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Tanzania gov't launches million dollar real estate venture in Nairobi

The project is a real estate investment by Tanzania's National Social Security Fund and Ministry of Foreign Affairs

The official launch of the construction of the Tanzania's twin towers in Nairobi
  • Tanzanian Minister for Foreign Affairs announced the construction of the Twin Towers in Nairobi
  • The Twin Towers will include commercial offices, residential spaces, and the new Tanzanian embassy in Kenya
  • The aim is to reduce Tanzania's expenditure on embassy rentals and generate annual income of $13.8 million

The Tanzanian Minister for Foreign Affairs, January Makamba, has announced the commencement of the construction of the Twin Towers, a significant real estate investment spearheaded by Tanzania's National Social Security Fund (NSSF) and the Ministry of Foreign Affairs.

This ambitious project, comprising two 22-floor buildings, is set to reshape the Nairobi skyline with its blend of commercial offices and residential spaces, including the new Tanzanian embassy in Kenya.

In his address during the launch, Makamba emphasised the economic and aesthetic benefits of the Tanzania Towers.

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"We are delighted that NSSF management, the investment committee, and the whole board have found this investment profitable.

"The Tanzania Towers will not only earn the government much-needed foreign currency but will also save government rental expenses for the chancery and embassy staff housing," Makamba remarked.

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The Twin Towers project is part of a broader strategy to reduce Tanzania’s expenditure on embassy rentals, currently standing at $11 million annually.

By owning and operating these properties, the government aims to cut costs significantly while generating revenue.

This investment, alongside other global real estate ventures, is projected to bring in an annual income of $13.8 million for Tanzania.

The initial phase of this expansive strategy targets developments in key cities including Nairobi, Kigali, Kinshasa, London, New York, and Lusaka.

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Recent budget allocations highlight the scale of these investments, with $57.8 million designated for a 25-storey building in Kinshasa, $48.7 million for Nairobi, and $25.3 million for Lusaka.

Future projects will extend to properties in Kampala, Uganda, and Abuja, Nigeria, among other locations.

"In the new strategy, which the government approved recently, we seek to use professional and world-class real estate entities to develop these assets to earn income for the government and uplift the quality of our embassies and embassy staff housing," he detailed the strategy.

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Tanzania's government owns approximately 101 buildings and plots around the world, many situated in prime locations in major capitals. For instance, in Lusaka, Zambia alone, Tanzania owns 11 buildings and plots.

The new real estate strategy aims to leverage these assets more effectively, ensuring they contribute to the nation’s economic growth while providing high-quality accommodations for embassy staff.

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