On Tuesday, June 18, 2024, the government of Tanzania launched the construction of Twin Towers (22 floors each) buildings, a real estate investment by the National Social Security Fund (NSSF) and Tanzania’s Ministry of Foreign Affairs in Upper Hill, Nairobi.
Upon completion, Tanzania’s Minister for Foreign Affair and East African Cooperation January Makamba announced that the Twin Towers will also house Tanzania’s embassy.
The launch was attended by Kenya’s Prime Cabinet Secretary and Foreign Minister, H.E Musalia Mudavadi who was the chief guest, EAC and ASALs Cabinet Secretary Peninah Malonza.
Real Estate Investment
According to Makamba, the Tanzania Twin Towers, containing residences and offices, and adding beauty to the Nairobi skyline, will not only earn the Tanzanian government much needed foreign currency but will also save government rental expenses for the chancery and embassy staff housing.
“We are delighted that NSSF management, investment committee and the whole board have found this investment profitable,” Makamba stated.
The government of Tanzania owns about 101 buildings and plots around the world, most of them in prime areas in major capitals including 11 buildings and plots in Lusaka alone.
In the new strategy, Tanzania seeks to use professional and world-class real estate entities to develop these assets to earn income and uplift the quality of its embassies and embassy staff housing.
“At the moment, the government is spending about TZS 29 billion per annum as rental for embassy offices and embassy staff housing. In the new plan, the government will instead earn about TZS 36 billion per year from these investments,” Makamba stated.
The first phase will be Nairobi, Kigali, Kinshasa, London, New York and Lusaka.
Video
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