HiPipo Money

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“The economic reforms that have taken place thus far are courageous, ambitious and impactful,” said El-Khazindar, “but they must be supplemented with a comprehensive vision that will set the framework for long-term growth”

Hisham El-Khazindar, Co-Founder and Managing Director of Qalaa Holdings (CCAP.CA on the Egyptian Exchange, formerly Citadel Capital), a leading African investor in infrastructure and industry, gave the opening keynote speech at Al Mal’s 10th annual Money & Finance Conference. 

“During the past three months we have witnessed the implementation of an ambitious set of long-overdue reforms that have already had a positive impact on the economy,” said El-Khazindar. “In the next period we can expect to see a gradual shrinking of the budget deficit which is an important early indicator for both local and international investors of where things are headed,” he added.

El-Khazindar also noted that the removal of energy subsidies and the  liberalization of the energy sector in general, which will allow private sector participation, was a particularly encouraging step that will be of benefit to the country on multiple levels. 

“Egypt’s production capacity has been suffering tremendously during the past period because of limited energy supplies. If we look at the cement sector as a case in point we can see that Egypt’s cement capacity went down from 50 million tons per annum to c. 30 million tons because factories did not have access to fuel,” said El-Khazindar. “Allowing the private sector to import coal and natural gas will improve the efficiency of our industrial sector across the board and that alone will translate into growth before we even begin to factor in the impact of new investments.”

The challenge according to El-Khazindar will be moving beyond the short-term growth that is largely the result of a rebound effect to sustainable long-term economic development that will result in a tangible improvement in the standard of living for all Egyptians. 

“Long-term growth will only be possible if we have an integrated vision with clearly communicated goals and a plan to minimize the negative impact of fiscal reforms,” said El-Khazindar. “Raising taxes was a must but the next step is coming up with a way to move the informal sector into the real economy so that they can start paying taxes. Putting a cap on public sector salaries was necessary but we have to keep in mind that without competitive salaries we compromise our ability to attract high caliber employees.”

Regarding the negative impact of energy subsidy removal, El-Khazindar noted that a proper social welfare system must be put in place whether it’s the further activation of smart cards or conditional cash transfers for those in need.

Qalaa Holdings executives Mohamed Shoeib, Managing Director and Head of the company’s Energy Division and Amr El-Garhy, Managing Director and Head of Agrifoods and the Corporate Finance and Investment Review Function also participated in panels on managing Egypt’s energy needs and tapping into new sources of financing. 

Qalaa Holdings has undergone a transformation process that has seen it develop from a private equity model to an investment holding company with a focus on the core industries of energy, cement, agrifoods, transportation & logistics, and mining. The new structure gives the company the leeway to hold investments longer and thus create more value for both shareholders and the regional economies in which it invests.

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MTN Uganda has successfully completed the Mobile Money upgrade. The system is currently being stabilized to handle the surge of traffic as customers were unable to transact during the period of the upgrade- this is causing intermittent service interruption to the system but will improve as the backlog is cleared.

We thank our customers for their continued patience during this period.

MTN Management

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Big Brother Hotshots

Housemate Profiles

Namibia

Permithias

Age: 25

Professional sushi chef Permithias unsurprisingly lists sushi as one of his favourite foods, alongside pizza. He doesn’t have a favourite book, but enjoys watching The Originals on TV. A fan of animation, Permithias’ favourite films are Turbo and Happy Feet, while he also likes the music of Chris Brown, James Blunt and Joe Tomas.

His mom is his role model, because she provided for the family with ‘nothing but blood, sweat and tears’. He is the eldest of five children; he has three sisters and a brother. Permithias says that becoming a chef is his greatest achievement so far, because it ‘opened a window’ for himself and his family.

He was inspired to enter Big Brother Hotshots because he’s been watching the show for years but won’t sell his soul or lose his self-worth in the process. Asked how he feels knowing that the whole continent will be watching him 24/7, he says: ‘scared, but it will all come together the way it should’. If he wins, he’ll take care of his Mom and open his own restaurant.

Permithias says he’s easy-going, open-minded and ‘down for whatever is fun’ and enjoys others who are also open-minded.

South Africa

Nhlanhla

Age: 24

Nhlanhla is from Witbank in South Africa, and is a Business Analyst, Actor and Model with an Honours degree in Information Systems. He loves fresh butternut soup, lamb shank & vegetables and cottage cheese pie. His favourite books include Animal Farm and The Great Gatsby and he enjoys Game of Thrones, Shameless, Suits and Heroes on TV. He lists Brad Pitt and Will Smith as two of his favourite actors.

