Tanzanian businessman and investor Rostam Azizi has emphasized the need for East African governments to strengthen the rule of law, protect property rights, and ensure stable and predictable policies to attract and sustain long-term investment. According to Azizi, abundant natural resources and a strategic geographical position alone are insufficient to guarantee sustained investment from international investors. His remarks were made during the fourth 200 CEOs Business Forum in Dar es Salaam, which brought together business leaders and investors.
Azizi, whose business interests span telecommunications, mining, energy, aviation, media, and infrastructure, is the founder of Taifa Group and a controlling shareholder in Nation Media Group, the parent company of Mwananchi Communications Limited. He stressed that opportunities attract investment, confidence sustains it, and good governance enables investment to thrive. This call for good governance and financial discipline is crucial for Tanzania and other East African countries seeking to attract long-term investment.
Juneid Othman, director of Mkuyu Africa, also spoke at the forum, highlighting the importance of financial discipline and avoiding unnecessary expenditure in building a successful business. Othman began pursuing his entrepreneurial ambitions at the age of 19 while studying accounting, after asking his father for about Sh3 million to start a solar energy business. The business later expanded from Tanzania into regional markets, including the Democratic Republic of Congo (DRC) and Zambia.
Othman's decision to focus on property investment was driven by his desire to convert his earnings into assets and long-term investments. Instead of using all his initial income to improve his lifestyle, he began thinking about building wealth through property investment. This approach eventually led to the establishment of Mkuyu Africa, a company involved in land sales, ownership, and property investment. Today, Othman has built a property investment portfolio worth more than $30 million.
Othman emphasized that financial education and understanding the importance of starting to build ownership early are crucial for young people seeking to create long-term wealth. He noted that property investment can appear to require substantial capital or be accessible only to people with significant financial resources. To address this, Othman established Miliki Mali, a platform aimed at providing education on investment, property, and wealth creation.
The growth of the property sector, according to Othman, cannot depend solely on developers and buyers. It requires the involvement of professionals, including real estate agents, architects, engineers, contractors, marketing professionals, and property managers. Othman stressed that discipline, accountability, and integrity are essential to building a sector capable of enabling more people to own property.
The 200 CEOs Business Forum provided a platform for business leaders and investors to discuss key issues affecting the investment climate in East Africa. The forum highlighted the need for good governance, financial discipline, and investment knowledge to attract and sustain long-term investment in the region. Key issues discussed at the forum included the importance of property rights, financial education, and a broader sector ecosystem.
Key points
- Rostam Azizi calls for East African governments to strengthen rule of law and protect property rights.
- Juneid Othman emphasizes the importance of financial discipline and education in building long-term wealth.
- The growth of the property sector requires the involvement of professionals beyond developers and buyers.
