Dubai firm invests 125 million euros in Cape Verde tourist complex

26 December 2005

Cidade da Praia, Cape Verde, 26 Dec – Dubai-based ZKM Investments is spending nearly 125 million euros on a luxury tourist development on Sao Vicente Island, officials said.

The project, for a 250-bed, five-star hotel with 1,000-apaprtments, was launched last week at a ceremony attended by Economy Minister Joao Pereira Silva and Isaura Gomes, mayor of Sao Vicente.

Building work on the 260,000 square meter Cesaria Resort, named in honor of Cape Verdean singing diva Cesaria Evora, will get underway in January 2007 and is scheduled to last four years.

The Praia authorities gave the green light earlier this month for five tourism projects on Sal Island, representing a total investment of 200 million euros over the coming years.

The World Bank said in a recent study on the West African archipelago that Cape Verde’s tourism sector should underpin the country’s development. (macauhub)