Sunday, April 5, 2009

Recession Fuels Concerns Over Huge Tourist and Mixed Use Development

Some in South Africa are concerned that the economic recession will cause delays in the development of AmaZulu World, an ambitious tourist theme park, commercial and residential development planned near Durban.

Ruwaad Holdings, the financier of a R20-billion tourist development at Macambini on the North Coast, is concerned that general agreement for the project has not been signed even though a memorandum of understanding (MOU) signed last year with the KwaZulu-Natal government will expire within weeks.

Ruwaad on Monday met an ANC task team led by Cyril Xaba, a member of the provincial legislature, to steer the AmaZulu World project forward amid concerns that commencement had been delayed.

A spectacular model of the theme park, to be built on 16 500ha of land north of the Tugela River, was unveiled in Dubai in October.

Clarity sought on R20bn tourist project
Independent Online
March 24, 2009

More information on the project:

Covering approximately 16,500 hectares of land, Amazulu World will consist of an eco-friendly first class internationally branded theme park, with Africa’s largest shopping destination, Africa’s largest lifestyle community, the country’s first dedicated education and health village, the most comprehensive and advanced sports village development in Africa, residential dwellings, hotels, spas, a marina, nature reserves and community facilities.

Estimations have thought to bring at least 200,000 new jobs to the development which will help improve the South African economy. Tourism will also be boosted by some 40% bringing millions of tourists into the area once the development is built.

The projected length of the construction is said to last 25 years.

Amazulu World In South Africa
Overseas Property Mall
October 21, 2008