Angolan group Zahara plans to invest around US$1.385 billion on setting up a chain of hypermarkets, shopping centres and cinemas in Angola, according to presidential orders approving tax benefits.
The two projects are the responsibility of group subsidiaries Zahara Imobiliária and Zahara Comércio, the latter of which owns the Kero (hypermarket) and Xyami (shopping centre) brands.
According to the investment contract signed with the Technical Unit for Private Investment (UTIP) there will be consumer tax exemption on imports of “any goods and merchandise” for the four years of the execution phase.
The first of these investments, which as well as 15 shopping centres and 17 cinema complexes, also includes building a retail gallery, will be spread over the provinces of Luanda, Benguela, Huíla, Cabinda, Malanje, Huambo, Zaire, Uíge and Kwando Kubango, and should be completed within 48 months.
The size of this investment – US$935 million – according to the contract with UTIP, will also imply reducing the payment, by the Zahara Group of 75 percent of Industrial taxes on capital and land purchases, for 10 years.
A second investment contract, of a similar nature, worth US$449.8 million will expand the Kero brand with 15 hypermarkets and one supermarket across the country, selling food and non-food retail. (macauhub/CV)