Business - Page 34

South Africa has made history with the launch of its firstever Sovereign Randdenominated AlIjarah Sukuk, valued at ZAR20.386 billion. The Senior Unsecured Shari’ah Trust Certificates were oversubscribed by 1.74 times, demonstrating a shift towards creative financial solutions. The transaction signifies a significant stride towards diversifying RSA’s investor base and enriching its financing strategy and sets a precedent for financial innovation and market enlargement on the African continent.

The Department of Water and Sanitation and the International Water Management Institute held a Climate Change and Water Sector Consultation workshop to tackle water scarcity and climate change. The workshop brought together government, civil society, and the private sector to construct a platform for dialogue and joint action towards a sustainable and climateresilient water sector. The consultation emphasized the need for collective action and shared responsibility to achieve water inclusion and a resilient future for the Water and Sanitation Sector.

The Manyane Game Lodge project has financial issues due to inadequate monitoring and evaluation, escalating irregular expenditure, and unaccountedfor assets. The project’s budget has surged to an alarming R71 million, and an extra R24 million is needed to complete the project. The Department of Economic Development, Environment, Conservation, and Tourism, in collaboration with the Department of Public Works, has pledged to resolve the problems and deliver a thorough report to the committee. The ongoing probe highlights the critical need for accountability, transparency, and sound financial management in public ventures.

The HWSETA roundtable discussion aims to transform the veterinary sector by identifying hurdles, fasttracking transformation, creating a more inclusive sector, and discussing strategies for workforce expansion. The event, featuring a keynote address from the Deputy Minister of Higher Education, Science and Innovation, brings together a diverse group of stakeholders, including veterinary professionals, government officials, universities, councils, associations, and other interested parties. The initiative embodies hope for the future a future where the veterinary sector offers opportunities to many.

The Cape Town property auctions are a vital catalyst for economic prosperity, providing opportunities for small businesses, boosting the retail market, enabling firsttime buyers, and generating revenue for municipal services. The recent finale auction of 2023 was a sparkling success, featuring highly desired kiosks in the city center, a robust retail space in Simon’s Town, and a beachfront commercial property in Fish Hoek. The auction also enabled firsttime buyers to acquire homes and played a pivotal role in community development. The city’s economic rejuvenation strategy and focus on maximum economic and social returns from city assets ensure a bright future for Cape Town’s property market.

South Africa’s transition towards renewable energy, led by independent power producers such as Red Rocket, was showcased at the 30th Energy Digicon. These green energy initiatives not only address the country’s energy deficit but also create employment opportunities and boost the local economy. Notable projects include the Kruisvallei hydro project and the Roggeveld Wind energy facility, both of which are expected to generate significant amounts of electricity while having a positive impact on the environment and the nation’s economic wellbeing. The event symbolizes a shared vision for a future dominated by green energy, devoid of power cuts, and with a reduced environmental footprint.

Huawei’s Seeds for the Future Programme and the Digital Skills Forum are working to close the digital gap in South Africa and equip its citizens with the skills needed to participate in the digital economy. The alliance with Huawei since 2016 has played an important role in advancing South Africa’s digital landscape. The development of ICT skills is crucial for economic growth and job creation, and the need for appropriate skills is growing at a swift pace in South Africa.

President Cyril Ramaphosa’s visit to the Port of Richards Bay highlights the government’s focus on improving the nation’s logistical structure. The port is facing congestion issues due to various factors, such as inadequate rail mechanisms and a damaged conveyor belt. Transnet has proposed a recovery plan, which includes enhancing the Northern Corridor railway line and repairing the Richards Bay Dry Bulk Terminal conveyor belt. The government’s Freight Logistics Roadmap outlines a longterm strategy for reforming the freight logistics system, including open access to the freight rail network and increased private sector involvement. Private sector involvement is crucial in rehabilitating the nation’s logistics network to complete operational capacity.

South African Breweries has invested R5.8 billion to improve brewing capabilities in two of their plants, which will create jobs and boost the local economy. The investment not only includes facility upgrades, but also demonstrates a commitment to inclusivity and sustainable business practices by sourcing 94% of their beer locally. SAB’s investment serves as a beacon of hope for South Africa’s economy and fosters community development, showcasing the power of responsible investment and corporate citizenship.

The Department of Trade, Industry, and Competition (dtic) has invited public feedback on the Scrap Metals Policy, focusing on four major points including a temporary ban on exporting certain waste and scrap metal, suspension of the Price Preference System, additional restrictions on exporting semifinished copper products, and a temporary ban on exporting used or secondhand rails. The proposed measures aim to control and oversee trade in metals to prevent damage to the infrastructure and economy. The dtic recognizes the value of public opinions and critique in policymaking and highlights its commitment to transparency, accountability, and public inclusion.

The Municipal Economic Review and Outlook (MERO) is a symbol of economic prosperity in South Africa, providing insights into economic growth and job opportunities. The report predicts economic growth surpassing prepandemic levels by 2024, with municipalities playing a critical role in shaping a prosperous future. The report highlights the significance of fresh and previously inaccessible data, providing a comprehensive socioeconomic depiction of the Western Cape. MERO offers persuasive evidence on how job growth and safety and wellbeing can be improved, providing hope for a brighter economic future.

The Manyane Lodge project in South Africa’s North West Province aims to upgrade facilities and services, bringing economic development and employment opportunities to the region. The project aligns with the broader Tourism Sector Master Plan to stimulate investment in tourism infrastructure projects and improve tourism offerings for both domestic and international tourists. Minister Patricia de Lille’s upcoming visit to the Lodge is a validation of the government’s commitment to this vision and serves as a reminder of the tourism sector’s vast potential for job creation and economic development.

The Western Cape Government’s executive team met on November 22 to discuss important issues affecting the region’s future, including future fiscal planning, the poor performance of the Port of Cape Town, and encouraging economic indicators. The team pledged to shelter Western Cape citizens as much as possible from the fiscal crisis, while also prioritizing citizen safety and essential services. The port’s underinvestment was identified as a hindrance to economic growth and job creation, and the province is intensifying safety measures for the upcoming tourism season. Despite financial obstacles, the executive team remains committed to the region’s prosperity and wellbeing.

South African Deputy Minister Mr. Fish Mahlalela presented a comprehensive strategy to revive the country’s tourism industry after the pandemic. The government’s outreach program aims to attract tourists from East Africa and promote investment opportunities. Mahlalela emphasized the crucial role of diplomatic missions in marketing South Africa and applauded the department’s achievements in empowering women, youth, and the differentlyabled. The TSHRD strategy focuses on enhancing skills and human resources in the tourism industry through capacitybuilding programs. Despite the pandemic, there was an 89.5% increase in accommodation revenue in the three months ending August 2022 compared to the same period in 2021.

The 2023 G20 Leaders’ Summit brought together influential leaders to discuss urgent matters regarding economic collaboration, sustainable development, and climate change. The summit reinforced the G20’s commitment to global economic stability and sustainability, with discussions centered around promoting sustainable lifestyles and the impact of digital technologies on inclusive growth. The summit also focused on promoting gender equality and realizing the 2030 Agenda for Sustainable Development. The outcome of the summit demonstrated a global dedication to tackling common challenges and nurturing international cooperation.