the shortest route between Asia and Europe. Today, with global trade being reshaped, with higher demands on supply-chain security, and with countries wanting to diversify their routes, it’s the whole system of transport links that matters.

Azerbaijan holds a special place in this new geography. Over the past few years, by carrying out large-scale infrastructure projects along the East-West and North-South corridors, the country has turned into a reliable logistics hub for the region. Its geographic position and the strategic projects it implements have made Azerbaijan an important transport partner across the Greater Eurasian space, and freight volumes keep growing year after year.

At first glance, North-South and the Middle Corridor look like completely different projects.

The International North-South Transport Corridor is aimed above all at moving goods between India, the Gulf states, Iran, Azerbaijan, Russia and, further on, Northern Europe. The Middle Corridor works on a different geography. It connects China and Central Asia with the South Caucasus, Trkiye and European markets. Its backbone is made up of rail and road routes, the sea crossing over the Caspian, and onward movement through Azerbaijan, Georgia and Trkiye toward Europe.

In recent years, Azerbaijan has steadily pursued a policy aimed at turning itself from a transit country into a logistics and transport hub with far broader functions. Billions of dollars invested in railways, highways, port infrastructure, logistics centres and digital solutions are already starting to produce real results. According to the State Statistics Committee, from January to May of this year, 6,159.7 thousand tons of cargo were carried by rail along Azerbaijan’s international transport corridors, 4,731 thousand tons by road, and 2,652.5 thousand tons by sea. Rail therefore accounted for 45.5% of total freight, road for 34.9%, and sea for 19.6%. Compared with the same period last year, rail traffic rose by 3.3% and road traffic by 5.9% – which is seen as a sign of growing demand for Azerbaijan’s transit capacity.

Earlier, President Ilham Aliyev, in his address to participants of the 2nd Azerbaijan International Investment Forum, highlighted Azerbaijan’s growing role in the evolving transport and economic architecture of Eurasia.

“Located at the intersection of the East-West and North-South corridors, Azerbaijan has become an important link and gateway between Asia and Europe. The Middle Corridor links Central Asia across the Caspian Sea with the South Caucasus, Trkiye and Europe, while the emerging Zangezur Corridor, also known as the TRIPP connectivity route, will further strengthen Azerbaijan’s role as a regional hub, and create new opportunities for trade, investment and industrial cooperation across Eurasia,” the Azerbaijani leader said.

Because of the ongoing conflicts in the northern part of the region, European countries are increasingly sending their trade flows toward Asia through Azerbaijani territory. As a result, the Trans-Caspian International Transport Route [Middle Corridor] has taken on particular importance in recent years. At the CAMCA Regional Forum in Baku, Azerbaijan’s Minister of Economy Mikayil Jabbarov even pointed out that it is possible to triple trade along the Middle Corridor and halve transit times by 2030. According to him, the development of the Port of Alat, the Baku-Tbilisi-Kars railway, Azerbaijan’s shipbuilding industry, as well as investments in ports and relevant terminals abroad, were all part of this strategy.

Azerbaijan also has great potential for developing the North-South corridor. The Russia-Azerbaijan railway line is already up and running, and linking it to Iran’s railways would form a broad logistics artery stretching from Northern Europe to the Indian Ocean.

In the future, building the Zangezur Corridor could widen the possibilities for the transport corridors that run through Azerbaijan. Its significance lies not only in creating a more direct link between Azerbaijan’s mainland and Nakhchivan. The new route could become an additional link between the existing transport networks while also strengthening the South Caucasus’ connection with Trkiye, Central Asia and European markets. It is also worth mentioning that the whole region stands to gain from this. On top of that, it could improve relations between Trkiye and Armenia. Under the plans, the route across Armenian territory is meant to connect Azerbaijan’s western districts with Nakhchivan and then provide an outlet to Trkiye. In a broader sense, it could complement the already working infrastructure of the Middle Corridor and create new options for moving goods between East and West.

For the North-South corridor, the Zangezur Corridor could also be a major advantage. After all, it’s worth recalling that in the Soviet period the railways through this area connected to Iran via Nakhchivan-Julfa. This route could be restored and developed in the future. Expanding the North-South corridor both along the Astara-Rasht line and through the Zangezur Corridor would increase Azerbaijan’s transit potential even further.

According to President Ilham Aliyev, the opening of the Zangezur Corridor could provide an additional railway connection between Azerbaijan and Iran through Nakhchivan. The railway from the Zangezur route would connect with Nakhchivan, while the Julfa railway station provides a direct link toward Iran. The North-South transport corridor is directed toward the Persian Gulf. From there it could stretch, for example, to Pakistan, which lies close to this region.

In this way, transport infrastructure in the South Caucasus is gradually becoming not just a matter of freight, but a tool of economic rapprochement. The more mutual trade interests appear, the more practical reasons the region’s states have to keep communications open and relations stable.

The Middle Corridor and North-South may point in different directions, but they share one common idea – creating faster, more flexible and more diversified routes for international trade. And Azerbaijan has found itself at the epicenter, where these directions can meet.

