The National Social Security Fund (NSSF) of Tanzania has unveiled an ambitious plan to construct a monumental 22-storey twin tower building in Nairobi, Kenya.
This ambitious project, announced on Tuesday, June 18, is set to be a significant addition to Nairobi’s Upper Hill skyline and a testament to the strengthening ties between Tanzania and Kenya.
The project, aptly named ‘Tanzania Towers’, is a collaboration between NSSF and Tanzania’s Ministry of Foreign Affairs.
It represents a strategic positioning of Tanzania within the East African region. The towers will serve as a diplomatic residency for Tanzanian officials and as a lucrative real estate venture expected to generate substantial foreign exchange earnings.
Foreign Affairs Minister January Makamba highlights the strategic importance of the investment, noting that it would not only provide income for the government but also reduce rental expenses for embassy staff housing.
The construction of ‘Tanzania Towers’ aligns with President Samia Suluhu’s administration’s vision to invest in real estate assets that yield financial returns while enhancing the welfare of its diplomatic officials.
The choice of location in Upper Hill is no coincidence as it reflects a well-thought-out plan to place Tanzanian interests at the heart of corporate East Africa. Upper Hill has been undergoing a transformation in recent years, with numerous high-rise buildings altering its landscape.
The addition of ‘Tanzania Towers’ is poised to further cement this area’s reputation as a bustling commercial center. Kenyan officials including Prime Cabinet Secretary Musalia Mudavadi and East Africa Community CS Peninah Malonza graced the launch event, signifying the project’s importance to both nations.
This ‘Tanzania Towers’ project is just the beginning of a broader strategy. It marks the first of six similar ventures that President Suluhu’s administration plans to undertake in the short term. Other towers are slated for construction in key cities across the globe, including Kigali (Rwanda), Kinshasa (Democratic Republic of Congo), London (United Kingdom), New York (United States), and Lusaka (Zambia).
These ventures are part of a broader strategy to leverage real estate investments for government income while uplifting the quality of Tanzanian embassies and housing for embassy staff.
Tanzania’s real estate portfolio is impressive, with 101 buildings and plots worldwide aimed at reducing rental costs. In Lusaka alone, Tanzania boasts ownership of 11 buildings and plots—a clear indication of its extensive investment strategy.
