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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

FRANCE IC Publications, 609 BAT A 77 RUE BAYEN 75017 PARIS Tel: +33 1 44 30 81 00 Fax: +33 1 44 30 81 11 info@icpublications.com www.icpublications.com

GROUP PUBLISHER Afif Ben Yedder Directeur de la publication

EDITOR Anver Versi a.versi @africasia.com

ART DIRECTOR Jason Venkatasamy jason@africasia.com

ASSOCIATE EDITORS Tom Nevin, Stéphane Vigouroux, Gérard Choisnet, Hichem Ben Yaiche, Fériel Berraies Guigny

CORRESPONDENT-ATLARGE Stephen Williams

EDITORIAL ASSISTANT Carole Lambert

CORRESPONDENTS IN AFRICA Barnabas Thondlana, Leo Odera Omolo, Blamuel Njururi, Herald Tagama, Pini Jason, Rob Rose, John Ansah, Derek Otieno, Chris Ndivanga, Masupu Rakabane

SPECIAL CORRESPONDENTS Milan Vesely, Moin Siddiqi, Dr Karamo Sonko, Neil Ford, François Misser, Graeme Ewens, Pini Jason, Eluem Izezi, Jennie Street, Paul Michaud

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DEVELOPMENT DIRECTOR Patricia Bonnin

MARKETING DIRECTOR Malek Bey m.bey@africasia.com

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SUBSCRIPTIONS : IC Publications PO Box 2068 Bushy, Herts, WD23 3ZF Telephone: +44 20 8950 9117 Fax: +44 20 8421 8155 icpublications@alliancemedia.com www.africasia.com/subs

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PRINTERS Headley Brothers Ltd, The Invicta Press, Queens Road, Ashford, Kent, TN24 8HH.

All pictures AFP unless indicated. Registered with the British Library. ISSN 0141-3929 ©2009 IC Publications Ltd.

Member of The Audit Bureau of Circulations.

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