Dubai officials recently revealed that several UAE-based private investors are reportedly gearing up to invest in new real estate projects in the country of Djibouti. The move follows a management takeover of the East African country's major harbor by Dubai's government-owned port operator, DP World.
"After Dubai government's investments in Djibouti, interest of foreign businessmen in the country has grown," said Mehrdad Radseresht, a Dubai-based businessman and advisor on foreign investment to Djibouti's President, Esmail Omar Guelleh, according to Gulf News.
Future development plans in Djibouti by UAE investors include the establishment of two hotels as well as a waterfront tourist complex.
More than Dh2.2 billion ($600 million) has already been invested by Dubai-based entities in Djibouti.
DP World currently manages Djibouti's seaport and airport, and has invested $30 million in the Horizon Djibouti Terminal facility.
In addition, it has committed $300 million to construct a new container terminal in the Doraleh area. A $150-million oil terminal has already been built in Doraleh.
A free trade zone is also being established by Djibouti authorities that will be managed by the Jebel Ali Free Zone Authority. Additionally, Dubai Customs International has secured an agreement with Djibouti authorities to manage its customs administration.
© 2006 Mena Report (www.menareport.com)
