Dubai - Dubai World yesterday said it has entered negotiations with Benin to develop large-scale tourist attractions in the West African country, including a 32 kilometre beachfront development that will be masterplanned, as well as an international hotel in the capital city of Porto Novo.
The Dubai firm chose Benin for major investments during the West African tour by chairman Sultan Ahmad Bin Sulayem and a team of senior officials from various group companies, including James Wilson, chief executive of Dubai World Africa, the group's investment arm in the continent
The Dubai World executive team met Benin President Boni Yayi and discussed potential business partnership opportunities.
Bin Sulayem said: "The steadily growing trade relations between Dubai and Benin are encouraging. This gives confidence to Dubai World to engage in business ventures with Benin, which has high growth potential in West Africa.
"Benin has made impressive economic recovery in recent years and is now poised for a future that holds huge promise. The government's policy on clear governance, liberalisation and privatisation has provided the economy the much needed vigour for growth. This is the kind of investment atmosphere that Dubai World is searching for."
Wilson said that the MoU with Benin will provide Dubai World Africa with another opportunity to shape eco-tourism in the continent.
Dubai World has also shown interest in the international port of Cotonou on the Atlantic coast, which has modern facilities and is a key trade gateway to the West African market.
© Gulf News 2008
