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Dubai firm's $5bn African theme park plan |
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9/4/2008 10:45:05 AM |
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A Dubai-based developer said on Thursday that they hoped the first phase of a $5 billion African theme park it is building in the KwaZulu-Natal region of South Africa would be completed by 2014.
Ruwaad Holdings, a wholly owned subsidiary of the Dubai 9 Group, a UAE investment company, is currently working on a range of regulatory, public participation and environmental processes necessary for the project to go ahead.
In June, company bosses presented a draft plan to the KwaZulu-Natal provincial government outlining the proposed development of the theme park and mixed-use complex on the site north of the Tugela River.
The developers are also believed to be considering plans for about 20 hotels, a university, a hospital and about 120,000 residential units, reported website Business Day on Thursday.
The theme park is expected to attract about one million visitors a year and will cater predominately for the domestic market.
The group plans to give the development a cultural and historical focus with King Shaka’s statue the central point.
The statue will cost $23 million to build and is expected, at 106 metres, to be 13 metres higher than the Statue of Liberty in New York.
The group has set up an office in Umhlanga and has hired consultants to assist in the planning and early development stages of the project.
The project is expected to be rolled out in five phases, with the first phase likely to be completed by 2014.
Currently, Ruwaad Holdings is in the process of creating unique, high-end developments across the UAE, the Middle East, Africa and Asia.
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Source: Arabianbusiness.com |
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