Inclusive hiring gains pace as youth jobs drive grows

Tanzania’s growing push to equip young people with practical skills and connect them to employment opportunities will have to address one group that remains at risk of being left behind – young people with disabilities, according to experts.

The issue was at the centre of discussions organised by Shivyawata, a national federation of organisations of persons with disabilities working to advance the rights, inclusion, participation and dignity of persons with disabilities in Tanzania on September 29,2026.

Disability organisations, employers and government officials called for recruitment and workplace systems that judge people by their skills rather than their disabilities. Tanzania’s growing push to equip young people with practical skills and connect them to employment opportunities will have to address one group that remains at risk of being left behind – young people with disabilities, according to experts.

Disability organisations, employers and government officials called for recruitment and workplace systems that judge people by their skills rather than their disabilities.

Tanzania, Algeria deepen cooperation in five key sectors

Tanzania and Algeria are deepening bilateral cooperation in five key sectors pharmaceuticals, energy, higher education, agricultural trade and beekeeping-with new initiatives aimed at translating political ties into tangible economic and development benefits.

Tanzania’s Ambassador to Algeria, Mobhare Matinyi, said the two countries had made progress in these areas over the past few months, following directives from Presidents Samia Suluhu Hassan and Abdelmadjid Tebboune to move bilateral relations from agreements to practical implementation.

Speaking to journalists from various Algerian media outlets at the Tanzanian Embassy in Algiers on Friday morning, Ambassador Matinyi said the progress reflected a shared commitment to ensuring that cooperation between the two countries delivers benefits to their citizens. ‘When I presented my credentials on June 10, 2026, President Abdelmadjid Tebboune emphasised that now was the time to put our cooperation into practice, and prior to my departure for Algeria, President Dr Samia Suluhu Hassan instructed that, from our strategic partnership, now was the opportune time to reap the benefits for our peoples,’ he said.

In the pharmaceutical sector, Algeria’s National Pharmaceutical Products Agency (ANPP) and state-owned pharmaceutical company Saidal Group are expected to visit Tanzania in October 2026, following an invitation from the Tanzania Medicines and Medical Devices Authority (TMDA), to explore technical cooperation.

Mr Matinyi said the two countries had strong potential in the pharmaceutical industry, noting that Tanzania attained Maturity Level 3 (ML3) in pharmaceutical regulation in 2018 under the World Health Organisation’s Global Benchmarking Tool, while Algeria hosts about one-third of Africa’s 690 pharmaceutical manufacturing facilities.

He also disclosed that Hikma Pharmaceuticals was in the final stages of concluding a trade and investment cooperation agreement with Medipharm, a subsidiary of the Medical Stores Department (MSD), with the aim of serving markets across Eastern, Central and Southern Africa. Algerian company Frater Razes is also expected in Tanzania in October to discuss trade and investment opportunities with the Government.

In the energy sector, the Electrical Transmission and Distribution Company (ETDCO), a subsidiary of Tanzania Electric Supply Company (Tanesco), visited Algeria in July to explore technical cooperation. The delegation visited facilities operated by Algeria’s Electricity and Gas Corporation (Sonelgaz) and GISB Electric, a manufacturer of electrical equipment.

Higher education is another area where cooperation has already produced results. Algeria has offered 176 university scholarships to Tanzanian students, with the Tanzanian Government selecting 150 students under the Samia Scholarship Extended programme to pursue studies in science, technology, engineering and health sciences.

Agricultural trade is also gaining momentum, with Algerian company Sarl Anacard’Or acquiring a warehouse in Mtwara to store cashew nuts for export to Algeria. The company is also finalising plans to establish a cashew processing factory in Tanzania.

Meanwhile, CAM Sarl, an Algerian manufacturer of agricultural and pharmaceutical processing and packaging equipment, has agreed to cooperate with Tanzania in securing machinery that will enable the country to add value to agricultural products before they are exported to international markets.

Mr Matinyi said Tanzania and Algeria were also preparing to begin practical cooperation in beekeeping and bee products following a September visit by officials and experts from the Ministry of Natural Resources and Tourism, the Tanzania Forest Service (TFS) and private sector stakeholders.

He said the initiatives demonstrated the growing scope of Tanzania-Algeria relations, which are increasingly moving beyond political engagement to practical economic partnerships.

The ambassador also invited Algerian citizens to visit Tanzania and experience attractions including the Ngorongoro Crater, Serengeti National Park, Mount Kilimanjaro and the beaches of Zanzibar.

Tanzania eyes Africa’s top-tier uranium producer status

Tanzania is on the cusp of a nuclear energy revolution that could reshape its economic destiny and position the nation among Africa’s elite uranium producers, thanks to a $1 billion push to transform the country’s vast uranium reserves into a strategic economic asset.

At the heart of this nuclear ambition lies the Mkuju River uranium project in Namtumbo District, Ruvuma Region. Valued at approximately $1 billion (about Sh2.6 trillion), the project is emerging from more than a decade of dormancy to become one of the most strategically significant mining ventures in the country’s history.

