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Dubai World suspends Africa project plans
The firm was planning to invest about...
August 5, 2009 7:10 by Aarti Nagraj
Dubai World has announced that it has put on hold several of its projects in Africa due to the global economic downturn. “Dubai World has put on hold a number of projects until the market improves, including some tourism projects in Africa and elsewhere,” a company spokesman told Reuters in an e-mailed statement.
Sultan Ahmed by Sulayem, Dubai World’s chairman, said in May that the company would complete all projects under construction, but would delay new developments. The firm was planning to invest about $100 million in Ethiopia and $230 million in Rwanda.