Unguja. Zanzibar President, Dr Hussein Mwinyi, has reassured the public that the government has robust, effective plans and systems in place to secure funding for extensive development across the island.
Speaking at the groundbreaking ceremony of the first flyover at Mwanakwerekwe on December 20, 2024, Dr Mwinyi emphasized that the promises made are being delivered, with even larger projects on the horizon.
Responding to critics of the ongoing development, Dr. Mwinyi remarked, “If they think we’re done here, we’re just getting started. There’s something called interchange, and more flyovers are on the way.”
The president expressed disbelief that some critics described the roads as “narrow streets,” saying, “My brothers, good things are coming. We’ve moved from Hussein mabati (roofing sheets) to Hussein maflyovers (flyovers). If they didn’t see it on the ground, they should look up in the sky.”
Dr. Mwinyi also expressed his satisfaction with the progress, saying, “Today, we are here, and I am proud that, for the first time in our island’s history, we are building an overhead road. This is the kind of leadership that leaves a lasting legacy.”
He urged citizens to continue fostering peace and unity to support further development, and to be mindful of the infrastructure by avoiding construction too close to roads, as this could hinder progress.
In a technical briefing, Deputy Secretary of the Ministry of Works, Communications, and Transport, Makame Haji Machano, provided details about the flyover, which is part of a larger 100.9-kilometer urban road project valued at over $19 million.
He revealed that construction is 80 percent complete, with 48 pillars built—each connecting eight base pillars at the center and 12 base pillars at the start and end of the bridge.
Due to the growing economic activity in Zanzibar and an increase in vehicles, Machano highlighted the challenge of traffic congestion. To address this, the government has allocated Sh2 billion to compensate citizens whose properties were affected by the project.
“Current work includes building the foundations and walls for the car ramps leading up to the flyover,” Machano said.
The flyover will be 72 meters long, with a height of six meters, a width of 18 meters, and two upper lanes each 8.35 meters wide. The lower lanes will be 8 meters wide. The project also includes rainwater drains and pedestrian walkways, designed to accommodate two-way traffic.
Once completed, the flyover will significantly alleviate traffic congestion at the junctions of Mwanakwerekwe and Amani roads.
Minister of Works, Communications, and Transport, Dr. Khalid Mohamed Salum, shared that 897.2 kilometers of roads are being constructed in Unguja and Pemba, as part of the broader 1,344-kilometer official road network.
“Today, we are laying the foundation for our legacy with Zanzibar’s first flyover. We are also working on bridges in Chwaka, Chakawe, and Uzi Ngwamba, each spanning two kilometers,” Dr. Salum concluded.
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Britam half-year net profit hits Sh2bn on higher investment income
Insurer and financial services provider Britam posted a 22.5 percent jump in net earnings for the half-year ended June 2024, to Sh2 billion, buoyed by increased investment income.
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.
“We are confident in the growth and performance trend that Britam has achieved, supported by its subsidiaries in Kenya and the region. Our business is expanding its revenue base while effectively managing costs,” Britam Chief Executive Officer Tom Gitogo said.
“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.
“Net insurance finance expenses increased mainly due to growth in interest cost for the deposit administration business driven by better investment performance. This has also been impacted by a decline in the yield curve, which has led to an increase in the insurance contract liabilities. The increase has been offset by a matching increase in fair value gain on assets,” said Britam.
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.
