City Hall, Nairobi: Nairobi, Kenya’s metropolis, has launched the most
ambitious revenue target of Sh17 billion up from last year’s Sh11.5
billion. FILE PHOTO | GERALD ANDERSON | NATION MEDIA GROUP
County governments are eyeing a raft of strategies to grow their revenue collection to finance bigger expenditure plans.
Nairobi, Kenya’s metropolis, has launched the most ambitious target of Sh17 billion up from last year’s Sh11.5 billion mainly sourced from new investments in real estate and industrial developments by multinationals that have made the city their East African hub.
Nairobi is also sailing on its global fame as a conferences capital where reputable firms fly in to hold global meetings creating an insatiable demand for new hospitality facilities which can cater for large delegations of between 3,000 to 4,000 people.
According to the just released New World Wealth 2016 report, Nairobi saw the number of high net worth individuals with over Sh1 billion each hit 6,200. They reportedly invested their money in infrastructure and real estate sectors as well as in financial markets.
The report said Kenya’s ease of doing business and lenient land ownership terms helped spur interest in multi-million investments where investors have recorded returns of above 50 per cent, the highest returns on investments compared to investing in established markets which are saturated with nearly all products and services.
Mombasa, recovering from a streak of terrorism attacks that saw several countries issue travel alerts, is now riding on renewed interest after several of its facilities were voted among the best ‘‘getaways’’.
Its beaches — in Diani, Ukunda, Malindi, among other areas — were voted as the best in the world earning Mombasa a new title as the world’s leisure capital.
The recent waiver of tourists’ charter landing fees as well as additional monetary incentives for tour operators have started earning fruit, giving the county government optimism in its Sh5.2 billion targeted revenue up from Sh2.5 billion in 2014.
Mombasa, which is witnessing a series of infrastructural investments by the government at the Port of Mombasa as well as tarmacking of various roads, has lured new investments in manufacturing and high-end residential developments that are targeting international retirees and leisure lovers.
Kiambu county, on the other hand, anticipates to raise Sh3.7 billion up from Sh2.1 billion following a string of multi-billion investments in gated communities as well as industries.
These are expected to bring in human traffic and raise demand for residential houses. Among its targeted developments include Centum Limited’s Two Rivers city within a city and Tatu City’s multi-billion mixed industrial cum residential development among an array of other construction projects.
Biggest beneficiary
Kiambu, which has been the biggest beneficiary of ongoing road projects to decongest Nairobi, is also home to eight universities and over 100 mid-tier colleges that have created a huge demand for residential houses.
Narok, the world’s premier tourist destination and home to the wildebeest migration, targets to raise Sh3.5 billion mainly from tourism and ever-growing wheat and barley enterprises as well as value addition ventures from its livestock enterprise.
Nakuru, home to the world’s largest flamingo population and a revered rhino sanctuary, has also posted an ambitious Sh3 billion revenue target to be sourced from a growing tourism, horticultural and real estate base as well as its evergreen agricultural services business.
Machakos county anticipates to raise Sh2.4 billion mainly from industrial and real estate developments which find it cheaper to set base there and ferry their products to Nairobi and the rest of East Africa.
Last year Machakos county surpassed its Sh1.4 billion revenue target. A group of investors has shown interest in key businesses such as motor assembly plants and cement manufacturing.
The county also plans a Sh500 billion special economic zone in Kinanie expected to attract over 500 companies.
Kisumu, Kenya’s gateway to Uganda and Tanzania, targets to raise Sh1.9 billion compared to Sh1 billion in 2014.
Several real estate projects as well as industrial developments are currently underway in the county which will benefit greatly from ongoing road tarmacking projects.
Kilifi county, seen as an underdog, has benefited from intensified mining activity which has attracted a series of companies.
Its long beaches have attracted an array of investments which have raised land prices.
Nyeri county, the home of the world’s best coffee and tea, is banking on direct sales of its farm produce to foreign markets to boost earnings from Sh0.6 billion in 2014 to Sh1.5 billion this year.
Kakamega, long seen as a sleeping giant, is riding high on hostels and residential developments buoyed by an increasing number of private and public universities.
Marketing Kakamega forest as a bird lovers’ paradise could raise its earnings helping it surpass this year’s Sh1 billion target.
Uasin Gishu county, Kenya’s wheat basket and athletics capital, is banking on renewed investments in commercial and residential developments to meet its Sh1 billion budget compared to Sh0.8 billion in 2014.
