Dar es Salaam. Real estate developer, The Squid Zanzibar Limited, has embarked on a marketing strategy to attract institutional investors in its upcoming project, just two months after it was granted a strategic investment status by the Zanzibar Investment Promotion Authority (ZIPA).
The company, which is the developer of the resort and residence project, The Ocean Pearl Zanzibar, has partnered with CBRE Excellerate to market its project.
The managing director for Squid Limited Zanzibar, Mr George Alexandru, said that as construction of the resort and residence facility continues, the strategic investment status gives benefits and incentives to the developer, the investors and buyers of The Ocean Pearl Zanzibar as specified in ZIPA Act No 14 of 2018.
He said engaging CBRE Excellerate will enable the developer to gain from the experience of the company that provides real estate services across Africa and the Middle East.
“They support predominantly corporate clients who buy services on a contracted basis all across the Middle East and Africa – even globally, depending on their portfolio,” he said.
The project is under construction at Nungwi East in Zanzibar and the developers have already invited local and foreign investors to claim a stake in the project worth over $100 million (over Sh236 billion).
With an initial investment of just $50,000 (Sh118 million), an investor can become part owner of the grand project, The Ocean Pearl Zanzibar, which is slated to become one of its kind in the Isles upon completion of the first phase come January 2025.
With the strategic investment status now granted, the benefits and incentives spread far and wide for both the developer, buyers, and investors, among which include exemption from all duties and taxes on importation and local purchases of construction goods and materials during the project construction.
Other incentives are exemption of income tax on interest on capital borrowed from foreign banks; five years of a grace period on payment of land lease; hundred percent foreign ownership is allowed; and engagement of foreign contractors is allowed.
According to ZIPA, other incentives are a hundred percent exemption of profit tax for repatriate profit; a hundred percent exemption for Accelerated Depreciation for five years; a hundred percent exemption of income tax on interest on capital borrowed from foreign banks.
Share this news
This Year's Most Read News Stories
Mwinyi lashes out at Zanzibar Airport, Port inefficiency claims
Zanzibar President Hussein Mwinyi has lashed out at the Opposition ACT Wazalendo, saying that the claims it raised about inefficiency in three areas within his Government were only meant to mislead the publicContinue Reading
British Zanzibar Investor stuck in African island ‘hell hole’ prison
Simon Wood, a British Investor in Zanzibar is being held in a “hell hole” prison after being charged with money laundering by police on the paradise island of Zanzibar after he was arrested with his wife Francesca Scalfari. President of Zanzibar, Hussein Mwinyi, to recieve criticism for the couple’s detainment.Continue Reading
Tanzania Confirms Second Marburg Outbreak After WHO Chief Visit
Dar es Salaam — Tanzania’s President Samia Suluhu Hassan has declared an outbreak of Marburg virus, confirming a single case in the northwestern region of Kagera after a meeting with WHO director-general Tedros Adhanom Ghebreyesus.
The confirmation follows days of speculation about a possible outbreak in the region, after the WHO reported a number of deaths suspected to be linked to the highly infectious disease.
While Tanzania’s Ministry of Health declared last week that all suspected cases had tested negative for Marburg, the WHO called for additional testing at international reference laboratories.
“We never know when an outbreak might occur in a neighbouring nation. So we ensure infection prevention control assessments at every point of care as routine as a morning greeting at our workplaces.”Amelia Clemence, public health researcher
Subsequent laboratory tests conducted at Kagera’s Kabaile Mobile Laboratory and confirmed in Dar es Salaam identified one positive case, while 25 other suspected cases tested negative, the president told a press conference in Dodoma, in the east of the country today (Monday).
“The epicentre has now shifted to Biharamulo district of Kagera,” she told the press conference, distinguishing this outbreak from the previous one centred in Bukoba district.
Tedros said the WHO would release US$3 million from its emergencies contingency fund to support efforts to contain the outbreak.
Health authorities stepped up surveillance and deployed emergency response teams after the WHO raised the alarm about nine suspected cases in the region, including eight deaths.
The suspected cases displayed symptoms consistent with Marburg infection, including headache, high fever, diarrhoea, and haemorrhagic complications, according to the WHO’s alert to member countries on 14 January. The organisation noted a case fatality rate of 89 per cent among the suspected cases.
“We appreciate the swift attention accorded by the WHO,” Hassan said.
She said her administration immediately investigated the WHO’s alert.
“The government took several measures, including the investigation of suspected individuals and the deployment of emergency response teams,” she added.
Cross-border transmission
The emergence of this case in a region that experienced Tanzania’s first-ever Marburg outbreak in March 2023 has raised concerns about cross-border transmission, particularly following Rwanda’s recent outbreak that infected 66 people and killed 15 before being declared over in December 2024.
The situation is particularly critical given Kagera’s position as a transport hub connecting four East African nations.
Amelia Clemence, a public health researcher working in the region, says constant vigilance is required.
“We never know when an outbreak might occur in a neighbouring nation. So we ensure infection prevention control assessments at every point of care as routine as a morning greeting at our workplaces.”
The Kagera region’s ecosystem, home to fruit bats that serve as natural reservoirs for the Marburg virus, adds another layer of complexity to disease surveillance efforts.
The virus, closely related to Ebola, spreads through contact with bodily fluids and can cause severe haemorrhagic fever.
Transparency urged
Elizabeth Sanga, shadow minister of health for Tanzania’s ACT Wazalendo opposition party, says greater transparency would help guide public health measures.
Sign up for free AllAfrica Newsletters
Get the latest in African news delivered straight to your inbox
“This could have helped to guide those who are traveling to the affected region to be more vigilant and prevent the risk of further spread,” she said.
WHO regional director for Africa Matshidiso Moeti says early notification of investigation outcomes is important.
“We stand ready to support the government in its efforts to investigate and ensure that measures are in place for an effective and rapid response,” she said, noting that existing national capacities built from previous health emergencies could be quickly mobilised.
The situation coincides with leadership changes in Tanzania’s Ministry of Health, with both the chief medical officer and permanent secretary being replaced.
This piece was produced by SciDev.Net’s Sub-Saharan Africa English desk.
Source: allafrica.com
