CS Kuria Gazettes Special Title To Ksh25 Billion Two Rivers Mall

Trade, Industry and Investments Cabinet Secretary (CS) Moses Kuria on Tuesday, June 20 gazetted the Ksh25 billion popular Two Rivers Mall in Ruaka as a Special Economic Zone. 

The CS handed the city-famous shopping mall the unique status in a Gazette Notice in line with the Special Economic Zones Act.

"In exercise of the powers conferred by section 4 (1) of the Special Economic Zones Act, the Cabinet Secretary for Investments, Trade and Industry declares the land specified in the Schedule hereto to be a Special Economic Zone.

An aerial view of Two Rivers Mall. /YOUTUBE

"Part of the parcel of land known as Title Number LR No. 22/365, originally 22/360, measuring approximately 25.089 hectares (64 acres) or thereabouts, is situated in Nairobi County," read the notice.

The CS hailed the move to grant Two Rivers the Special Economic Zone title, terming it a huge step in turning around Kenya's economic landscape.

"The gazettement of Two Rivers International Financial Center as a Special Economic Zone marks a giant milestone in the development of Kenya's economic landscape and a major boost for Africa's global investment profile," he tweeted.

A special economic zone is an area in a country that is subject to different economic regulations than other regions within the same country. The economic regulations of special economic zones (SEZs) tend to be conducive to and attract foreign direct investment.

In Kenya, SEZs are designated areas aimed at promoting and facilitating export-oriented investments in a bid to boost inflows. The zones are spread across Naivasha, Mombasa, Kisumu and Machakos and there are plans to provide more land for the facilities.

Examples of SEZs include Free-Port Zones, Free-Trade Zones, Business Service Parks, Science and Technology Zones, ICT parks, Agricultural Zones, Industrial parks and Tourist, Recreational & Conferencing Zones.

Two Rivers Mall is a 25.1 billion development project by Centum Group, which is majority-owned by the late billionaire Chris Kirubi and takes up 58% of the shares.

Other shareholders include the Aviation Industry Corporation of China (AVIC) International with 39% of the shares and State-Owned Investment Firm ICDC taking up 3% of the shares.

It first opened its doors to the public on February 14, 2017, and it welcomed an average of 10,000 people per day for the first few days.

It is a one-of-a-kind mall hosting over 200 stores, multiple eateries, and an amusement park and is considered the largest mall in East Africa, pending the emergence of Business Bay Square Mall in Eastleigh, Nairobi.

A photo of Two Rivers Mall in Nairobi taken in 2020. /MARVIN CHEGE.VIRALTEAKE