Angola’s Sovereign Fund, which was set up with initial capital of US$5 billion, plans to start investing in hotels and commercial facilities in sub-Saharan Africa, its chairman José Filomeno dos Santos said.

Speaking to financial news agency Bloomberg in Hong Kong, dos Santos said that the Fund may invest in 50 hotel units in sub-Saharan African countries, including Angola.

The chairman of the Angolan Sovereign Fund said he was also analysing investments in infrastructure projects such as ports, airports and power plants and that two sub-funds would be created for the two sectors he mentioned.

Hotel investment will focus on three- to five-star units that will seek to attract businesspeople ather than tourists as this is a more stable and predictable business model.

“The number of rooms of international quality that are available is still very low, and so there is potential for growth,” said dos Santos adding that the Fund would focus both on buying hotels and on those that are currently being developed.

Dos Santos said that the two sub-funds would be operational within three months at the most and that “at the moment we are at the stage of recruiting staff to manage those investments, as some projects have already been identified.” (macauhub/AO)