The Tanzanian government has expanded its global real estate investment portfolio with the launch of the Twin Towers’ construction in Upper Hill, Nairobi. The project was inaugurated by Tanzania’s Foreign Affairs Minister, January Makamba, on Tuesday and signifies a strategic move to enhance Tanzania’s diplomatic presence in Nairobi.
Project Details
- Joint Effort: The construction is a collaboration between Tanzania’s foreign affairs ministry and the National Social Security Fund (NSSF).
- Structure: The Twin Towers will each rise 22 floors.
- Purpose: The buildings will host offices, projected to generate significant foreign exchange revenue for Tanzania, amounting to TSh 36 billion annually, and reduce the ministry’s housing costs for staff.
Inauguration Ceremony
The launch event was attended by notable figures, including:
- Kenyan Cabinet Secretary for Foreign Affairs, Musalia Mudavadi
- Cabinet Secretary for East African Community (EAC), Peninah Malonza
- A delegation from the Tanzanian embassy
Strategic Investment
Minister January Makamba highlighted Tanzania’s extensive property holdings globally, with 101 buildings and plots, many in prime locations such as Lusaka, where they own 11 properties. Tanzania’s foreign ministry currently spends around 29 billion shillings (approximately Ksh 1.4 billion) annually on renting embassy offices and housing for embassy staff.
Future Plans
Tanzania plans to replicate this real estate investment strategy in other major cities, including Kigali, Kinshasa, New York, London, and Lusaka. The government aims to utilize professional, world-class real estate entities to develop these assets, generating income and improving the quality of embassy facilities and staff housing.
Budget and Partnerships
The Tanzanian foreign affairs ministry has allocated TSh 127 billion for investment in Kenya, as announced in the ministry’s recent budget. These projects are expected to be carried out in partnership with private sectors within the host countries.
This ambitious real estate initiative underscores Tanzania’s commitment to strengthening its diplomatic infrastructure and leveraging its properties to support economic growth and enhance the quality of diplomatic services.