Experts urge county governments to ease conditions for setting up businesses and attract more investments thereby creating jobs for youths.
Nairobi, Kenya’s metropolis, has launched the most ambitious target of Sh17 billion up from last year’s Sh11.5 billion mainly sourced from new investments in real estate and industrial developments by multinationals that have made the city their East African hub.
Nairobi is also sailing on its global fame as a conferences capital where reputable firms fly in to hold global meetings creating an insatiable demand for new hospitality facilities which can cater for large delegations of between 3,000 to 4,000 people.
According to the just released New World Wealth 2016 report, Nairobi saw the number of high net worth individuals with over Sh1 billion each hit 6,200. They reportedly invested their money in infrastructure and real estate sectors as well as in financial markets.
The report said Kenya’s ease of doing business and lenient land ownership terms helped spur interest in multi-million investments where investors have recorded returns of above 50 per cent, the highest returns on investments compared to investing in established markets which are saturated with nearly all products and services.
Mombasa, recovering from a streak of terrorism attacks that saw several countries issue travel alerts, is now riding on renewed interest after several of its facilities were voted among the best ‘‘getaways’’.
Its beaches — in Diani, Ukunda, Malindi, among other areas — were voted as the best in the world earning Mombasa a new title as the world’s leisure capital.
The recent waiver of tourists’ charter landing fees as well as additional monetary incentives for tour operators have started earning fruit, giving the county government optimism in its Sh5.2 billion targeted revenue up from Sh2.5 billion in 2014.
Mombasa, which is witnessing a series of infrastructural investments by the government at the Port of Mombasa as well as tarmacking of various roads, has lured new investments in manufacturing and high-end residential developments that are targeting international retirees and leisure lovers.
Kiambu county, on the other hand, anticipates to raise Sh3.7 billion up from Sh2.1 billion following a string of multi-billion investments in gated communities as well as industries.
These are expected to bring in human traffic and raise demand for residential houses. Among its targeted developments include Centum Limited’s Two Rivers city within a city and Tatu City’s multi-billion mixed industrial cum residential development among an array of other construction projects.
Biggest beneficiary
Kiambu, which has been the biggest beneficiary of ongoing road projects to decongest Nairobi, is also home to eight universities and over 100 mid-tier colleges that have created a huge demand for residential houses.
Narok, the world’s premier tourist destination and home to the wildebeest migration, targets to raise Sh3.5 billion mainly from tourism and ever-growing wheat and barley enterprises as well as value addition ventures from its livestock enterprise.
Nakuru, home to the world’s largest flamingo population and a revered rhino sanctuary, has also posted an ambitious Sh3 billion revenue target to be sourced from a growing tourism, horticultural and real estate base as well as its evergreen agricultural services business.
Machakos county anticipates to raise Sh2.4 billion mainly from industrial and real estate developments which find it cheaper to set base there and ferry their products to Nairobi and the rest of East Africa.
Last year Machakos county surpassed its Sh1.4 billion revenue target. A group of investors has shown interest in key businesses such as motor assembly plants and cement manufacturing.
The county also plans a Sh500 billion special economic zone in Kinanie expected to attract over 500 companies.
Kisumu, Kenya’s gateway to Uganda and Tanzania, targets to raise Sh1.9 billion compared to Sh1 billion in 2014.
Several real estate projects as well as industrial developments are currently underway in the county which will benefit greatly from ongoing road tarmacking projects.
Kilifi county, seen as an underdog, has benefited from intensified mining activity which has attracted a series of companies.
Its long beaches have attracted an array of investments which have raised land prices.
Nyeri county, the home of the world’s best coffee and tea, is banking on direct sales of its farm produce to foreign markets to boost earnings from Sh0.6 billion in 2014 to Sh1.5 billion this year.
Kakamega, long seen as a sleeping giant, is riding high on hostels and residential developments buoyed by an increasing number of private and public universities.
Marketing Kakamega forest as a bird lovers’ paradise could raise its earnings helping it surpass this year’s Sh1 billion target.
Uasin Gishu county, Kenya’s wheat basket and athletics capital, is banking on renewed investments in commercial and residential developments to meet its Sh1 billion budget compared to Sh0.8 billion in 2014.
Experts urge county governments to ease conditions for setting up businesses and attract more investments thereby creating jobs for youths.
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