Another $1 billion will soon be invested for a three-stage redevelopment of Victoria & Alfred Waterfront (V&A), the latest $1 billion South African acquisition by Dubai World.
The formation of a finance company to cater to the growing mortgage market of Western Cape is also reportedly in its planning stage, said Chairman of Dubai World, Sultan Ahmed bin Sulayem, according to Khaleej Times.
At present the 6.4 million square feet of waterfront attracts more than 22 million visitors a year.
“We have long-term plans and have a strong commitment to South Africa and the region to ensure the Waterfront becomes one of the leading tourist destinations in the world," bin Sulayem stated.
Bin Sulayem said $1 billion would be invested over the next four years to develop the Waterfront "to create a truly worldclass resort, which can be a focal point for the World Cup. We are involved in real estate developments across the globe but there are few places which offer such potential as Cape Town's waterfront.”
