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Mon 3 Mar 2008 06:20 PM

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Dubai targets further Africa investment

State-owned Dubai World to build $70mn luxury beachfront project in Comoros islands.

Dubai targets further Africa investment
ISLAND LIFE: Dubai World will invest $70 million in a luxury beachfront project in the Comoros islands. (Getty Images)

State-owned conglomerate Dubai World is ramping up its aggressive investment campaign in Africa, on Mondayannouncingit will spend $70 million to build a luxury beachfront development in the Comoros islands.

Dubai World’s Africa subsidiary will develop the luxury resort - to be managed by Kempinski Hotels - on the Grand Comore island, near the country’s capital Moroni, one of four islands that make up the nation archipelago in the Mozambique Channel.

The project involves the demolition of the existing Le Galawa Beach hotel and spa and construction of a 150-room hotel and over 100 new upscale residential villas and townhouses.

Sultan Ahmed bin Sulayem, chairman of Dubai World, said the development was the first stage of a strategic partnership with the Comoros government.

The project will be divided in two phases, with the first phase scheduled for completion in early 2010.

Dubai World's African business model currently includes over 30 investment projects such as marine terminals in Djibouti, Dakar and Maputo and wildlife reserves in Rwanda and South Africa.

Bin Sulayem has previously said the conglomerate will invest $1.5 billion in the emerging African economies over the next five years.

The Comoros announcement follows a report on Sunday that Dubai World is preparing bids worth at least $795 million for three premier Scottish golf courses.

According to the UK’s Observer newspaper, Dubai World is in advanced talks to acquire the Turnberry course and adjacent luxury hotel from its US owner, Starwood Hotels and Resorts.

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