Rwanda Optimistic About Dubai Tourism Investments
Deputy CEO at Rwanda Development Board said he does not expect Dubai’s Istithmar World project to be affected by the parent company’s announcement (Dubai World) regarding its debt problems. Chantal Rugamba said “Regarding investments in Rwanda, we have not received any indication of change of strategy from the previous report,” Dubai World discontinued six of its eight planned tourism developments for Rwanda in August. This was a drastic scaling back of a sizable $230 million investment the company first announced in 2007.
Mr. Rugamba said Dubai World expects to complete at least two projects – an eco-lodge at Nyungwe Forest National Park, and the redevelopment of a lodge in Kinigi, near Volcano National Park. Dubai World initially planned to invest in eight tourism projects including a residential golf course development, luxury hotels, high end eco lodges, and the 1,080 square meter Akagera National Park.
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