Political and economic instability have compromised Sudan’s business
environment in the past, hindering foreign investment. Recent headlines report ongoing border fighting between Sudan and South Sudan, and disagreements over how to split lucrative oil revenues and the fate of the contested Abyei region continue to fuel insurgencies on both sides, causing international concerns. Despite a lack of transparency in the real estate sector and prevailing political tensions, Gulf investors are increasingly directing their attention to the country, mainly to the capital Khartoum - the political, cultural, and commercial nerve centre of the African nation. In 2009, Qatari Diar Real Estate Investment Company, an international leader in sustainable development and wholly owned by the Qatar Investment Authority, unveiled plans and began construction work on phase 1 of its $400 million Mushaireb development in Khartoum. A mixed-use community development located in downtown Khartoum with Nile views, Mushaireb is 20 minutes from Khartoum’s airport and mixes contemporary and Islamic architecture with a secured urban landscape. Te development will also include a 5-star hotel, eight residential and retail towers as well as office space. As part of the project, Qatari Diar will also undertake a redevelopment of the corniche area along the Nile into a family entertainment area. In December last year, the company delivered the first of Mushaireb’s
eight high-end residential towers. “Qatari Diar is committed to providing sustainable real estate projects in Sudan. We are keen to support
infrastructure development efforts in the country, and develop the real estate market therein, through various investments in residential, business and tourism sectors,” said Eng. Mohamed bin Ali Al-Hadfa, Group CEO of Qatari Diar. His company was also looking at pursuing new investment opportunities throughout the country, he added. Last month, the developer announced that it is expanding the land size of Mushaireb which would result in a total project size of 206,000 square metres. “We see strong potential for the country’s long-term growth, and we are proud to be helping to improve the business, tourist, and residential opportunities and infrastructure in Sudan. Trough our expansion of Mushaireb we will be creating a unique environment where Sudanese heritage meets modern luxury,” Hadfa said. As one of Khartoum’s most distinguished developments, Mushaireb will also elevate the level of future Khartoum real estate projects, he added. Other Gulf firms are also investing heavily in Sudan in sectors such
as telecommunications and agriculture. Saudi Arabia has large areas of Sudanese farmland in its portfolio, while the UAE’s telecommunications firm Etisalat and Kuwait’s Zain also operate in the country. In November last year, RAK Airways, one of the UAE’s national carriers, announced it would launch flights to Sudan’s capital city Khartoum, expanding its route network to ten destinations since its re-launch in 2010. “Khartoum presents compelling business opportunities and marks our
commitment to furthering our presence in North Africa,” Omar Jahameh, RAK Airways CEO told Arabian Business l
MAY 2012 I CITYSCAPE I 29
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