Groot Property Group (Pty) Ltd to Build a World-Class Engineering College and Research
Institute in Namibia
FOR IMMEDIATE RELEASE -- WINDHOEK, Namibia, October 10, 2011 (Groot Property Group) --
WINDHOEK, Namibia -- October 10, 2011 -- Groot Property Group (Pty) Ltd is developing a rapid
industrial ecosystem in Namibia with more than 60 different projects which includes Groot (a new
town), 900 MW Gas-fired Power Plant, Steel Mill Plant, Medical Center, Wire and Cable Plant, and
more related industrial projects that would enable a creation of more than 500,000 direct and
indirect better paying and sustainable job opportunities in Namibia within 3 years.
Namibia has a population of about 2.2 million, with a workforce of about 729,000 and the current
unemployment rate at about 54%; however, only about 25% of the workforce is comprised of high
productive professionals (those with post-secondary education or 3+ years of working experience). For
Namibia to meet the next generation of labor supply as effected by our Ecosystem, there's a great
need for a premium 'MIT like' engineering college that will produce the most and well trained
engineers, chemists, scientists, and management professionals for Namibia.
As part of the ecosystem development in Namibia, with anchor partners for the new Groot community
poised to demand quality labors, the Company seeks to help fill this gap in the long-run by building
a world-class engineering college and research institute, namely; Namibia Institute of Technology
(NIT) and Namibia Research Institute (NRI) on 300 hectares of land at Groot near Etosha National
For the development of NIT, Groot Property Group (Pty) Ltd seeks to work with the faculty and
professors from the world's top best universities and leading research institutions such as Massachusetts
Institute of Technology (MIT) (USA), Harvard University (USA), California Institute of Technology
(Caltech) (USA), The Ohio State University (USA), Tokyo University of Technology (Japan), India
Institute of Technology (IIT) (India), and Georgia Institute of Technology (USA), to develop and
setup the Curriculum, Courses, Syllabus, and Study Programs for Namibia Institute of Technology, as
a world-class engineering college.
"Basically, we're copying the model used by Tsinghua University School of Economics and Management
in China. When they set up Tsinghua Business School a few years ago, which today ranks as one of the
world's top best, they used faculty and professors from some of the world leading universities including
Harvard, Yale, MIT, INSEAD, etc., to set up their curriculum, courses and programs, and that in part
helped Tsinghua MBA program to become one of the world's top ranked. In fact, the university is one of
the highest top ranked universities in China." Says Simon Kapenda (PhD) Candidate, VP Development
Operations and Chief Economist of Groot Property Group (Pty) Ltd.
The admission to NIT will be selective and will seek to admit only the hardworking, brightest and
talented students in Namibia and Africa at large. Upon its completion, within the first 3 to 5 years,
NIT is expect to have an enrollment of more than 6,000 undergraduate students from all over Africa,
Europe, and Asia, with more than 400 Faculty, and more than 2,200 full-time employees.
"NIT plans to offer the most intensive engineering curriculum and training, while NRI in collaboration
with NIT, will offer superior training in technology research labs in order to help educate, train, and
produce the best engineers, biochemists, and scientists to meet the demand for the next generation of
Namibia's industrial economy as designed to help Namibia become the premier industrial and information
technology economy." Added Simon Kapenda (PhD) Candidate.
The development and construction budget for Namibia Institute of Technology is US$400 million (N$3.2
billion) and for Namibia Research Institute is US$150 million (N$1.2 billion), for a total combined
budget of US$550 million (N$4.4 billion), which is expected to be provided by the Company's financing
partners on an equity and debt basis.
The construction for both NIT and NRI is expected to begin in mid-2012 and be completed by the end of
2014. Enrollment will begin in 2014 and classes at NIT are expected to commence in the first quarter of
About Groot Property Group (Pty) Ltd
Groot Property Group (Pty) Ltd is a Namibia-based premier rapid industrial development and foreign
direct investment management company which focuses on implementing applied neuroeconomics and systems
dynamic to efficiently explore, develop, and manage self-sustained ecosystems for the slow-developing
and stagnant economies. Learn more about the Groot Property Group (Pty) Ltd at www.grootgroup.com.
Source: Groot Property Group (Pty) Ltd.
Simon Kapenda, VP Development Operations
Groot Property Group (Pty) Ltd.