His favourite place in South Africa is the Groenkloof Nature Reserve in Pretoria and the best things about the continent as a whole are the people and their strength & resilience. Amsterdam made a big impression on him at a young age when he went there and learnt a lot about himself and personal growth.

His mother is his role model, because she sacrificed a lot to get him where he is today and taught him a great many things. Together with his Grandmother, she has influenced his life a great deal because they were always strong-willed and gently guided him through life.

Nhlanhla entered Big Brother Hotshots because he’s been a fan ever since he saw his first season on DStv. ‘I just knew that I wanted to be on the show myself, and wanted to take the opportunity to have my personality spread all over the world’. He thinks having the continent’s eyes on him 24/7 will be ‘nerve-wracking’, but says it’s a great feeling knowing he’ll be watched by the continent and can influence the viewers.

He describes himself as ‘crazy, eccentric, narcissistic, energetic and spiritual’ and enjoys the fact that he’s always positive and optimistic, and always sees the beauty in others.

Zambia

Resa

Age: 25

Lusaka-born Resa is an Event Planner, MC and Public Speaker. She entered Big Brother Hotshots in the hope of winning the grand prize and being able to pay off her mother’s debts. ‘She has moved heaven and earth to ensure that I get my honours degree and in the process she has incurred debts,’ says Resa.

She’s ‘extremely nervous, but delighted at the same time’ at the prospect of having the continent’s eyes on her 24/7. She says the viewers can expect ‘realness’ from her. ‘No pretence, I’m an open book, I don’t hide my struggles because they’ve shaped me into who I am and I’ve used them as stepping stones,’ she says. ‘Also, lots of dancing and definitely lots of laughter!’

Resa describes herself as ‘unique, colourful, bubbly, random and hyper’, saying that her inquisitive nature means that she won’t suffer in silence. ‘I’m apologetic, my outspoken nature, I’m a go-getter, open-minded and spontaneous,’ she says.

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Emirates, a global connector of people and places, is offering Ugandan travellers up to 25 percent discount on Business and Economy Class fares to selected and exciting destinations around the world.

Those wanting to visit some of these destinations, whether for business, leisure or to visit family and friends, can now do so with discounts of up to 25 percent travelling from Entebbe. Economy Class tickets via Dubai to Thailand start from just USD 916, London USD 896, New York from USD 1317, Beijing from USD 1269 and Ahmedabad from USD 569.

Business Class fares to Thailand start from just USD 2137, London USD 2671, New York from USD 3597, Beijing from USD 2938 and Ahmedabad from USD 2100.

To take advantage of this limited period offer, customers must purchase their tickets between 18^th and 27^th September 2014 and travel between 18^th September and 2^nd December 2014. Tickets are for valid for return travel only, with a minimum stay of three days and a maximum stay of one month.

“Emirates is all about offering value for money. This offer with up to 25% off for a limited time offers even greater value, and the opportunity to travel on Emirates to one of a number of destinations in its global network, with just one convenient and comfortable stop in Dubai. “What’s more, some of the destinations included in this offer, such as New York are serviced by Emirates’ iconic A380 aircraft, which offers a unique travel experience,” said Thani Alansari, Emirates’ Country Manager for Uganda.

Emirates services the daily Entebbe-Dubai route with a Boeing 777-300ER, which features eight First Class suites, 42 lie-flat Business Class seats and 310 spacious Economy Class seats. Customers on board the aircraft can experience Emirates’ famous hospitality and service from its multi-national cabin crew, enjoy more than 1600 channels of on-demand audio and visual entertainment on its ice entertainment system, gourmet cuisine and generous baggage allowances. Economy Class customers get 30 kg, Business Class get 40 kg and First Class customers 50kg.

Emirates flies to more than 140 destinations in 81 countries across six continents, and it’s the world’s largest operator of Boeing 777 and A380 aircraft. Emirates flight EK 794 departs Entebbe at 1800hrs, and arrives in Dubai at 0510hrs the next day, while the return flight EK 793 departs Dubai at 1005hrs and arrives in Entebbe at 1500hrs.

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For the 3rd time, Airtel Uganda has once again partnered with The India Women’s Association to organize the India Independence celebrations in Uganda.

Airtel has been partnering with the Indian Women Association to sponsor the annualIndia Independence day celebrations. The monetary sponsorship usually ends up supporting a social cause like cancer, malaria or torture against certain vulnerable groups. Last year’s sponsorship was to fight against breast cancer. Similarly, this year’s event will focus on raising funds to continue the fight against cancer. This is a noble cause that Airtel would like to continue associating with.

The sponsorship covers a charity run to fundraise for Cancer on 19th October 2014

This year’s events will include a high profile performance by reknown Bollywood artist Sunidhi Chauhan who will be performing at Kampala cricket oval.