French firms target Kenya housing sector after Africa summit

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French firms have turned to Kenya’s housing market after an Africa summit hosted by Presidents William Ruto and Emmanuel Macron pushed for a shift from aid-driven ties to private investment partnerships.

The Africa Forward Summit, held on Monday, May 11 and Tuesday, May 12, brought together more than 2,000 delegates, including heads of state and multinational executives, to promote investment-led cooperation between Africa and Europe.

French officials described the talks as a move away from treating African states as aid recipients and towards positioning them as investment destinations.

That strategy quickly moved into Kenya’s property sector after a delegation of French construction and investment firms toured the Starehe Point affordable housing project in Nairobi and opened discussions on possible joint ventures.

The 6,000-unit development targets low and middle-income households through a mixed-use design that combines housing with commercial spaces, a kindergarten, gym, swimming pool and sports facilities.

Developer GulfCap Real Estate said the project has created more than 10,000 jobs and supported local industries, including small businesses and Jua Kali artisans involved in construction and supply chains.

The French delegation also received a briefing on the project’s financing model and sustainable construction technologies aimed at meeting environmental and investment standards required by European investors.

“This visit serves as a vital conduit for integrating French partnerships within our vision for large-scale sustainable urban living,” noted Chris Ochieng, chief executive of GulfCap Real Estate.

“We believe this represents a premier first-mover opportunity for international firms seeking to anchor their presence within one of Africa’s growth corridors,” added Ochieng.

Members of the delegation observed that the project reflected growing investor interest in Kenya’s affordable housing and urban infrastructure sector as the government seeks private capital to help close the country’s housing gap.