Financial crisis will not stop Dubai World from investing in Rwanda

Investors expected in the country next week A team from Dubai World, major holding company owned by the United Arab Emirates is coming next week. They will brief Government about the progress on some of the multi million dollar projects they intend to invest their oil dollars. Their coming will end speculation that the investors had pulled out of developing some projects. The speculation was fuelled by the current global financial and economic crisis that has plunged some big economies into recess and forced some multilateral companies to suspend investments. Dubai World has many businesses, in countries that have been hit by the global financial crisis. But according to Rwanda Investment and Export Promotions Agency (Riepa) nothing will stop the investor from investing in Rwanda. “They are coming in ten days,” Francis Gatare, the Director General of Riepa told The New Times on Tuesday. The investors are coming with the architectural plan ready to start developing the multi million-dollar facilities in Rwanda. Some of these facilities are targeting high-ended clients. For starters, Last year, Dubai World and the Government of Rwanda partnered to develop a number of tourism facilities. It is estimated that they will invest about $230 million over time. Top on their development plan is to refurbish the Volcanoes National Park tourist facility, where two-thirds of the last 680 gorillas live. The apes are the leading tourist attractions in the country. According to the Office of Tourism and National Parks, last year, the tourism industry generated Rwf43.6 billion, and it is expected to increase. The country received a total of 408,482 visitors as of August 2007. To tap some of these dollars, Dubai World plans to redevelop the 18-hole Golf Course in Nyarutarama. The investors will also build a five star hotel and apartments near the Golf Course. Analysts say Dubai World has been attracted to Rwanda partly because of economic growth of 6.5 per cent, on average fuelled by stability and good investment climate. Dubai Worlds’ investments are to create more employment. Hotel growth is seen as one of the most important factors to enhance tourism and employment. About 2,500 Rwandans were directly employed in the hotel and tourism industry last year. Three yeas ago, the country had 651 rooms available in 2003 and the number has since increased to 3282 this year. kabona200@yahoo.com