Author: staff reporter

Renowned real estate entrepreneur and CEO of Optiven
Group, George Wachiuri, has urged forward-thinking investors in Africa and the United States of America (USA) to capitalize on the real estate sector for fostering individual and national socioeconomic progress. Speaking at an investment expo in Washington DC, Wachiuri emphasized that real estate presents the most favorable avenue to drive the revitalization of both personal and countrywide growth.

Wachiuri pointed out the fast-tracked infrastructural expansion, high rate of urbanization, favorable government policies as solid factors that continue to solidify real estate sector as the place to place growing bucks.

Casting light on the fast-tracked infrastructural expansion across Kenyan cities, he pointed out the great development that has recently taken place in Nairobi, Mombasa, Kisumu, and Nakuru, as a development that has further accelerated the real estate potential in Kenya. He also highlighted upcoming developments such as Silicon Savana-Konza Technopolis, as well as booming towns like Nyeri, Nanyuki, Isiolo, and Kajiado. With the urban population projected to increase significantly, reaching 50% of Africa’s population by 2050, Kenya offers enormous opportunities for real estate investors.

“Nairobi, for example has greatly been transformed by the massive expansion of infrastructure, such as the Nairobi Expressways and the dial-carriage by-passes that now form a ring around the city. These infrastructure initiatives, supported by significant investments, are poised to boost economic growth and attract foreign investors to Kenya’s real estate market,” said Wachiuri.

The OVC Business Expo in Washington DC was organized by ‘One Voice Consortium and brought together investors and entrepreneurs from Africa and the United States, with a particular focus on the African diaspora community.

The event was graced by esteemed speakers, including Bennett Harman, Deputy Assistant U.S and Trade Representative for Africa; Roseline Njogu, PS Diaspora Affairs, Kenya; and Lazarus Amayo, Kenya Ambassador to the USA.

Wachiuri noted that Kenya’s latest inroads into infrastructural expansion hasn’t been a preserve for Nairobi. Various counties across the country including Mombasa, Nakuru and Kisumu have also greatly benefited from great new roads networking.

In fact, infrastructure spending in Kenya is projected to reach Kshs 1.7 trillion (approx. USD 16 billion) by 2025, compared to Kshs 1.1 trillion (approx. USD 10 billion) in 2020. This substantial investment aims to create a conducive environment for businesses and facilitate sustainable economic development in the country. This is according to a recent Deloitte report.

Wachiuri emphasized the favorable government policies on land ownership and capital movement, including long-term leases for foreigners. Additionally, Kenya’s skilled population, proficient in English, French, and Kiswahili, ensures access to competent labor and a conducive work environment.

“The real estate opportunities in Kenya span across several areas. Residential real estate stands out with a staggering housing deficit of 2 million units, which translates to a demand for 200,000 housing units annually. Currently, only 50,000 units are being constructed, leaving a housing gap of 150,000 units per year. The demand for commercial real estate, including residential homes, office spaces, restaurants, business hubs, theme parks, and entertainment joints, is simply massive,” said Wachiuri.

The Kenyan real estate market is a ready plug in offering solution to this affordable housing need and the sector must position itself as a critical player in addressing the housing needs of the population. By attracting foreign direct investment, real estate development in Kenya stimulates economic growth and supports the overall development agenda of the country.

Moreover, he noted, land investments present a significant opportunity in Kenya, with 68% of land still untitled, according to the Kenya Land Alliance. This untitled land holds immense potential for development, necessitating the application of advanced technology, such as geospatial planning, to unlock its value.

Real estate development in Kenya plays a vital role in the country’s socio-economic development. According to the Kenya National Bureau of Statistics (KNBS) Economic Survey
2021, the real estate sector in Kenya grew by 3.2% in 2020, contributing 7.3% to the country’s GDP. Although there was a slight decline in employment numbers, with 213,500 people employed in the sector in 2020 compared to 227,800 in 2019, real estate remains a significant source of employment for many Kenyans.

The Kenyan diaspora community has a substantial impact on Kenya’s real estate sector. In 2020 alone, an estimated 3 billion USD in remittances were sent back home, contributing to the growth of the industry. Recognizing the challenges faced by diaspora investors, Wachiuri acknowledged that some real estate developers in Kenya have been involved in fraudulent activities, resulting in financial losses. However, he encouraged investors to conduct thorough due diligence and collaborate with reputable developers and real estate professionals to ensure the security of their investments and contribute to the socio-economic development of Kenya.

By partnering with reputable developers, conducting due diligence, and embracing sustainable practices, investors can contribute to Kenya’s socio-economic growth while ensuring the security and impact of their real estate investments. As Kenya continues to flourish, bridging business opportunities between Africa and the United States remains essential for mutual prosperity and development.

A delegation from the National Assembly and the Senate attending a Kenyan Diaspora forum in the United States has called on Kenyans living abroad to interest themselves and actively participate in the country’s development agenda.

Speaking during the opening session of the Global Diaspora One Voice Consortium (GDDF-OVC) forum, the legislators underscored the need for regular engagements with global market leaders from Kenya living in the diaspora, so as to incorporate their contribution in policy development,while providing an opportunity for them to create a footprint in the economic development of the country.

