Turkish Billionaires Set Sights on Kenya’s Real Estate

Turkish investors are eyeing more investments in the Kenyan building and construction sector following the recent signing of a bilateral agreement to strengthen trade ties between the two countries.

The agreement that, among other things, eliminated double taxation while promoting investment has seen a growing number of Turkish investors travelling to Kenya to scout for potential areas to put their resources.

Last month, for example, a delegation of investors from Turkey launched a major campaign in Nairobi to popularize their building and construction products as they seek to break into the East African market.

The businessmen held a four-day exhibition to showcase a range of products that they seek to offer Kenyans, among them doors, tiles, electrical cables, plumbing products, and interior design products.

Speaking during the event, the Turkish ambassador to Kenya, Deniz Eke said building materials producers from Turkey were eager to partner with Kenyan businessmen to promote their products.

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The deal, she said, entails finding avenues that will enable the products to be manufactured locally which will ensure skills transfer to Kenyans in the building and construction industry.

Kenyan contractors will acquire Turkish engineering technology and materials which have been ranked among the best in the world in addition to being successfully deployed in Europe and the Middle East.

“Out of the top 250 construction companies around the world, Turkey has 40 companies and this is proof that our technology and expertise are superior and trusted by many,” she said.

The entry of Turkish investors in the local construction industry is expected to set the stage for a major turf war with Chinese and Japanese investors who are reaching out to tap opportunities in Africa to support growth back home.

Turkey is fast taking after China to grow its influence abroad, particularly in Africa, to support its fast-expanding economy.

China currently holds a big stake in the local infrastructure sector with several Chinese companies undertaking major projects among them the ongoing construction of the Sh327 billion Mombasa-Nairobi standard gauge railway.

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