Qatar to spend over $1.6bn in central Africa

By Dylan Bowman
  • Sunday, 16 March 2008 1:31 PM
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Qatari investment firm IAS International plans to spend more than $1.6 billion on real estate projects in the Central African Republic, the company said on Saturday, the latest in a string of Gulf investments in Africa.

IAS said it would develop a tax-free cluster of homes, offices and a hotel near the country's capital Bangui on an island in the Oubangui River, reported newswire Bloomberg.

IAS also has interests in mining, oil and gas and utilities in the country, according to the newswire.

Dubai World said earlier this month it would spend $70 million to build a luxury beachfront development in the Comoros islands in the Mozambique Channel.

The state-owned conglomerate has urged Gulf investors to enter into business partnerships in emerging African economies.

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