Over 250 to attend real estate conference

KIGALI - This week’s Construction and Real Estate conference is expected to attract over 250 participants from within and outside the country. The two-day event that starts tomorrow intends to outline Rwanda’s construction investment opportunities as well as promote dialogue between the public and private sectors. “We were targeting 200 people – 100 from within the country, another one hundred from outside, but we now have 155 from outside who are coming,” Claire Akamanzi, the Rwanda Development Board (RDB) Deputy CEO in charge of Business Operations and Services said to The New Times yesterday. “Now, we are expecting, at least, over two hundred and fifty participants.” Akamanzi noted that 10 “ready” projects would be promoted during the roundtable, which will further provide a networking opportunity as well as being an “excellent” occasion for potential investors to explore various local investment possibilities. Apart from the construction and real estate sectors, potential investment opportunities are still untapped across all the sectors in Rwanda’s emerging economy. According to a statement from RDB, over 100 leading construction and real estate companies will be represented at the conference and most of these companies deal in commercial and residential property, designing and architecture, contracting and property financing among others. The local construction industry is rapidly growing especially since more private real estate developers have come on board. According to available statistics, the sector has over 30 companies and an annual turnover of over Rwf 1 billion (approximately US$ 1.7m). From 2003 to 2008, the sector grew by 351 percent – from an average annual output of US$100 million to an estimated US$351 million. A number of foreign investors are in the country and with extra projects in the pipeline demand for construction-related inputs is expected to increase. Some of the mega projects that are underway include the construction of the Kigali Convention Centre, construction of 5,477 low to medium income housing, in addition to hotels and others. Another project that is currently underway is the development of the Kigali Central Business District, whose plots have now been opened to developers. Despite the significant growth, the shortage of highly skilled labour – local engineers and construction workers – remains a critical challenge. Most of this expertise is still imported. Given Rwanda’s dense population, land scarcity as well as the consideration of environmental aspects in infrastructure planning, these are also significant challenges. Being land-locked also has an impact on the cost of transportation of imported raw materials. Ends

National

Over 250 to attend real estate conference