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Dubai World Cancels Rwanda Tourism Developments

ImageDubai World has cancelled between six and eight tourism development projects in Rwanda.  These projects were part of a $230 million investment announced by the company in 2007.  Dubai World had said the $230 million investment would have been managed by its subsidiary Istithmar Real Estate and “make a significant contribution to the tourism offering in Rwanda.” 

The Rwanda Development Board (RDB) said Dubai World cited the affects of the global financial crisis as the reason for scrapping all but two of its ambitious tourism plans.   Deputy CEO of RDB, Clare Akamanzi, said the planned projects included an eco lodge in Akagera National Park, and a luxury hotel and golf course in the capital of Kigali.   Dubai World will continue developing two projects – an eco lodge at Nyungwe Forest National Park and redevelopment of a lodge in Kinigi, near Volcanoes National Park.

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