Already, a buyout bid with the proprietor of City Market supermarket in Kigali has been finalised. The conclusion of the buyout plan paves way for the establishment of Nakumatt City Centre at the prestigious Union Trade Centre (UTC) complex in Kigali.
Nakumatt Holdings Director Thiagarajan Ramamurthy confirmed that the new outlet would be the retailer's first regional branch. The firm, he added would be trading in Rwanda under the Nakumatt Rwanda SARL trading name (SARL means Société À Responsabilité Limitée – a limited company).
Vincent Karega, Rwandese Minister of State in Charge of Industry and Investment Promotion has welcomed the retailer's entry into Rwanda, terming it as an affirmation on the country's investor confidence. The Rwandese minister expressed optimism that Nakumatt's entry will facilitate lower retail prices for a variety of commodities to be available at the proposed outlets.
The retailer's entry is a result of Rwanda's sustained efforts to attract investors by creating a conducive business environment climate in East Africa.
Rwanda Investment and Promotional Agency (RIEPA)'s Director General, Francis Gatare, said, “For very strategic reasons, our economy is not only virgin, across all sectors, but the necessary political, legislative and institutional reforms have been put in place to make this country a truly ideal investment location,” added Gatare.
In the first phase, Nakumatt Rwanda SARL will offer more than 60 new jobs to eligible Rwandese nationals and will embark on a strategic program to develop the capacity of Rwandan manufacturers and producers. The outlet will also entrench strategic and sustainable corporate social responsibility programs focusing on sustainable social investments and corporate governance.
The groundbreaking ceremony for the proposed US$18m Gateway mall is set for next month ahead of a scheduled opening in the third quarter of 2009.
In Kenya, Nakumatt stores are renowned for their unique features such as a one Price Policy and a Nakumatt Academy at the Jomo Kenyatta University of Agriculture and Technology (JKUAT). It has a network of 19 branches throughout Kenya and is the first company in sub-Sahara Africa to introduce 24-hour services at selected branches.
Last year, the group made its debut ranking in the prestigious Planet Retail top 30 global retailers listing.
