In recent years, Rwanda has initiated a strategy focusing on the area of meetings, incentives, conferences and exhibitions (MICE) to help spur foreign investment and trade. As part of this initiative, the Private Sector Federation of Rwanda plans to construct a 60 million USD international exhibition center and shopping mall to be located in Gahanga Sector, Kicukiro District. As exhibition space has proven to be the most lucrative sector within MICE, this project is expected to propel commerce, trade, and investment, through the creation of much needed infrastructure.
Karisimbi Business Partners was engaged to create a full market analysis, technical critique, and long-term operational and funding strategy for the exhibition center. These activities were designed to both validate the project from an investment standpoint, as well as helping drive sustained financial and social returns.
Validate the Market and Competitive Environment within East Africa
Karisimbi Business Partners conducted a bottom-up industry market analysis of the East African Region including conducting interviews of all the major exhibition organizers in the East African Region and South Africa. These interviews facilitated better understanding of the specifications needed from a space to attract larger scale events and exhibitions. This in turn, allowed for the creations of forecasts of the industry within East Africa. The findings provided PSF with the validation it needed to raise further capital for the construction of the project.
Create a technical critique of the current exhibition design based on data from industry players:
In facilitating this activity, Karisimbi utilized market and financial insights to suggest updates to the existing architectural design. It is expected that such updates will help attract international events, and ultimately maximize revenue. Multiple approaches to these updates were given, to give operational decision making back to the client.
Create a long-term operational and funding strategy that will lead to sustained financial and social returns:
Designing a long-term vision and strategy was an integral part of this project; enhancing the likelihood of profitability and sustainability for the foreseeable future. To effectively address long term strategy, Karisimbi identified the key competencies of the project including finance, organization, public sector inputs, human resources, and infrastructure. As part of this, meetings were facilitated with 5 potential operating partners to handle day to day management of the facility. Key project risks and mitigation strategies were also identified, to appropriately account for longer-term market factors.
Since the project concluded in Fall 2017, the report that was generated by Karisimbi Business Partners is being used by PSF to attract potential investors, guide fundraising, and to validate the project viability to those same investors.