MARA GROUP SIGNS $300 MILLION INVESTMENT IN TANZANIAN REAL ESTATE
DAR ES SALAAM, Tanzanian, July 02, 2012 10:37 ET – The Ministry of Home Affairs and Mara Capital, part of the Mara Group, has signed a Pre-Development Agreement for a new landmark project to develop a state of the art, urban, commercial hub of approximately 3.5 million square foot. The project will include the largest retail mall in East Africa, 2 internationally branded hotels, modern convention centre, modern medical tourism hospital, modern business park, Residential compound, modern police station, and 300 residential units dedicated for the Police in Oysterbay.
The contract was signed as part of an official signing ceremony, at Police Headquarters by the Permanent Secretary of the Ministry of Home Affairs Mr. Mbarak Abdulwakil, the Inspector General of Police, Mr. Saidi Ally Mwema, and the Directors of Mara Group, Mr. Ashish J. Thakkar and Mr. Prashant Manek.
Mara Group is a 15 year-old pan-African multi-sector business conglomerate with current operations covering IT, BPO, real estate development, asset management, infrastructure, hospitality, packaging, and media. The Group has a presence in 18 African countries and employs over 4,000 people. The World Economic Forum recognized Mara as a “Global Growth Company” in 2009.
Mr. Manek commented that, “the transformational project will offer Tanzanians a modern environment to ‘live, work and play’ and considerably elevate the profile of Dar Es Salaam and Tanzania to the rest of the world.”
“The Project will commence after eleven months from today and the land will remain as the property of Ministry of Home Affairs and Tanzania Police force” Said Mr Gregory who is the Principal Procurement Officer and Supply for Tanzania Police Force.
The project will be a win for Tanzania and signifies a major step forward in the countries economic, business and infrastructure development.
“We are excited to have partnered with Government of Tanzania and look forward to changing the landscape of this beautiful city – Dar es Salaam with this landmark project – Mara World Tanzania. It will be a first of its kind in the region” said Ashish J. Thakkar.