Business | Construction
Dubai World to invest $7om in Comoros project
Dubai World Africa, a subsidiary of Dubai World, has announced that it will invest $70 million in the development of a five-star international luxury hotel and 22.5 hectares of adjacent prime beachfront, with over 100 new upscale residential villas and townhouses, in Comoros.
- Staff Report
- Published: 00:31 March 4, 2008
Dubai: Dubai World Africa, a subsidiary of Dubai World, has announced that it will invest $70 million in the development of a five-star international luxury hotel and 22.5 hectares of adjacent prime beachfront, with over 100 new upscale residential villas and townhouses, in Comoros.
The company, which has interests ranging from real estate to ports, also announced the appointment of Kempinski Hotels to manage the luxury beach resort in the Comoros.
Sultan Ahmad Bin Sulayem, Chairman of Dubai World, said: "The development of the beach resort marks the first stage of a strategic partnership between Dubai World Africa and the Government of the Comoros. We believe our partnership and the expertise of Kempinski Hotels will make a significant contribution to the tourism offering in Comoros."
Dubai World Comoros Limited, in which the Union of Comoros Government is a shareholder together with Dubai World Africa, was established specifically for the acquisition of this landmark property. The project will undertake the redevelopment of the Comoros' leading hotel, Le Galawa Beach. It is situated on Grande Comore (Ngazidja) near capital Moroni.
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