Jubilee Holdings is set to construct a KSh461 million headquarters in Dar es Salaam for its Tanzanian operations.
Jubilee’s chairman Nizar Juma says the construction will see the company save KSh46.1 million that its Tanzanian subsidiaries have been paying in annual rent.
The company’s subsidiaries and associates in Tanzania include Jubilee Life Insurance Corporation, and Jubilee Investments. Tanzania has been the only market where the firm is leasing offices.
The development comes even as the insurer also plans to move its group corporate headquarters from Nairobi’s Wabera Street to Upper Hill in a building previously owned by Coca-Cola and which it spent KSh1.1 billion to acquire.
Jubilee Holdings is an ISO certified insurance group listed on the three East Africa stock exchanges – The Nairobi Securities Exchange (NSE), Dar es Salaam Stock Exchange, and Uganda Securities Exchange. It has offices in Kenya, Uganda, Tanzania, Burundi and Mauritius.