The MPs drawn from the Committee on Diaspora Affairs and Migrant Workers, and the Departmental Committee on Defence, Intelligence and Foreign Relations had been invited to the forum to engage with the Kenyan Business Community in the USA.

The 3-day engagement being held at the Hilton Rockville Hotel in Washington DC is geared towards connecting Kenyan businesses, policy makers and the diaspora community.

The delegation led by Gilgil MP, Hon. Martha Wangari appealed to the Kenyan Diaspora to take advantage of Kenya Kwanza Government’s goodwill towards the diaspora community to tap into the numerous investment opportunities in their constituencies.

The MPs also urged their constituents living abroad to come forward and engage them within the framework of constructive partnership so to accelerate development in their home counties.

They noted that although business opportunities for developing countries in Africa created by initiatives such as the African Growth and Opportunity Act (AGOA) are abound in the United States, opportunities remain largely unexploited because of lack of information.

The legislators also decried that though some of the issues raised by the diaspora community in past forums had been addressed, the diaspora community had remained oblivious because of lack of feedback mechanisms.

Hon. Wangari cited the recent rollout of mobile registration for passports by the Kenyan Embassy in USA, which was a result of previous engagements between legislators and the diaspora community.

Members led by Hon. Wangari and Hon. Millie Odhiambo (Suba North) also called on Kenyans living abroad to interest themselves with the business of Parliament and to embrace participative governance, through petitions and submissions on Bills.

At the same time, the lawmakers have called on the Kenyan Missions across the world to scale up their efforts in sharing information on the existing policies and opportunities for Kenyans living abroad.

The call was made this morning when the delegation met the Kenyan Ambassador to the United States of America, Amb. Lazarus Amayo.

On his part, the Ambassador encouraged the legislators to upscale engagements with their counterparts in the Congress so as to unlock opportunities bogged down by normal bureaucracies that characterize government-government negotiations.

The diaspora community also called on the lawmakers to ensure that good structures for progressive engagements are set up to facilitate their participation in governance matters.

They noted that although the Government was quick to acknowledge the role remittances from the diaspora play in the growth in the economy, the diaspora remained largely excluded from the decision making table. They underscored the need to cut down on red tape so as to interest returnees who wish to participate in nation building.

East Africa Community Cabinet Secretary Rebecca Miano is a Peacemaker.

She notes,

“Peace across the region remains a fundamental component of our strategic growth in the EAC regional economic block. The ongoing discussions regarding peace in DRC is timely and due.”

Hon. Rebecca Miano is currently in Bujumbura-Republic of Burundi accompanying the Prime Cabinet Secretary Musalia Mudavadi ahead of the 11th Summit of Heads of State and Government of the Framework Agreement for Peace, Security and Cooperation for the Democratic Republic of Congo.

Security is a very paramount aspect in any establishment be it a high end office, a high-rise building a commercial outlet or even your everyday retail shopping centre.

In light of this, a security expert with the reknown Sheer Logistic Management Consultants firm, Mr Philip Mwendwa Harrison took a moment to advise Kenyans on the need to accord security the importance and prominence it deserves.

Speaking to this writer on the sidelines of Fingo Ecobank Digital launch at the Sarit Centre, Mr Harrison said that Sheer Logic Management Consultant Limited is a firm that offers end to end HR solutions including employee background check services, recruitment, training and labor outsourcing. The company has offices in Nairobi, Mombasa, Uganda and Rwanda. The company was won an award in the category of Outstanding Background Screening Company in the just concluded Nairobi Security Expo 2023.

He pointed out that one of the security challenges with establishments that are coming up is that management do not engage professionals when it comes to matters of security risk management and audit.

He said that many organizations sacrifice quality on the altar of cost which can negatively affect the name and the services you offer. So he advised that organizations need to invest in security and improve the budget for the same for smooth service delivery.

“CONTROLS IN BUSINESS

I am an accountant by training, did auditing for over 10 years, but even then, I often times get it wrong, in matters control.

At times you think the person you have put there is trusted and so you let go of part or all the check and balances in the business.

A business without controls especially if it in retails can come to collapse, not because the business is bad, but because the controls are bad.

Controls help you have a grip of the business

Controls define the process from beginning to the end.

Controls have counter check, ie checks and balances

Controls produce reports which must be checked( this is where most of SMEs go wrong)

Controls must be reviewed periodically, for me any time I get into a problem, I analyze it, and put necessary controls for future mitigation..

Guess what, we need to ensure our business has strong controls.

I Am just re-establishing back some controls that I realised had fallen off, covid effect, leading to little by little losses, which with time can be huge.

Today I just want to challenge you to look at and review the controls in your business.

Start from where you are feeling uneasy eg bankings, procurement or any other.

It could just turn out to be, the proverbial: a stitch in time saves nine, just maybe.”

Esther Muchemi is the founder and Chief Executive Officer of Samchi Group.

Kenya was Friday thrown into mourning following the death of Mukami Kimathi who was a freedom fighter and the widow of Field Marshal Dedan Kimathi.

