TANZANIA: LOCAL REAL ESTATE DEVELOPERS TO BORROW LEAF FROM DUBAI FIRM

One of Dubai's leading real estate developer, Nakheel Properties, is ready to share expertise with local developers to put up more business and residential structures, amid growing shortage of housing units in the market.

"There is a huge potential and I see a lot of opportunities in real estate development industry in Tanzania," the company's Executive Chairman, Mr Ali Rashid Lootah, told local developers at a dinner hosted by Oyo Real Estate Company in Dar es Salaam on Tuesday night.

Describing Tanzania as his second home after Dubai in the United Arab Emirates (UAE), Mr Lootah said what is required for the industry is favourable investment climate to facilitate developers.

"The market is very promising in Tanzania and I am glad that both the public and private sector have been supporting the growth of the industry," Mr Lootah, a civil engineer, said. Nakheel is a real estate developer in Dubai and creator of several land reclamation projects, including the Palm Islands, the Dubai Waterfront, the World and the Universe Islands.

Its residential projects include the Gardens, International City, Jumeirah Islands and Jumeirah Lake Towers. Speaking at the event, the Director General of state-owned National Housing Corporation (NHC), Mr Nehemiah Mchechu, said Tanzania would make huge strides in the real estate industry if it borrowed expertise from the Dubai-based firm.

"The company has enormous expertise and a team of skilled human power of which we could borrow their knowledge to develop our industry," Mr Mchechu stated. "We have done a lot but there is a still lot to be done. As a government owned corporation we will advise it rightfully on policy isues."

The Director of Middle East in the Ministry of Foreign Affairs and International Cooperation, Ambassador Simba Yahya welcomed the company, noting that the government has taken various initiatives to attract investors from all over the world, and Middle East in particular.

"Development of infrastructure and residential areas are among areas of interests for our country given the limited supply of housing units in the market. What you have done in Dubai is a vivid example of what should be done in the area," Ambassador Simba noted.

He said the company is assured of cooperation from the government, noting that unlike in the past when the ministry only focused on global politics it currently embarks on both political and corporate affairs as well.

The Chief Executive of Oyo Real Estate Company, Mr Harbert Marwa, described Nakheel as a leading real estate developer who has created spectacular landmark, distinctive residential and retail units which have put Dubai on a map as a visionary city of the future.