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Centum wins the Two Rivers Special Economic Zone move
Wednesday, June 21, 2023
Nahrain Mall along Limuru Road on February 13, 2017. Photo | Martin Mukango | NMG
Investment firm Centum has been awarded the Special Economic Zone (SEZ) license covering more than half of the Two Rivers development in Nairobi as it positions itself to ride on the business-friendly rules of SEZ-based companies to attract global service firms.
Centum says it has set aside 64 acres, which is more than half of the total development area of 106 acres, for the area to be known as the Two Rivers International Finance and Innovation (Trific) Center.
The company said the area has 150,000 square feet of available first-class office space in two blocks known as Trevik North and Victoria Towers, and the Holiday Inn hotel, and also includes its residential developments known as Mizizi, Riverbank, Cascadia and Lofts.
However, The Two Rivers Mall is located outside the economic zone, Centum CEO James Mauria told Business Daily.
“We’ve already developed the infrastructure, so they’ve been quick in our engagement with the government because a lot of work has already been done. The UN is expanding their mission, so our mission is to complement their international diplomatic area with a commercial equivalent.”
“With the agreements signed with the European Union and what is negotiated with the United States, Kenya will be an attractive hub for services, not only for the region but also globally.” He added that the company is looking forward to developing another 1.2 million square meters within the Special Economic Zone, including a conference center and a five-star hotel.
SEZ targets include business process outsourcing (BPO) firms, technology firms, financial services firms, professional services providers, accounting firms, NGOs, media and entertainment firms, hospitality firms and international law firms looking to set up base in Kenya.
Kenya was publishing in the Official Journal of Special Economic Zones as part of plans to create jobs and facilitate export-oriented investments to spur economic growth by 2030.
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Special economic zones have special taxes and infrastructure to attract companies that would otherwise be set up in competing economies.
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