Senegal welcomes Dubai developers
Senegal is inviting Dubai's developers to build master-planned communities in the West African country, which is opening its doors to Arab investors, a top official said.
Dubai World, the parent entity of DP World, Econ-omic Zones World, Jafza International, Nakheel, Limitless and Istithmar, were granted land to develop a free zone in Senegal last year close to its new international airport, a top official said.
The government is offering land to Dubai's developers to build master-planned neighbourhoods.
"We have granted land to Dubai World to develop a free zone near Dakar," Senegal's President Abdoulaye Wade said in Dubai yesterday.
"We are also talking to Dubai Government to grant land to Dubai's developers to build properties in Senegal. We are currently building a new capital city where lots of investment opportunities in real estate will emerge," he said.
"We want Dubai's developers to invest in Senegal and build those neighbourhoods."
Wade earlier met President His Highness Shaikh Khalifa Bin Zayed Al Nah-yan. Yesterday he met His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai to talk through the investment incentives and other matters of mutual concern.
Wade is on a state visit to the UAE to strengthen relations, which, he said, will open windows of opportunity for both countries.
"We have a strong relationship with the UAE and other countries in the region and my current visit here is to further strengthen that relationship," he said.
"We have invited the UAE's airlines, especially Emirates, to start services to Senegal, which they are considering and if everything works out well, we expect them to start flights to Senegal in 18 months time," he said.
Wade said he hopes to finalise a number of investment issues while in the UAE.
Last December, Dubai-based Thani Investments was awarded a licence in the Cayar block north of Dakar in Senegal's shallow offshore waters to drill for oil.
Dubai's Nakheel, Emaar and Dubai Holding is developing projects in India, Pakistan, Egypt, Turkey, Tunisia, Algeria and Morocco, among other countries. However, this would mark their first foray into West Africa.
Jafza International is discussing with the Senegal Government the terms of the concession for 10,000 hectares (100 million square metres) of land to set up an integrated Special Economic Zone 40 kilometres south of Dakar. The project will be developed in four phases. The initial development is expected to create approximately 30,000 jobs.
Jamal Majid Bin Thaniah, Vice Chairman of Dubai World, and Group CEO of Ports and Free Zone World, said in a statement, "Jafza International's presence in Senegal will not only bind the two countries closer, but will also act as a catalyst in significantly increasing two-way trade between Dubai and Dakar."
Jafza International has played a central role in drafting one of the most comprehensive legal frameworks for economic zones in all of Africa. It was made law in February.
There has been a significant jump in free zone trade with Senegal in recent years, with imports to Dubai jumping by over 200 per cent in 2006 over 2005, according to Dubai Customs.
Free zone exports to Senegal increased from Dh14.765 million in 2005 to Dh18.630 million in 2006.
Direct imports from Senegal through non-free zone ports during 2006 were valued at Dh83.758 million, while goods worth Dh25.780 million were exported to the West African nation. Re-exports were valued at Dh232.175 million during 2006.
Dubai World, the parent entity of DP World, Econ-omic Zones World, Jafza International, Nakheel, Limitless and Istithmar, were granted land to develop a free zone in Senegal last year close to its new international airport, a top official said.
The government is offering land to Dubai's developers to build master-planned neighbourhoods.
"We have granted land to Dubai World to develop a free zone near Dakar," Senegal's President Abdoulaye Wade said in Dubai yesterday.
"We are also talking to Dubai Government to grant land to Dubai's developers to build properties in Senegal. We are currently building a new capital city where lots of investment opportunities in real estate will emerge," he said.
"We want Dubai's developers to invest in Senegal and build those neighbourhoods."
Wade earlier met President His Highness Shaikh Khalifa Bin Zayed Al Nah-yan. Yesterday he met His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai to talk through the investment incentives and other matters of mutual concern.
Wade is on a state visit to the UAE to strengthen relations, which, he said, will open windows of opportunity for both countries.
"We have a strong relationship with the UAE and other countries in the region and my current visit here is to further strengthen that relationship," he said.
"We have invited the UAE's airlines, especially Emirates, to start services to Senegal, which they are considering and if everything works out well, we expect them to start flights to Senegal in 18 months time," he said.
Wade said he hopes to finalise a number of investment issues while in the UAE.
Last December, Dubai-based Thani Investments was awarded a licence in the Cayar block north of Dakar in Senegal's shallow offshore waters to drill for oil.
Dubai's Nakheel, Emaar and Dubai Holding is developing projects in India, Pakistan, Egypt, Turkey, Tunisia, Algeria and Morocco, among other countries. However, this would mark their first foray into West Africa.
Jafza International is discussing with the Senegal Government the terms of the concession for 10,000 hectares (100 million square metres) of land to set up an integrated Special Economic Zone 40 kilometres south of Dakar. The project will be developed in four phases. The initial development is expected to create approximately 30,000 jobs.
Jamal Majid Bin Thaniah, Vice Chairman of Dubai World, and Group CEO of Ports and Free Zone World, said in a statement, "Jafza International's presence in Senegal will not only bind the two countries closer, but will also act as a catalyst in significantly increasing two-way trade between Dubai and Dakar."
Jafza International has played a central role in drafting one of the most comprehensive legal frameworks for economic zones in all of Africa. It was made law in February.
There has been a significant jump in free zone trade with Senegal in recent years, with imports to Dubai jumping by over 200 per cent in 2006 over 2005, according to Dubai Customs.
Free zone exports to Senegal increased from Dh14.765 million in 2005 to Dh18.630 million in 2006.
Direct imports from Senegal through non-free zone ports during 2006 were valued at Dh83.758 million, while goods worth Dh25.780 million were exported to the West African nation. Re-exports were valued at Dh232.175 million during 2006.
