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UNITED KINGDOM IC Publications, 7 Coldbath Square, London EC1R 4LQ Tel: +44 20 7841 3210 Fax: Admin +44 20 7713 7898 Editorial: +44 20 20 7841 3211 icpubs@africasia.com www.africasia.com

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GROUP PUBLISHER Afif Ben Yedder Directeur de la publication

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N° DE COMMISSION PARITAIRE 0310 K 89343 Mensuel: avril 2009 Dépôt légal

Contents African Business April 2009

Contents African Business Contents African Business April 2009

Africa’s Top Companies 2009 12 COVER STORY

34 Spotlight Africa – Arab Gulf Relations Timetoforgeneweconomicbloc

 Editorial 11 Africashouldnottakeitonthechin

 Cover story  Africa’s Top Companies 12 Ablessingindisguise? 14 Lowvaluationshidetrueworth 18 Rankingtables

Region by Region 22 North Africa:Moroccotakestopspot 24West Africa:Nigeriastilldominates 26 Eastern Africa:Kenyatops,  despiteturbulence 28 Southern Africa:Malawithenewstar 30South Africa:Retailedgesoutmining

 Spotlight Africa – Arab Gulf Relations 34Timetoforgeneweconomicbloc

 Investment 38 Theimportanceofjudicialreform

 Letter from East Africa 40Tellingitlikeitis–ontheinternet

 View from the City 42NoalarmoverAfricancurrencyslide

60 Commodities All that glisters …

 Special Report  Oil & Gas 2009 review 44Opportunitiesaplenty 46Nigeria:Sectorreformisoverdue 48Algeria:Gearingupgas  supplytoEurope 50Hi-techcrisis-managementsolutions

 Energy 52 DamnationforAfrica’sbigdams?

 Commodities 56 Allthatglittersisgold

 World Cup Watch 58 SouthAfricansslowtobuytickets

 Country Files 60SAfrica:Gettingland  transferright 62 Ghana:Budgetingforhardtimes

 Topic 64Pirates,highcosts,hammerEgypt

 Reviews  Books/Music 72 Africa’sGreatestEntrepreneurs 74 CameroonSoul