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UAE-backed P25bn city project kickstarts

President Boko cutting the ribbon at the ground breaking ceremony. PIC BWPRESIDENCY
President Boko cutting the ribbon at the ground breaking ceremony. PIC BWPRESIDENCY

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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Editor's Comment
Celebrate responsibly, put safety first this holiday

“Safety first is safety always”– Charles M HayesAs most people begin travelling across the country to spend the President’s Holidays with family and friends, there is every reason to embrace the joy and togetherness that this period brings.While holiday periods bring joy, they are sadly often accompanied by a rise in road accidents, violent incidents and other avoidable tragedies. Too often, families that set out to celebrate together end...

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