MIKONO Cultural Heritage Limited and Unit Trust of Tanzania (UTT) yesterday signed a multibillion business contract for the construction of 20 storey building, an investment that will contribute significantly to employment creation and economic growth.
The business deal that Mikono Cultural Heritage Ltd Board Chairman Henry Clemence and UTT Projects and Infrastructure Development Acting Chief Executive Officer Gration Kamugisha inked in Dar es Salaam, will spur economic activities in Chang'ombe area.
The contract leads to the construction of imposing 'Sanaa Tower' at 29bn/- near the junction of Chang'ombe and Nyerere road and according to its leading consultant, the building is expected to impressively decorate the city.
"The project is expected to transform the living standards of the artists and shareholders because the centre will attract and widen customer base for artisanal products," remarked Mr Clemence, also a former Mkuranga District Commissioner.
Apart from providing more than 200 jobs, the investment will contribute significantly to economic growth through various activities to be offered by businesses in the building, which will also accommodate a five star hotel targeting sportsmen, both local and foreign who will be participating in sports at the National Stadium.
Mr Clemence added that the loan will be paid back in 10 years time after which, the building will fully be owned by Mikono Cultural Heritage Ltd.
According to Mr Kamugisha from UTT, the project demonstrates the capability of local investors to undertake big projects on themselves. He said, "UTT makes thorough study on the demands of the market before embarking in such expensive deals, that is the real estate development."
Speaking earlier, the Director of the Norman and Dawbarn (T) Limited Mr Chazi Rwakanadi, the architect of the project said the project will be carried at plot 22, and will cover about 18,000 square metres out of which 16,400 will be rented.
The building will comprise a basement and surface parking, shopping malls, banks, office spaces of international standards, conference halls as well as hotels.
The project will take almost 36 months to complete. MIKONO represent a brand name of the company as well as reflection of the core business of the company.
MIKONO is one of the success stories of the companies owned by empowered indigenous people through privatization.