Egyptian firm acquires land for Sh7 trillion investment projects

Thursday March 10 2022
Egyptian PIC
By Bakari Kiango

Dar es Salaam. Tanzanian firm Property International Limited yesterday handed over 2.2 million square metres of land in Kigamboni, Dar es Salaam, to Egypt-based Elsewedy Development Limited for the latter to start rolling out its $3 billion investment.

The Egyptian firm will build an integrated industrial park on the site, according to its managing director for East Africa, Mr Ibrahim Qamar.

“We will invest a total of $3 billion (about Sh6.9 trillion) here, and to begin with, we are injecting $400 million (about Sh920 billion) in the first phase,” he said.

The money will be used to set up factories that will manufacture pharmaceuticals, electric appliances, vehicles, farming equipment, food products and textiles. Also earmarked are transport and logistics companies.

Once completed, the area, to be known as “Egyptian Industrial City”, will create 50,000 direct jobs by attracting over 100 investors who will sell 70 percent of their products locally, and export the remaining 30 percent.

Elsewedy is optimistic that products that will be manufactured at the site will easily reach eight neighbouring countries.

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“The presence of three large seaports and four international airports also make Tanzania an ideal place for such a massive investment,” Mr Qamar said.

Political stability, readily available raw materials, a strong and growing economy, and assurance of the security of investors’ money also gives Tanzania an added advantage.

Investment, Industry and Trade minister Ashatu Kijaji witnessed the signing of an initial agreement and handing over of land to the Egyptian firm.

She said the investment was realised as part of President Samia Suluhu Hassan’s economic diplomacy agenda that has taken the Head of State to a number of countries, including Egypt.

“We believe this will be one of the largest projects in East Africa,” she said.

Dr Kijaji urged Kigamboni residents to be get ready to welcome the massive investment in their vicinity.

“This is a clear indication that the economy is opening up to investment. It is finally happening, and we should welcome it,” she said.

Kigamboni District Commissioner Fatma Nyangasa called on residents in the area to prepare to grab opportunities that would come with the investment.

“We should start from the outset. Bricklayers, makers of vibrated blocks, and even people who can cut grass should all come forward and grab opportunities that this project has presented us with,” she said.

Property International chief executive Abdulhalm Salim the 2.2 million square metres were now in the hands of the investor.

He did not, however, reveal the sum Elsewedy Development Limited paid the firm.

Tanzania Investment Centre director general Maduhu Kazi said the Egyptian company was in touch with the relevant state agencies, adding that the title deed for the land would be processed swiftly.