Unguja. Zanzibar’s President Hussein Mwinyi, has emphasized the importance of sustainable tourism, conservation, and responsible investment to ensure that Zanzibar becomes a leader in sustainable growth, cultural preservation, and economic development.
Mwinyi made the remarks over the weekend during the opening of the Tourism and Investment Expo in Fumba, which featured 110 exhibitors from over 10 countries both within and outside Africa.
“It is our shared dedication to ensure that Zanzibar becomes a beacon of sustainable tourism,” he said
The president further added: Tourism is undoubtedly the backbone of our economy, but it must also serve as a vehicle for promoting sustainability. Every visitor, every business project, and every initiative must contribute to the long-term well-being of our environment, communities, and culture.
According to him Zanzibar offers more than just attractions; it provides opportunities for engagement, a beautiful environment, and a vibrant people.
“This is the essence of responsible tourism, which we must develop and promote. By aligning our efforts with global sustainable goals, Zanzibar can become a model for other island economies worldwide while the government continues to foster a business-friendly environment.
Zanzibar’s minister for tourism and heritage Mudrick Soraga and Mr Javed Jafferji sign certificates
The President noted that partnerships between the public and private sectors (PPP) are crucial for achieving common goals. Through collaboration and dialogue, they can harmonize public policies with private sector innovation to build a robust and inclusive tourism economy.
He stressed the importance of ensuring that the benefits of tourism and investment reach all corners of the islands, empowering local communities and creating opportunities for everyone.
“As we pursue economic growth, we must remain steadfast in our commitment to environmental conservation. The natural beauty of Zanzibar is not just an asset; it is a responsibility. Our forests, coral reefs, and wildlife are treasures that we must protect,” he stated.
The Minister of Tourism and Cultural Heritage, Mudrick Ramadhan Soraga, corroborated the President’s remarks stating that sustainable tourism development is the foundation of their economic agenda.
“Our goal is not just to attract tourists but also to promote a style of tourism that preserves our natural beauty, celebrates our heritage, and empowers our communities. Next year, this exhibition will be larger and better, continuing to be the leading platform for promoting Zanzibar worldwide,” he said.
According to him the exhibition which is a premier is a premier investment event aims to link investment opportunities with tourism, calling on all investors to sign on the greener Zanzibar initiative.
“We want to broaden the scope of tourism not the one that just ends at the beaches,” said Mr Soraga.
On his part, the Executive Secretary of the Tourism Commission, Arif Abbas Manji, that the exhibition attracted 110 exhibitors and 70 international buyers from countries including Kenya, Uganda, Egypt, the UK, Jordan, the US, South Africa, the UAE, and Nigeria.
Between 2021 and 2024, 162 tourism-related investments were made, totaling an investment of $1.9 billion (Sh5.2 trillion) and creating 9,535 jobs for the people of Zanzibar.
Manji noted that the Zanzibar 2024 Tourism and Investment Exhibition is a beacon of what the nation aims to achieve. It provides a platform to showcase significant opportunities within the tourism sector, highlighting Zanzibar as a hub for international tourism and investment.
Through this exhibition, they aim to attract investors and international stakeholders to see how they can contribute to economic expansion.
According to Manji, they are currently positioning themselves in the global market by identifying priority areas for tourism development, including cultural and heritage tourism, sports tourism, medical tourism, and halal tourism.
The goal is not only to promote Zanzibar as an attractive destination but also to establish it as a responsible and lucrative investment market.
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The rise in half-year net profit from Sh1.64 billion posted in a similar period last year came on the back of net investment income rising 2.5 times to Sh13.27 billion from Sh5.3 billion.
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“Our customer-centric approach is fueling growth in our customer base and product uptake, particularly through micro-insurance, partnerships, and digital channels.”
The investment income growth was fueled by interest and dividend income rising 34 percent to Sh9.1 billion, which the insurer attributed to growth in revenue and the gains from the realignment of the group’s investment portfolio.
Britam also booked a Sh3.79 billion gain on financial assets at a fair value, compared with a Sh1.8 billion loss posted in a similar period last year.
The increased investment income helped offset the 12.7 percent decline in net insurance service result to Sh2.13 billion in the wake of claims paid out rising at a faster pace than that of premiums received.
Britam said insurance revenue, which is money from written premiums, increased to Sh17.8 billion from Sh16.6 billion, primarily driven by growth in the Kenya insurance business and regional general insurance businesses, which contributed 30 percent of the revenue.
The group has a presence in seven countries in Africa namely Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique, and Malawi.
Britam’s insurance service expense hit Sh13.6 billion from Sh11.3 billion, while net insurance finance expenses rose 2.6 times to Sh12.3 billion during the same period.
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Britam’s growth in profit is in line with that of other Nairobi Securities Exchange-listed insurers, which have seen a rise in profits.
Jubilee Holdings net profit in the six months increased by 22.7 percent to Sh2.5 billion on increased income from insurance, helping the insurer maintain Sh2 per share interim dividend.
CIC Insurance Group posted a 0.64 percent rise in net profit to Sh709.99 million in the same period as net earnings of Liberty Kenya nearly tripled to Sh632 million from Sh213 million, while Sanlam Kenya emerged from a loss to post a Sh282.2 million net profit.
