Maputo, Mozambique, 23 Mar – A real estate project assessed at more than US$1.2 billion will be built in the Mozambican capital on the site previously occupied by the Maputo International Fair (Facim), the Sogex exhibition, fair and congress promoter announced on Monday.
Speaking on behalf of Sogex (Sociedade Gestora de Exposições, Feiras e Congressos), Americo Magaia said the project envisaged building a five-star hotel, a three-star hotel, offices, residences, commercial galleries and a parking lot, framed by green spaces formed by different gardens.
The complex will be built in five phases over ten years by a group of Mozambican investors who have joined together in a company called Constellation, Magaia said.
Constellation paid just over US$10.8 million to acquire the project’s site in downtown Maputo, he added.
The Maputo International Fair will be transferred to the Marracuene district, about 20 km from the city centre.
Americo Magaia is the former director of Sogex. He was replaced by the entrepreneur Kekobad Patel, who assumed the position representing the CTA Confederation of Economic Associations, which holds a 39 percent stake in the Facim promoter.