The Tanzanian real estate firm Mkuyu Africa has entered into a formal business partnership with the Dubai-based developer DAMAC Properties. According to the Daily News, the agreement aims to create direct investment opportunities for Tanzanians seeking to acquire modern homes and apartments in the United Arab Emirates. The collaboration is designed to bridge the gap between local investors and international property markets, allowing Tanzanians to purchase real estate abroad without the immediate need for physical presence in Dubai.
Juneid Othman, the chief executive officer of Mkuyu Africa, stated that the partnership simplifies the purchasing process for local buyers. He explained that his company will act as the primary link between Tanzanian clients and DAMAC Properties. This role involves showcasing available projects, guiding prospective buyers through the necessary legal and financial procedures, and facilitating the completion of transactions. Othman noted that while foreign investors frequently visit Tanzania, this initiative reverses the flow, enabling Tanzanians to own properties in Dubai while remaining in their home country.
The financial structure of the partnership allows for significant flexibility. Prospective buyers can initiate the ownership process by making an initial payment of five percent of the property's total value. The remaining balance is payable according to agreed terms and schedules until the property is handed over along with all legally required ownership documents in Dubai. To provide a tangible experience, the companies have also arranged for buyers to visit Dubai to inspect properties and participate in handover ceremonies in accordance with their purchase agreements.
Farah Al Hashimy, DAMAC Properties' sales manager and investment adviser, highlighted that the developer is a leading provider of luxury residential projects, including the Chelsea Residences. She stated that the partnership grants Tanzanians greater access to information and services related to DAMAC’s portfolio. Beyond facilitating Tanzanian investments in Dubai, the deal is expected to create reciprocal benefits. It opens doors for investors from Dubai to explore opportunities in Tanzania through Mkuyu Africa, thereby strengthening commercial ties between the two nations.
The initiative aligns with broader government efforts to position Tanzania as an attractive destination for foreign capital. By enabling local citizens to invest internationally, the partnership supports wealth creation and property value appreciation for Tanzanian businesspeople and employees. The Daily News reported that this development reflects a strategic move to expand participation in the global real estate sector, fostering economic links that extend beyond traditional foreign direct investment into Tanzania.