Unguja. Zanzibar could soon be home to the highest green building in the world, a 28-storey apartment tower designed in hybrid timber technology.
Christened Burj Zanzibar – “burj” meaning tower in Arabic – the r high-rise is designed to reach 96 metres in height representing an iconic landmark not only for the island but for the whole of Africa and a global environmental milestone, being the first timber structure worldwide of such proportions.
The design of the mixed-use apartment and commercial building, in a playful beehive style with breathtaking ocean views, was unveiled to the public in Muscat, Oman on 1 October.
Dutch-born architect Leander Moons, responsible for the concept, said: Burj Zanzibar is not just an outstanding building but a new ecosystem for the future of living.
The residential tower with 266 residences is to be located in Fumba Town, East Africa’s pioneering eco-town developed by German-led engineering firm CPS.
Categorised as a strategic investment the growing city where foreigners are allowed to buy, stretches along a 1.5-kilometre seashore on the southwest coast.
“Burj Zanzibar will be the highlight and natural continuation of our efforts to provide sustainable housing in Africa, thereby empowering local employment and businesses”, said CPS CEO Sebastian Dietzold in Muscat.
With turquoise seas, white sandy beaches and a UNESCO-protected historic Stone Town, Zanzibar recorded 15 percent annual growth in tourism in recent years and 6.8 percent economic growth.
Earlier this year, the semi-autonomous archipelago, 35 kilometres off the coast of Tanzania, stretched its wings also into another direction, launching an initiative to attract African tech companies with a total worth of $6 billion dollars.
The elegant tower stands on a terraced podium with shared and private gardens , shops and a common pool. Sizes of units range from studios starting at $79,900 to a vast penthouse with a private pool on the 26th floor at $950,880.
“As a global architectural highlight the Burj Zanzibar will be setting a new benchmark of building in the 21st century”, CPS director Sebastian Dietzold concluded.
Once realised, Burj Zanzibar would be the highest timber building in the world and Africa’s first high-rise ever in this innovative technology.
A few weeks ago the 86.6-metre Ascent Tower in Milwaukee, US, was certified as the world’s tallest timber hybrid building by the Council on Tall Buildings and Urban Habitat (CTBUH). Africa’s highest conventional skyscraper is a 385-metre office tower named “Iconic Tower” in Egypt, still under construction.
Tanzania’s top skyscraper is the 157-metre Ports Authority building in Dar es Salaam. The world’s tallest conventional building is Burj Khalifa in Dubai with 828 metres.
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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.
