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Dubai firm considers investments in Zanzibar

The island of Zanzibar hopes to increase the number of foreign tourists to the island, with a goal of 500,000 tourists in 2020. To meet that goal, Dubai-based property developer Al Nakhil Company is planning to invest in the island as part of the island’s tourism initiatives.

Dubai firm considers investments in Zanzibar

Dubai-based property developer Al Nakhil Company is eyeing the Island of Zanzibar to inject its capital into the thriving tourism on the island famous for tropical and warm beaches, historical and cultural heritage.

Chairman of the company, Sheikh Ali Rashid Lootah, said that the tourist island of Zanzibar is among priority destinations for Al Nakhil to invest into.

Dr. Ali Mohamed Shein, Zanzibar President, said the island has many investment opportunities in the tourism industry which are yet to be exploited, meaning that investors are welcome to utilize the opportunities available there.

The tourism industry makes up more than 80 percent of Zanzibar’s foreign exchange earnings and 27 percent of the island’s Gross Domestic Product, proving to be a pivotal pillar in the island’s economy. The island hopes to attract 500,000 tourists in 2020, with the larger percentage coming from Far East countries.

Indonesia, Philippines, China and India are the target markets for the island’s tourist gains now standing at $350 million.

Al Nakhil Company is one of the largest construction firms in the UAE and was established in 2001.

The company has undertaken master developments projects, including Palm Jumeirah, The World, Deira Islands, Jumeirah Islands, Jumeirah Village, Jumeirah Park, Jumeirah Heights, The Gardens, Discovery Gardens, Al Furjan, Warsan Village, Dragon City, International City, Jebel Ali Gardens and Nad Al Sheba.

Sheikh Ali Rashid Lootah said that his company is eager to work with the government of Zanzibar to achieve the tourism goals.

Zanzibar hopes to increase the number of tourists to the island with new business initiatives, centred on annual tourism exhibitions, promotion of cultural festivals and pulling foreign investments targeting to attract international visitors to the island. 

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