Partnership with the Government of Comoros to develop country's tourism offering

11 September 2007, Dubai, UAE: Dubai World, which is wholly-owned by the Government of Dubai, today announced it would be investing US$ 70 million in a luxury hotel and residential development in Comoros, in the Indian Ocean.

Dubai World inked a deal yesterday with senior representatives of the Comoros Government. The deal saw the formation of a company established specifically for the acquisition, Dubai World Comoros Limited, in which the Comoros Government is a shareholder.

The partnership will see the redevelopment and refurbishment of the country's leading hotel, the 150-room Le Galawa beach resort and spa. In addition, 22.5 hectares of adjacent prime beachfront will be developed, with 100 new residential villas and townhouses, a spa, restaurants, and beach and kids club. A watersports centre with a boat club, diving centre, marina watervillas and a residents' club will also play an integral role in the upscaling and expansion of the resort development. 

Sultan Ahmed Bin Sulayem, Chairman of Dubai World, said:

"Today's announcement marks the first stage of a strategic partnership between Dubai World and the Government of Comoros. We have a strong understanding and affinity with our new partners, and look forward to building a long-term relationship that will see Dubai World play an active role in the master-planning of the country.

"We believe our partnership will make a significant contribution to the tourism offering in Comoros. It also marks the expansion of Dubai World into the African tourism market, following recent investments in hotels and resorts in Djibouti and Cape Town - including V&A Waterfront and Pearl Valley Signature Golf Estate and Spa - and the opening of a Cape Town office for Istithmar."

The Le Galawa resort was formerly owned by Sun International and built by Sol Kerzner. Interest in the project was built following a visit by Dubai World executives to Comoros in July 2007, where they met with representatives of the country's government, including the president of Comoros, Ahmed Abdullah Sambi.

Idi Nadhoim ,Vice President of the Union of Comoros, said:

"The tourism potential of Comoros is clear to all visitors but has been largely untapped until now. Having Dubai World on board as partners in this major redevelopment of the country's leading hotel, and subsequent master-planning for additional island developments, will enable us to maximise that potential.

"We expect the partnership to yield significant returns for the people and economy of the Comoros as a result of the investment and sector expertise of Dubai World."

Khaled Al Kamda, Vice Chairman of Istithmar, said: 

"This is an important strategic deal for Istithmar.  Comoros has tremendous potential for growth, and this development offers both partners significant opportunity.  Construction on the development will commence in October 2007, with a view to reopening the hotel, resort and residences in early 2009." 

-Ends-

Dubai World
Dubai World is a major holding company that manages and supervises a portfolio of businesses and projects for Dubai Government and contributes to the rapid economic growth of the emirate across a wide range of strategic industry segments and projects that make Dubai a leading hub for commerce and trading. 

Dubai World was established under a decree ratified on March 2, 2006 by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President & Prime Minister of UAE and Ruler of Dubai. 

On July 2, 2006 it was launched as one of the world's leading holding companies, with more than 50,000 employees in over 100 cities around the globe.

Dubai World business strategy is driven by a combination of acquisition and investment in diverse fields and is designed to deliver real, measurable results to Dubai World's business units and investment partners.  

Comoros 
The Union of Comoros is made up of three islands in the Indian Ocean of the East Coast of Africa in the Mozambique Channel. Its nearest neighbours are Madagascar and Mozambique. The islands are rich in natural flora and fauna, with a stunning landscape of picture postcard beaches and mountains. The countries main exports are vanilla, cloves and perfume essence.

The Union of Comoros is an Islamic nation with a diverse culture and history, having been a key trading post between Africa and Asia for millennia. It has three official languages -- Comorian (Shikomor), Arabic, and French. The Union of Comoros is a member of the African Union, Francophonie, Organization of the Islamic Conference, Arab League, and Indian Ocean Commission, among other international organisations. It is the third smallest African nation by area, with a population of around 798,000.

For further information, or photography to accompany this press release, please contact:
Four Communications Group
Ray Eglington             
+971 55 985 3365 / +973 360 44 111

Greg Moore               
+971 4369 3726 / +971 50 794 4923

Istithmar
Rozana Adams                       
+971 4 375 9527 / +971 50 459 3326

© Press Release 2007