Home » Kenyan banker Suresh Bhagwanji Shah to build $22-million hospital in Nairobi

Kenyan banker Suresh Bhagwanji Shah to build $22-million hospital in Nairobi

by Yusuf Abdulfatai
Suresh Bhagwanji Shah

NBP Holdings, a property investment company acquired by MTZ Holdings in January, and owned by Kenyan banker Suresh Bhagwanji Shah, is set to embark on a Ksh3.24 billion ($22 million) venture to construct the “World Trade Centre Hospital” on Ngong Road’s prestigious Nairobi Business Park.

This ambitious project, endorsed by an environmental and social impact assessment study commissioned by the National Environment Management Authority (Nema), is poised to bring advanced medical services to Nairobi County.

With a planned capacity of 150 beds, the hospital will be situated on a prime 2.5-acre parcel of land within the Nairobi Business Park along Ngong Road. It is expected to offer a wide range of specialized medical services, making it a notable addition to Kenya’s healthcare landscape.

According to the Nema study, the proposed project’s estimated cost of $22 million includes a 16-percent value-added tax (VAT). The facility is designed to encompass two basement floors, a ground floor, and an impressive five additional floors, highlighting its commitment to providing comprehensive healthcare services.

NBP Holdings acquired the property for more than Ksh2 billion ($13.5 million) in the preceding year and has chosen to rebrand it as the “World Trade Centre Hospital.” This strategic location will place the hospital adjacent to the Grade A office block at Nairobi Business Park, a property also acquired by MTZ Holdings earlier in the year.

MTZ Holding, the parent company of NBP Holdings, is a recently formed investment holding entity. It boasts ownership by three firms that hold a majority stake in the Nairobi Securities Exchange-listed I&M Group Plc.

Minard Holdings leads the pack with a 21.6-percent stake, followed by Tecoma Limited at 18.4 percent and Ziyungi Limited at 17.8 percent. Together, they control 57.8 percent of I&M Holdings, a company with a market value exceeding $130 million.

Shah, a top figure in Kenya’s banking industry renowned for founding I&M Group, directs the activities of these three firms. 

The “World Trade Centre Hospital” project is expected to contribute to the development of Nairobi Business Park as a multifaceted hub, with world-class medical services complementing its existing commercial offerings.

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