Tanzania has initiated the construction of twin 22-floor towers in Nairobi's Upper Hill, to serve as its High Commission and an investment property. This project aims to reduce rental expenses for embassy operations and staff housing while generating revenue.
Minister for Foreign Affairs January Makamba highlighted that the project aligns with President Samia Suluhu Hassan's strategy to utilize overseas assets efficiently. Partnering with the National Social Security Fund (NSSF) and world-class real estate entities, Tanzania aims to increase income and enhance its diplomatic properties.
The towers, set to become landmarks in Nairobi, signify Tanzania's commitment to commercial diplomacy and economic ties with Kenya. Tanzania owns 101 buildings globally, and this project is part of a broader strategy to turn these assets into revenue sources, potentially earning about 36 billion/- annually, compared to the current 29 billion/- spent on rents.
Minister Deo Ndejembi emphasized that expert analysis assured the project's profitability. Kenyan Prime Cabinet Secretary Musalia Mudavadi praised the initiative, noting it as a symbol of enduring friendship and a model for Kenya.
Tanzania plans similar projects in Kigali, Kinshasa, London, New York, and Lusaka.
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