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Economic Development

The Jubilee Insurance Group, which was incorporated in Kenya in 1937, subsequently extended its facilities to Tanzania.The Jubilee Insurance Group, which was incorporated in Kenya in 1937, subsequently extended its facilities to Tanzania.

For more information about the Aga Khan Fund for Economic Development (AKFED), please see the AKFED Home Page.

The Network’s investment in sub-Saharan Africa’s private sector dates as far back as the 1930s and 1940s when financial institutions were established to meet the insurance, credit and housing needs of the Ismaili community in East Africa. Thereafter, the scope was extended not only to other areas such as industry and tourism, but also to the wider population.

Financial Services
The Jubilee Insurance Group, which was incorporated in Kenya in 1937, subsequently extended its facilities to Tanzania. Headquartered in Dar es Salaam, Jubilee Insurance has branches in Mwanza, Arusha, Mbeya and Zanzibar.

In 1946, marking the celebration of the Diamond Jubilee of Sir Sultan Mahomed Shah, the late grandfather of the Aga Khan, the Diamond Jubilee Investment Trust Company Limited (DJIT) was established. Headquartered in Dar es Salaam, it served East Africa with branches in Mombasa, Kampala, Nairobi and Kisumu. It obtained full commercial banking licence in 1997 and was renamed the Diamond Trust Bank Tanzania Limited (DTBT). Through its regional affiliates in Kenya and Uganda, it provides services to small- and mid-sized corporate as well as retail customers in East Africa.

Industrial Promotion Services
In response to the focus placed on promoting the manufacturing sector after Tanzania achieved independence, the Industrial Promotion Services (IPS) was established in 1963. IPS has since invested in industries such as textiles, garments, soap, blankets, metal and hardware, printing and packaging and leather. It currently operates two companies, both acquired through the Government’s privatisation programme. Moshi Leather Industries Limited, acquired from the Government in 1994, involves processing of hides into leather with over 90 percent of the production being exported to the international market. In 1998, IPS acquired the assets of the KIBO Paper Industries Limited. Subsequently, TLL Printing & Packaging Limited was incorporated. TLL has been a recipient of the President’s Manufacturer of the Year Award in its sector.

Tourism Promotion Services
ZanzibarAn underused and partially-abandoned building that once housed the government telecoms provider, Extelcom, as well as an adjoining building that was formerly a private home, have been converted by AKFED into the Zanzibar Serena Inn (foreground).

In Tanzania, the Network’s involvement in tourism began in 1993 with the establishment of Tourism Promotion Services (TPS). Operating under the brand name, Serena Hotels, TPS supports the building and managing of hotels, resorts and lodges that incorporate local cultural and architectural traditions, while stressing local sourcing and the development of human resources. In 1996, the first lodges were opened at Lake Manyara, Ngorongoro and Serengeti National Parks and Kirawira Luxury Tented Camp. Currently, Serena operates 10 tourism properties in Tanzania.

In Zanzibar, TPS embarked on the restoration of two historic buildings (The Chinese Doctor’s Residence and the Ex-Telcom House), with assistance from the Aga Khan Trust for Culture, to establish the Zanzibar Serena Inn. It has proven to be an important economic stimulus for the town, providing significant tax revenues to the municipality and directly employing 120 people.

Media Services
The Nation Media Group, founded by the Aga Khan in 1960, has its origin in Kenya. It entered the Tanzanian market in 2002 by purchasing the majority shareholding of Mwananchi Communications Limited (MCL). MCL currently publishes Mwananchi, the Citizen and Mwanaspoti newspapers. Mwananchi, a Swahili daily, has a circulation of 25,000 copies and is the market leader in Tanzania with a market share of 40 percent. The Citizen is an English daily and Mwanaspoti is a sports and entertainment newspaper published on Tuesday and Saturday.

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