Unguja. The Revolutionary Government of Zanzibar (SMZ) has secured Sh9 billion for the extensive renovation of dilapidated buildings within Stone Town for the fiscal year 2024/25.
The funds have been sponsored by Infinity Group, a real Estate development firm that is also in charge of the renovation of the Old Fort
In addition to this, the government is seeking further funding from various stakeholders to ensure adequate resources to assist citizens in improving these buildings which are believed to be over 194 years old.
President of Zanzibar, Dr. Hussein Mwinyi, made the announcement on the evening of December 2, 2024, during the Stone Town Day celebrations at Forodhani, Unguja.
“Despite the significant progress made by the Stone Town Authority, the government is determined to step up efforts to improve the condition of this town, which is not only a world heritage site but also a mirror of the nation and the heart of the tourism sector, which is the main pillar of Zanzibar’s economy,” he stated.
The President added that the government is currently in the final stages of a feasibility study for a project to underground all infrastructure related to electricity, communications, and water within the town to restore the appearance and character of its historic buildings.
Additionally, through the BIG Z project funded by the World Bank (WB), the government is completing major infrastructure reforms to the road networks and public spaces to enhance the status of the historical city for Zanzibar’s development, particularly in the tourism sector.
President Mwinyi instructed the Stone Town Authority to take immediate action to cover all open drains in the town to ensure a safe environment free from diseases and accidents, while also improving the town’s overall appearance.
He also promised that the government will continue collaborating with various stakeholders to carry out extensive renovations of Stone Town’s buildings, including a major revitalization of public spaces and gardens.
He commended the Ministry of Tourism and Antiquities and the Stone Town Authority for their innovation and expanded efforts in celebrating the day, noting that these celebrations underscore the importance of the town’s continued presence in the world’s heritage sites.
“The successes I see today shed light on how we can continue to develop Stone Town here in Zanzibar,” he said.
On the topic of the digital system, President Mwinyi praised the initiative, which helps curb revenue loss and reduce bureaucracy. He urged the responsible authorities to ensure that the system operates efficiently.
Speaking about the challenges faced by residents of Stone Town, he assured that the government would engage with them to find ways of alleviating these costs.
He urged the residents to continue protecting their town to ensure its survival for another 100 years, emphasizing that the government’s reforms are not intended to replace the town but to ensure its enduring legacy.
President Mwinyi also assured that the government would continue addressing any challenges faced by the residents of Stone Town.
Earlier, Ali Said Bakar, Director-General of the Stone Town Preservation and Development Authority, highlighted that the town has become an attractive destination for investors.
He mentioned that the government of Oman had contributed over $25 million (approximately 66.25 billion Tanzanian Shillings) to restore the Beit el-Ajaib building to its former glory. The building, a historic landmark, collapsed in December 2020, tragically killing two people.
UNESCO representative Michael Toto emphasized the importance of Stone Town Day, noting that UNESCO was pleased to participate in the celebrations, as preservation is vital for the growth of cultural heritage.
He pledged continued collaboration to find the best strategies to protect the town for the benefit of current and future generations and assured UNESCO’s ongoing support in partnership with the government.
On his part, the Executive Secretary of the National Commission for UNESCO in Tanzania, Professor Hamisi Malebo, underscored the significance of preserving the town’s cultural heritage, which holds international recognition, adding that Stone Town stands apart from other cities worldwide.
“The preservation of Stone Town is ongoing, unlike many other cities around the world that are now in ruins,” he said.
Ahmed Saleh Mbarouk, a resident of Stone Town, praised the government for its efforts to preserve and develop the area, though he noted some challenges. He pointed out that residents are now charged parking fees, a practice that did not exist before or after the Revolution, and requested the government remove this tax.
Regarding the digital system, Seif Said Seif, Director of the Government Portal, stated that the system developed by the Stone Town Preservation and Development Authority is based on modern technology. He explained that this system will enable the town to carry out its operations digitally, streamlining services and reducing bureaucracy.
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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.
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’s opposition party ACT Wazalendo honours veteran politician under new policy
Unguja. Opposition party ACT Wazalendo today officially bids farewell to its former Chairman, Juma Duni Haji, also known as Babu Duni, as part of a new policy designed to honor retired senior leaders at a ceremony held at Kiembesamaki, Zanzibar.
The initiative highlights the party’s commitment to recognizing and supporting individuals who have served with dedication and integrity.
Babu Duni, who stepped down earlier this year, was succeeded by Othman Masoud, now the First Vice President of Zanzibar.
The policy aims to provide ongoing respect and support to retired leaders, ensuring their continued recognition and contribution to the party’s development.
“Recognizing their significant contributions to the development and prosperity of the party, this policy ensures that retired leaders continue to be acknowledged and respected by both the party and the community,” the policy states.
To benefit from this policy, leaders must not have left or been expelled from the party. They must have served the party with honor and dedication. The national leadership committee will determine whether a leader has fulfilled these criteria.
The policy seeks to honor retired leaders, protect their dignity, acknowledge their contributions, leverage their ideas for the party’s growth, and support them to the best of the party’s ability.
In honoring these leaders, the party will provide a vehicle, the type of which will be determined by the national leadership committee. Additionally, they will receive a monthly allowance, with the amount also set by this committee.
Other benefits include health insurance. If a leader does not own a home, the party will cover their rent at a rate decided by the committee.
The leadership committee may also grant special recognition based on the leader’s contributions. Retired leaders will participate in decision-making meetings according to procedures outlined in the party’s constitution.
Depending on the party’s resources at the time, the policy may also apply to retired deputy chairpersons for both the mainland and Zanzibar, the Secretary-General, Deputy Secretary-General for both mainland and Zanzibar, and the party’s Attorney General.
Additionally, leaders, executives, or members with exceptional contributions to the party’s protection, advocacy, and defense may also benefit, as determined by the leadership committee.
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