ArabianBusiness.com - Middle East Business News
Sunday, 08 November 2009 09:25 UAE time

YOUR DIRECTORY /

| Share |

Dubai World plans to invest in Zimbabwe game park

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Monday, 04 May 2009
LARGE INVESTMENT: Dubai World has plans to invest in Africa. (Getty World)

Dubai World has announced that it is investing in a game park in Zimbabwe as part of its on-going expansion plans into Africa, despite confirming the postponement of future construction developments in the Gulf.

The government-owned entity sees Africa as a prime place for future investment, and already holds major stakes in three game reserves in South Africa, according to a report in UAE daily The National.    

Zimbabwe has become more attractive to international investors since February’s power-sharing arrangement was set up between Robert Mugabe, the president, and the former opposition leader Morgan Tsvangirai.
 
At a hotel conference in Dubai on Sunday, chairman of Dubai World, Sultan bin Sulayem, said: “The game parks are basically nature reserves. Part of it is the social responsibility that we feel towards being in a country, but also part of it is investment,”


Story continues below
advertisement

“Africa is a very interesting place. It is a place where you can see growth. In Africa, you will see double-digit growth. Africa is virgin, Africa has so much charm, nature. This is something that we know we can add value to,” he added at the Arabian Hotel Investment Conference.

Africa’s “scenery would fit” Nakheel Hotel’s One&Only brand, which had opened its first resort in Cape Town last month, Sulayem said.

At the same conference Sualyem confirmed Dubai World’s announcement in January that it would be delaying all new developments, including the world’s tallest tower, concentrating instead on completing already started projects.

"Anything committed to we shall finish it, everything that cannot currently be financed will be delayed," he said.

"The tower will be delayed until the market changes. You can't build something like that in this kind of market," Sulayem concluded.

Other Dubai World projects in Africa include a string of first five-star hotels in Djibouti, which started with the Djibouti Palace Kempinski in 2006 that has seen good returns since opening.

Last year, Dubai World bought a 50 percent interest in the Kruger National Park concession owned by Singita Game Reserves.

| Share |


READERS' COMMENTS

Disclaimer: The views expressed here by our readers are not necessarily shared by ArabianBusiness.com or its employees.

Click here to post a comment


Add your Comment
All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Name *
Remember me on this computer
Email *
(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments


Please click post only once - your comment will not be published immediately.


MORE FROM ARABIANBUSINESS.COM

SHARE PRICE CHECK

RELATED LINKS

  1. Dubai World»
  2. Nakheel - UAE»

 EMAIL ALERTS

  1. Dubai World

  2. Nakheel - UAE

  3. Construction & Industry


CURRENCY CONVERTOR

Tell us your story

READER COMMENTS

  1. The tipping scandal 12
    08 Nov ' 09 at 08:39
    When we buy disposable cutlery or any disposable items, we do not take good care of it as it is disposable (not for long term use),...   More  »
  2. UAE to be among top tourist hubs in 5 years - survey 05
    08 Nov ' 09 at 08:23
    Surprised not to see Lebvanon topping the list!!it has been selected the top tourist destination this year by other credible rating...   More  »
  3. Abu Dhabi to ban all plastic bags in shops by mid-2010 04
    08 Nov ' 09 at 07:39
    A great decision!The Emirates Road, Dubai to RAK is littered with the evidence of the harm plastic bags do to the environment.They...   More  »

Read all user comments >

Gitex 2009

MORE FROM ARABIANBUSINESS.COM