Jack Ma Buying Uchumi and Nakumatt? Ksh 3.7 Trillion Man May be Buying Kenyan retail Chains

Kenya’s Ambassador Kituyi (Left), President Kenyatta (Centre) and Jack Ma (Right) at The Nairobi Statehouse where they held major Discussion on Investment.

Could Asia’s Big Boy Jack Ma be Targeting the Multi-Million dollar retail Market in Kenya? Details have emerged that the Alibaba group Founder may be looking to buy off the Ailing Uchumi and Nakumatt supermarkets. Ma who has been in The Country this week met many business owners including the Country’s President Uhuru Kenyatta who is also a major Businessman in Africa. Although full details have not yet been revealed, insiders Told our Blog reports that Jack Ma has been showing so much interest in the Two companies of Late.

From Left, IT CS Joe Mucheru, UNCTAD Secretary General Mukhisa Kituyi, President Uhuru Kenyatta and Jack Ma at the Nairobi State House

Jack Ma has built e-commerce firm Alibaba into a behemoth. Its IPO in New York in 2014 set a record as the world’s biggest public stock offering. Though dogged by criticism that Alibaba doesn’t do enough to limit the sale of fakes, Ma is leading Alibaba to ever higher sales. A record $463 billion of business transactions were conducted on Alibaba’s retail platforms in the fiscal year through March 2016. The company set a goal of creating 10 million profitable businesses and 100 million jobs in the next 20 years. Ma made headlines at the World Economic Forum in Davos, Switzerland in January, when he told CNBC that America has no one to blame but itself for its economic issues. Beyond e-commerce, in October 2016 Alibaba’s film unit forged an alliance with Steven Spielberg’s Amblin Partners, giving a potential boost to a struggling effort so far in the entertainment industry. Jack Ma has a Net Worth of Ksh 3.7 trillion.

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