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Dubai World to invest $50 mln in Comoros hotel
by Ahmed Ali Amir

Reuters    Translate This Article
3 September 2007

MORONI, Sept 3 (Reuters) - Dubai's state-owned investment firm, Dubai World, is set to invest $50 million in a Comorian hotel, Comoros's vice-president said on Monday.

A ministry of tourism official said Dubai World acquired Galawa Beach Hotel for $5 million and would embark on a $50 million renovation of the site.

Comoros's President Ahmed Abdallah Mohamed Sambi negotiated the agreement when he went to Dubai in April, but by Comorian law, the deal to sell national property required parliamentary authorisation.

Vice-President Idi Nadhoim told Reuters 25 out of 30 lawmakers in Comoros's legislative assembly accepted the bid from Dubai World, whose multi-billion dollar portfolio includes the development of three palm-frond shaped islands off Dubai.

'There was a choice to make between losing a (multibillion franc) investment or accepting the sale of the site,' said Nadhoim, whose responsibilities include transport and tourism.

'DW (Dubai World) plans to invest in Moroni's port extension and in the creation of a national transport company,' he said in an interview.

Abdou Mwigni, secretary-general of the vice-presidency responsible for tourism, said Dubai World had offered the Comoros government a five percent stake in the hotel.

Situated on the north coast of Comoros's Grande Comore island, the Galawa Beach Hotel hit the headlines in 1996, when a hijacked Ethiopian airliner crashed offshore, killing 125 of the 175 passengers on board.

With 19 coups and coup attempts since independence in 1975, political instability has dampenedd investor enthusiasm for the Indian Ocean archipelago in the past. Last year's presidential election was Comoros's first peaceful transition of power.

About 80 percent of the 840,000 population are employed in agriculture, much of it subsistence. The archipelago's main exports are cloves, ylang-ylang—an oil-producing plant—and vanilla.

Nadhoim said tourism and fishing may be more lucrative sources of economic growth.

Copyright 2007 Reuters. Reprinted with permission from Reuters. Reuters content is the intellectual property of Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. 

Reuters and the Reuters Sphere Logo are registered trademarks of the Reuters group of companies around the world. For additional information about Reuters content and services, please visit Reuters website at www.reuters.com. License # REU-1160-MES 



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