Dubai World through its subsidiary Nakheel Hotels & Resorts is reaffirming its commitment to Arab-African business development by lead-sponsoring the second Arab-African Investment, Banking & Business Conference in Cape Town from 27 to 29 November 2006. James Wilson, CEO of Nakheel Hotels & Resorts, will give a keynote address to the conference, and will be joined by speakers from Istithmar Leisure and Nakheel.
Fittingly the conference, organised by Omega Conferences, will be held in the famous Victoria & Alfred Waterfront, in which Nakheel Hotels & Resorts will play a major development role over the coming years. The company will work for the Dubai World and London & Regional Properties consortium, which announced plans in October to invest more than US$ 1 billion in the V&A Waterfront over the next four years. This follows the consortium’s successful purchase of the development for US$ 1 billion in September.
James Wilson, chief executive of Nakheel Hotels & Resorts, said:
“This conference, presents a marvellous opportunity for Nakheel Hotels & Resorts to show its long term aim of doing business in Southern Africa. We also hope our lead in projects such as the V&A, will fuel further confidence in the South African economy from Gulf regional and international investors.”
Wilson added that along with its partners, Nakheel Hotels & Resorts will also use the conference to explain its vision, not just for the Cape Town Waterfront but also for other parts of Southern Africa.
“Part of our visualisation for the V&A is to take what is already a successful development to the next level, creating a resort destination that is a world-leading shopping, leisure and business destination,” he said.
Wilson, who is one of the conference’s keynote speakers, will also highlight to delegates how Nakheel Hotels & Resorts is uniquely positioned to undertake this task.
“We are highly experienced in such developments, leveraging the skills and resources of our associated companies, Nakheel and Istithmar, in order to establish a global presence in the sector,” he said.
“We are focused on developing an exclusive portfolio of leading hotels and resort properties – such as the V&A, as well as strengthening the group’s regional and international alliances in the hotel, resort, hospitality and tourism sectors through acquisitions, joint ventures and new developments,” Wilson added.
Maria Ramos, CEO of Transnet, which previously held the shares, describes the development as ‘transforming both the complexion and structure of the South African economy’. She also described Nakheel Hotels & Resorts and the L&R Group as ‘well-regarded and visionary companies’.
“The deal signals cash inflow and the transfer of skills and technology, as well as confidence in South Africa’s economic system and regulatory framework,” she said.
“It also provides for 25 per cent of the shareholding to go to local black South Africans who would previously have been excluded from participation in deals of this kind.”
Omega chairman and former South African ambassador to the UK Dr Denis Worrall, comments:
“The Nakheel Hotels & Resorts investment has sent a powerful signal to other Dubai and Gulf investors. We know this because we have received many enquiries from Dubai for investment opportunities. The Cape Town conference is an excellent business platform for Dubai and UAE companies.”
Other speakers confirmed for the Arab-African Investment, Banking & Business Conference include David Spencer, CEO of Istithmar Leisure, and Andrew Jordan, Director of Development at Nakheel Hotel & Resorts, both of whom will detail the various projects underway throughout the Middle East and Africa.
It has also been announced that several other large Dubai-based corporations including Emirates and Jumeirah have signed sponsorship agreements in support of the Cape Town conference; further demonstration of the strengthening commercial links between Africa and the Middle East.
