KICC Makes Sh1 Billion In 6 Months Amid Privatisation Plan
KICC Makes Sh1 Billion In 6 Months Amid Privatisation Plan
KICC Makes Sh1 Billion In 6 Months Amid Privatisation Plan
Amidst efforts to privatize the national monument, the Kenyatta International Convention Centre (KICC) brought in Ksh1.07 billion in revenue from July to December 2023.The money made in the six months was enormous, according to a statement released by Tourism Cabinet Secretary Alfred Mutua on Thursday, considering that KICC had a Ksh500 million goal for the same time frame.
After calling a board meeting to address the entity’s financial situation and management practices, Mutua revealed the information.Notably, the facility hosted multiple conferences during the course of the six months, which were attributed with generating the money.
Notably, the African Climate Summit was hosted by President William Ruto from September 3–6, 2023, at the location. More than 10,000 foreign delegates, including presidents and heads of state, attended the event.Since that a number of politicians had offices at the 105-meter-tall skyscraper, KICC also made money from rent.
Led by Chairperson Adelina Mwau, the board shared insights into their ongoing efforts to develop a new marketing plan aimed at positioning KICC as the premier destination for conferences and exhibitions within the region.
“Impressively, KICC Kenya has set ambitious revenue targets and has already surpassed expectations, boasting an improved performance of Ksh1.07 billion between July and December 2023, against a target of Ksh545 million,” Mutua stated.
On the other hand, Mutua indicated that the government had earmarked a strategic partner who would be onboarded to help revamp its operations.”I announced plans to reconvene with the board next week to delve into the process of onboarding a strategic partner. This partner will play a pivotal role in revitalising KICC, infusing capital, and elevating it into a world-class facility poised for even greater success,” Mutua revealed.
If the strategic partner was a part of the government’s privatization agenda, the CS did not clarify. KICC was one of the state-owned enterprises that the Treasury put for sale in 2023. The Treasury said at the time that privatization would increase its competitiveness and lessen its dependency on exchequer funds from the government. Given that KICC is a national monument, Kenyans were outraged by the intentions for privatization.
