Qatari hospitality giant to invest Euro 500 mil in Africa
The Qatari hospitality giant, Katara Hospitality, is said to be conducting its due diligence to invest Euro500 million in the African hospitality market, targetinga chain of hotels and convention centers to be built across the continent, The Reporter.
The chairman of the Board of Directors of Katara Hospitality, Sheikh Nawaf bin Jassim bin Jabor Al-Thani, told African journalists at the company’s headquarters in Doha that Katara Hospitality is currently doing due diligence in three African countries namely Cameroon, Nigeria and Senegal for a potential investment in the hospitality sector,constitutingonly 10 percent of the total fund Katara has earmarked for the continent. However,the chairman refrained from disclosing the details of the projects in the three countries as they are confidential and premature at this stage.
SheikhNawafalso said that he is closely watching the positive changes in Ethiopia, hoping that the investment environment will become more attractive for foreign investors. He further noted that Ethiopia has very promising business opportunities and he believes that there will be new developments after the Africa Hotel Investment Forum that will be held in Addis Ababa from September 23-25, 2019.
The state-owned hospitality giant is planning to build hotels across Sub-Saharan African countries,having the capacity of 10,000 to 12,000 rooms. This huge project will create job opportunities for more than 35,000 persons in the continent. Sheikh Nawafalso underscored that the fund earmarked for its African investment might increase to one billion Euros depending on the market opportunities.
Asto why his company is interested to invest in Africa, Sheikh Nawaf had has simple replay which is ‘why not Africa’. “Africa is the last motherland of the world. Africa is the last basket of the world and that is why God has kept it until the end. The Sub-Saharan African countries will flourish and they will have the strongest economy in the coming ten years,” he noted.
On a similar note, Katara Hospitality is upgrading its existing facility by conducting renovation work and building new hotelunits including the flagship Katara Hospitality project in preparation to the upcoming World Cup. The Katara twin towers project is a landmark project by Katara Hospitality with an architectural design inspired by the seal of Qatar and it will be ready for service before the World Cup.
The arched towers will host a luxurious five-star hotel and a lavish six-star hotel to meet the needs of those seeking sophisticated luxury accommodation and branded apartments to become home to permanent residents. The property will have 36 floors and currently the construction has progressed to the 14th floor and it will be finished in 2021 with close to 400 rooms. The African journalists got the chance to visit three mock-up rooms of the Katara Towers and observed that the luxurious rooms of the towers are meticulously designed to fulfill the luxury accommodation needs of high-end users. Sheikh Nawaf confidently said that this project will not be repeated in the next 20 years in any parts of the world.
Katara Hospitality is a global hotel owner, developer and operator, based in Qatar. Katara Hospitality is one of the leading hospitality organizations in the world and it has created an iconic collection of hotels spread across 12 countries on four continents. The company’s portfolio has grown to include 40 hotels and it’s aiming to have 60 hotels in its portfolio by 2026.