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Investment, Trade, and Industry Cabinet Secretary Rebecca Miano celebrated a historic groundbreaking event on Tuesday evening, marking the start of construction for the Twin Towers in Upper Hill, Nairobi. This ambitious real estate project, a collaboration between Kenya’s National Social Security Fund (NSSF) and Tanzania’s Ministry of Foreign Affairs, will feature two 22-floor buildings that will also house the Tanzanian Embassy.
Hon. Miano was joined by Prime Cabinet Secretary and Foreign Minister Musalia Mudavadi and East African Community (EAC) Cabinet Secretary Peninah Malonza at the event. Highlighting the significance of the project, Hon. Miano stated, “Besides adding color to Nairobi’s cityscape, the upcoming facility will serve as an abode for showcasing the vast investment and trade potential of our region. Kenya is open for investment.”
The Tanzania Towers will include both residential and office spaces, enhancing the Nairobi skyline. This project is expected to generate significant foreign currency revenue for the Kenyan government and reduce rental expenses for the Tanzanian chancery and embassy staff housing. Hon. Miano expressed her delight that the NSSF management, investment committee, and board recognized the profitability of this investment.
The Tanzanian government owns approximately 101 buildings and plots worldwide, many in prime locations in major capitals. The new strategy approved by the Tanzanian government aims to develop these assets through professional, world-class real estate entities to generate income and improve the quality of embassies and staff housing. Currently, the Tanzanian government spends about TZS 29 billion annually on rentals for embassy offices and housing. Under the new plan, the government expects to earn about TZS 36 billion per year from these investments.
The first phase of this strategy includes developments in Nairobi, Kigali, Kinshasa, London, New York, and Lusaka. This groundbreaking project in Nairobi is set to be a beacon of regional cooperation and economic growth, showcasing the potential for investment and trade within East Africa.
