The Cabinet Wednesday approved the sale of shares in at least Seven state-owned hotels and lodges.
According to a statement from the Executive Office of the President, the sale will see the growth of the hospitality sector.
The move will also help create employment.
“These divestures are expected to stimulate the expansion of our nation’s hospitality industry and grow the individual units through private sector investment,” the dispatch reads in part.
“This move aligns with the ongoing rebound of the tourism sector that has been buoyed by the Visa-Free entry regime in Kenya, and promises to deliver increased employment and business opportunities in both the divested enterprises as well as across the entire tourism sector.”
The hotels and lodges up for sale include; Mombasa Beach Hotel, Ngulia Safari Lodge, and Voi Safari Lodge, all operating under Kenya Safari Lodges and Hotels Limited, Golf Hotel Limited, Sunset Hotel Limited, Mt. Elgon Lodge Limited, and Kabarnet Hotel Limited.
The Cabinet further okayed the privatisation of the Development Bank of Kenya.
“The decision by our nation’s apex policy-making organ was informed by the fact the Bank had fully transitioned into a fully-fledged Deposit-taking commercial bank regulated by the Central Bank of Kenya (CBK).”
In November 2023, the National Treasury announced plans to sell 11 parastatals.
They include the iconic Kenyatta International Convention Centre (KICC), Kenya Literature Bureau, National Oil Corporation, Kenya Seed Company Limited, Mwea Rice Mills, Western Kenya Rice Mills Limited, Kenya Pipeline Company and New Kenya Cooperative Creameries.
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