In the Two Rivers special Economic zone step, Centum triumphs

A special economic zone (SEZ) license has been granted to investment company Centum, covering more than half of its Two Rivers development in Nairobi. Centum is positioning itself to take advantage of the SEZ’s business-friendly regulations in order to draw in international service providers.

106 acres of the development’s total area, or 64 acres, have been set aside by Centum for the zone that will be known as the Two Rivers International Finance and Innovation Centre (Trific).

The zone, according to the company, includes its housing projects Mizizi, Riverbank, Cascadia, and Lofts as well as 150,000 square feet of Grade A office space in two buildings known as Trific North and Victoria Towers, the Holiday Inn Hotel, and other amenities.

However, according to Centum Chief Executive Officer James Mworia, the Two Rivers Mall is located outside the economic zone.

“We had already developed the infrastructure, so it was a quick one in our engagement with the government because a lot of work has already been done. The UN is expanding their mission, so ours will complement their diplomatic international zone with a commercial equivalent,” he said.

“With the agreements that have been signed with the EU and what is being negotiated with the US, Kenya is going to be an attractive hub for services, not just to the region but also globally.” He added the company is looking to develop a further 1.2 million square metres within the SEZ, including a convention centre and a five-star hotel.

Business Process Outsourcing (BPO) companies, tech companies, financial services providers, professional service providers, accounting firms, NGOs, media and entertainment companies, hospitality companies, and international law firms looking to establish bases in Kenya are among the target industries for the SEZ.

Kenya has been registering SEZs as part of plans to boost economic growth by 2030 by facilitating export-oriented investments and creating jobs.

Special infrastructure and taxes are available in SEZs to entice businesses away from competing economies.