Rendeavour, Africa’s largest urban land developer, announced today its support for the Global Entrepreneurship Summit (GES), which will feature US President Barack Obama and will be held in Nairobi on 25-26 July. The GES will take place just a short distance from Tatu City, Rendeavour’s flagship project to bring affordable, middle-class housing and jobs in a mixed-use planned community on the outskirts of the Kenyan capital.
“The African entrepreneurs represented by the GES are the future residents of Tatu City and Rendeavour’s other development projects around the continent,” said Frank Mosier, Rendeavour’s lead American investor. “As an American investor in Africa, I am pleased to see the US government recognize Africa’s growing middle class and entrepreneurial drive. It’s in that spirit that we are proud to be an official sponsor of the GES.”
In addition to Rendeavour’s commitment as a top-level sponsor alongside the likes of Google, Coca-Cola and Ernst & Young, the company will participate in the GES’ Women + Youth day – a high-level conversation about mobilizing this significant demographic in the developing world. Rendeavour also will serve as an adviser to participating African entrepreneurs on matters related to financing entrepreneurship, and attracting venture capital and private equity, as well as how best to address challenges in entrepreneurship.
Rendeavour’s participation in GES comes on the heels of the company’s construction kickoff of Tatu City’s first residential phase, Kijani Ridge, a major investment milestone in Kenya. An event marking the occasion last Saturday was attended by Kenya’s Cabinet Secretary for Foreign Affairs and International Trade Amina Mohamed, US Ambassador to Kenya Robert Godec and Kiambu County Governor William Kabogo. When completed, Tatu City will be home to more than 70,000 residents and 30,000 day visitors; it will create tens of thousands of jobs during its 20-year, phased development.
In addition to Kenya, Rendeavour is actively developing mixed-income, mixed-use properties in Nigeria, Ghana, Zambia and the Democratic Republic of Congo. As one of the top foreign investors in Africa, Rendeavour and its partners are making $1.8 billion in investments to develop more than 30,000 acres of land outside seven major cities. All told, 490,000 primarily middle-income Africans (homes starting at $25,000) will live in those developments, which will also host 210,000 visitors daily. Hundreds of thousands of permanent and temporary jobs – many of them going to entrepreneurs – will be created over the project lifetimes.