I.A.S. International (“IAS”), a Qatar-based investment company, today announced the launch of more than Euro 1 billion worth of projects in the Central African Republic (“CAR”). One of its prominent ventures will be the Cite Lumiere, the Central African region’s first Special Economic zone.
The launch took place on the occasion of the fifth anniversary of the accession of CAR President, Francois Bozize, and was attended by IAS Chairman, Mr. Issam Abu Issa along with 60 delegates of IAS business partners.
Alongside President Bozize were numerous heads of neighbouring countries including Cameroon, Equatorial Guinea, Gabon, Chad, Sudan, The Democratic Republic of Congo and The Republic of Congo. High ranking government officials and foreign ambassadors were also present at the launch, which was followed by a military parade and a gala dinner hosted at the presidential palace. Mr. Abu Issa led a group of international investors and industry leaders from the Middle East, China, India, the USA and Europe to demonstrate the extensive investment opportunities in the country.
Commenting on the potential of the Central African Republic, Mr. Abu Issa said: “This development represents a turnaround point for the CAR and region. It is our objective to create one of the first free zones in Central Africa, which we are confident will help CAR to become a future super hub and will be a catalyst for extensive economic growth and development. Investors from around the globe are becoming increasingly aware of the range of opportunities here and we are grateful to have the full support of President Bozize and his people in this ground-breaking venture.”
Francois Bozize, President of the Central African Republic, said: “Increasing direct foreign investment into Africa has brought us promising economic growth and a new era of sustainable development. This is now an economic turning point for the Central African region and we are honoured that Mr. Abu Issa recognizes the enormous potential our country can offer. We welcome the long-term commitment of IAS and look forward to the company’s invaluable contribution to the development of our economy.“
IAS has already invested in CAR in areas including gold and diamond, oil and gas exploration, timber, and water plants. The latest project to be undertaken by IAS is the Cite Lumiere, the only Tax Exempt island in the Central African region, situated on the Oubangui River.
This currently undeveloped island will be accessible to Bangui, the capital city of CAR, by bridge and is set to become a dynamic urban community in the heart of the central part of Africa. The project will consist of a central commercial district and two residential communities. The total size of the commercial district will be approximately 370,000 m2 and will be divided into four zones: office park; civic zone; 5 star hotel and apartments; and shopping centre and 4 star hotel and offices. The residential communities will be approximately 1,600 lots separated into two communities.
CDI (Centrafricaine de Developpement et d’Investissments) an IAS subsidiary, is the developer and owner of the island, with a budget of Euros 500 million for completion by 2016.
Foreign direct investment in Africa doubled to $36 billion between 2004 and 2006. Investors from the GCC, led by Saudi Arabia, Kuwait and Qatar, have injected billions of dollars in projects across the continent in a range of sectors, focusing primarily on infrastructure, telecoms, banking and tourism.
The Central African Republic has a population of 4.3 million (UN, 2007) and covers an area of 622,984 sq km, consisting of extensive untouched rainforests. Surrounding countries include Chad, Sudan, the Democratic Republic of Congo, The Republic of Congo and Cameroon.
