Praia, Cape Verde, 16 June – The island of Santiago in Cape Verde will receive an investment of 630 million euros for a new tourist resort, known as Sambala Village, which is promoted by British group Grepne, officials said Friday.
The resort is located in Sao Francisco Bay, some 20 kilometers from the capital of the archipelago, Praia.
The first stage of the development will build 68 houses and nine blocks of 388 luxury apartments, restaurants, stores, bars, sporting facilities and car parks.
The remaining stages of the development are scheduled to be concluded by 2025, and will include the construction of two more luxury hotels served by a Marina, a golf course and several tourist villages.
Tourism is currently Cape Verde’s main source of foreign direct investment, originating from Italy, with over US$114 million invested between 2000 and 2005 and Portugal, with US$46 million.
Recently, Macau businessman David Chaw announced an investment of US$100 million on a resort in Praias, which would include a casino, hotel and restaurants. (macauhub)