The eThekwini Municipality has attracted billions of rand in investment. Picture: Xinhua
EThekwini Municipality remains one of the top destinations for investment, with billions of rand being earmarked for various development projects.
According to the City’s annual report, in the 2023-2024 financial year, the municipality received thousands of applications for development.
The revelations have been welcomed by the business community, who view it as a fulfilment of the pledges made during an investment conference recently.
They believe that if the City can “get its ducks in a row,” the investment figure could more than double to approximately R200 billion.
The report released recently showed that from July 1, 2023 to June 30, 2024, the Development Applications and Approvals Branch processed a total of 10196 applications. Out of the total applications, 3825 were approved, with a total value of over R69 million.
The report elaborated that development/building applications refer to those submitted to the Local Authority for approval under Section 4 of the National Building Regulations (NBR) and the Building Standards Act.
These applications cover a wide range of development projects, including new buildings (houses, offices, shopping centres), additions and alterations to existing buildings, minor building works applications, renovations or other significant changes on building that may necessitate Local Authority approval.
Approved applications are those that have met the necessary compliance standards as set out in the National Building Regulations and Building Standards Act, ensuring that the project complies with safety, structural, environmental, and legal requirements needed for construction to commence.
The report also indicated that in the past financial year, the City’s Development Facilitation Department processed 15 planning applications related to Catalytic Projects.
These applications included components ranging from scheme amendments to consolidations and subdivisions.
“There were 12 Strategic Projects, which comprised the same components. These Strategic Projects have a value of between R100m and R499m,” the report said.
The City detailed key developments that have been approved or are currently under way, these include:
Other infrastructure investments include:
Business experts and economists said the investments were indicative of the City’s potential and could have been much bigger.
City manager Musa Mbhele said:
“The City is on the brink of an economic rise, with approximately R217bn of investment being ploughed into the eThekwini region through our catalytic projects.”
He said the projects are expected to create over 300000 construction job opportunities and 120000 permanent jobs.
“We welcome the confidence shown by investors in the private sector and the City is committed to supporting their developments.
“Our City’s ability to mobilise public-private collaboration in pursuit of rapid economic growth and transformation forms a catalyst for the delivery of new opportunities for the benefit of all our citizens, thus improving the quality of their lives.”
Andrzej Kiepiela, co-ordinator of the KwaZulu-Natal Growth Coalition, said the investment committed was an improvement from the previous financial year.
“The investment committed to development is part of the R78bn pledged, presented, and signed at the investment conference organised by Trade Investment KwaZulu-Natal in partnership with the provincial government and with the input and co-operation of organised business.
“That is a substantial amount of money and shows that there is still an appetite for development. However, that figure should exceed R250bn if we can get our ducks in a row properly. It is definitely an improvement from what it was in 2022-2023.”
Economist Professor Bonke Dumisa agreed that eThekwini has huge potential.
He said Durban has the capacity to attract huge investment running into hundreds of billions of rand, pointing out that Durban is the second-largest metropolitan area in the country, behind Gauteng.
However, Dumisa noted that most of the development is not taking place in the CBD but in areas such as uMhlanga.
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