Rwanda official upbeat on Dubai's tourism investments

TOURISM PROJECTS: Istithmar World is investing in two tourism projects in Rwanda.

A senior Rwandan tourism official does not expect the country's investment projects by Dubai's Istithmar World to be affected in the light of parent company Dubai World's debt announcement, it was reported on Thursday.

"Regarding investments in Rwanda, we have not received any indication of change of strategy from the previous report," Chantal Rugamba, the deputy CEO at Rwanda Development Board told Rwanda's Business Times.

In August, Dubai World scrapped six of eight planned tourism developments in Rwanda in a dramatic scaling back of a $230m investment first announced by the firm in 2007.

But Rugamba said the UAE-based conglomerate was expected to continue with two projects - the redevelopment of a lodge in Kinigi, near Volcanoes National Park, which is home to one of the world’s last mountain gorilla bands, and an eco-lodge at Nyungwe Forest National Park.

The company initially intended to invest in eight tourism facilities, including luxury hotels, a residential golf course development, residential, high-end eco lodges, and the 1,080 square kilometre, Akagera National Park.

Under the rescheduling of $26bn worth of Dubai World debts, related to its property units Nakheel and Limitless, Istithmar World is not affected by the process.

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