His excellency the President Dr William Ruto led the Nation in Mourning the heroine.

“We have received the saddening news of the death of Mukami Kimathi, a celebrated heroine of our nation’s struggle for independence.

Mama Mukami Kimathi courageously withstood the brutality of colonial oppression, proudly wore the scars of the battle and bore the terrible losses of war with admirable fortitude.

She was a legendary fighter in her own right and the wife of the legend, Dedan Waciuri Kimathi, who was captured, tried, and executed by the colonial state.

After winning the war for independence, Mama Mukami was left behind to fend for her children in the absence of Field Marshall Kimathi. In her characteristic way, she also won this battle.

Mukami Kimathi was also a steadfast patriot and well-known champion for national unity who inspired many Kenyans of all ages to cherish our country and stand ready to defend our values.

On behalf of my family and the people of Kenya, I convey my condolences to the family of our departed heroine, Mukami Kimathi. I pray that the Almighty God grants you his divine solace at this time of sorrow.

We shall honour her memory and treasure her legacy. May God rest her soul in everlasting peace.”

Kiambu Woman Representative The Honorable Ann Wa Muratha embraces green energy and concurs that it’s the best way to salvage mother nature from vagaries of climate change.

“Renewable energy is the way to go…

Today I joined HomeBiogas as we celebrated one year in Kenya transforming lives in over 1, 500 (One thousand five hundred) in Kiambu and Murang’a.

The event today at Ting’ang’a Kiambu constituency was graced by the Ambassador of Israel H.E Michael Lotem, the Co-founder Yair Teller and Kiambu CeC for environment Hon David Kuria.

I challenged the Environmental CeC Hon David Kuria to team Up with the Office of the Women Representative to encourage our people to use biogas in their homes.

This will save our forests as well as other energies including Electricity and Fossil Energy.”

diligent, hardworking, intelligent and results oriented. A Chief Executive Officer with a heart of gold. And an indomitable will and zeal.

This is none other than the Acting director general of Kenya Investment Authority June Chepkemei.
“KenInvest Ag. Managing Director June Chepkemei today hosted a team from The Capital Maharaja Group (Sri Lanka) lead by the group COO.
In attendance was Dr. Chelule, CEO @SEZAuthority_ke and representatives from @KeEquityBank led by Waturi Matu.”

By Eric Ogott

Maritime administrations,  play pivotal roles in driving economic development by serving as a catalyst for safe, secure, efficient, and environmentally sustainable shipping.

Xiaojie Zhang, Director, Technical Cooperation Division, IMO said that a well-functioning maritime administration is an incentive for growth of shipping and ancillary services which enhance trade that drives socio-economic development.

“Africa is lagging behind in economic growth because it has not made the necessary human capital and financial investment in maritime transportation, and this accounts for the lowest level of intra-continental trade,” Zhang said during the opening ceremony of the 6th AAMA Conference & IMO Conference on Low Carbon Shipping in Africa

Zhang observed that the coming into force of the African Continental Free Trade Area (AfCFTA) is seen as a potential game-changer for Africa and could boost intra-African maritime trade by up to 33% and cut the continent’s trade deficit by 51%.

According to available statistics, Africa accounts for just 2% of global trade and only 17% of African exports are intra-continental, compared with 59% for Asia and 68% for Europe.

Zhang noted that the potential for transformation across Africa is therefore significant. The agreement, that is the AfCFTA, aims to reduce all trade costs and enable Africa to integrate further into global supply chains and will eliminate 90% of tariffs, focus on outstanding non-tariff barriers, and create a single market with free movement of goods and services. Cutting red tape and simplifying customs procedures to bring significant income gains.

Zhang said that the challenge for Africa is to ensure and optimize benefits from shipping and maritime economy, being an island continent, by repositioning Africa’s maritime administrations and making them the pillars of economic revival they ought to be.

“It will require future interrogation on the relationship between safety culture and attraction of investment in shipping, environmental stewardship in shipping and economic growth, global shipping standard, politics, commerce and integration, economics of maritime 2 regulation and the challenge of poverty. The way and manner Africa overcomes these existential challenges will go a long way in determining whether Africa can compete favourably in the 21st century globalized world,” he added.

The Government is on record outlining it’s commitment in respect to the implementation of the pillar of affordable housing.

In line of this, the Government has been forthright in availing at least 500,000 units of houses per year.

Out of this ambitious project, private sector players have joined the project in a bid to ease the pressure on housing in the country.

MIZIZI Africa Homes Limited is one such player led by the very sharp George Mburu, the Founder and Managing Director.

He was on Saturday gracing the handover of Heritage Phase 2 along Kenyatta Road.

“We as Mizizi are alive of the need to bridge the housing gap in the country. This is why we are very committed to building affordable houses for our clients. We would like to urge the Government to also facilitate us with land which we can develop through the initiative and spirit of the Public Private Partnerships. We are eager and ready to utilise the land availed to us by the government.” George noted.

MIZIZI Africa Homes has also rolled out the buy we build initiative whereby a client is able to pocket his title deed in advance. This is important in many respects the main one being the ability to access credit to develop his or her property,” Mizizi concluded