Gulf investors looking for projects in Western Cape

Dubai: Several Gulf investors, including Prince Al Waleed Bin Talal of Saudi Arabia, are considering investing in South Africa's Western Cape, the province's premier said.

They are looking for projects in sectors such as real estate, port, petrochemicals and tourism.

"In Saudi Arabia the interest in infrastructure and port investments in Western Cape is enormous," Premier Ebrahim Rasool told Gulf News.

He said Saudi Arabia is keen to assist Western Cape in transforming Saldanha Harbour into a leading petrochemical port in Sub-Saharan Africa.

"Throughout the banking and finance industry in the Middle East, there is a similar search for opportunities," Rasool added.

Saudi initiative

Prince Al Waleed Bin Talal has already identified a waterfront development site.

The premier said last year's purchase of V&A Waterfront in Cape Town by Dubai private equity firm Istithmar and its British and South African partners has generated investor interest in the province from several countries from India to Brazil.

The Western Cape government is working on a detailed development strategy to be introduced in the next few months.

"This means that we will be even better placed to respond to this investment interest," Rasool said.

Investors from Turkey and India are on the lookout for opportunities in the region.

The Tata Group is searching for new sites in Cape Town and has one hotel under construction, the premier said.

The province has entered into agreements with the Indian movie industry that will ensure 200 days of shooting each year in South African region.

Opportunities

"These are just some of the opportunities that have been opened up. We are trying to encourage a new set of investors, in addition to our traditional investors in the West, to help us develop our economy and create jobs," he said.

Article by: Shakir Husain - http://archive.gulfnews.com