One of the largest Egyptian conglomerates Wadi Degla Holdings has made what is widely touted as the single largest private investment in sporting facilities in Kenya this year.
The sports and club investor signed a memorandum of agreement with Home Afrika this week. The estimated $23m US dollar deal involves investment in the golf course, building of club facilities and management of the golf course.
While signing the memorandum at Migaa in Kiambu county the President of Wadi Degla holdings Eng Adel Samy said “We invest in sporting facilities in Egypt and we have seen these facilities transform regions into cities”. Wadi Degla`s sporting facilities in Egypt support more than 75,000 families and the partnership with Migaa is expected to create some of the best sports talent development facilities in the region.
The Chairman of Home Afrika, Mr. Lee Karuri said the company considered the partnership an important one as it would enhance the lifestyles of Migaa residents. “This partnership takes us nearer in our quest to build a strong and thriving community at Migaa”
The Chairman of Home Afrika Communities Limited (a subsidiary of Home Afrika) Eng. Mbugua Kamau also expressed excitement at the strong contribution to sport the projected is expected to have “We are very excited as Wadi Degla will be bringing their world class expertise to build and run our Club house and sport facilities in Migaa,” he said.
The MOU will ensure that Wadi Degla Holdings, through their local subsidiary, Wadi Degla Investment (K) Limited, will enter into a joint venture with Home Afrika Communities Limited on a Build – and – Operate basis where they will be leased 20 acres to build a Club House and Sports Academy.
The Kiambu county deputy governor H.E. Gerald Githinji described the project as another “significant investment for Kiambu”. The launch of the partnership coincides with the commencement of another partnership between the county government and Migaa to build road lighting from Kiambu town to the now famous sporting facilities.
The CEO of Home Afrika, Njoroge Ng’ang’a added that Wadi Degla Holdings was making quite a significant investment in the facilities. “Wadi Degla will develop the remaining front 9 holes of Migaa 18 hole golf course to championship standards to the tune of $2 million (USD). This will be in addition to over $20 million (USD) they will be putting up for the Club facilities and Sports Academies.”
The members of the Wadi Degla clubs in Kenya will have a chance to reciprocate to any other Wadi Degla branch both locally and abroad and shall have rights to the facilities.
Wadi Degla is expected to complete construction of the golf course and clubhouse within 8 to 10 months; while the sports facilities will be developed within 3 years. Works on site are expected to commence within a month.