Developed by Mantra Tanzania Limited-a subsidiary of Russia’s Uranium One Group under Rosatom-the project remained largely dormant after the 2011 Fukushima nuclear disaster triggered a collapse in global uranium prices. Tanzania is on the cusp of a nuclear energy revolution that could reshape its economic destiny and position the nation among Africa’s elite uranium producers, thanks to a $1 billion push to transform the country’s vast uranium reserves into a strategic economic asset.

Building resilience and unlocking sustainable growth in an increasingly complex global marketplace

As Tanzania’s economy continues to expand and become more integrated with regional and global markets, businesses are encountering both new opportunities and increasingly complex risks.

International trade, foreign investment, cross-border financing, and access to global supply chains can support revenue growth, innovation, and competitiveness.

However, these opportunities also introduce exposures that, if not effectively managed, can affect profitability, liquidity, and long-term business sustainability.

For many Tanzanian businesses, foreign exchange volatility remains one of the most significant external risks, particularly for companies involved in importing, exporting, or servicing foreign currency-denominated obligations.

Exchange rate movements can increase import costs, reduce the value of export revenues, and create uncertainty around future cash flows.

Similarly, changes in interest rates can affect borrowing costs and investment decisions, while commodity price movements can materially impact businesses whose revenues or cost structures are linked to energy, agricultural products, metals, or other traded commodities.

Beyond financial market risks, businesses must also navigate supply chain disruptions, geopolitical developments, cyber threats, regulatory changes, and sudden shifts in market demand.

These factors reinforce an important reality: risk cannot be eliminated entirely. Instead, businesses must build the capability to identify, assess, monitor, and manage risk as an integral part of their broader growth strategy.

This is where effective risk management becomes a strategic enabler rather than merely a defensive function. Businesses can use a combination of financial hedging instruments, insurance, trade finance, liquidity management, and contingency planning to reduce exposure to adverse market movements.

For example, a well-structured foreign exchange hedging strategy can provide greater certainty over future currency costs and revenues, enabling businesses to plan cash flows more accurately and protect margins more effectively.

At NBC, we integrate our product propositions to deliver solutions that help businesses manage foreign exchange, interest rate, commodity price, and liquidity risks.

Our approach goes beyond providing banking products; it is focused on helping clients create greater certainty, strengthen financial planning, protect profitability, and make informed business decisions in an increasingly complex economic environment.

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Effective risk management can also strengthen a company’s ability to pursue growth opportunities. When businesses have clear visibility over their financial exposures, they are better placed to make investment and expansion decisions with confidence.

This is particularly important as Tanzanian companies seek to compete more actively in regional and global markets.

Ultimately, sustainable growth requires a balanced strategy: capturing opportunities while building resilience. Companies that actively embed risk management into their business strategies are better positioned to protect profitability, maintain liquidity, build investor confidence, and navigate periods of economic uncertainty.

In today’s interconnected global economy, risk management should not be viewed merely as a cost or compliance requirement. When applied strategically, it can provide the certainty, discipline, and resilience businesses need to pursue growth, strengthen competitiveness, and create sustainable long-term value.

Tanzania, Uganda advance refined oil infrastructure project in Tanga

Tanzania and Uganda have moved closer to developing infrastructure for receiving, storing and transporting refined petroleum products at Chongoleani in Tanga after a joint technical committee handed over the proposed project site to a consultant.

The joint committee between the two countries handed over the site to Worley Consulting Group Limited, which will undertake preliminary feasibility studies for the planned infrastructure.

The studies will include soil testing, environmental assessments and preliminary designs for the facilities, according to a statement issued on Thursday October 01, 2026. The project is part of an agreement between Tanzania and Uganda to develop strategic energy projects and is expected to add value to crude oil transported through the East African Crude Oil Pipeline (EACOP).

The planned infrastructure is also expected to help reduce reliance on imported refined petroleum products, strengthen fuel supply security and expand business opportunities across East Africa.

Speaking about the project, Ministry of Energy Assistant Commissioner for Midstream and Downstream Petroleum Grace Mwakasege said the development was strategic and could strengthen Tanga’s position as an oil and gas hub in the region.

She said the project would contribute to expanding petroleum-related activities and strengthening the role of Tanga in the regional energy sector.

‘This is a strategic project that is expected to contribute to making Tanga an important hub for oil and gas activities in the East African region,’ Ms Mwakasege said.

Uganda’s Ministry of Energy and Mineral Development Assistant Commissioner Geofrey Ogwang said the partnership would create employment opportunities, facilitate technology transfer and stimulate economic activity among residents of Chongoleani and Tanga.

‘This cooperation will open up opportunities for employment, technology transfer and increased economic activities for the people of Chongoleani and Tanga at large,’ Mr Ogwang said.

The handover marks the beginning of preliminary technical work that will inform subsequent decisions on the development of the proposed infrastructure.