President William Ruto’s affordable housing project has received a shot in the arm after one of Dubai’s eminent real estate company signed on for the project.
In a statement on Thursday, Trade Cabinet Secretary Moses Kuria noted that Aldar Properties had joined the project aimed at delivering at least 200,000 housing units every year.
The CS indicated that the partnership was reached at after a careful background research was carried out.
“The ambitious Housing project ongoing in the country continues to attract more investors from across the globe,” stated the CS.
President William Ruto at the launch of Dhow CSD at Central Bank Building.
“Aldar properties from Dubai known for its development Capacity, checked on the possibilities & plug in areas in the project and we are glad to welcome the investors to partner with us.”
Aldar properties is ranked among the leading real estate developer and manager in the UAE and boasts of a diversified and sustainable operating model. It is broken into two, Aldar Development and Aldar Investment.
The company, which raked in revenues estimated at Ksh438 billion (US$3 billion), according to Global Data, has spread its wings in other countries including Aldar Egypt which focuses on developing mixed-use communities in Egypt.
“Aldar Investment houses Aldar’s core asset management business comprising an AED 16 billion (Ksh637 billion) portfolio of investment grade and income-generating real estate assets diversified across retail, residential and commercial segments,” reads a statement on its website.
“Aldar Estates consolidates Aldar’s Retail Operations alongside existing Residential and Commercial real estate operations.”
Towards the end of August, the Kenyan State Department of Housing announced plans to hire a team of experts tasked with helping the government develop the framework for the implementation of the affordable housing programme.
The experts will be tasked with marketing the programme, labelled as one of President William Ruto’s legacy projects.
“The State Department is championing the realization of the AHP through the establishment of a robust project delivery and financing framework that will leverage on private-sector funding,” read the notice in part. The department will also work with other investors to deliver the houses.
The Bondeni Affordable Housing Project in Nakuru County on Monday, February 13, 2023