The Kenyatta International Convention Centre (KICC) remains financially stable and profitable, contrary to claims that it is operating at a loss, CEO James Mwaura has affirmed. Appearing before the Senate’s National Cohesion and Equal Opportunity Committee on Monday, Mwaura defended the corporation’s financial health, highlighting that KICC recorded a profit of Ksh230 million after tax in the financial year ending June 2024.
Mwaura emphasized that KICC has significant revenue-generating potential, with the ability to bring in up to Ksh700 million annually if Nairobi’s central business district (CBD) maintains a stable and conducive environment for business. He dismissed concerns that the state corporation was struggling financially, stating that the institution remains a premier conference facility in the region.
However, senators raised concerns over the government’s continued investment in KICC renovations, questioning whether the financial returns justified the level of spending. Lawmakers sought clarity on whether the state’s financial input into the convention center was sustainable, given its revenue generation figures.
KICC has been a central hub for major global events for over five decades, playing a critical role in positioning Kenya as a preferred destination for international conferences and summits. The facility has hosted high-profile events such as the United Nations conferences, African Union summits, and global investment forums, contributing to Kenya’s economy through tourism and business engagements.
Despite its profitability, KICC faces challenges in maximizing its revenue potential. Factors such as political stability, security concerns, and competition from emerging conference facilities in the region influence its performance. Mwaura noted that a favorable business environment in Nairobi would enable the corporation to attract more international events, thereby increasing revenue streams.
The debate over the financial sustainability of KICC underscores the broader conversation on state investments in public enterprises. As the government continues to evaluate its expenditure on parastatals, the discussion surrounding KICC’s profitability and long-term viability remains a key issue for policymakers.
