The government is encouraging investment in high-rise buildings in counties like Kiambu where real estate is rapidly replacing agricultural land.
Cabinet Secretary for Investment Trade and Industrialization Lee Kinyanjui noted that this is the only way to save land meant for agriculture in Kiambu and other regions.
“Agricultural land is being consumed rapidly by residential constructions particularly in Kiambu. So the more we go vertical, the more we shall have land available for agriculture. This development will help us address long-term food security challenges,” stated Kinyanjui.
He was speaking during a signing ceremony for the development of two multi-storey residential towers at Tatu City through a partnership between Saudi Arabia’s Mabani Company, Al-Jazira Group and Rendezvous Limited, which runs Tatu City.
Kinyanjui also commended Tatu City management for creating an enabling environment for investors and residents, and assured them of government support in security matters.
At the same time, the CS challenged Kenyans in the Diaspora to take advantage of the prevailing investment opportunities and plough their earnings back home to help develop the country.
He pointed out that about 800,000 Kenyans work abroad and continue to wire money back home and urged them to expand their contribution by investing in productive sectors such as housing, manufacturing and agri-business.
Observing that Kenya’s improving investment climate presents an ideal opportunity for wealth creation, the CS said the government has aligned laws and policies to support investment through Special Economic Zones and introduced incentives aimed at attracting both local and international investors.
“Kenyans living and working abroad now have a chance to channel their incomes back home as the government continues to create a favourable environment for both local and foreign investors,” Kinyanjui emphasized.
He also noted that the removal of visa requirements for travelers from across African has further enhanced the country’s position as a regional investment destination.
“The stability of the Kenya shilling over the past two years, even during periods of global economic uncertainty, coupled with visa-free travel from across Africa demonstrates the country’s resilience and makes it one of the most attractive destinations for investment in the region,” he added.
Kinyanjui noted that demand for housing continues to outpace supply, with the construction sector contributing about 10 per cent of the country’s Gross Domestic Product.
Additionally, the CS noted that almost half of home purchases in Nairobi are made by non-Kenyans, reflecting growing investor confidence in the country’s real estate market.
Kenya Investment Authority Chief Executive Officer John Mwendwa said the government will continue working with relevant agencies to facilitate approvals for strategic investments.
Mwendwa added that Kenya remains committed to providing a predictable and investor-friendly business environment.
The project, comprising two 27 and 33-twin storey apartment towers at Tatu City, is expected to create about 700 direct jobs during construction.
According to the developers, nearly 80 per cent of the units have already been sold even though construction is yet to begin, underscoring the strong demand for quality housing and growing confidence among investors from Kenya and abroad.
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