INTERNATIONAL investor and developer Dubai World continues to demonstrate confidence in South Africa, despite weak global economic conditions, based on the solid performance of its existing assets in the country.
Dubai World is the major equity partner in the new Kerzner International’s One&Only luxury hotel at the Victoria and Alfred Waterfront in Cape Town. In addition to being joint developers, Dubai World has also provided finance for the project and is part of the consortium that owns the Victoria and Alfred Waterfront land on which the hotel is developed.
Sultan Ahmed Bin Sulayem, chairman of Dubai World, who is visiting South Africa for the hotel’s opening, expressed immense confidence in local economic conditions.
“Our investments in South Africa continue to perform strongly in the current market, which bodes well for our latest business venture in One&Only at the Victoria and Alfred Waterfront. It also indicates that there are still positive opportunities for the continued growth within our South African investment portfolio,” he says. “We are certain that our long-term investment vision in South Africa will continue to produce positive results.”
Sultan Ahmed Bin Sulayem considers South Africa a relative investment hotspot, notwithstanding the current global economic climate. “Our strategy is to invest in high-end assets in key destinations around the world, which deliver real, measurable results. Our South African portfolio is certainly performing to these criteria.”
South Africa’s increasing presence on the global stage, specifically in terms of sport tourism as host of the Fifa 2010 World Cup and the Indian Premier League amongst other high-profile events, means that there are vast levels of demand for additional amenities for hospitality and tourism, explains Dubai World Africa Services (DWAS) Managing Director, Mike Griffin.
Griffin explains that hospitality and tourism are sectors that DWAS has identified as having tremendous potential which can be unlocked by its investment model. As a result a number of additional projects and developments are currently being undertaken or considered by DWAS in South Africa.
Griffin adds that DWAS’s planned new projects in South Africa, the majority of which involve the development roll-out, maximising and enhancing its existing assets, remain relevant and will be pursued. “These investments will benefit the South African economy and contribute to the development of infrastructure, employment, tourism and conservation projects,” notes Griffin.
