Excavation begins at historic Dakar market in renovation project

Caterpillars are seen in action at the start of the demolition work of the Sandaga market in Dakar on August 2, 2020. (AFP / Seyllou)
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Updated 04 August 2020
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Excavation begins at historic Dakar market in renovation project

DAKAR: Heavy-duty excavators have begun to raze the famed Sandaga market, a sprawling hub of informal trade in the heart of Senegal’s capital Dakar, which the authorities want to rebuild and modernize.

The great hall, built in the Sudanese-Sahel tradition in 1933, has housed hundreds of stalls selling merchandise of all kinds, from food to craft goods. It was closed in 2013 for public safety after the edifice was weakened by several fires.

Under the watchful eyes of city and state authorities, three heavy diggers on Sunday evening began to destroy dozens of makeshift shops that had proliferated at the foot of the hall.

Police deployed in force to keep onlookers well clear of the work.

The machines threw up thick clouds of dust while they smashed market stalls and tipped loads of rubble, beams and corrugated iron into dump trucks.

The traders, whose stands overflowed into neighboring streets, had shut up shop and packed their things after a final deadline from President Macky Sall.

Many stallholders “are in the process of setting up shop at the racecourse,” in a less central part of town, Dakar-Plateau Mayor Alioune Ndoye said. Authorities have laid out 500 stalls there for use by vendors while the renovation takes place.

Shopkeepers voiced opposition over the relocation last month, telling the government that they would lose customers at the new site far from Sandaga, a curiosity for tourists which drew large crowds.

An iconic establishment lying between the old French colonial quarter and more working-class districts, Sandaga has been one of Dakar’s main trading centers for almost a century.

“It wasn’t holding up and so we decided to level it, to build an identical site while modernizing it and adding an underground car park,” Ndoye said.

Frequented daily by residents of the capital, the market also drew people from the provinces and from the West African region. Many tourists came to hunt down artisanal carvings and other artifacts.

“Sandaga cannot continue in its current state of insecurity, the irregular occupation of the public highway and insanitary conditions,” said Minister of Urban Affairs Abdou Karim Fofana, who attended the demolition on Sunday.

“If there are problems, firefighters can’t even reach the middle. The day there is a catastrophe, people would ask where the authorities were,” Fofana recently warned.

Boubacar Dieng, a 47-year-old baker, watched the ballet of the excavating machines with a benevolent gaze from his front door, just opposite the market.

“This is good. There’s no problem, because it had become filthy, not pretty,” he told AFP. “And then there was the risk of aggression by bandits who occupied the abandoned building.”


What changed in Saudi stocks on 1st day of foreign entry 

Updated 59 min 33 sec ago
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What changed in Saudi stocks on 1st day of foreign entry 

RIYADH: Saudi Arabia’s stock market saw foreign non-strategic investors reduce their ownership in nearly half of the companies listed on the main Tadawul All Share Index, or TASI, on the first day of implementing the decision to open the market to all categories of foreign investors, according to Tadawul data reflecting ownership positions as of Feb. 1  

According to the Financial Analysis Unit at Al-Eqtisadiah, foreign ownership declined in 120 companies, increased in 97 others, and remained unchanged in the rest, with no variation in the number of shares held by foreign investors. 

Foreign investors favor growth stocks 

Looking at the changes purely through valuation multiples — without factoring in operational or sectoral considerations — foreign investors appear to be reallocating ownership toward growth stocks at the expense of value stocks, with higher multiples used as an approximate indicator of growth. 

Ownership declines were concentrated in companies with lower valuation multiples, where the median price-to-earnings ratio stood at about 17.1 times and the median price-to-book ratio was around 2 times. 

Conversely, ownership rose in companies with higher multiples, with a median price-to-earnings ratio of 23.3 times and a median price-to-book ratio of 2.6 times. 

Mid- and small-cap firms see biggest changes 

Raoom, Entaj, and Obeikan Glass saw the largest declines in foreign ownership, dropping between 10 percent and 16 percent. In contrast, Tamkeen, SACO, and Abo Moati led gains, with foreign stakes rising 10 to 20 percent. 

In terms of overall foreign ownership, Al-Babtain, Rasan, and Etihad Etisalat topped the list at roughly 34 percent, 29 percent, and 24 percent, respectively.

Gradual foreign inflow and delayed impact 

The initial changes remain insufficient to reflect a major impact of the full foreign access decision, especially as the first day coincided with the weekend. Additionally, entry is expected to be gradual until financial institutions are fully ready to open accounts, particularly for individuals. 

Mohammed Al-Shammasi, CEO of Derayah Financial, has told Asharq that the firm received around 500 individual investor applications on the first day of full foreign access. 

Meanwhile, foreign institutions managing under $500 million can now invest directly in the market with easier access, joining more than 4,000 qualified foreign investors who already hold assets worth SR377 billion ($100.5 billion)