Tanzania to establish two new satellite cities in Arusha

Tanzania through its state-run National Housing Corporation (NHC) is intending to come up with two new satellite cities in the northern safari capital of Arusha, a senior official of the corporation said on Wednesday.

The idea is meant to beautify the country's safari capital and boost tourism in the east African country, which is very rich of a wide-range of wildlife.

"The proposed satellite cities will complement government efforts to control urban population as well as ease pressure on Arusha's central business district," NHC Managing Director Nehemia Mchechu revealed in Arusha.

The planned cities will be built in Arumeru and Arusha rural districts, which are close to Arusha city center and will be having all required facilities.

About 1,000 acres of land has been allocated for the purpose, which is expected to completely change the entire outlook of the bustling tourist city of Arusha, Mchechu said, adding the investments will cost NHC millions of dollars.

"We are intending to develop cities of its own kinds, which will be having all modern infrastructures starting from its roads, water and power supply. Shopping malls and areas for industries will be allocated, as we want to make the cities to create jobs within," he said.

The new development is also set to take Arusha in the world map as the proposed cities will be similar to what is happening in South Africa's cities of Johannesburg and Durban.

Minister for Land, Housing and Human Settlement Anna Tibaijuka credited the initiative, calling other partners to emulate the spirits as the country needs more such kinds of investments.

"We are living in a modern world, which is changing very rapidly and by putting up such investment the country will open up employment opportunities to our people," she said.

Tibaijuka also expressed her interest to re-draw the Arusha city plan to make the city meet the status of being the Geneva of Africa as it was baptized by former US President Bill Clinton.

Arusha's population is close to 1 million and it is the main gateway for tourists visiting Tanzania's national parks of Serengeti, Tarangire, Manyara, Ngorongoro Conservation Area, and is close to the Africa's highest peak of Mount Kilimanjaro. It is also the headquarters of East African Community (EAC) and other international organizations. 

By: Unknown On 12:10 AM

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Kigali to get a new US$ 16m shopping center

 

Kigali Heights Development Company has signed a contract with Fusion Capital to finance a US$ 16.9 million project to construct a nine-storeyed modern shopping center the plot of the former post office in Kimihurura.

“We have given ourselves a period of two years to complete this project,” said Denis Kabera, the managing director of Kigali heights Development Company. “The mall will include shops, restaurants, cafés, bars, banks, foreign exchange bureaus, ATM services and others.”
He mentioned that they are ready to go ahead with construction. “We already have the money to do the construction and we pledge to respect deadlines,” he said.
The company expects to create over 300 jobs.

Launching the project, the Kigali city mayor Fidele Ndayisaba said he is optimistic that the facility will change the face of the city in 2016.

Luke Kinoti, CEO of the Fusion Capital group, indicated this will not be their last project in Rwanda. “This is the culmination of a competitive tendering process in which Fusion Capital Rwanda participated as part of a consortium to develop a prime plot situated at the Kimihurura roundabout in accordance with the Kigali City Master Plan,” he explained. “This is part of our commitment to the East African region and Rwanda in particular; we have embarked on raising a US$ 100 million fund dedicated to supporting real estate projects.”

He added that the fund will be used to provide both debt and equity funding to a wide range of real estate developments, including commercial offices, tourist and hospitality facilities, affordable residential housing and warehousing.

 Earlier, Fusion Capital said it was raising £100 million (Sh8.7 billion) for the real estate sector. The private equity firm had earlier said that it planned to list on the Nairobi Securities Exchange to raise additional capital from the public. Fusion Capital invests between $250,000 (Sh21.8 million) and $5 million (Sh437 million) per deal in real estate and small and mid-size enterprises. The company is currently financing 425 clients in Tanzania, Rwanda, Uganda, and Kenya and is also planning to launch operations in Burundi.

By: Unknown On 11:48 PM

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