The Kenyatta International Convention Centre (KICC) generated Ksh1.07 billion in revenue between July to December 2023 amid plans to privatise the national monument.
In a statement issued by Tourism Cabinet Secretary Alfred Mutua on Thursday, the revenue generated in the six months was monumental given that KICC had a set target of Ksh500 million for the same period.
Mutua made the revelation after convening a board meeting to discuss the financial status of the entity and its management operations.
Notably, the revenue generated was credited to the numerous conferences held at the facility within the six months.
Notably, President William Ruto hosted the African Climate Summit at the venue between September 3-6, 2023. The event was attended by over 10,000 international delegates including presidents and heads of government.
Additionally, KICC also generated rent given that several lawmakers have offices at the 105-meter-high building.
"Led by Chairperson Adelina Mwau, the board shared insights into their ongoing efforts to develop a new marketing plan aimed at positioning KICC as the premier destination for conferences and exhibitions within the region.
"Impressively, KICC Kenya has set ambitious revenue targets and has already surpassed expectations, boasting an improved performance of Ksh1.07 billion between July and December 2023, against a target of Ksh545 million," Mutua stated.
On the other hand, Mutua indicated that the government had earmarked a strategic partner who would be onboarded to help revamp its operations.
"I announced plans to reconvene with the board next week to delve into the process of onboarding a strategic partner. This partner will play a pivotal role in revitalising KICC, infusing capital, and elevating it into a world-class facility poised for even greater success," Mutua revealed.
However, the CS did not explain if the strategic partner was part of the government's privatisation plan.
KICC was among the government corporations that were listed for privatisation by the Treasury in 2023.
At the time, the Treasury explained that privatisation would make it competitive and reduce its reliance on the government for funding through the exchequer.
However, there was an uproar among Kenyans over the privatisation plans given that KICC is a national monument.
