Windhoek, Khomas -- (SBWIRE) -- 10/11/2011 -- 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 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 Park, Namibia.
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 2015.
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 Groot Property Group (Pty) Ltd at http://www.grootgroup.com.
Simon Kapenda, VP Development Operations
Groot Property Group (Pty) Ltd
Web site: http://www.grootgroup.com