Tanzanians living and doing business in Dubai have been urged to invest in property back home. This call was made during a business forum organised by Tanzanian real estate development and property management company Mkuyu Africa in Dubai. The forum brought together entrepreneurs and traders to discuss investment opportunities in Tanzania, particularly in residential and commercial property. The event aimed to connect Tanzanians who have established businesses in the United Arab Emirates with investment opportunities at home.
The forum provided information on ways Tanzanians can acquire property through formal financial institutions and structured payment arrangements. Mkuyu Africa founder and managing director, Mr Juneid Othman, highlighted the significant development in Tanzania's construction sector over the past decade. He noted that there had been major changes in the construction of commercial buildings, residential properties, and rental housing projects. This growth has created opportunities for Tanzanians abroad to acquire property as an investment and as an asset for their families.
Mr Othman cited developments in areas such as Kariakoo and Masaki as examples of the expansion of Tanzania's property market. He said Mkuyu Africa was participating in the development of both residential and commercial projects. The availability of financing through banks and other financial institutions has also created opportunities for Tanzanians abroad to invest without necessarily having to raise the full purchase price at once. This has made it easier for Tanzanians to invest in property back home.
For some Tanzanians in Dubai, investing back home remains a long-term objective after travelling abroad to pursue business opportunities and raise capital. Dubai-based trader Ashraf Mahamud said many Tanzanians in the UAE were interested in investing their earnings in Tanzania but needed reliable and structured ways of doing so. He noted that some Tanzanians had previously relied on relatives to purchase land or construct houses on their behalf, but such arrangements resulted in delays and other challenges.
Mr Mahamud said structured investment arrangements, including property purchases through financial institutions and instalment payment options subject to agreed terms, could provide an alternative for Tanzanians seeking to invest directly. This would enable them to invest in property back home with more ease and security. The option of structured payment arrangements can also help to mitigate risks associated with investing in a foreign country.
The growth of commercial centres and prime residential areas has created opportunities for Tanzanians abroad to acquire property as an investment and as an asset for their families. Investing in property in Tanzania can be part of their plans for the future while also creating assets for their families and future generations. This is in line with the goal of promoting economic growth and development in Tanzania.
The business forum in Dubai was a step towards connecting Tanzanians in the UAE with investment opportunities back home. It provided a platform for entrepreneurs and traders to discuss investment opportunities in Tanzania and learn about the available financing options. Key points include: Tanzanians in Dubai are being encouraged to invest in property back home; the growth of commercial centres and prime residential areas has created investment opportunities; and structured investment arrangements are available for Tanzanians seeking to invest directly.
Key points
- Tanzanians in Dubai are being encouraged to invest in property back home.
- The growth of commercial centres and prime residential areas has created investment opportunities.
- Structured investment arrangements are available for Tanzanians seeking to invest directly.
