The Dubai World and London & Regional Properties consortium yesterday announced plans to invest more than $1billion in the Victoria & Alfred (V&A) Waterfront in Cape Town over the next four years after its purchase of the development last month.
The consortium will add more hotels, resorts, entertainment areas, apartments and offices as well as shopping malls to the V&A Waterfront.
The developments might also include a yacht club, a cruise ship terminal and a train station.
The details were announced at a property investment conference in Cape Town yesterday by James Wilson, chief executive of Nakheel Hotels & Resorts, a Dubai World company that will be leading the development of the Waterfront on behalf of the consortium.
Wilson said: "Our vision is to create the Riviera of South Africa, developing a resort that will become a global attraction.
"We are bringing the resources, skills and expertise that have transformed Dubai to this exciting development, building on the strong foundations already in place. By partnering with world class brands and developers, we aim to take the Waterfront to the next level."
State-owned transport group Transnet sold the property to the Dubai World and London & Regional Properties consortium along with black partners for R7billion.
Hassen Adams, a member of the black empowerment grouping involved in the project, said: "The reason we originally approached experts in Dubai and the UK to join our consortium is that we wanted partners who could not only think big but deliver big. We wanted to work with someone who could help us bring the soul back to the Waterfront. That is what this project will see."
Wilson said: "The World Cup in 2010 is a massive opportunity for South Africa to showcase itself on a global stage. We plan to make sure that Cape Town is seen as one of the highlights, with a waterfront to rival any in the world."
He added that the group was also planning for the long-term to ensure that the tourist attraction would remain popular beyond 2010.
The Dubai investors indicated earlier this month that they were considering more ventures in South Africa to benefit from the country's growing economy. - I-Net Bridge