The International Finance Corporation (IFC) and Zaria Group, co-founded by NBA Champion Masai Ujiri and Dallas Mavericks president, on Friday, May 15, announced a partnership to develop sports and entertainment arenas in key African cities, with the aim of catalysing job creation, especially for youth, and unlocking a new asset class linked to Africa’s creative economy. As part of the partnership, IFC and Zaria Group will establish a platform approach to sports and entertainment districts. The proposed Zaria District Platform seeks to develop and operate sports and entertainment venues that are commercially sustainable and able to anchor local creative industries. Initial focus areas are Kigali and Nairobi, with a longer term ambition to expand to other African cities. The Nairobi project is expected to generate approximately 3,500 construction jobs, approximately 1,500 permanent jobs, and some 25,000 event based jobs, while supporting tourism and urban development priorities under Kenya’s Vision 2030. The IFC is advancing this partnership to support Zaria Group’s creation of a platform to activate this emerging asset class, including mobilizing a financing package, and an upstream and advisory engagement. Masai Ujiri noted that the sports and entertainment economy in Africa is booming, but there is a need for the infrastructure to match it. “We’re incredibly proud to partner with IFC to deliver exactly that. When you build the right foundation with the right partners, extraordinary things happen. These districts will generate thousands of jobs, empower local businesses, and become hubs where African culture and talent thrive,” he said. “We look forward to building sustainable models that keep wealth on the continent and create opportunity at scale, turning Africa's creative potential into economic reality,” he added. IFC Managing Director Makhtar Diop said Africa’s creative industries are emerging as major engines of jobs, skills, and inclusion and the IFC wants to play a role in scaling their impact. “Sectors such as sports and entertainment already employ millions worldwide and provide accessible entry points into the formal economy, especially for young people and women,” he noted.
