Centum backed SEZ secures Sh6 billion investment

Centum Group CEO James Mworia at the firm's offices in Two Rivers, November 2022. [Wilberforce Okwiri, Standard]

The Two Rivers International Finance and Innovation Centre (Trific) SEZ, a subsidiary of Centum Investment Company, has secured Sh6 billion ($47.5 million) from Vantage Capital, a pan-African investor.

The investment will be used to acquire and develop office space within the Trific SEZ, strategically located in Nairobi's Gigiri area, it said.

This includes acquiring the existing TRIFIC North Tower (14,975 sq m) and constructing a new office tower offering an additional 76,800 sq m of leasable space for SEZ enterprises.

Trific SEZ aims to establish a world-class business environment with advanced technology, robust regulations, and access to the wider Two Rivers ecosystem, known for its residential areas, dining options, retail stores, and entertainment venues the firms said. This integrated approach is designed to give businesses a competitive edge and attract foreign direct investment, they added.

Trific SEZ has already secured bookings for the Trific North Tower from 14 SEZ enterprises and has a pipeline of additional companies seeking to join the zone.

These companies, spanning sectors like BPOs, shared service centres, regional headquarters, and investment holding corporations, are expected to create an estimated 10,000 jobs and generate $65 million in foreign direct investment.

Additionally, annual exports of services are projected to reach $390 million.

"We are excited to have attracted such an investment," said Trific SEZ CEO Brenda Mbathi in a statement.

"This signifies strong confidence in the ecosystem we've created." Vantage Capital representatives echoed this sentiment, highlighting the project's potential for job creation and foreign direct investment.

Centum Investment CEO James Mworia emphasised the project's contribution to Kenya's attractiveness to foreign investors. He commended the government's efforts in establishing a favourable operating environment through initiatives like Special Economic Zones.

Business
Premium Economists welcome Ruto's purge but want more done to ease cost of living
By Brian Ngugi 11 hrs ago
Business
US lobby opposes Kenya's plan to supervise technology firms
Opinion
Implications of assenting to the Appropriations Bill on country
By Brian Ngugi 20 hrs ago
Business
Premium CBK's taste for fine whisky flies in face of austerity talk