UAE-backed P25bn city project kickstarts :: Mmegi Online

A planned P25 billion mixed-use development launched by President Duma Boko this week is set to become one of the largest foreign direct investment (FDI) projects in Botswana's history, underscoring government's increasingly urgent push to attract capital beyond the struggling diamond sector.

The project, known as New Botswana City, will be developed through a partnership involving the Botswana Development Corporation (BDC) and UAE-based AlBaddad Group, with the first phase centred on a 124,000-square-metre international convention and exhibition facility. Government has unveiled that the broader development carries an investment value of approximately P25 billion to P26 billion, placing it amongst the largest private-sector backed projects ever announced in Botswana.

According to BDC Managing Director Oteng Keabetswe, AlBaddad will provide the bulk of the project's financing, whilst BDC's contribution will primarily be through land. The state-owned investment agency is expected to initially hold a five percent stake, with ambitions to increase its participation over time.

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