Real estate companies partner to empower Tanzanians own homes in Dubai
DAR ES SALAAM: THE local real estate company, Mkuyu Africa, has entered into a business partnership with Dubai-based property developer DAMAC Properties to create opportunities for Tanzanians to own modern homes and apartments in Dubai, United Arab Emirates (UAE).
The partnership seeks to open up international investment opportunities for businesspeople, employees and other Tanzanians interested in investing in the property and real estate sector abroad.
Speaking shortly after the signing of the agreement in Dar es Salaam recently, Mkuyu Africa Chief Executive Officer, Juneid Othman, said the partnership would make it easier for Tanzanians to purchase properties in Dubai without having to travel there during the initial stages of the buying process.
He said Mkuyu Africa would serve as a link between Tanzanian buyers and DAMAC Properties by showcasing available projects and properties, guiding prospective buyers through the purchasing procedures and facilitating the completion of transactions.
“We have been accustomed to seeing foreign investors coming to Tanzania to explore investment opportunities. Through this partnership between Mkuyu Africa and DAMAC, Tanzanians can now also own homes and apartments in Dubai while still in Tanzania,” said Mr Othman.
He explained that prospective buyers could begin the property ownership process with an initial payment of five per cent of the property’s value, with the remaining amount payable in accordance with the agreed payment terms and schedule, until the property is handed over together with the legally required ownership documents in Dubai.
Mr Othman said the initiative was aimed at expanding Tanzanians’ participation in international investment, particularly in the real estate sector, which offers opportunities for wealth creation, property value appreciation and additional income.
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He added that, to make the process more convenient and provide buyers with first-hand experience, Mkuyu Africa, in collaboration with DAMAC, had put in place arrangements to facilitate buyers’ trips to Dubai to visit projects, inspect properties they intend to purchase and participate in the handover process in accordance with the purchase agreements.
For her part, DAMAC Properties Sales Manager and Investment Adviser, Farah Al Hashimy, said the company was among the leading property developers in Dubai, with a portfolio of modern and luxury residential developments, including Chelsea Residences.
She said the partnership would give Tanzanians greater access to information and services relating to DAMAC projects while strengthening business relations between the two companies.
The partnership is also expected to deliver mutual benefits by creating opportunities for investors from Dubai to explore investment prospects in Tanzania through Mkuyu Africa, while Tanzanians will be able to invest in Dubai through DAMAC Properties.
The initiative reflects broader efforts to strengthen economic and commercial ties between Tanzania and international markets, in line with the Government’s drive to position the country as an attractive destination for foreign capital and international investment
